Financial Results for the Half Year Ended 30 June 2025

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz
NZX & ASX RELEASE
28 August 2025
Summerset HY Results 2025
SUMMERSET FIRST HALF UNDERLYING PROFIT $106.6M, UP 19%
• Underlying profit for 1H25 of NZ$106.6m, up 19% on 1H24
• Reported (IFRS) profit after tax of NZ$127.2m up 26% on 1H24
• Total assets of NZ$8.7 billion, up 18% on 1H24
• Operating cash flows $228.7m up 19% on 1H24
• Gearing ratio of 36.7%
• 334 new units delivered across New Zealand and Australia
• 692 sales of occupation rights for the half
• Development margin of 29.4%
• Resident satisfaction at 97% for care and village
• Staff engagement at 8.2 out of 10 again
• Interim Dividend of NZ11.3c per share
Retirement village operator Summerset Group Holdings Limited has announced an
underlying profit of $106.6 million for the six months ended 30 June 2025, a 19% increase
on the first half of 2024. IFRS Net Profit after tax was up 26% at $127.2m.
Summerset CEO Scott Scoullar said the company had delivered a credible result
underpinned by the company’s sustainable growth strategy.

“The markets in New Zealand and Australia are both showing signs of improvement but it’s
still a challenging economic environment to operate in. Despite this we’ve delivered value for
our shareholders, maintained our record resident satisfaction and had record sales for the
half.

“We’re pleased with our start to the year, we will continue to work hard to deliver sales in the
second half, building on this momentum,” says Mr Scoullar.

Summerset recorded 692 sales comprising 354 new sales and 338 resales in the six months
to 30 June 2025. Total sales for the first half of the year were the highest first half the
company has recorded, with new sales being particularly strong, up 22% on the 1H24.
Care
Mr Scoullar said the company had moved a number of its care units throughout the country
to be sold under Occupation Rights Agreements (ORAs), to provide greater financial
certainty to Summerset and residents.
“Care ORAs allow our village residents to use the equity in their villa or apartment to
purchase their care unit, it means they don’t need to pay daily premium charges. Our
residents have been very positive about this new product and we’ve seen uptake across the
country as these have been rolled out.

“We’ve identified more than 750 care units we are progressively moving onto ORAs and over
200 of these were under contract or sold during the first half of the year. This has helped to
improve our Care EBITDA considerably which rose to $5.3m, up 96% on 31 December
2024.”
Mr Scoullar said the company had also reopened fully refurbished care centres at its
Havelock North and Trentham villages this half.
“We’re committed to providing the aged care experience that our residents expect now and
into the future. We’re very pleased to update these older facilities with beautiful modern care
suites. Our refurbished care centres provide ensuites, kitchenettes and much more, in large
comfortable rooms.”
Progress in Australia
Mr Scoullar said the company’s staged growth in Australia was progressing well. With three
villages now under construction and deliveries on track.
“We’re on track to deliver 50-80 homes in Australia this year, rising to approximately 300 in
three years’ time.
“Our Cranbourne North village centre building, which will be where we first offer care in
Australia, along with amenities such as the resident pool and café, is on track to be handed
over by the end of the year.
“Chirnside Park’s first villas are also on target to be delivered by the end of the year with the
village opening in 2026, our enabling works at our Torquay site are well underway, and we
will commence construction at our fourth village, Oakleigh South in Melbourne next year.”
Resident satisfaction
Mr Scoullar said Summerset is focused on ensuring growth isn’t at the expense of resident
experience.

“Our purpose is to bring the best of life to our residents – while we continue to grow our
retirement offering in both Australia and New Zealand we’ve remained dedicated to providing
an excellent retirement offering to our residents now and into the future.

“During this half we’ve added new resident competitions and events, added two new homes
to our successful Holiday Homes programme and invested further in our food services.

“This work has resulted in us maintaining village and care resident satisfaction at a record
97%.”

Looking forward

Mr Scoullar said the company is happy with its progress so far this year.

“We are, of course, keeping a wary eye on economic conditions but we are optimistic we can
continue the momentum we’ve seen so far in 2025 with our pipeline of sales moving into the
second half of the year well positioned to deliver.
“While we’ve continued to grow steadily, we have ensured that has not been at the expense
of resident experience and satisfaction. We’ll continue to focus on providing a leading
retirement village offering while delivering results for shareholders.”

The Summerset Board has declared an unimputed interim dividend of NZ11.3 cents per
share. The record date will be 11 September 2025, with payment on 24 September 2025.
ENDS
For investor relations enquiries: For media enquiries:
Margaret Warrington Louise McDonald
Chief Financial Officer Senior Communications & Media Advisor
investor.relations@summerset.co.nz louise.mcdonald@summerset.co.nz
+64 21 246 3793

ABOUT SUMMERSET
• Summerset is one of the leading operators and developers of retirement villages in
New Zealand, with 40 villages completed or in development nationwide
• In addition, Summerset owns seven proposed sites at Devonport Peninsula
(Auckland), Rotorua (Bay of Plenty), Mission Hills (Napier), Masterton (Wairarapa),
Otaihanga (Kāpiti Coast), Rolleston (Canterbury), Mosgiel (Dunedin)
• Summerset also has three villages in development (Cranbourne North, Chirnside
Park and Torquay) and owns four other proposed sites in Victoria, Australia
(Craigieburn, Drysdale, Mernda and Oakleigh South)
• Summerset provides a range of living options and care services to more than 9,100
residents

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H a l f Ye a r
Report
2025

Cover: Summerset at Wigram residents Gill Milne (swing) and Jean Queen enjoying a day out at Flaxmere Garden
in Hawarden – one of many trips organised by our village Activities Co-ordinators.
Inside front cover: Summerset Boulcott (Lower Hutt) offers premium retirement living with stunning views of the
surrounding valley and lush greens of Boulcott’s Farm Heritage Golf Course.

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Contents
Glossary of terms04
Chair and CEO's Report06
Snapshot14
Half Year Financial Highlights16
Financial Statements17
Directory
46
Company Information
49
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Half Year Report 2025
Glossary of terms
TermDefinition
Broadacre siteA broadacre site refers to a large area of land which can be used for large scale projects. In Summerset’s
case, we typically select sites of 8-10 hectares where we can build 220-250 villas as well as a village centre
building with care centre
Care bedA bed/room at Summerset that allows a resident to have rest home, hospital or dementia level care
Care EBITDACare fees from providing care (e.g. rest home and hospital care), deferred management fees from care
units and realised resale gain from care units less costs of operating the care centres. This excludes any
allocation of head office cost
Care suiteRest home, hospital or dementia level care rooms/apartments that are subject to an ORA with a DMF. Care
suites are typically larger than a standard care room
Care centreThe area in a Summerset village where Summerset provides care to residents with a team of 24/7
registered nurses and caregivers. Rest home, hospital and dementia level care or other specialist care is
provided in the care centre (subject to availability)
Completed
village
Villages where all units, the care centre and common facilities have been completed and delivered
Continuum
of care
The ongoing levels/progression of care offered by Summerset to our residents. Summerset's model is
to provide options for our residents should their health needs change. This means residents can move
from an independent home or apartment into care within the same village (subject to availability and
eligibility criteria)
Core debtCore debt refers to any accumulated debt from the construction of villages once they are complete and
all units are sold, plus any ongoing debt accumulated from operating retirement villages and care centres
once delivered
Deferred
management
fee (DMF)
This is the fee charged by Summerset to residents in our villages under their ORA (the standard rate is 25%
of the ORA price, which accumulates over a five-year period). The calculated DMF which is applicable in
each case is deducted from the amount repaid to the outgoing resident upon resale of the unit. The fee is
in consideration for the right to accommodation and the use of communal facilities over the entire length
of a resident's stay
Developing
village
These are Summerset villages that have commenced construction or are still in the construction
phase. Some developing villages may be open to residents
Development
debt
Debt relating to the construction of our villages, care centres and recreation spaces within our villages
as they are built and sold
Development
margin
This is calculated using the first ORA sales receipt for the applicable unit, less the cost for developing
the applicable unit sold under ORA. Costs incorporate the land cost, share of infrastructure costs, direct
costs, share of other costs (e.g. landscaping), management fees and interest costs. The development
margin excludes recreation and administration facility costs and care centre costs (for non-ORA units)
FYRefers to Summerset's financial year (1 January - 31 December)
HYRefers to Summerset's financial half year (1 January - 30 June)
Hospital-
level care
This refers to a higher level of care offered to residents in our care centres that provide nursing care 24
hours a day to assist residents who require fulltime assistance
Independent
resident
Residents who live in a Summerset village with minimal or no care or assistance required.  Some
independent residents may have a services agreement, which provides additional support such as
personal services, meals, housekeeping or laundry, in addition to their ORA depending on their
individual circumstances
Land bankThis refers to land purchased by Summerset that it has available to build on and grow future or
ongoing developments
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G L O S S A R Y O F T E R M S
TermDefinition
Memory careThis refers to an increased level of care for residents with dementia who choose Summerset as their
home. Memory care has been developed to enable people living with dementia to continue to lead active
lives in a safe and homely environment. Some villages have secure memory care centres for residents
who require this level of care
New villageA new village registered or being commissioned by Summerset.  Often, a new village will still be under
construction, where brand new homes are being sold to new residents
Occupation right
agreement (ORA)
This is the principal agreement that Summerset has with the majority of residents that occupy a home in
our villages. An occupation right agreement within the meaning of the Retirement Villages Act 2023 (for
villages in New Zealand) or a residence contract within the meaning of the Retirement Villages Act 1986
(Vic) (for villages in Australia): gives residents the right to live in a home at their Summerset village, and
outlines the terms and conditions of their residency
Proposed villageA planned Summerset village where resource consent has not yet been granted and construction has not
yet started
Resale villageA completed Summerset village where all homes have been sold. A resale village typically would be
reselling homes on ORA as residents leave
ResidentAny person who lives at a Summerset village independently, in a serviced apartment or care room under
a contract with Summerset
Rest home-
level care
An increased level of care offered to our residents with care provided to residents by our caregivers
with oversight of registered nurses. Depending on a resident's needs this can include daily personal care
and meals
Uncontracted
stock
Summerset retirement village homes that are for sale and not currently under a contract for occupation
or sale
Underlying profitNon-GAAP financial measure used by Summerset to monitor financial performance and determine
dividend distributions. Calculated by making the following adjustments to reported net profit after
tax: Removing the change in fair value in investment properties, removing any impairment, removing
non-operating one-off items, adding back realised gains from resales, adding back realised development
margin from new sales, removing the deferred taxation component of taxation expense so only the
current tax expense is reflected
Village centreThis is sometimes referred to as the "main building", and generally is the communal two- to three-storey
building in the village which can include the care centre, serviced apartments, staff offices and resident
amenities such as the libary, cafe, theatre and pool
Weekly feesFees residents pay towards the costs of running the village, such as staffing, insurance, applicable council
rates, maintenance, landscaping and rubbish removal at the respective Summerset village where they are
a resident
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Half Year Report 2025
Chair and
CEO’s report
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
Welcome to Summerset’s half year
report for the six months ended
30 June 2025.
Our business has delivered another
credible performance underpinned
by a sustainable growth strategy. We
continue to be disciplined on where
and when we buy new land and
build vibrant villages that appeal to
current and future residents while
seeking to prudently manage our
operational costs.
The last few years have been
some of the most difficult trading
conditions our business has seen
and yet we’ve continued to meet
our build targets, acquire land that
meets our development hurdles,
grow our resident experience and
satisfaction, maintained excellent
staff engagement, hit record
sales numbers and deliver
for shareholders.
The economic environment in 2025
has remained challenging, but we
are starting to see what we hope
are the first signs of improvement
and optimism.
We are pleased to have recorded a
$127.2 million IFRS net profit after
tax for the first half of 2025 – up
26% on the first six months of 2024,
driven by continual growth in our
operations. Our underlying profit for
the first half of the year was $106.6m,
up 19%, reflecting our strong sales
performance over the half.
We continue to focus on our key
metrics and maintaining prudent
balance sheet settings. Our business
has no core debt and is forecast
to generate over $295m in
project cash profits out of our
current developments.
During this half our operating cash
flows have increased 19% on the
same time last year to $228.7m.
Gearing remains well within our
targeted 30-40% band at 36.7%, and
is forecast to track down from the
second half of this year. Our total
assets have increased again too up
18% on the first half of 2024 to $8.7b.
We recorded 692 sales of
occupation rights comprising 354
new sales and 338 resales in the six
months to 30 June 2025. Total sales
for the first half of the year were the
highest first half the company has
recorded, up 18% on first half of 2024.
Moving a number of our care rooms
to Occupational Rights Agreements
(ORAs) has helped us to improve our
cost recovery for care and boosted
our growth in operations. During the
first half of this year more than 200
care units were sold under ORA or
are under contract, and we identified
767 care units we can move to ORAs
over time.
Care ORAs provide greater financial
certainty for both residents and
Summerset, rather than having to
use their fixed income to fund daily
care charges residents can use the
equity from their home to purchase
a care ORA. For Summerset, sales of
care ORAs has helped us to increase
our care EBITDA considerably which
hit $5.3m for the first half of the
year, up 96% on the 12 months to
31 December 2024.
Our geographically diverse portfolio
continues to be an asset, with
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C H A I R A N D C E O ' S R E P O R T
our highest performing new sales
villages in the first half being
Pāpāmoa, St Johns, Bell Block
(New Plymouth) and Boulcott
(Lower Hutt).
Our St Johns village has
approximately 50% of the
apartments, and almost 60% of the
memory care apartments and care
suites delivered to date either under
contract or sold. We are looking
forward to delivering more units as
the second stage nears completion
for delivery later this year.
Sales at our Boulcott village are
progressing steadily with 43% of
the available independent homes
(villas and apartments), 44% of
serviced apartments and 84% of
memory care and care suites sold.
During the half we delivered the
care centre and 62 independent
living apartments at the village and
we’re particularly pleased with how
the sale of Boulcott's care suites
is proceeding.
The unique nature of our metro
St Johns and Boulcott villages,
deliberate exceptions to our
broadacre build strategy where we
have larger numbers of apartment
blocks, meant we’ve delivered larger
than usual volumes of stock at
one time. We remain focused on
managing our stock levels. During
the half year we have reduced
uncontracted new sale stock across
our portfolio by 7% while increasing
contracted new sale stock by
over 50%. Excluding St Johns and
Boulcott, 39% of new sale stock
is now contracted, up from 21%
for 2024.
We delivered 334 total units across
Australia and New Zealand in
the first half, of which 326 will
be sold under Occupation Rights
Agreements (ORA), and we remain
on track to deliver between 650-730
units in NZ and 50-80 units in
Australia for the full year 2025.
This range provides flexibility for us
to actively and prudently manage
deliveries in the context of property
market conditions.
The Board of Directors (the Board)
has declared an interim dividend of
11.3 cents per share for the first half.
Village operations
It is very important to us that
while we continue to invest for
growth, we continue to focus on
providing an excellent resident
experience. This includes the
activities and experiences we offer,
the maintenance and appearance of
our village, food services, aged care
services and more.
Our regular resident surveys show
us where we’re doing well and what
we can improve at each village. In
March we were proud to achieve
our highest ever satisfaction and net
promoter scores from our residents.
We were delighted that 97% of village
and care residents tell us that they
are either very satisfied (a rating of
5), satisfied (4), or neutral (3) with
their experience with us, using the
traditional reporting method tallying
the 3-5 rating scores.
More importantly, and in line with our
'striving to be the best' Summerset
value, we assess how well we're
doing using the total of the 4-5
ratings (satisfied or very satisfied)
scores. On this reporting method,
which we will in future report as
our main satisfaction score metric,
we achieved a rating of 93% (up
3% on the prior year) for village
resident respondents and 90% (up
7%) for care.
We also use a Net Promoter Score
(NPS), which is a measure used to
gauge customer loyalty, satisfaction
New sales contracted and uncontracted stock comparison
155155
244244
187187
547547
511511
288288
Contracted StockUncontracted Stock
FY241H251H25
(excl. St Johns & Boulcott)
0
200
400
600
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Half Year Report 2025
and enthusiasm with a company,
where an NPS over 20 is deemed
favourable, and above 50, excellent.
Our NPS for village residents was 55
(up 9 on the previous year) while
our care NPS was high too with
a score of 46 (up from 38 in the
previous survey).
This year in addition to engaging
residents with our Summerset
Sessions programmes and events
such as cooking classes, concerts,
interviews and competitions, we
introduced a new programme,
Summerset Creates. Providing an
opportunity for our artistic residents
to show off their talents, the first two
events in the series - Summerset
Writes and Summerset Through
the Lens (photography) – ignited
our residents’ creativity, resulted in
hundreds of entries.
We’ve also continued to
expand our Holiday Homes
programme. Residents are now
able to book accommodation at
eight villages throughout New
Zealand with apartments at St
Johns and Warkworth recently
added, providing a cost-effective
accommodation alternative in safe,
quality and familiar surroundings.
We have invested in our food
services offering, refreshing the
branding of our busy village cafes
and rolling out fast-ovens to quickly
cook food in minutes reducing
wait times for residents. In our
care centres we’ve extended the
menu options for meals to provide
residents with greater variety
and choice.
Care improvements
We are committed to continuing to
provide high quality care for our
residents and continue to invest in
care to enhance their experience.
We reopened our fully refurbished
care centres at Summerset
in the Vines (Havelock North)
and Summerset by the Course
(Trentham, Upper Hutt) earlier this
year. Offering spacious, modern and
future-ready facilities that are also
more energy-efficient with a lower
carbon footprint, the larger rooms
with ensuites and kitchenettes
reflect our commitment to provide
care centre residents with privacy,
dignity and keeping their wellbeing
top of mind.
The refurbishment of the care centre
at Summerset by the Ranges (Levin)
is also currently underway and will be
completed early 2026.
Last year we commenced a pilot
with six villages where we created
a remote National Clinical Support
(NCS) Service to make our care
centres more efficient and allow us
to provide better person-centred
care to our residents. The NCS is a
24/7 team of Summerset Registered
Nurses who support those village
teams online or by phone.
The safe staffing ratios in our care
centres (the number of registered
nurses and caregivers to residents)
remain the same, meaning that our
care centre teams had an extra layer
of support when caring for residents.
This has also allowed us to share
the expertise of highly qualified
Registered Nurses among a number
of villages.
Following the successful pilot, the
service has now been extended
to support a further six village
care centres and will also be ready
to support five new care centres
opening through 2026.
Aged care sector
We continue to monitor and engage
on aged care funding.
Summerset has considered if we
would need to stop taking referrals
from the public health system and
keep our care centre beds solely for
our village residents. Our move to
more care ORAs has meant we do
not need to take this step currently,
but it is something we’ll continue
to monitor.
Summerset Mt Denby residents participating in the launch event of the ANZ Premiership Summerset Supershot
Photo credit: Michael Bradley Photography
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C H A I R A N D C E O ' S R E P O R T
Also, we have been pleased to have
greatly improved engagement with
both Health NZ and Ministers as they
work through the next long-term
plan for aged care funding.
Technology
We believe that technology has a
major role to play in making our
residents lives easier and it is a
large part of our 10-year strategy.
We are investing in technology to
boost operational efficiency, release
time for our frontline teams to spend
with residents and deliver a great
experience for our residents who
interact with technology.
Lumin, our resident communication
and entertainment system is
now installed at 18 villages.
Residents can easily access their
favourite Summerset entertainment
programmes, receive newsletters
and activity schedules, book into
village events, order services and
message the village team or other
residents. Building on that capability,
this year we ran a successful pilot of
the resident call-bell feature on the
Lumin platform and will commence
rolling this out to other villages later
this year.
Our residents and their visitors
often comment on our beautifully
maintained village surroundings.
Our property and housekeeping
teams have received some added
assistance this year as we piloted,
and are now rolling out, robotic lawn
mowers and in our village centres,
robotic vacuum cleaners.
Embracing this technology will take
some repetitive physical work off
our people, enable them to focus
on other tasks and provide greater
benefits to our residents.
Our Operations and Group
Technology teams have also
been exploring several tech
and AI opportunities to
support our frontline people by
reducing administration.
Engaging our people
Summerset is a people centred
business employing more than
3,100 staff across New Zealand and
Australia. Without great people in
our business and supporting our
residents we wouldn’t be able to
achieve our purpose of bringing the
best of life. 
This year we launched our Employee
Value Proposition (EVP), considered
as a staff ‘promise’ of what our
people can expect to get from us,
and what they give to each other to
have a great workplace and career.
Our EVP will help us differentiate
Summerset as an employer of
choice so we can continue to attract
and retain the right people in our
business with our four ‘promises’
– Belong, Impact, Inclusion and
Growth, being delivered consistently
across our many workplaces as
together we bring villages to life.
We regularly run staff engagement
surveys with our people and are
pleased to have seen increased
participation rates. Our engagement
score for this half was 8.2 out
of 10 which once again puts us
in the top 25 percent of New
Zealand healthcare providers using
the same engagement survey.
We also measure our Employee
Net Promoter Score (eNPS), a
measurement of if our staff would
recommend us as an employer,
scoring 51 and placing us in the top
5% of healthcare providers using our
survey. This is a testament to the
environment we foster at our offices,
villages and construction sites.
In March, we celebrated our annual
Frontliner Day. It's a day dedicated
to thanking and celebrating all our
hardworking frontline staff – nurses,
therapists, office staff, property and
gardening teams, food services
teams, kaitiaki, housekeepers,
laundry staff, caregivers, activities
coordinators and people leaders
who make our villages flourish.
Summerset at Pohutukawa Place village read messages of grattitude from residents and their families on Frontliners Day 
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Half Year Report 2025
Villages celebrated their teams in
their own ways, and members of
our Executive and Senior Leadership
Team spent the day being frontline
helpers in our villages, taking on roles
ranging from caregiving to being a
property assistant or kaitiaki, to assist
our village teams and allow them to
truly enjoy the day.  
In May, we had the opportunity to
celebrate our people at our annual
Applause Awards, Summerset’s staff
recognition event. We had a record
3,000 nominations across 30 award
categories, and finalists were hosted
at a gala event that was also
live-streamed to our villages and
on Facebook for residents, friends,
family and colleagues to share in
the occasion.
Growth, development
and construction
Our design and consenting
programme remains very well
positioned in both New Zealand
and Australia and we maintain
very strong levels of product and
geographic differentiation, building
in 18 locations across both countries.
As a largely broadacre developer,
building our villages in stages means
we have the ability to respond
quickly to any change in demand
and/or market pressures, including
making decisions around timing
to start building new villages and
main buildings. It also allows us to
recycle capital quickly to continue
investing in our growth. This strategy
continues to serve us well.
New Zealand
Following several land acquisitions
in 2024, we continue to have the
largest and most diverse landbank
in the New Zealand industry. These
purchases mean we don’t need
to rush further purchases and can
be particularly selective on any
further acquisitions in the near term.
We have reviewed several potential
opportunities so far this year but we
have not purchased any new land in
New Zealand.
Preparing and consenting our
landbank continues to be a focus
- we have settled our Devonport
Peninsula (Belmont, Auckland) land
purchase announced at the end of
2024, with part payment through an
innovative share issuance.
We are pleased to have received
resource consent (fast track) for
our Rotorua village and successfully
rezoned our site in Mosgiel to
residential zoning and have lodged
resource consent applications there.
With strong interest in our Waikanae
village, we applied for and received
resource consent for a new
village extension stage on land
that we had previously earmarked
for divestment.
We have prudently managed our
build rates to align with market
demand and economic conditions.
During the first half of 2025, we
delivered 313 new homes in New
Zealand along with eight care beds
and have made significant progress
with construction underway at a
total of 15 villages across ten regions.
In the first half our Rangiora village
had its first homes delivered, and
we look forward to welcoming new
residents from September.
We celebrated a significant
milestone for our Summerset
Boulcott village with the delivery
of 123 units, including care
and external amenities this half.
We also have six village centre
buildings under construction and
on track for delivery over the next
12 months (Whangarei, Milldale,
Cambridge, Waikanae, Blenheim
and Prebbleton) which in addition
to providing our superb range
of recreational amenities for
the village’s residents to enjoy,
include Serviced Apartments and
Care centres.
We will be completing our Te Awa
Village with the final residential
deliveries now in the final stages
for handover in the third quarter
Summerset in the Vines celebrated the opening of their refurbished Care Centre as well as the village's 25 year anniversary
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C H A I R A N D C E O ' S R E P O R T
of this year. The first stage of
our Half Moon Bay (Auckland)
village is progressing, and civil
works are nearing completion at our
Kelvin Grove (Palmerston North) site
where first deliveries are expected
late 2026.  We are expecting
to commence civil works on our
Cashmere Oaks (Masterton) village
at the start of 2026.
We were delighted our flagship St
Johns village in Auckland received
an Excellence award at the New
Zealand Property Council awards
in the Retirement Living and Aged
Care category.
With strong cost management
in place it was pleasing to see
our procurement team win the
Best Procurement Transformation
and Change Programme category
at the Chartered Institute
of Procurement & Supply
Australasia Awards. Judges noted
how Summerset implemented
a clear, end-to-end approach
that brought in best practice
and industry-level improvement,
demonstrating impressive savings
and achievements, including
waste reduction.
Australia
Our Australian portfolio is building
momentum with a total of 55 homes
now delivered at our Cranbourne
North village and sales progressing.
We are also making excellent
progress on delivering our first
village centre at the end of this
year. The new building will open in
2026 and be the first time we offer
aged care in Australia. The village
centre includes all the community
amenities including a wellness hub,
cafe, lounge, library, theatre and with
our first residential aged care home
and assisted living apartments.
Our team are focused on operational
readiness with preparations well
underway to ensure we are able to
provide prospective residents and
their families with the confidence
that we have the facilities, people
and established reputation in New
Zealand to draw on to provide quality
care to them and their loved ones.
At our Chirnside Park village,
construction is progressing well with
the first homes to be delivered later
this year, and the village on track to
open and welcome new residents
in 2026.
Civil works are continuing at our
Torquay village and construction will
commence at our fourth village,
Oakleigh South in Q4 2025. Our
Mernda site rezoning has been
formally adopted by Council and is
now with Victorian Minister Planning
for final approval and Gazettal. As
these sites scale up, we believe it is
reasonable to expect an Australian
build rate circa 300 units in two- to
three-years’ time.
We have learned from our successful
New Zealand model that there
are benefits and efficiencies to be
gained for our Australia business
to move to self-management of
procurement and construction.
We will implement this model with
a staged approach, starting with
our residential developments to
project manage subcontractors and
monitor for consistent quality across
sites. The complex commercial
builds of our village centres will still
be managed by partners at this stage
as we grow our capability.
We continue to look for the
right opportunities to add to our
Australian land bank, applying a
prudent and disciplined approach
around what we buy to ensure that
it meets our strict financial and non-
financial investment hurdles.
Our place in the community
Promoting and furthering our
brand presence, as well as
supporting organisations and
activities important to our residents
means we continue to support
hundreds of community groups,
Summerset Cranbourne North village centre building will open in 2026 
1 1

Half Year Report 2025
clubs and associations as well as our
important national sponsorships.
In December 2024, Summerset
purchased our new Devonport
Peninsula village site in Belmont
from local iwi, Ngāti Whātua
Ōrākei. This uniquely structured
partnership included part payment
through issuance of shares in
Summerset Group Holdings and
we welcome Ngāti Whātua Ōrākei
as a shareholder. The partnership
also provided a $10,000 per annum
three-year scholarship, called the
Taku Oranga scholarship, to support
a Ngāti Whātua Ōrākei student’s
studies in health science, medicine,
or nursing. The scholarship is
an investment that will have a
lasting impact long into the future
and we wish the proud recipient
of the Taku Oranga scholarship,
Atamai Harriman, all the best with
her studies.
Through our sponsorship of Netball
NZ we took the opportunity to
add our name to the Summerset
Supershot, an exciting addition to
the ANZ Premiership.
We’re excited to have established
a new sponsorship arrangement
with the Pickleball New Zealand
Association this year as sponsor of
their 2025 NZ Open event to be held
in September. We’re well aware of
the increasing popularity of the sport
amongst our target audience and
we will be adding pickeball courts to
new villages, and some of our village
extensions, in the coming years.
Over the last seven consecutive
years, we’ve consistently been
recognised as a Highly Commended
Trusted Brand in the Aged Care
and Retirement Villages category
by Reader’s Digest. This continued
recognition comes on the back of
consecutive wins of the top prize
for Reader's Digest 2025 Quality
Service Awards in the retirement
villages category.
In Australia, as we continue to grow
our brand presence there, we will
look to replicate our New Zealand
model and grow our community,
state and national partnerships with
organisations that align with our
residents and their families there.
Our commitment to sustainability
Our sustainability initiatives have
again seen us recognised for our
leadership and setting benchmarks
in the retirement sector, having won
the Corporate ESG (Environment,
Social and Governance) category
at the Institute of Financial
Professionals New Zealand (INFINZ)
2025 Awards.
Our team successfully
demonstrated how our industry-
leading ESG initiatives drive real-
world sustainability outcomes
through innovation, best practice,
and collaboration. From low
carbon construction, to embedding
wellbeing and sustainability
into workplace culture, to
leveraging financial mechanisms
(our sustainability linked lending) to
accelerate ESG progress. 
Looking ahead
We are happy with our progress
so far this year, our pipeline of
sales moving into the second half
of the year is well positioned. We
are optimistic we can continue the
momentum we’ve seen so far in
2025 while keeping a wary eye on
economic conditions.
While we’ve continued
to grow steadily,
we have ensured
that has not been
at the expense of
resident experience
and satisfaction.
We’ll continue to focus on
providing a leading retirement
village offering while delivering
results for shareholders.
We remain on track to deliver the
700-780 new homes combined
across New Zealand and Australia
in 2025, with significant deliveries
in the second half of the year
including our Cambridge village
centre building in New Zealand, our
Cranbourne North village centre in
Australia and the first homes at our
Chirnside Park village.
On behalf of the Board and Executive
we would like to thank our residents,
their families, and our hard-working
staff for everything they do in making
Summerset a wonderful place to live
and work.
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
28 August 2025
1 2

C H A I R A N D C E O ' S R E P O R T
1 3

Half Year Report 2025
Snapshot
Our people
9,100+
Residents
3,100+
Staff members
Our care
1,391
Care units
(which includes beds)
in portfolio
1,301
Care units
(which includes beds)
in land bank in
New Zealand and Australia
Our portfolio
6,913
Retirement units
$8.7b
Total assets
5,823
Retirement
units
in land bank in
New Zealand
and Australia
43
Villages completed or
under development
692
Sales of
Occupation Rights
11
Greenfield sites
Our performance
$127.2m
Net profit after tax
$106.6m
Underlying profit
$228.7m
Operating cash flow
1 4

S N A P S H O T
1 5

Half Year Report 2025
Half Year
Financial
Highlights
1H20251H2024% ChangeFY2024
Net profit before tax (NZ IFRS) ($000)
109,778119,190-7.9%355,762
Net profit after tax (NZ IFRS) ($000)
127,177100,59026.4%339,838
Underlying profit ($000)
1
106,60889,92518.6%206,350
Total assets ($000)
8,679,3007,361,13917.9%8,066,006
Net tangible assets (cents per share)
1,318.441,141.0215.5%1,253.07
Net operating cash flow ($000)
228,695191,61919.3%443,172
1 Underlying profit differs from NZ IFRS profit for the period
1H20251H2024% ChangeFY2024
New sales of Occupation Rights
35429022.1%588
Resales of Occupation Rights
33829813.4%650
Realised development margin ($000)
72,88651,71640.9%118,448
Realised gains on resales ($000)
49,13945,6947.5%95,880
New Occupation Right units delivered
3343310.9%708
Non-GAAP Underlying Profit
$0001H20251H2024% ChangeFY2024
Profit for the period
1
127,177100,59026.4%339,838
Less fair value movement of investment property and
other assets
1
(123,320)(126,818)-2.8%(372,572)
(Less)/add (impairment reversal)/impairment of assets and
other non-cash items
1
(1,875)143-1413.1%8,832
Add realised gain on resales49,13945,6947.5%95,880
Add realised development margin72,88651,71640.9%118,448
(Less)/add deferred tax (credit)/expense
1
(17,399)18,600-193.5%15,924
Underlying profit106,60889,92518.6%206,350
1 Figure has been extracted from the financial statements
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer to Note 2 of the financial statements for
definitions of the components of underlying profit.
1 6

Financial
statements
1 7

Half Year Report 2025
Consolidated Income Statement
For the six months ended 30 June 2025
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
NOTE$000
$000
$000
Care fees and village services106,35793,100197,165
Deferred management fees66,16857,954121,446
Other income5035921,292
Total revenue173,028151,646319,903
Reversal of impairment51,875--
Fair value movement of investment property and
other assets
6123,320126,818372,572
Total income298,223278,464692,475
Operating expenses
3(159,206)(137,334)(284,149)
Depreciation and amortisation
5(12,422)(9,183)(19,099)
Impairment loss5, 6
--(7,112)
Total expenses(171,628)(146,517)(310,360)
Operating profit before financing costs126,595131,947382,115
Finance costs
(16,817)(12,757)(26,353)
Profit before income tax109,778119,190355,762
Income tax credit/(expense)417,399(18,600)(15,924)
Profit for the period127,177100,590339,838
Basic earnings per share (cents)1053.1642.87144.65
Diluted earnings per share (cents)1053.0442.80144.21
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
The accompanying notes form part of these financial statements.
1 8

Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2025
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
NOTE$000
$000
$000
Profit for the period127,177100,590339,838
Fair value movement of interest rate swaps(6,917)8,621(12,916)
Tax on items of other comprehensive income42,074(2,482)3,689
Gain/(loss) on translation of foreign currency operations1,519(1,980)(2,103)
Other comprehensive income that will be reclassified
subsequently to profit or loss for the period net of tax
(3,324)4,159(11,330)
Net revaluation of property, plant and equipment
585,890-94,372
Tax on items of other comprehensive income
4(24,049)-(26,424)
Other comprehensive income that will not be
reclassified subsequently to profit or loss for the period
net of tax
61,841-67,948
Total comprehensive income for the period185,694104,749396,456
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
The accompanying notes form part of these financial statements.
1 9

Half Year Report 2025
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2025
SHARE
CAPITAL
HEDGING
RESERVE
REVALUATION
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
$000$000$000$000$000$000
As at 1 January
2024 (restated)
1
366,9121,30495,805(266)2,138,5352,602,290
Profit for the
period (restated)
1
----100,590100,590
Other comprehensive
income for the period
-6,139-(1,980)-4,159
Total comprehensive
income for the
period (restated)
1
-6,139-(1,980)100,590104,749
Dividends paid
----(30,926)(30,926)
Shares issued
13,834----13,834
Employee share plan
option cost
1,929----1,929
As at 30 June 2024
(unaudited) (restated)
1
382,6757,44395,805(2,246)2,208,1992,691,876
Profit for the period----239,248239,248
Other comprehensive
income for the period
-(15,366)67,948(123)-52,459
Total comprehensive
income for the period
-(15,366)67,948(123)239,248291,707
Dividends paid----(26,630)(26,630)
Shares issued10,988----10,988
Employee share plan
option cost
1,526----1,526
As at 31 December
2024 (audited)
395,189(7,923)163,753(2,369)2,420,8172,969,467
Profit for the period----127,177127,177
Other comprehensive
income for the period
-(4,843)61,8411,519-58,517
Total comprehensive
income for the period
-(4,843)61,8411,519127,177185,694
Dividends paid----(31,632)(31,632)
Shares issued48,078----48,078
Employee share plan
option cost
1,863----1,863
As at 30 June
2025 (unaudited)
445,130(12,766)225,594(850)2,516,3623,173,470
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
The accompanying notes form part of these financial statements.
2 0

Consolidated Statement of Financial Position
As at 30 June 2025
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
NOTE$000
$000
$000
Assets
Cash and cash equivalents17,66020,97911,705
Trade and other receivables48,31146,27658,600
Interest rate swaps17,51918,13720,849
Other assets27,50043,50031,000
Property, plant and equipment5762,200455,327602,813
Intangible assets3,8018,1058,476
Investment property
67,797,5026,765,5727,328,744
Investments
4,8073,2433,819
Total assets8,679,3007,361,1398,066,006
Liabilities
Trade and other payables219,413166,829166,983
Employee benefits32,66030,80333,876
Revenue received in advance228,619197,911212,356
Interest rate swaps21,6709,56218,603
Residents’ loans73,064,1992,671,4672,881,103
Interest-bearing loans and borrowings81,866,8001,539,4161,714,340
Lease liability10,36713,06011,878
Deferred tax liability462,10240,21557,400
Total liabilities5,505,8304,669,2635,096,539
Net assets3,173,4702,691,8762,969,467
Equity
Share capital445,130382,675395,189
Reserves211,978101,002153,461
Retained earnings2,516,3622,208,1992,420,817
Total equity attributable to shareholders
3,173,4702,691,8762,969,467
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
The accompanying notes form part of these financial statements.
Authorised for issue on 27 August 2025 on behalf of the Board
Mark Verbiest
Director and Chair of the Board
Fiona Oliver
Director and Chair of the Audit and Risk Committee
2 1

Half Year Report 2025
Consolidated Statement of Cash Flows
For the six months ended 30 June 2025
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
RESTATED
1
$000
$000$000
Cash flows from operating activities
Receipts from residents:
- care fees and village services105,85389,921194,724
- residents' loans - new occupation right agreements213,060168,777388,013
- residents' loans - resale receipts of occupation right agreements193,130175,960358,581
Residents' loans - repayments of occupation right agreements(129,555)(110,265)(220,414)
Interest received5624501,122
Payments to suppliers and employees
(154,355)(133,224)(278,854)
Net cash flow from operating activities228,695191,619443,172
Cash flows to investing activities
Sale of investment property
-5071,178
Payments for investment property:
- land(17,587)(1,746)(20,920)
- construction of retirement units and village facilities(206,142)(215,015)(482,312)
- refurbishment of retirement units and village facilities(13,426)(9,900)(24,841)
Payments for property, plant and equipment:
- construction of care centres
2
(67,619)(19,241)(68,852)
- refurbishment of care centres
(48)(296)(400)
- other
(6,784)(8,667)(14,063)
Payments for intangible assets
(342)(690)(1,520)
Capitalised interest paid
(34,317)(37,129)(69,225)
Acquisition of long-term investments(1,102)(1,614)(2,159)
Net cash flow to investing activities
(347,367)(293,791)(683,114)
1 We have restated to separately disclose the gross receipts and repayments for resales of occupation right agreements. Previously these were disclosed net.
2 Included in the construction of care centres is $8.3 million relating to care centre upgrades. (Jun 2024: $3.2 million, Dec 2024: $18.4 million).
The accompanying notes form part of these financial statements.
2 2

Consolidated Statement of Cash Flows (continued)
For the six months ended 30 June 2025
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
RESTATED
1
$000
$000$000
Cash flows from financing activities
Net proceeds from borrowings10,62518,058174,870
Proceeds from issue of retail bonds150,000125,000125,000
Interest paid on borrowings(16,150)(13,703)(26,093)
Payments in relation to lease liabilities(1,445)(1,500)(3,021)
Dividends paid(18,546)(17,424)(33,542)
Net cash flow from financing activities124,484110,431237,214
Net increase/(decrease) in cash and cash equivalents5,8128,259(2,728)
Cash and cash equivalents at beginning of period11,70512,64812,648
Effects of exchange rate changes on cash and cash equivalents143721,785
Cash and cash equivalents at end of period17,66020,97911,705
1 We have restated to separately disclose the gross receipts and repayments for resales of occupation right agreements. Previously these were disclosed net.
The accompanying notes form part of these financial statements.
2 3

Half Year Report 2025
Consolidated Reconciliation of Operating Results and Operating
Cash Flows
For the six months ended 30 June 2025
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
$000
$000
$000
Profit for the period127,177100,590339,838
Adjustments for:
Depreciation and amortisation12,4229,18319,099
(Reversal of impairment)/impairment loss(1,875)-7,112
Fair value movement of investment property and other assets
(123,320)(126,818)(372,572)
Finance costs paid
16,81712,75726,353
Income tax expense
(17,399)18,60015,924
Deferred management fees amortisation
(66,168)(57,954)(121,446)
Employee share plan option cost
2,0112,3343,944
Other non-cash items
1331472,395
(177,379)(141,751)(419,191)
Movements in working capital
Decrease/(increase) in trade and other receivables
10,761(2,337)(7,510)
(Decrease)/increase in employee benefits
(1,305)4833,541
Increase/(decrease) in trade and other payables
3,002(720)2,958
Increase in residents’ loans net of non-cash amortisation
266,439235,354523,536
278,897232,780522,525
Net cash flow from operating activities
228,695191,619443,172
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
The accompanying notes form part of these financial statements.
2 4

Consolidated
notes to the
financial
statements
For the six months ended 30 June 2025
1. General information
The consolidated interim financial statements presented for the six months ended 30 June 2025 are for Summerset Group Holdings
Limited (the "Company”) and its subsidiaries (collectively referred to as the "Group”). The Group develops, owns and operates
integrated retirement villages.
Summerset Group Holdings Limited is registered in New Zealand under the Companies Act 1993 and is an FMC Reporting Entity for
the purposes of the Financial Markets Conduct Act 2013. The Company is listed on the New Zealand Stock Exchange (NZX), being
the Company’s primary exchange, and is listed on the Australian Securities Exchange (ASX) as a foreign exempt listing.
The consolidated interim financial statements have been prepared in accordance with generally accepted accounting practice in
New Zealand (NZ GAAP), except for Note 2: Non-GAAP underlying profit, which is presented in addition to NZ GAAP compliant
information. The statements comply with NZ IAS 34 – Interim Financial Reporting and IAS 34 – Interim Financial Reporting, and are
prepared in accordance with the Financial Markets Conduct Act 2013.
The consolidated interim financial statements for the six months ended 30 June 2025 are unaudited and have been the subject of
review by the auditor, pursuant to NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of
the Entity, issued by the External Reporting Board. They are presented in New Zealand dollars, which is the Company's and its New
Zealand subsidiaries' functional currency. The functional currency of the Company's Australian subsidiaries is Australian dollars. All
financial information has been rounded to the nearest thousand, unless otherwise stated. Certain comparative information has been
updated to conform with the current year’s presentation.
These consolidated interim financial statements have been prepared on a going concern basis, which requires the Board to have
reasonable grounds to believe that the Group will be able to pay its debts as and when they become due.
Subsidiaries are fully consolidated at the date on which the Group obtains control, and continue to be consolidated until the date
when such control ceases. The financial statements are prepared for the same reporting period as the Company, using consistent
accounting policies. All intra-group transactions and balances arising within the Group are eliminated in full. All subsidiary companies
are 100% owned and incorporated in New Zealand or Australia with a balance date of 31 December.
The International Accounting Standards Board has issued amendments to NZ IFRS 9
Financial Instruments and NZ IFRS 7 Financial
Instruments: Disclosures effective 1 January 2026. These cover the classification and disclosure of financial instruments with features
linked to environmental, social and corporate governance targets. These amendments have not been early adopted in preparing
these financial statements.
These consolidated interim financial statements have been prepared using the same accounting policies, significant judgements and
estimates as, and should be read in conjunction with, the Group’s financial statements for the year ended 31 December 2024.
Segment reporting
The Group operates in one industry, being the provision of integrated retirement villages. The services provided across all of the
Group’s villages are similar, as are the type of customer and the regulatory environment. The chief operating decision makers,
the Chief Executive Officer and the Board, regularly review the operating results of the Group as a whole for the purpose of
2 5

Half Year Report 2025
Consolidated notes to the financial statements (continued)
assessing performance and allocating resources. On this basis, the Group has one reportable segment. The chief operating decision
makers assess the Group’s performance using the consolidated income statement, consolidated statement of financial position and
underlying profit. A reconciliation between non-GAAP underlying profit and NZ IFRS profit is provided in Note 2. Segment revenue,
expenses, assets, and liabilities are measured using the same accounting policies as those applied in the Group’s consolidated
financial statements.
The Group continues to proceed with its expansion into Australia with seven sites purchased to date. These sites are either currently
being, or will be, developed into retirement villages.
Health New Zealand - Te Whatu Ora is a major source of revenue for the Group, as the Group derives care fee revenue in respect
of eligible government subsidised aged care residents. Fees earned from Health New Zealand - Te Whatu Ora for the period ended
30 June 2025 amounted to $28.7 million (Jun 2024: $24.7 million, Dec 2024: $53.0 million). No other customers individually contribute
a significant proportion of the Group revenue.
Comparative information
a)
The Group has updated comparative information to reflect the restatement of fair value movements related to care centre
development, previously included in investment property. As a result, the comparative information has been restated to
remove the portion of the fair value movement relating to care centres. The care centres were not valued at 30 June 2024 and
therefore this movement is not reflected in property, plant and equipment.
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
REPORTED
OPENING
BALANCE
AMENDMENT
1
OPENING
BALANCE
RECLASS
1
AMENDMENTRESTATED
$000$000$000$000$000
Income Statement
Fair value movement of investment property
and other assets
128,388--(1,570)126,818
Profit for the period
102,160--(1,570)100,590
Net transfer to shareholders equity102,160--(1,570)100,590
Statement of Financial Position
Property, plant and equipment
428,91810,9922,04112,617454,568
Investment property
6,793,551(10,992)(2,041)(14,187)6,766,331
Net change to total assets7,362,709--(1,570)7,361,139
Deferred tax liability
37,1373,078--40,215
Net change to total liabilities
4,666,1853,078--4,669,263
Revaluation reserve87,8917,914--95,805
Retained earnings2,220,761(10,992)-(1,570)2,208,199
Net change to total equity attributable
to shareholders
2,696,524(3,078)-(1,570)2,691,876
Basic earnings per share (cents)
43.54
--(0.67)42.87
Diluted earnings per share (cents)
43.47
--(0.67)42.80
1 There were adjustments made to the 31 December 2023 comparatives in the 31 December 2024 financial statements. This has a flow on effect to the 1 January 2024 opening
balances for the 30 June 2024 period.
2 6

b)Comparative information has also been updated to reflect the reclassification of work in progress for care centres under
development from investment property to property, plant and equipment.
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
RESTATEDRECLASSRECLASSIFIED
$000$000$000
Statement of Financial Position
Property, plant and equipment454,568759455,327
Investment property6,766,331(759)6,765,572
Statement of Cash Flows
Payments for investment property:
- construction of retirement units and village facilities(215,774)759(215,015)
Payments for property, plant and equipment:
- construction of care centres
(18,482)(759)(19,241)
2. Non-GAAP underlying profit
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
Ref$000$000$000
Profit for the period127,177100,590339,838
Less fair value movement of investment property and
other assets
a)(123,320)(126,818)(372,572)
(Less)/add (impairment reversal)/impairment of assets and
other non-cash items
b)(1,875)1438,832
Add realised gain on resalesc)49,13945,69495,880
Add realised development margind)72,88651,716118,448
(Less)/add deferred tax (credit)/expensee)(17,399)18,60015,924
Underlying profit106,60889,925206,350
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised
meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.
The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the impact of
fair value movements, realised gains associated with development and resales activity, impairment and tax expense in the Group’s
income statement. The measure is used internally in conjunction with other measures to monitor performance and make investment
decisions. Underlying profit is a measure that the Group uses consistently across reporting periods. Underlying profit is used to
determine the dividend pay-out to shareholders.
This statement presented is for the Group, prepared in accordance with the Basis of preparation: underlying profit described below.
2 7

Half Year Report 2025
Consolidated notes to the financial statements (continued)
Basis of preparation: underlying profit
Underlying profit is determined by taking profit for the period determined under NZ IFRS, adjusted for the impact of the following:
a)Less fair value movement of investment property and other assets: reversal of investment property valuation changes recorded
in NZ IFRS profit for the period, which comprise both realised and non-realised valuation movements. This is reversed and
replaced with realised development margin and realised resale gains during the period, effectively removing the unrealised
component of the fair value movement of investment property.
b)(Less)/add (impairment reversal)/impairment of assets and other non-cash items: remove the impact of non-operating
one-off items and non-cash care centre valuation changes recorded in NZ IFRS profit for the period. Care centres are valued
semi-annually (Jun 2024 and Dec 2024: annually), with fair value gains flowing through to the revaluation reserve unless the
gain offsets a previous impairment to fair value that was recorded in NZ IFRS profit. Where there is any impairment of a care
centre, or reversal of a previous impairment that impacts NZ IFRS profit for the period, this is eliminated for the purposes of
determining underlying profit.
c)Add realised gain on resales: add the realised gains across all resales of occupation rights during the period. The realised gain
for each resale is determined to be the difference between the licence price for the previous occupation right for a unit and
the occupation right resold for that same unit during the period, with recognition point being the settlement of the resold unit.
Realised resale gains exclude deferred management fees and refurbishment costs.
d)Add realised development margin: add realised development margin across all new sales of occupation rights during the
period, with the recognition point being the cash settlement. Realised development margin is the margin earned on the first
time sale of an occupation right following the development of a unit. The margin for each new sale is determined to be the
licence price for the occupation right, less the cost of developing that unit.
Components of the cost of developing units include directly attributable construction costs and a proportionate share of the
following costs:
◦Infrastructure costs
◦Land cost on the basis of the purchase price of the land
◦Interest during the build period
◦Head office costs directly related to the construction of units
All costs above include non-recoverable GST
Development margin excludes the costs of developing common areas within the retirement village (including a share of the
proportionate costs listed above). This is because these areas are assets that support the sale of occupation rights for not just
the new sale, but for all subsequent resales. It also excludes the costs of developing care centres.
Where costs are apportioned across more than one asset, the apportionment methodology is determined by considering the
nature of the cost.
Where a unit not previously sold under occupation right agreement is converted to a unit sold under occupation right
agreement, realised development margin recognised on the new sale of these units includes the following costs:
◦Conversion costs
◦A fair value apportionment reflecting the value of the property immediately prior to conversion 
e)(Less)/add deferred tax (credit)/expense: reversal of the impact of deferred taxation.
Underlying profit does not include any adjustments for abnormal items or fair value movements on financial instruments that are
included in NZ IFRS profit for the period.
2 8

3. Operating expenses
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
$000$000$000
Employee expenses99,50989,965182,915
Property-related expenses16,95714,40830,602
Repairs and maintenance expenses5,9904,93311,383
Other operating expenses36,75028,02859,249
Total operating expenses159,206137,334284,149
4. Income tax
Tax expense comprises current and deferred tax, calculated using the tax rate enacted or substantively enacted at balance date and
any adjustment to tax payable in respect of prior years. Tax expense is recognised in the income statement, except when it relates to
items recognised directly in the statement of comprehensive income, in which case the tax expense is recognised in the statement
of comprehensive income.
Deferred tax expense is recognised in respect of temporary differences between the carrying amounts of assets and liabilities in
the financial statements and the amounts used for taxation purposes. A deferred tax asset is recognised only to the extent that it is
probable it will be utilised. Temporary differences for the initial recognition of assets or liabilities that affect neither accounting nor
taxable profit, unless they arise from business combination, are not provided for.
NZ IAS 12, Income Taxes provides that there is a rebuttable presumption that investment property measured at fair value under NZ
IAS 40, Investment Properties is recovered through sale. This presumption is rebutted if:
•The investment property is depreciable (e.g. buildings and land under a lease); and
•The investment property is held within a business model whose objective is to consume substantially all of the economic benefits
embodied in the investment property over time, rather than through sale.
The Group considers that the recovery through sale presumption for the manner of recovery of investment property is appropriate,
consistent with its business model objective to ensure any portfolio decisions are accretive to the overall value of the business, either
through use or sale.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
a) Income tax recognised in the income statement
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to the origination and reversal of
temporary differences
(17,399)18,60015,924
Total tax (credit)/expense reported in income statement
(17,399)18,60015,924
2 9

Half Year Report 2025
Consolidated notes to the financial statements (continued)
The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the
financial statements as follows:
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
$000
%
$000
%
$000
%
Profit before income tax109,778119,190355,762
Income tax using the corporate tax rate30,73828.0%33,37328.0%99,61328.0%
Capitalised interest(9,901)(9.0%)(9,552)(8.0%)(20,331)(5.7%)
Other non-deductible expenses3,1112.8%4,0023.4%9,0962.6%
Non-assessable investment
property revaluations
(38,283)(34.9%)(39,011)(32.7%)(108,730)(30.6%)
Removal of tax depreciation on non-
residential buildings
-0.0%28,89424.2%28,8948.1%
Other
(3,064)(2.8%)8940.8%7,8512.2%
Prior period adjustments
-0.0%-0.0%(469)(0.1%)
Total income tax (credit)/expense(17,399)(15.9%)18,60015.7%15,9244.5%
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
The Group tax losses are as follows:
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
$000$000$000
Tax losses available
858,454674,903757,405
Tax effected
241,268189,618212,891
Unrecognised tax losses
15,07910,08111,734
(b) Amounts charged or credited to other comprehensive income
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
$000$000$000
Tax expense comprises:
Net gain on revaluation of property, plant and equipment24,049-26,424
Fair value movement of interest rate swaps(2,074)2,482(3,689)
Total tax expense reported in statement of
comprehensive income
21,9752,48222,735
3 0

(c) Amounts charged or credited directly to equity
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to employee share option plans12672(320)
Total tax expense/(credit) reported directly in equity12672(320)
(d) Imputation credit account
There were no imputation credits received or paid during the half year and the balance at 30 June 2025 is nil (Jun 2024 and Dec
2024: nil).
(e) Deferred tax
Movement in the deferred tax balance comprises:
BALANCE
1 JAN 2025
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
30 JUN 2025
UNAUDITED
$000$000$000$000$000
Property, plant and equipment97,725(9,255)-24,049112,519
Investment property65,1514,078--69,229
Revenue in advance104,01011,288--115,298
Interest rate swaps(3,054)--(2,074)(5,128)
Income tax losses not yet utilised(201,157)(25,032)--(226,189)
Right of use asset3,206(460)--2,746
Lease liability(3,758)488--(3,270)
Other items(4,723)1,494126-(3,103)
Net deferred tax liability57,400(17,399)12621,97562,102
3 1

Half Year Report 2025
Consolidated notes to the financial statements (continued)
BALANCE
1 JAN 2024
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
30 JUN 2024
UNAUDITED
RESTATED
1
RESTATED
1
$000
$000$000$000
$000
Property, plant and equipment40,83526,781--67,616
Investment property58,595153--58,748
Revenue in advance84,59710,207--94,804
Interest rate swaps635--2,4823,117
Income tax losses not yet utilised(161,099)(18,438)--(179,537)
Right of use asset3,989(393)--3,596
Lease liability(4,525)362--(4,163)
Other items(3,966)(72)72-(3,966)
Net deferred tax liability19,06118,600722,48240,215
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
* Other comprehensive income
BALANCE
1 JAN 2024
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
31 DEC 2024
AUDITED
$000$000$000$000$000
Property, plant and equipment
40,83530,466-26,42497,725
Investment property
58,5956,556--65,151
Revenue in advance
84,59719,413--104,010
Interest rate swaps
635--(3,689)(3,054)
Income tax losses not yet utilised
(161,099)(40,058)--(201,157)
Right of use asset
3,989(783)--3,206
Lease liability
(4,525)767--(3,758)
Other items
(3,966)(437)(320)-(4,723)
Net deferred tax liability19,06115,924(320)22,73557,400
* Other comprehensive income
(f) Income tax legislation amendments
The Taxation (Annual Rates for 2023-24, Multinational Tax and Remedial Matters) Act received royal assent on 28 March 2024, with
effect from 1 January 2024. This Act removed the ability to claim tax depreciation on non-residential buildings, resulting in the removal
of the tax base on certain buildings for deferred tax. The removal of the tax base has resulted in a $28.9 million increase to income
tax expense and a corresponding increase to the deferred tax liability in respect of property, plant and equipment during the June
2024 and December 2024 periods.
3 2

5. Property, plant and equipment
Property, plant and equipment includes care centres (including memory care apartments and care suites), both complete and under
development, and corporate assets held.
All property, plant and equipment is initially recorded at cost. Cost includes expenditure that is directly attributable to the acquisition
of the asset. The cost of self-constructed care centres includes directly attributable construction costs and other costs necessary to
bring the care centres to working condition for their intended use. These other costs include professional fees and consents, interest
during the build period and head office costs directly related to the construction of the care centres. Where costs are apportioned
across more than one asset, the apportionment methodology is determined by considering the nature of the cost.
Subsequent to initial recognition, care centres are carried at fair value. Fair value measurement on care centres under construction
is only applied if the fair value is reliably measurable. Where the fair value of care centres under construction cannot be reliably
determined these are held at the cost of work undertaken.
Fair value measurement on completed care centres is carried at a revalued amount, which is the fair value at the date of the revaluation
less any subsequent accumulated depreciation and accumulated impairment losses, if any, since the assets were last revalued. Other
corporate assets are subsequently measured at cost less accumulated depreciation and impairment losses, if any. Where an item of
plant and equipment is disposed of, the gain or loss recognised in the income statement is calculated as the difference between the
net sales price and the carrying amount of the asset.
Fair value is determined by reference to market-based evidence, which is the amount for which the assets could be exchanged
between a knowledgeable willing buyer and a knowledgeable willing seller in an arm’s length transaction as at the valuation date.
Any revaluation surplus is recognised in other comprehensive income unless it reverses a revaluation decrease of the same asset
previously recognised in the income statement. Any revaluation deficit is recognised in the income statement unless it directly offsets
a previous surplus in the same asset in other comprehensive income. Any accumulated depreciation at revaluation date is eliminated
against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Upon disposal,
any revaluation reserve relating to the particular asset being sold is transferred to retained earnings. Independent valuations are
performed with sufficient regularity to ensure that the carrying amount does not differ materially from the asset’s fair value at the
balance sheet date.
Depreciation is charged to the income statement on a straight-line (SL) basis over the estimated useful life of each item of property,
plant and equipment, with the exception of land, which is not depreciated. Depreciation methods, useful lives and residual values are
reassessed at each reporting date.
Major depreciation rates are as follows:
•Buildings and land (2% to 14% SL)•Furniture and fittings (7% to 20% SL)
•Motor vehicles (8% to 10% SL)•Plant and equipment (7% to 50% SL)
Also included in the buildings and land category is building fit-out.
Right of use assets are depreciated on an SL basis over the term of their lease.
3 3

Half Year Report 2025
Consolidated notes to the financial statements (continued)
BUILDINGS
AND LAND
$000
MOTOR
VEHICLES
$000
PLANT AND
EQUIPMENT
$000
FURNITURE
AND
FITTINGS
$000
RIGHT OF
USE ASSETS
$000
TOTAL
$000
Cost
Balance at 1 January
2024 (restated)
1
372,2776,85742,04811,40318,342450,927
Additions21,8941,6924,6111,032-29,229
Disposals(15)(64)(5)--(84)
Transfer18,306----18,306
Remeasurements----154154
Balance at 30 June 2024
(unaudited) (restated)
1
412,4628,48546,65412,43518,496498,532
Additions58,2492,2323,388778-64,647
Disposals(2,161)(200)(1,315)(1,078)-(4,754)
Transfer2,093----2,093
Remeasurements
----8989
Impairment through
profit or loss
(1,875)----(1,875)
Net revaluations
through other
comprehensive income
84,326----84,326
Balance at 31 December
2024 (audited)
553,09410,51748,72712,13518,585643,058
Additions
71,3471,3095,972809-79,437
Disposals
-(142)--(1,131)(1,273)
Transfer
4,359-318-(318)4,359
Reversal of impairment
through profit or loss
1,875----1,875
Net revaluations
through other
comprehensive income
78,862----78,862
Balance at 30 June
2025 (unaudited)
709,53711,68455,01712,94417,136806,318
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
3 4

BUILDINGS
AND LAND
$000
MOTOR
VEHICLES
$000
PLANT AND
EQUIPMENT
$000
FURNITURE
AND
FITTINGS
$000
RIGHT OF
USE ASSETS
$000
TOTAL
$000
Accumulated
depreciation
Balance at 1 January 2024-1,95518,1287,9496,61434,646
Depreciation charge for
the year
4,8232241,9394781,1478,611
Disposals-(52)---(52)
Balance at 30 June
2024 (unaudited)
4,8232,12720,0678,4277,76143,205
Depreciation charge for
the year
5,2734001,9815271,1479,328
Disposals(50)(58)(1,158)(976)-(2,242)
Net revaluations
through other
comprehensive income
(10,046)----(10,046)
Balance at 31 December
2024 (audited)
-2,46920,8907,9788,90840,245
Depreciation charge for
the year
7,0284062,7565841,03711,811
Disposals
-(109)--(801)(910)
Transfer
--221-(221)-
Reversal of impairment
through profit or loss
------
Net revaluations
through other
comprehensive income
(7,028)----(7,028)
Balance at 30 June
2025 (unaudited)
-2,76623,8678,5628,92344,118
Carrying amounts
As at 30 June 2024
(unaudited) (restated)
1
407,6396,35826,5874,00810,735455,327
As at 31 December
2024 (audited)
553,0948,04827,8374,1579,677602,813
As at 30 June
2025 (unaudited)
709,5378,91831,1504,3828,213762,200
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
Buildings and land include $128.4 million of care centres under development carried at cost, due to the stage and nature of the
development fair value is unable to be reliably determined (Jun 2024: $38.9 million, Dec 2024: $78.9 million).
Right of use assets relate to the Group's leased office premises, car park spaces and plant and equipment.
Classification
between investment property and property, plant and equipment
On initial recognition, the Group performs an assessment to determine whether a unit type should be classified as investment
property or property, plant and equipment. The assessment is based on the significance of ancillary services provided to residents
who occupy accommodation under an occupation right agreement. For the purposes of this assessment, the Group considers
that portion of weekly fees that gives rise to a separate performance obligation for the Group, as ancillary services. In addition
to a quantitative assessment, the business model (being the provision of accommodation) is considered when determining the
3 5

Half Year Report 2025
Consolidated notes to the financial statements (continued)
classification of the property as either investment property or property, plant and equipment. Subsequent reclassification of unit
types between investment property or property, plant and equipment, occur only when there has been a change in use.
Revaluations
An independent valuation to determine the fair value of all assets related to care centres was carried out as at 30 June 2025 by
independent registered valuers CBRE Limited ("CBRE NZ") and Jones Lang LaSalle Limited ("JLL NZ"). Valuations were moved to six
monthly as at 30 June 2025 to align with valuations for investment property and given the growth in the care centre portfolio.
The Group is unable to reliably determine the fair value of care centres under development and therefore these are carried at cost.
CBRE NZ and JLL NZ determine the fair value of care centres (excluding units under occupation right agreement) using an
earnings-based multiple approach and the amount apportioned to goodwill is not recognised. Significant assumptions used in the
most recent valuation are included in the table below:
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
Market value per care bed
$58,000 - $154,000N/A$64,000 - $194,000
Individual unit earning capitalisation rate
11.0% - 15.0%N/A11.0% - 15.8%
Revaluation of units under occupation right agreement held as property, plant and equipment
To assess the market value of the Group's interest in the units under occupation right agreement held as property, plant and
equipment, CBRE NZ undertook a discounted cash flow analysis to derive a present value. Significant assumptions used by CBRE NZ
are included in the table below:
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
Discount rate
13.5% - 15.5%N/A14.5% - 15.5%
Growth rate
0.5% - 3.5%N/A0.5% - 3.0%
Average entry age of residents
79 years - 96 yearsN/A79 years - 90 years
Stabilised departing occupancy periods of units
2.9 - 3.2 yearsN/A2.9 years - 3.1 years
Sensitivity analysis to significant changes in unobservable inputs within Level 3 of the hierarchy
As the fair value of care centres is determined using inputs that are unobservable, the Group has categorised property, plant and
equipment as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value Measurement.
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy of
the entity’s portfolio of care centres (excluding units under occupation right agreement) are the capitalisation rates applied to
individual unit earnings and the market value per care bed. A significant decrease (increase) in the capitalisation rate would result in
a significantly higher (lower) fair value measurement, and a significant increase (decrease) in the market value per care bed would
result in a significantly higher (lower) fair value measurement.
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy of the
entity’s portfolio of units under occupation right agreement, held as property, plant and equipment, are the discount rates and growth
rates. A significant decrease (increase) in the discount rate would result in a significantly higher (lower) fair value measurement,
and a significant increase (decrease) in the growth would result in a significantly higher (lower) fair value measurement. Other key
components in determining the fair value of units under occupation right held as property, plant and equipment are the average entry
age of residents and the average occupancy of units. A significant decrease (increase) in the occupancy period of units would result
in a significantly higher (lower) fair value measurement, and a significant increase (decrease) in the average entry age of residents
would result in a significantly higher (lower) fair value measurement.
3 6

Cost model
If buildings and land were measured using the cost model, the carrying amounts would be as follows:
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
BUILDINGS
AND LAND
$000
BUILDINGS
AND LAND
$000
BUILDINGS
AND LAND
$000
Cost449,665315,778373,959
Accumulated depreciation and impairment losses(57,073)(47,027)(50,045)
Net carrying amount392,592268,751323,914
Security
At 30 June 2025, all care centres held by retirement villages registered under the Retirement Villages Act 2003 are subject to a
registered first mortgage in favour of the Statutory Supervisor.
6. Investment property
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
$000$000$000
Balance at beginning of period
7,328,7446,394,1176,394,117
Additions
340,306264,621579,633
Transfer to property, plant and equipment
(4,359)(18,306)(20,399)
Disposals
-(650)(1,385)
Fair value movement
126,820129,812388,066
Impairment through profit or loss
--(5,237)
Foreign exchange movement
5,991(4,022)(6,050)
Total investment property7,797,5026,765,5727,328,744
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
3 7

Half Year Report 2025
Consolidated notes to the financial statements (continued)
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
$000
$000
$000
Development land measured at fair value588,156548,539538,172
Retirement villages measured at fair value
2
6,604,4925,654,8346,221,325
Retirement villages under development measured at cost604,854562,199569,247
Total investment property7,797,5026,765,5727,328,744
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
2 Included in retirement villages measured at fair value is $202.5 million relating to a village under development measured at fair value (Jun 2024: $219.3 million, Dec 2024:
$190.1 million).
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
$000$000$000
Manager's net interest
4,585,1543,945,8314,301,339
Plus: revenue received in advance relating to investment property
223,174194,616208,159
Plus: liability for residents' loans relating to investment property
2,989,1742,625,1252,819,246
Total investment property7,797,5026,765,5727,328,744
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
The Group is unable to reliably determine the fair value of the non-land portion of retirement villages under development at 30 June
2025 and therefore these are carried at cost, with the exception of St Johns due to its advanced stage of construction. This equates
to $604.9 million of investment property (Jun 2024: $562.2 million, Dec 2024: $569.2 million).
The fair value of investment property, including land, as at 30 June 2025 was determined by independent registered valuers CBRE NZ,
JLL NZ, CBRE Valuations Pty Limited ("CBRE AU") and Jones Lang LaSalle Australia Pty Limited ("JLL AU"). The fair value of the Group’s
investment property is determined on a semi-annual basis, based on market values, being the estimated amount for which a property
could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper
marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
As required by NZ IAS 40 - Investment Property, the fair value as determined by the independent registered valuer is adjusted for
assets and liabilities already recognised on the balance sheet which are also reflected in the discounted cash flow analysis.
To assess the fair value of the Group's interest in each New Zealand and Australia villages, CBRE NZ, JLL NZ and JLL AU have
undertaken a discounted cash flow analysis to derive a present value. The Group's development land has been valued by CBRE NZ,
JLL NZ, CBRE AU and JLL AU using the direct comparison approach.
Near completed stages of St Johns have been valued using the residual approach where a number of blocks were valued as work in
progress together with residual land. The value of the work in progress was calculated as the market value of completed stock less
selling expenses, and an allowance for profit and risk, holding costs, and costs to complete including a contingent sum.
The global economic outlook has become increasingly uncertain, driven by the tariffs announced by the United States in April 2025
and the ongoing conflicts in the Middle East. Whilst global interest rates had been falling, the longer-term outlook is uncertain. These
developments pose downside risks to the outlook for local economic activity and growth.  With these factors in mind, the valuers
reiterate that their conclusions are based on data and market sentiment as at the date of the valuation and that a degree of caution
should be exercised when relying upon the valuation.
3 8

Significant assumptions used by the valuers in relation to the New Zealand and Australian investment property are included in the
table below:
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
Discount rate13.5% - 16.8%13.5% - 16.5%13.5% - 16.5%
Growth rate0.0% - 3.5%0.5% - 3.6%0.5% - 3.5%
Average entry age of residents73 years - 90 years72 years - 89 years73 years - 91 years
Stabilised departing occupancy periods of units4.0 years - 8.8 years3.8 years - 13.0 years3.9 years - 9.0 years
As the fair value of investment property is determined using inputs that are significant and unobservable, the Group has categorised
investment property as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value Measurement.
Sensitivity analysis to significant changes in unobservable inputs within Level 3 of the hierarchy
To assess the market value of the Group's interest in a retirement village, CBRE NZ, JLL NZ and JLL AU have undertaken a discounted
cash flow analysis to derive a present value.
The sensitivities of the significant assumptions are shown in the table below:
Adopted
value
1
Discount rate
+50 bp
Discount rate
-50 bp
Growth rates
+50bp
Growth rates
-50bp
30 June 2025
Valuation ($000)
2,462,352
Difference ($000)(95,645)103,545156,439(142,825)
Difference (%)
(3.9%)4.2%6.4%(5.8%)
30 June 2024
Valuation ($000)
2,101,321
Difference ($000)(78,094)84,142134,278(122,821)
Difference (%)
(3.7%)4.0%6.4%(5.8%)
31 December 2024
Valuation ($000)
2,336,484
Difference ($000)(88,466)95,396149,462(136,527)
Difference (%)
(3.8%)4.1%6.4%(5.8%)
1 Adopted value differs to figures in other notes. It is the value of completed units, net of related resident liability. The amount does not include unsold stock, work in progress
or development land.
Other key components in determining the fair value of investment property are the average entry age of residents and the average
occupancy of units. A significant decrease (increase) in the occupancy period of units would result in a significantly higher (lower) fair
value measurement, and a significant increase (decrease) in the average entry age of residents would result in a significantly higher
(lower) fair value measurement.
Security
At 30 June 2025, all investment property relating to registered retirement villages under the Retirement Villages Act 2003 are
subject to a registered first mortgage in favour of the Statutory Supervisor to secure the Group’s obligations to the occupation right
agreement holders.
3 9

Half Year Report 2025
Consolidated notes to the financial statements (continued)
7. Residents' loans
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
$000$000$000
Balance at beginning of period3,618,8043,121,4003,121,400
Net receipts for residents' loans - resales of occupation right agreements14,74238,61388,051
Receipts for residents' loans - new occupation right agreements246,704182,442409,353
Total gross residents’ loans3,880,2503,342,4553,618,804
Deferred management fees and other receivables(816,051)(670,988)(737,701)
Total residents’ loans3,064,1992,671,4672,881,103
8. Interest-bearing loans and borrowings
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
$000$000$000
Repayable within 12 months
Retail bond - SUM0204.20%125,000-125,000
Repayable after 12 months
Secured bank loansFloating
1,136,475973,2791,133,920
Retail bond - SUM020
4.20%-125,000-
Retail bond - SUM030
2.30%150,000150,000150,000
Retail bond - SUM040
6.59%175,000175,000175,000
Retail bond - SUM050
6.43%125,000125,000125,000
Retail bond - SUM060
5.70%150,000--
Total loans and borrowings at face value1,861,4751,548,2791,708,920
Transaction costs for loans and borrowings capitalised:
Opening balance(7,780)(6,182)(6,182)
Capitalised during the period(1,775)(1,662)(3,644)
Amortised during the period1,1389852,046
Closing balance(8,417)(6,859)(7,780)
Total loans and borrowings at amortised cost
1,853,0581,541,4201,701,140
Fair value adjustment on hedged borrowings13,742(2,004)13,200
Carrying value of interest-bearing loans and borrowings
1,866,8001,539,4161,714,340
4 0

Further interest rate and loan disclosures below:
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
Weighted average interest rate
1
5.6%6.2%6.1%
Percentage of interest-bearing loans and borrowings at fixed interest rates63.3%52.2%50.6%
1 Weighted average interest rate includes margin, line fees and interest rate swaps.
The secured bank loan facility at 30 June 2025 has a limit of approximately $1,901.5 million (Jun 2024: $1,524.6 million, Dec 2024:
$1,918.9 million). This includes lending of the following:
CurrencyLending limitExpiration
AUD$163 millionSeptember 2027
NZD$450 millionNovember 2027
AUD$42 millionNovember 2027
NZD$100 millionSeptember 2028
AUD$43 millionSeptember 2028
NZD$365 millionNovember 2028
AUD$315 millionNovember 2028
NZD$335 millionNovember 2029
AUD$43 millionNovember 2029
The Group has five retail bonds listed on the NZDX:
ID
AmountMaturity
SUM020$125 million24 September 2025
SUM030$150 million21 September 2027
SUM040$175 million9 March 2029
SUM050$125 million8 March 2030
SUM060$150 million23 May 2031
Security
The banks loans and retail bonds rank equally with the Group’s other unsubordinated obligations and are secured by the following
securities held by a security trustee:
•a first-ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is not a registered retirement village under the Retirement Villages
Act 2003;
•a second-ranking registered mortgage over the land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is a registered retirement village under the Retirement Villages Act
2003 (behind a first-ranking registered mortgage in favour of the Statutory Supervisor);
•a first-ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
Australian-incorporated guaranteeing Group member;
•a General Security Deed, which secures all assets of the New Zealand- incorporated guaranteeing Group members, but in respect
of which the Statutory Supervisor has first rights to the proceeds of security enforcement against all assets of the registered
retirement villages to which the security trustee is entitled;
•a General Security Deed, which secures all assets of the Australian-incorporated guaranteeing Group members; and
•a Specific Security Deed in respect of each marketable security of Summerset Holdings (Australia) Pty Limited, held by
Summerset Holdings Limited.
4 1

Half Year Report 2025
Consolidated notes to the financial statements (continued)
9. Financial Instruments
Exposure to credit, market and liquidity risk arises in the normal course of the Group's business. The Board adopts policies for
managing each of these risks and there has been no material change to the policies presented in the Group's financial statements
for the six months ended 30 June 2025.
Fair values
The carrying amounts shown in the balance sheet approximate the fair value of the financial instruments, with the exception of retail
bonds. The fair value of retail bonds is based on the price traded at on the NZX market as at balance date. The fair value of the retail
bonds is categorised as Level 1 under the fair value hierarchy in accordance with NZ IFRS 13 –
Fair Value Measurement. Four of the five
retail bonds SUM020, SUM040, SUM050 and SUM060 are designated in fair value hedge relationships, which means that any change
in market interest rates results in a change in the fair value adjustment of that debt. The fair value of interest rate swaps is determined
using inputs from third parties that are observable, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Based on this,
the Company and Group have categorised these financial instruments as Level 2 under the fair value hierarchy in accordance with
NZ IFRS 13 – Fair Value Measurement.
10. Earnings per share and net tangible assets
Basic earnings per share
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
Earnings ($000)127,177100,590339,838
Weighted average number of ordinary shares for the purpose of earnings
per share (in thousands)
239,247234,616234,938
Basic earnings per share (cents per share)53.1642.87144.65
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
Diluted earnings per share
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
Earnings ($000)
127,177100,590339,838
Weighted average number of ordinary shares for the purpose of diluted
earnings per share (in thousands)
239,771235,024235,660
Diluted earnings per share (cents per share)
53.0442.80144.21
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
Number of shares (in thousands)
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
Weighted average number of ordinary shares for the purpose of basic
earnings per share
239,247234,616234,938
Weighted average number of ordinary shares issued under employee
share plans
524408722
Weighted average number of ordinary shares for the purpose of diluted
earnings per share
239,771235,024235,660
4 2

At 30 June 2025, there were a total of 520,938 shares issued under employee share plans held by Summerset LTI Trustee Limited (Jun
2024: 406,227, Dec 2024: 526,729 shares).
Net tangible assets per share
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2024
UNAUDITED
12 MONTHS
DEC 2024
AUDITED
RESTATED
1
Net tangible assets ($000)3,169,6692,683,7712,960,991
Shares on issue at end of period (basic and in thousands)240,410235,208236,299
Net tangible assets per share (cents per share)1,318.441,141.021,253.07
1 The fair values of investment property and property, plant and equipment have been restated as detailed in Note 1 comparative information.
Net tangible assets are calculated as the total assets of the Group less intangible assets and less total liabilities. This non-GAAP
measure is provided as it is commonly used for comparison between entities.
11. Dividends
On 27 March 2025 a dividend of 13.2 cents per ordinary share was paid to shareholders (2024: on 22 March 2024 a dividend of 13.2
cents per ordinary share was paid to shareholders and on 20 September 2024 a dividend of 11.3 cents per ordinary share was paid
to shareholders).
A dividend reinvestment plan applied to the dividend paid on 27 March 2025 and 1,169,966 ordinary shares were issued in relation
to the plan (2024: 1,258,320 ordinary shares were issued in relation to the plan for the 22 March 2024 dividend and 915,372 ordinary
shares were issued in relation to the plan for the 20 September 2024 dividend).
12. Commitments and contingencies
Capital commitments
At 30 June 2025, the Group had $101.9 million of capital commitments in relation to land and construction contracts (Jun 2024:
$83.0 million, Dec 2024: $81.2 million).
Contingent liabilities
There were no known material contingent liabilities at 30 June 2025 (Jun 2024 and Dec 2024: nil).
13. Subsequent events
On 27 August 2025, the Directors approved an interim dividend of $27.2 million, being 11.3 cents per share. The dividend record date
is 11 September 2025 with a payment date of 24 September 2025.
There have been no other events subsequent to 30 June 2025 that materially impact on the results reported.
4 3

Half Year Report 2025
Independent Auditor's review report
To the Shareholders of Summerset Group Holdings Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of Summerset Group Holdings Limited (the Company) and its
subsidiaries (the Group), which comprise the consolidated statement of financial position as at 30 June 2025, and the consolidated
income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the six months ended on that date, and selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim
financial statements of the Group do not present fairly, in all material respects, the financial position of the Group as at 30 June 2025,
and its financial performance and cash flows for the six months then ended, in accordance with International Accounting Standard 34
Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting
(NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial
Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described
in the Auditor’s responsibilities for the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the
annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements.
In addition to our role as auditor, our firm carries out other services for the Group in the areas of interim review of the consolidated
statement of underlying profit, provision of training materials and access to an online resource platform covering generic technical
content, a report summarising the results of a survey of New Zealand executive rewards and a mandatory shareholding policy review.
The provision of these other services has not impaired our independence. In addition, certain partners and employees of our firm may
deal with the Group on normal terms within the ordinary course of trading activities of the business. The firm has no other relationship
with, or interest in, the Group.
Responsibilities of Directors for the consolidated interim
financial statements
The Directors of the Group are responsible on behalf of the Company for the preparation and fair presentation of these consolidated
interim financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is
necessary to enable the preparation and fair presentation of the consolidated interim financial statements that are free from material
misstatement, whether due to fraud or error.
 
pwc.co.nz
PwC New Zealand, PwC Centre, 10 Waterloo Quay,
PO Box 243, Wellington 6140, New Zealand
+64 4 462 7000
4 4

Auditor’s responsibilities for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the consolidated interim
financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. The procedures performed in a review are substantially less than those
performed in an audit conducted in accordance with International Standards on Auditing and International Standards on Auditing
(New Zealand) and consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not
express an audit opinion on these consolidated interim financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken so that we might state
those matters which we are required to state to them in our review report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s shareholders, as a body,
for our review procedures, for this report or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Richard Day.
For and on behalf of:
PricewaterhouseCoopers
27 August 2025
Wellington
4 5

Half Year Report 2025
Directory
New Zealand
Northland
Summerset Mount Denby
7 Par Lane, Tikipunga,
Whangārei 0112
Phone (09) 470 0280
Auckland
Summerset Falls
31 Mansel Drive,
Warkworth 0910
Phone (09) 425 1200
Summerset Milldale
Argent Lane, Milldale,
Wainui 0992
Phone (09) 304 1630
Summerset at Monterey Park
1 Squadron Drive, Hobsonville,
Auckland 0618
Phone (09) 951 8920
Summerset at Heritage Park
8 Harrison Road, Ellerslie,
Auckland 1060
Phone (09) 950 7960
Summerset by the Park
7 Flat Bush School Road,
Flat Bush 2019
Phone (09) 272 3950
Summerset at Karaka
49 Pararekau Road,
Karaka 2580
Phone (09) 951 8900
Summerset Half Moon Bay
25 Thurston Place,
Half Moon Bay,
Auckland 2012
Phone (09) 306 1420
Summerset St Johns
188 St Johns Road, St Johns,
Auckland 1072
Phone (09) 950 7980
Summerset Devonport Peninsula
1
65 Hillary Crescent, Belmont,
Auckland 0622
Phone (09) 486 9140
Waikato – Taupō
Summerset down the Lane
206 Dixon Road,
Hamilton 3206
Phone (07) 843 0157
Summerset Rototuna
39 Kimbrae Drive,
Rototuna North 3210
Phone (07) 981 7820
Summerset by the Lake
2 Wharewaka Road, Wharewaka,
Taupō 3330
Phone (07) 376 9470
Summerset Cambridge
1 Mary Ann Drive,
Cambridge 3493
Phone (07) 839 9480
Bay of Plenty
Summerset by the Sea
181 Park Road,
Katikati 3129
Phone (07) 985 6890
Summerset by the Dunes
35 Manawa Road,
Pāpāmoa Beach, Tauranga 3118
Phone (07) 542 9080
Summerset Rotorua
1
171–193 Fairy Springs Road,
Rotorua 3010
Phone (07) 343 5130
Hawke’s Bay
Summerset in the Bay
79 Merlot Drive, Greenmeadows,
Napier 4112
Phone (06) 845 2840
Summerset in the Orchard
1228 Ada Street, Parkvale,
Hastings 4122
Phone (06) 974 1310
Summerset Palms
136 Eriksen Road,
Te Awa, Napier 4110
Phone: (06) 833 5850
Summerset in the Vines
249 Te Mata Road,
Havelock North 4130
Phone (06) 877 1185
Summerset Mission Hills
1
Puketitiri Road,
Napier 4182
Phone (06) 835 2580
Taranaki
Summerset Mountain View
35 Fernbrook Drive, Vogeltown,
New Plymouth 4310
Phone (06) 824 8900
Summerset at Pohutukawa Place
70 Pohutukawa Place, Bell Block,
New Plymouth 4312
Phone (06) 824 8530
1
Proposed villages
4 6

Manawatū
– Whanganui
Summerset in the River City
40 Burton Avenue, Whanganui East,
Whanganui 4500
Phone (06) 343 3133
Summerset on Summerhill
180 Ruapehu Drive, Fitzherbert,
Palmerston North 4410
Phone (06) 354 4964
Summerset Kelvin Grove
Stony Creek, Kelvin Grove,
Palmerston North 4470
Phone (06) 825 6530
Summerset by the Ranges
104 Liverpool Street,
Levin 5510
Phone (06) 367 0337
Wellington
Summerset Waikanae
28 Park Avenue,
Waikanae 5036
Phone (04) 293 0000
Summerset on the Coast
104 Realm Drive,
Paraparaumu 5032
Phone (04) 298 3540
Summerset on the Landing
1-3 Bluff Road, Kenepuru,
Porirua 5022
Phone (04) 230 6720
Summerset at Aotea
15 Aotea Drive, Aotea,
Porirua 5024
Phone (04) 235 0011
Summerset at the Course
20 Racecourse Road, Trentham,
Upper Hutt 5018
Phone (04) 527 2980
Summerset Lower Hutt
1 Boulcott Street,
Lower Hutt 5010
Phone (04) 568 1440
Summerset Cashmere Oaks
1
Lansdowne,
Masterton 5871
Phone (06) 370 1790
Summerset Otaihanga
1
73 Ratanui Road,
Paraparaumu 5032
Phone (04) 296 4300
Nelson – Tasman
Summerset in the Sun
16 Sargeson Street, Stoke,
Nelson 7011
Phone (03) 538 0000
Summerset Richmond Ranges
1 Hill Street North, Richmond,
Tasman 7020
Phone (03) 744 3430
Marlborough
Summerset Blenheim
183 Old Renwick Road, Springlands,
Blenheim 7272
Phone (03) 520 6040
Canterbury
Summerset Rangiora
141 South Belt, Waimakariri,
Rangiora 7400
Phone (03) 353 6310
Summerset at Wigram
135 Awatea Road, Wigram,
Christchurch 8025
Phone (03) 741 0870
Summerset at Avonhead
120 Hawthornden Road, Avonhead,
Christchurch 8042
Phone (03) 357 3200
Summerset on Cavendish
147 Cavendish Road, Casebrook,
Christchurch 8051
Phone (03) 741 2330
Summerset Prebbleton
578 Springs Road,
Prebbleton 7604
Phone (03) 353 6310
Summerset Rolleston
1
153 Lincoln Rolleston Road
Rolleston 7678
Phone (03) 353 6980
Otago
Summerset at Bishopscourt
36 Shetland Street, Wakari,
Dunedin 9010
Phone (03) 950 3100
Summerset Mosgiel
1
51 Wingatui Road,
Mosgiel 0616
Phone (03) 474 3930
1Proposed villages
4 7

Half Year Report 2025
Australia
Victoria
Summerset Cranbourne North
98 Mannavue Boulevard,
Cranbourne North VIC 3977
Phone (1800) 321 700
Summerset Chirnside Park
266-268 Maroondah Hwy,
Chirnside Park VIC 3116
Phone (1800) 321 700
Summerset Torquay
Grossmans Road and Briody Drive,
Torquay VIC 3228
Phone (1800) 321 700
Summerset Cragieburn
1
1480 Mickleham Road,
Craigieburn VIC 3064
Phone (1800) 321 700
Summerset Oakleigh South
1
52 Golf Road,
Oakleigh South VIC 3167
Phone (1800) 321 700
Summerset Mernda
1
305 Bridge Inn Road,
Mernda VIC 3116
Phone (1800) 321 700
Summerset Drysdale
1
145 Central Road,
Drysdale VIC 3167
Phone (1800) 321 700
1
Proposed villages
4 8

Company
Information
Registered offices
New Zealand
Level 27, Majestic Centre,
100 Willis Street
Wellington 6011,
PO Box 5187,
Wellington 6140
Phone: +64 4 894 7320
Email: reception@summerset.co.nz
www.summerset.co.nz
Australia
Deutsche Bank Place,
Level 4, 126 Phillip Street,
Sydney, NSW, 2000
Auditor
PwC
Solicitor
Russell McVeagh
Bankers
ANZ Bank New Zealand Limited
Australia and New Zealand Banking Group Limited
Bank of China (New Zealand) Limited
Bank of New Zealand
China Construction Bank (New Zealand Limited)
Commonwealth Bank of Australia
Industrial and Commercial Bank of China Limited
Metrics Credit Partners Diversified Australian Senior
Loan Fund
National Australia Bank Limited
Westpac New Zealand Limited
Westpac Banking Corporation 
Statutory Supervisor
Public Trust
Bond Supervisor
The New Zealand Guardian Trust
Company Limited
Share Registrar
MUFG Pension & Market Services,
PO Box 91976, Auckland 1142,
New Zealand
Phone: +64 9 375 5998
Email: enquiries.nz@cm.mpms.mufg.com
Directors
Mark Verbiest
Dr Marie Bismark
Stephen Bull
Venasio-Lorenzo Crawley
Fiona Oliver
Gráinne Troute
Dr Andrew Wong
Company Secretary
Robyn Heyman
4 9

11
Our
villages
Completed villages
In development
Proposed villages
Auckland Region
5
31
1
Northland
Waikato
31
11
Taranaki
Hawke’s Bay
311
Manawatū – Whanganui
Wellington Region
42
1
Marlborough
Canterbury
1
Otago
3
1
Bay of Plenty
111
11
Nelson – Tasman
2
1
1
32
Half Year Report 2025
5 0

Bay of Plenty
PORT
PHILLIP
BASS STRAIT
Victoria
4
3
Greater
Geelong
Western
Melbourne
North Eastern
Melbourne
Eastern
Melbourne
Southern Melbourne
Frankston-Mornington
Bayside
Chirnside Park
Craigieburn
Cranbourne North
Oakleigh South
Mernda
MELBOURNE
Torquay
Drysdale
WESTERN
AUSTRALIA
5 1

Inside back cover: Summerset’s professional and dedicated staff provide a welcoming and supportive
environment to all village residents

The text of this document is printed on Royal Offset HB 100gsm FSC mix
paper from responsible sources, cover is 350gsm Satin FSC ® Mix board from
responsible sources printed using vegetable oil inks and manufactured under
a strict ISO14001 Environmental Management System.

summerset.co.nz
summerset.com.au

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)


Results for announcement to the market
Name of issuer Summerset Group Holdings Limited
Reporting Period 6 months to 30 June 2025
Previous Reporting Period 6 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$173,028 14.1%
Total Revenue $173,028 14.1%
Net profit/(loss) from
continuing operations after
tax
$127,177 26.4%
Total net profit/(loss) after tax $127,177 26.4%
Underlying profit* $106,608 18.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.113 per Ordinary Share
Imputed amount per Quoted
Equity Security
Not imputed
Record Date 11 September 2025
Dividend Payment Date 24 September 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$13.18 $11.41
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See also other attached documents (half year report, media
release, results presentation and distribution notice).
* Underlying profit is a non-GAAP measure and differs from
NZ IFRS profit for the period. Underlying profit does not have
a standardised meaning prescribed by GAAP and therefore
may not be comparable to similar financial information
presented by other entities. The Directors have provided an
underlying profit measure in addition to IFRS profit to assist
readers in determining the realised and unrealised
components of fair value movement of investment property,
impairment and tax expense in the Group’s income statement.
The measure is used internally in conjunction with other
measures to monitor performance and make investment
decisions. Underlying profit is a measure which the Group
uses consistently across reporting periods. Underlying profit is
used to determine the dividend pay-out to shareholders.

Authority for this announcement
Name of person

authorised
to make this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number 027 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

28 August 2025

Unaudited financial statements accompany this announcement.

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer Summerset Group Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SUM
ISIN (If unknown, check on NZX
website)
NZSUME0001S0

Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 11/09/2025
Ex-Date (one business day before the
Record Date)
10/09/2025
Payment date (and allotment date for
DRP)
24/09/2025
Total monies associated with the
distribution
1

$27,246,941.71400000
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.11300000
Gross taxable amount
3
$0.11300000
Total cash distribution
4
$0.11300000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per
financial product
$0.03729000
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
12/09/2025 18/09/2025
Date strike price to be announced (if
not available at this time)
19/09/2025
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
TBA
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
12/09/2025
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number +64 27 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

28/08/2025






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Results presentation
For the six months to 30 June 2025
Summerset Group Holdings Ltd

Half Year Report 2025
Agenda
Half year results presentation
FY25 outlook
02
03
04
05
06
07
2
01
08
New Zealand development
Australia development
Financial performance
Business performance
Questions
Our highlights
Our community
Appendix
09

Half Year Report 2025
Who we are
About Summerset
Summerset builds, owns and operates integrated retirement villages
We create vibrant, happy communities for residents and our people that
delivers on our purpose – bringing the best of life to our 9,100+ residents
We are the fastest growing retirement village operator in New Zealand,
focusing on easily stageable, broad acre villages in diversified locations
Our existing portfolio has 6,900+ retirement units and 1,300+ care units,
including 55 units in Australia
We have a consistent and sustainable approach to growing our business – we
have no core debt, our land bank has 5,800+ retirement units and 1,300+
care units, includes expansion in Australia
Who we are
3

4
Independent villa, Summerset Rangiora (Canterbury, New Zealand)
01
FY25 Outlook
Half Year Report 2025

Half Year Report 2025
•Strong 1H25 financial performance, despite headwinds. Gearing expected to reduce from
1H25* in line with sales progress, and capital intensive main buildings nearing completion
•Growth in 2H25 expenses expected to be in line with first half movement, reflective of
preparation for upcoming main building openings and several strategic IT investments
commencing
•Transition of care units to be sold under Occupation Right improving care EBITDA, expect
this to continue into 2H25 as more units roll over
•First units at Chirnside Park to be delivered in 2H25 and on track to deliver approximately
50 to 80 total units in Australia for the year
•Construction to commence at our fourth village, Oakleigh South, in Melbourne in Q4 2025
•Preparations for the opening of our first care centre in Australia on track, appointment of
clinical lead in place and recruitment of care team progressing well
FY25 outlook
Summerset has delivered a strong 1H25, outlook for full year improving as positive sales momentum continues
Financial
Development and sales
Australia
•Expect Q3 2025 settlements to be in line with Q2 2025 with no drop off in sales rates seen
in July or August – total sales contract rates remain up circa 30% year to date
•Summerset is the fastest growing retirement village developer in New Zealand and remains
on track for FY25 NZ build guidance of 600 to 650 units to be sold under Occupation Right
•The business has no core debt, is forecast to generate over $295m in project cash profits,
and over $2.9b in NTA uplift (approximately $12.30 per share) out of current developments
Assurance
•Transition of external auditor relationship progressing well with PwC completing the half
year review process for the 30 June 2025 accounts
* Projections based on current operating conditions that may be subject to change
5
FY25 outlook

Half Year Report 2025
$1.84b
$1. 0b
$1. 2b
$1. 4b
$1. 6b
$1. 8b
$2. 0b
$2. 2b
$2. 4b
$2. 6b
1H232H231H242H241H252H251H262H261H272H27
36.7%
27%
32%
37%
1H232H231H242H241H252H251H262H261H272H27
174
274
1H192H191H202H201H212H211H222H221H232H231H242H241H25
ResaleNew sale (inc presales)
690
652
1H192H191H202H201H212H211H222H221H232H231H242H241H25
ResaleNew sale
Settlements continue to lift
6
Consistent sales backed by strong market demographics and a successful track record of long term delivery
Why we are confident in delivering for shareholders
FY25 outlook
Committed sales pipeline sets strong platform for 2H25 settlements
Gearing forecast to track down from 2H25Net debt growth to slow
Settlement growth: 1H25 total settlements up 18% on 1H24 with continued growth seen since 2H23. Total
settlements (rolling 12 months) have increased over 70% across the last five years
Sales contracts: Committed sales pipeline continues to lift, both new and resales pipeline almost 30% above
1H24 and at highest ever level, provides strong platform for 2H25
Gearing outlook: As previously signalled, based on current forecasts we expect to be at peak gearing as sales
contracts in place settle and capex spend on main buildings reduces across 2H25 and into 2026
Net debt: Growth in net debt growth to significantly reduce from the second half of 2025 based on current
sales rates and spend to date on key commercial projects that are delivered across 2H25 and 2026
(both rolling 12 months)
Target debt band of $2.0b to $2.5b
Forecast range

Half Year Report 2025
Sustainable portfolio growth set to continue
7
Estimated NTA uplift of approximately $12.30 per share once all villages under construction are complete
Why we are confident in delivering for shareholders
FY25 outlook
Competition from other operators expected to decrease
Demand increasing as target 75+ population grows
Residential house prices forecast to improve into 2026
Portfolio growth: Summerset is New Zealand’s fastest growing retirement village developer. Australia is a
significant opportunity for us to continue to sustainably grow the business – starting with Victoria and Queensland
New unit supply: Sector build rates are forecast to decline across NZ as operators pull back deliveries. 50%
drop in RV consents observed since 2023, now at lowest level since pre-2015. Source – CBRE, Stats NZ
Population growth: The estimated annual 75+ population growth for the individual markets of NZ, Victoria and
Queensland is between 15,000 and 22,000 per annum over the next 45 years. Source – Stats NZ, ABS
House price forecast: Sales volumes have already lifted across NZ with all major banks still forecasting growth
in annual house prices from 2H25 through 2026 of between 3% and 6% on average. Source – Bank forecasts
Consented retirement units (12 months ending May)
1,627
-
500
1,000
1,500
2,000
2,500
3,000
3,500
20152016201720182019202020212022202320242025
7,970
331
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
20152016201720182019202020212022202320241H25
Existing unitsNew units delivered
8,301
4,964
2,153
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Pre
2001
2001 to
2005
2006 to
2010
2011 to
2015
2016 to
2020
2021 to
1H25
Future
portfolio
Existing unitsNew units deliveredNZ land bank AUS land bank
Ability to double in size
as land bank is delivered
across NZ and AUS
15,418
total units
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2010201520202025203020352040204520502055206020652070
New ZealandVictoriaQueensland
VIC: 2025 568k
NZ: 2025 402k
QLD: 2025 457k
VIC: 2070 1.56m
NZ: 2070 1.18m
QLD: 2070 1.12m
Forecast range 3% to 6%
-
1%
2%
3%
4%
5%
6%
7%
8%
2H251H262H26
ANZASBBNZWestpac

8
02
Our highlights
Half Year Report 2025

Half Year Report 2025
Our highlights
Record total settlements of 692, up 18% on 1H24, supported by strong balance sheet management
9
Sales results and
St Johns update
Record underlying profit
▪Underlying profit of $106.6m, up 19% on 1H24
▪Net profit after tax of $127.2m, with total
revenue of $173.0m, up 14% on 1H24
▪Net operating cash flow of $228.7m, up 19%
on 1H24, including new sales cash flow of
$208.2m, up 23% on 1H24
▪Achieved realised development margin of
$72.9m, with a margin of 29% per unit
▪The Board has declared an unimputed interim
dividend of 11.3cps, being 25.5% of underlying
profit
Robust balance sheet management
▪Total assets now $8.7b, up 18% on 1H24, with
total equity of $3.2b
▪Gearing ratio of 36.7%, within target band of
30% to 40%
▪Interest cover ratio of 5.06x, vs covenant of
1.75x
▪The business has no core debt with surplus
cash above asset backing of $319.6m
▪Undrawn debt capacity of $765.0m with strong
lender support in place
▪Embedded value within portfolio of $1.8b, up
11% on 1H24
Strong sales momentum
▪692 total settlements, up 18% on 1H24,
comprising 354 new sales and 338 resales
▪Resales cash margin of 32.3%
▪Committed sales pipeline of 448 units at 1H25,
up 26% on FY24
▪$41.9m of gross proceeds from St Johns in
1H25, at an average of $2.1m per apartment
▪33 units settled at St Johns during 1H25 and 33
units under contract at 30 June 2025
▪St Johns awarded ‘Excellence’ at the Property
Council New Zealand Property Industry Awards
Our highlights
Balance sheet and
cost control
Financial performance

Half Year Report 2025
Our highlights
Excellent resident satisfaction of 97% with high occupancy achieved across both village and care
Our highlights
10
Continue to prioritise resident experience
▪Excellent resident satisfaction of 97% achieved
in 1H25
▪Strong occupancy of 94% for retirement
villages and 95% for care centres
▪Gold winner of the Reader’s Digest Quality
Service Award category
▪High staff engagement, scoring of 8.2 out of 10
▪Summerset supports over 230 community
groups that align with our residents’ values
Sector leading development
▪Delivered 321 units in New Zealand to be sold
under Occupation Right Agreement
▪Completed care centre upgrades at Havelock
North and Trentham
▪Portfolio of 8,249 units and a land bank of
4,961 units across New Zealand
▪15 villages in construction with over 80% of
New Zealand land bank consented or
submitted*
▪Achieved an 1H25 development margin of
29%, above target range of 20% to 25%
First main building on track for 2H25
▪Delivered 13 villas at Cranbourne North
bringing our Australian portfolio to 55 units
▪Australian land bank of 2,163 units, over 60%
consented
▪Main building at Cranbourne North on track for
completion in late 2025, occupancy early 2026
▪Second Australian village, Chirnside Park due
to deliver first villas in Q4 2025
▪Construction underway at Torquay, with villa
construction due to commence in 2026
▪OakleighSouth to commence construction in
Q4 2025
*Excludes sites acquired in last 12 months
Bringing the best of life
New Zealand development
and land bank
Australia update

11
03
Our community
Half Year Report 2025

Half Year Report 2025
Our residents
▪Awarded the Highly Commended prize in the Reader’s Digest
Trusted Brands Awards for the seventh consecutive year
▪Launched ‘Imagine’ campaign, aimed at encouraging diversity
and consideration on our construction sites
▪Introduced Summerset Creates, our quarterly nationwide arts
competitions for residents to showcase their talent and
creativity, with photography in April and visual arts in July
▪Summerset Sessions continued our successful ‘Cooking with a
MasterChef’ series with original MasterChef NZ winner, Brett
McGregor as host
▪Continued the integration of Lumin, our resident experience
platform, completing the pilot of an integrated call bell system
on the platform to be rolled out from 2H25
▪Refreshed the branding of our café’s and extended menu
options in our care centres to provide residents with greater
variety and choice
▪Virtual nursing support service continued - now operating in 11
villages, providing 24/7 support for on-shift nurses
Bringing the best of life to residents every day
Our community
Cooking with a Masterchef – Brett McGregor at Wigram
Construction cadetship programme
12
Virtual Nursing Support Service

Half Year Report 2025
Our people
▪Staff engagement of 8.2 out of 10, putting Summerset in the top
25% of New Zealand healthcare providers using the same
engagement survey
▪Half Moon Bay awarded MATES in Construction NZ
accreditation, recognition of a psychologically safe workplace
▪Summerset’s two year cadetship programme continues to
successfully provide a pathway into construction management -
our most recent graduate coming from our Boulcott village
▪Procurement team finalists for two Chartered Institute of
Procurement & Supply Australasia Awards
▪Communications team won bronze in the Robert Walters
Internal Communications category at the PRINZ Awards
▪Celebrated Frontliner Day in March – thanking all our hard
working frontline staff that bring vibrancy and life to our villages
▪Launched our Employee Value Proposition to help Summerset
to attract and retain talent across our business
▪Continued to provide a wide range of staff benefits including
health insurance, employee share scheme, birthday leave,
supplier discounts and our popular Surprise and Delight staff
recognition programme
Our people are key to our success
Our community
Construction cadetship programme
MATES in Construction – Half Moon Bay
Procurement team finalists in CIPS awards
13
Frontliner Day

Half Year Report 2025
Our environment
▪Summerset continues to be a market leader in developing,
building and managing sustainable retirement villages in New
Zealand and Australia
▪Solar panel roll out continues on main buildings, the business is
on track to have over 2,000 panels installed by the end of year
▪Gas decarbonisation progressing well, with an accelerated
target completion date for transition of existing villages by 2028
▪Finalist in the operator-led RVA Sustainability Awards for the
partial gas transition at our Karaka village
▪To date, Karaka has seen a 10% reduction in gas
consumption and 9% saving in energy costs, setting a
model for future gas transitions
▪Winner of the Corporate ESG Award at 2025 INFINZ Awards,
recognising our leadership in environmental, social and
governance practices
▪St Johns village certified New Zealand Green Building Council
Homestar 6
▪Electric robot lawn mowers introduced to cut emissions,
improve efficiency and boost lawn health
▪Repurposed construction waste through new initiatives
including allowing residents to upcycle timber into furniture
Environmental performance and sustainability
Our community
2025 INFINZ Awards - Winner of the Corporate ESG Award
Construction waste reused by residents
Solar panel installation
Robotic lawn mowers
14

Half Year Report 2025
Community engagement
▪Summerset actively supports over 230 community groups that
align with our brand and values
▪Launched the ANZ Premiership’s Summerset Supershot, in
conjunction with Netball New Zealand
▪As part of the acquisition of our Devonport Peninsula site we
awarded Summerset’s first Taku Oranga healthcare scholarship
▪The scholarship supports a Ngāti Whātua Ōrākei
student’s studies in health science, medicine, or nursing
▪Finalist for ‘Best use of data’ in the 2025 New Zealand
Marketing Awards
▪Summerset leads the New Zealand market in overall
brand consideration, and also in first choice consideration
▪Positive levels of qualified enquiry achieved in 1H25, with
almost double the enquiry level of five years ago – database of
prospective residents now also up 9% on 1H24
▪We now engage with over 230 local community clubs, including
bowls, golf, croquet, bridge and theatre groups
▪In Victoria, our support now extends to almost 15 clubs
and community groups across our village catchments
▪Continue to support and sponsor organisations that align with
our brand and our values - including Netball New Zealand,
Bowls New Zealand, GT NZ Championship, Pickleball NZ
Association, Art in the Park, BrainTree and Dementia NZ
Promoting and supporting our communities
Our community
Netball New Zealand sponsorship – Summerset Supershot
Photo credit: Michael Bradley Photography
Community engagement
89 bowls clubs
40
golf clubs
25 service
organisations
25
local clubs
16
croquet
clubs
16
other
sports clubs
12
bridge clubs
5
other
clubs
3
age
concern
clubs
3
arts &
music
clubs
3 schools
15

16
Summerset Blenheim (Marlborough, New Zealand)
04
New Zealand development
Half Year Report 2025

Half Year Report 2025
New Zealand development
▪A total of 321 units to be sold under Occupation Right delivered
across 14 sites
▪At June, 15 villages are under construction across ten regions
in New Zealand, along with the care centre upgrade in Levin
▪Delivered villa stages in 12 villages, including the first units at
Rangiora
▪St Johns awarded ‘Excellence’ at the Property Council New
Zealand Property Industry Awards
▪Half Moon Bay stage one progressing well and civils nearing
completion at Kelvin Grove, which remains on track for first
deliveries in FY26
▪Successfully delivered two care centre upgrades at Trentham
and Havelock North (with Levin still underway)
▪Six main buildings under construction in New Zealand and on
track for delivery over the next two years - at Blenheim,
Cambridge, Milldale, Prebbleton, Waikanae and Whangārei
•Strong pipeline with approximately 85%* of the NZ land bank
already consented, or submitted awaiting consent
New Zealand summary
Summerset Half Moon Bay (Auckland)
Summerset St Johns (Auckland)
* Excludes sites purchased in the past 12 months
New Zealand development
17

Half Year Report 2025
Summerset Milldale, Auckland
69 villas delivered, main building
construction well advanced
18
Rest home and hospital level
care will be available
Village will have 169 independent units, 80 serviced and memory
care apartments and a 36 bed care centre once complete
Site progress – June 2025
New Zealand development

Half Year Report 2025
Summerset Cambridge (Waikato)Summerset Mt Denby (Whangārei)
Summerset by the Dunes (Pāpāmoa Beach, Tauranga)Summerset at Pōhutukawa Place (New Plymouth)
19
Development progress
New Zealand development

Half Year Report 2025
Summerset Kelvin Grove(Palmerston North)Summerset Palms (Te Awa, Napier)
Summerset Waikanae (Kāpiti Coast)Summerset Boulcott (Lower Hutt)
20
Development progress
New Zealand development

Half Year Report 2025
Summerset Blenheim (Marlborough District)
Summerset Richmond Ranges (Tasman District)
Summerset Rangiora (Waimakariri District)Summerset Prebbleton (Selwyn District)
21
Development progress
New Zealand development

Half Year Report 2025
New Zealand development pipeline
Diversified development pipeline of 22 sites*
22
* Excludes care centre upgrade at Levin
New Zealand development

Half Year Report 2025
Project cash profits
23
▪Summerset developments produce positive net cash
flows (net cash position) upon completion at a
portfolio level, this means they carry no debt at the
end of construction and after first sell down
▪All feasibility expense and revenue inputs are
updated regularly as part of our internal
development management processes
▪New Zealand villages currently under development
are expected to return over $295m in positive net
cash profits on completion
▪Movement in forecast net cash positions since FY24
reflect a slight improvement in overall market
conditions
▪Across both New Zealand and Australia our villages
under construction are estimated to generate a total
NTA uplift of approximately $12.30 per share once
complete and sold down
$295m+
Projected net cash
position
Cash margin on recently
completed villages
14.6%
New Zealand development
Completed villagesVillagesORA units
Non-ORA
units
Project cash
profit
Cash margin
2018 to 2025112,500367$229.9m14.6%
New Zealand summary
Projections based on progress to date under current operating conditions and may be subject to change
Project cash profit:
The final cash return from developing a village. This incorporates the land cost, independent living unit (ILU) costs,
recreation and administration facility costs, care centre costs, management fees (incl. a share of corporate overheads),
interest costs and the first-time sales proceeds for all units sold under Occupation Right
Village
Forecast capital
investment
% Complete
Forecast net
cash position
Forecast NTA
at completion
Half Moon Bay$450m - $475m15%($20m) - ($10m)$300m - $325m
Milldale$225m - $250m48%($10m) - $0m$150m - $175m
Whangārei$225m - $250m69%($10m) - $0m$100m - $125m
Kelvin Grove$200m - $225m9%$0m - $10m$100m - $125m
Rangiora$225m - $250m12%$0m - $10m$125m - $150m
Cambridge$275m - $300m53%$10m - $20m$150m - $175m
Blenheim$200m - $225m30%$10m - $20m$100m - $125m
Prebbleton$200m - $225m40%$10m - $20m$100m - $125m
Boulcott$325m - $350m64%$20m - $30m$175m - $200m
Waikanae$275m - $300m44%$20m - $30m$150m - $175m
Richmond$200m - $225m82%$30m - $40m$100m - $125m
Te Awa$175m - $200m95%$30m - $40m$100m - $125m
Bell Block$150m - $175m91%$40m - $50m$100m - $125m
Pāpāmoa Beach$175m - $200m86%$40m - $50m$125m - $150m
St Johns$475m - $500m81%$90m - $100m$350m - $375m
Total New Zealand$3.9b+$295m+$2.4b+

24
05
Australia development
Half Year Report 2025
Summerset Cranbourne North (Melbourne, Victoria)

Half Year Report 2025
Australia development
Australia development
25
$2.0m+
Projected net cash
position
Villages under
construction
Three
Australia summary
▪Summerset continues to make good progress
across multiple villages in Australia
▪Our first village, Cranbourne North, delivered 13
villas during the half, bringing the total to 55 villas
▪Main building at Cranbourne North expected to be
delivered late 2025 and care centre operations
remain on track to commence in 2026
▪Construction of independent living units is well
underway at our second village, Chirnside Park, with
first units to be delivered in 2H25
▪Civils work is underway at Torquay, with villa
construction due to commence in 2026
▪Construction to commence at our fourth village,
Oakleigh South, in Melbourne in Q4 2025
▪Over 60% of the Australian land bank is now
consented with capacity to build over 2,100 units
(including over 450 beds)
▪Acquiring land in Australia remains a key focus for
Management
Summerset Torquay (Victoria) – earthworks underway
Village
Forecast capital
investment
% Complete
Forecast net
cash position
Forecast NTA
at completion
Cranbourne North$200m - $225m42%($20m) - ($10m)$100m - $125m
Chirnside Park$225m - $250m12%$0m - $10m$125m - $150m
Torquay$325m - $350m3%$10m - $20m$200m - $225m
Total Australia$750m+$2m+$450m+

Half Year Report 2025
Summerset Cranbourne North, Melbourne
55 villas delivered, main building due
for completion in 2H25
26
Rest home and hospital level care
will be available
Village will have 161 villas, 34 assisted living apartments
and a 72 bed care centre on completion
Site progress – June 2025
Australia development

Half Year Report 2025
Summerset Chirnside Park, Melbourne
Villa construction underway
27
Rest home and hospital level care
will be available
Village will have 185 villas, 28 assisted living apartments
and a 72 bed care centre on completion
Site progress – June 2025
Australia development

Half Year Report 2025
Australia development pipeline
Seven villages in planning and development across Victoria
28
Australia development

29
06
Financial performance
Half Year Report 2025
Independent villa, Summerset by the Dunes (Pāpāmoa Beach, New Zealand)

Half Year Report 2025
Reported profit (IFRS)
Financial performance
30
▪Net profit after tax of $127.2m with total revenue of
$173.0m, up 14% on 1H24
▪Fair value movement of investment property and
other assets of $123.3m. Key movements:
▪New units delivered of $42.7m, down from
$49.6m in 1H24
▪Uplift in retirement unit pricing of $52.1m
▪Cost control remains a key focus for the business
with total expenses of $171.6m, up 4.7% on 2H24
▪New expenditure primarily a function of being a
growing business. This requires deliberate and
planned investment in support functions (incl.
IT and people costs) to enable successful
delivery of villages and services to residents
▪Further expense analysis provided on slide 33
▪Tax credit of $17.4m, down from a tax expense of
$18.6m in 1H24. Comparative period was an
expense due to a change in New Zealand’s tax rules
removing depreciation for ‘non-residential’ buildings
in New Zealand
Total revenue
$127.2m
Net profit after tax
$173.0m
14%26%
Fair value movement of investment property and other assets
$123.3m
$42.7m
$52.1m
$26.9m
$7.0m
$8.5m
$4.1m
$9.7m
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
Value of
retirement
units built
Retirement
unit pricing
Reversal of
valuers'
stock
discount
assumptions
Growth rate
assumptions
Discount
rate
assumptions
Movement
in land
bank
OtherFair value
movement
1H25
NZ$m1H251H24*VarianceFY24
Total revenue173.0151.614%319.9
Reversal of impairment1.9---
Fair value movement of investment property
and other assets
123.3126.8(3%)372.6
Total income298.2278.57%692.5
Total expenses171.6146.517%310.4
Net finance costs16.812.832%26.4
Net profit before tax109.8119.2(8%)355.8
Tax expense / (credit)(17.4)18.6(194%)15.9
Net profit after tax127.2100.626%339.8
* Fair value movement of investment property and other assets has been restated for 1H24. Refer to appendix (slide 65) for
further details

Half Year Report 2025
Underlying profit
$106.6m
Underlying profit
31
▪Care EBITDA of $5.3m, the uplift coming from our
transition to care beds sold under Occupation Right
Agreement, with deferred management fees up
$4.3m on 1H24
▪We expect the transition will improve EBITDA
per bed by approximately $20,000 per annum
as the change is embedded
▪Village EBITDA of $98.8m, up 6% on 1H24, with
portfolio growth driving increases in deferred
management fees and realised gain on resales
▪Realised development margin of $72.9m, up 41% on
1H24, due to improved new sale settlement volumes
and St Johns margins
▪Head office expenditure of $43.6m with the key
movements being $1.6m relating to new roles,
$0.9m on additional IT license costs (for increased
head count), $1.0m on investment into new digital
platforms, and $4.8m on lower capitalisation to
projects as we near completion of several key
projects and proportion of time spent by staff moved
to more operational related activities
▪Finance costs increased in line with the completion
of stages at St Johns and other developing sites
Definition:
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a
standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented
by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in
determining the realised and unrealised components of fair value movement of investment property and other assets,
impairment and tax expense in the Group’s income statement. The measure is used internally in conjunction with other
measures to monitor performance and make investment decisions and has been reviewed by PwC. Underlying profit is a
measure which the Group uses consistently across reporting periods. Underlying profit is used to determine the dividend
payout to shareholders.
$63.0m
Annuity EBITDA
19%5%
Financial performance
NZ$m1H251H24VarianceFY24
Care fees70.961.615%131.4
Deferred management fees7.33.0141%7.2
Realised gain on resales0.40.1179%0.4
Care operating expenses(73.4)(66.2)11%(136.3)
Care EBITDA5.3(1.4)467%2.7
Village services33.529.314%61.5
Deferred management fees58.854.97%114.2
Realised gain on resales48.745.67%95.5
Village operating expenses(42.2)(36.4)16%(78.0)
Village EBITDA98.893.46%193.2
Interest and other revenue2.52.7(9%)5.5
Head office expenditure (post capitalisation)(43.6)(34.6)26%(68.1)
Annuity EBITDA63.060.15%133.4
Realised development margin72.951.741%118.4
Underlying EBITDA135.8111.921%251.8
Depreciation and amortisation(12.4)(9.2)35%(19.1)
Finance costs(16.8)(12.8)32%(26.4)
Underlying profit106.689.919%206.4
Refurbishment costs(10.9)(7.1)54%(16.9)
Profit after refurbishment costs95.782.916%189.5