Oceania Institutional Investor Day – Path to FY31

16 September 2025
Investor Day

Introduction
Presenter:
Suzanne Dvorak
Chief Executive Officer

2
Meetthe team driving our next phase of growth
Andrew Buckingham
Chief Property Officer
Appointed in 2021
Former Programme Director at
Auckland Airport (Terminal
Integration), and GM Development at
Precinct Properties.25+ years’
experience leading large-scale
property developments across NZ and
Australia, including major roles at
SkyCity, Kiwi Property and Westfield.
Suzanne Dvorak
Chief Executive Officer
Appointed in 2024
Over 20 years leading aged care,
retirement living and health
services in Australia and New
Zealand. Former Managing
Director, Bupa Villages & Aged
Care – Australia; CEO of Levande
and Vivir Healthcare; CEO of Save
the Children Australia.
Shirley Ross
Director of Clinical and
Care Services
Appointed in 2023
20+ years in clinical leadership
and healthcare management.
Previous senior leadership roles
at Waitematā DHB including
Associate GM, Waitakere
Hospital and Head of Department
Nursing. Registered Nurse with a
Master of Nursing (University of
Auckland).
Kathryn Waugh
Chief Financial Officer
Appointed in 2021
Former Financial Controller at
Oceania (2009–2021); 20+ years
in finance and governance
including senior roles at PwC in NZ
and the UK. Chartered Accountant;
member of the Institute of
Directors NZ and Institute of
Finance Professionals NZ.
Stephen Lester
Chief Sales & Marketing
Officer
Appointed in 2024
Former senior roles at Ryman
Healthcare, Ngāi Tahu Tourism,
and O2 (Telefónica UK).
Extensive experience in
customer-centric growth,
leveraging data insights to drive
performance and enhance
customer experience.
Michelle Baker
Chief Customer and
Services Officer
Appointed in 2025
Former Head of Partnerships at
Levande; senior executive roles
at Bupa and Regis Aged
Care.20+ years in aged care,
health and hospitality leadership;
extensive experience in change
management and large-scale
service delivery.

3
Meetthe team
driving our next
phase of growth
Gareth Wright
Head of Development
Appointed in 2017
Former Design Manager at NZ
Force Construction, Ebert
Construction and ECL Group; earlier
senior technician role at Ignite
Architects.
20+ years’ experience in
architectural design and construction
across New Zealand, the UK and
South Africa, including founding and
directing design consultancy
Preconstrukt Ltd.
Paul Wilson
General Manager Finance
Appointed in 2025
Former Group Financial
Controller at Delegat and CFO at
Finesse Residential; earlier
finance leadership roles at
Fletcher Steel and Fisher &
Paykel Appliances.
Chartered Accountant with 20+
years’ experience across
corporate finance, audit and
financial management in NZ and
the UK.
Fiona Cameron
General Manager Sales
Appointed in 2024
Former Divisional Leasing Manager at
Dexus and AMP Capital; earlier senior
leasing roles at Scentre Group and
Westfield NZ.
20+ years’ experience in commercial
property, sales and marketing, including
leadership roles at Hanover Property,
Tourism Auckland and BMW Oracle
Racing (Americas Cup Team).
Alex Howieson
General Manager People
Appointed in 2025
20+ years in senior HR leadership,
including GM People, Property &
Safety at Sky New Zealand; GM
People at Kiwibank; earlier roles at Air
New Zealand and Qantas.
Extensive experience in large-scale
workforce transformation. Sector
leadership includes Chair, AI Forum
NZ “AI for HR” Working Group and
Board Chair, New Zealand Water Polo.

Agenda
TopicSlide
Market Environment
– Operating context and sector outlook
6
Oceania Today
– Strengthening our foundations for growth
12
•Sales Performance14
•Business Excellence20
•Capital Management27
Our Strategy
– Sustainable growth, disciplined execution
32
•Customer Choice37
•Service Expansion42
•Future Development 47
Closing Remarks
– Path to FY31
55

5
FY25 - FY27 PrioritiesFY27 – FY31 Strategic Objectives
1. Sales Performance
2. Business Excellence
3. Capital Management
1. Customer Choice
2. Service Expansion
3. Future Development
During FY25 and through FY26 we have focused on building resilience— giving us confidence to scale
Priorities and Strategic Objectives

Market Environment
Operating context and
sector outlook
Presenter:
Suzanne Dvorak
Chief Executive Officer

7
36 sites across New Zealand
48 sites and 2 held for redevelopment at 2017 IPO
~1,190 Care beds and ~1,123 premium care suites
2,580 Care beds and 242 premium care suites at 2017 IPO
~813 villas and ~1,059 apartments
1,054 villas at 2017 IPO
9 sites with development opportunity
2
, 1 site currently under construction
3

and 1 site under significant refurbishment
4
95% care occupancy at villages not affected by development
~2,600 employees
Leading provider of Aged Care and Retirement Village Services
Since its 2017 IPO, Oceania hasmodernised and expanded its portfolio through strategic development at 15 sites, and divestment of 18 sites,
becoming a leading operator with contemporary sites
Oceania composition as at 31 August 2025
1
1. Movementfrom March 2025 includes the completion of 40 new dementia care suites at Meadowbank and the reopening of a decommissioned wing at The Oaks, adding 28 units.
2. Lady Allum, Bream Bay, Elmwood, Gracelands, Waterford, Duart, The Bayview, The Helier, Franklin. 3. Franklin, 4. Elmwood

8
The sector is being reshaped by powerful forces
The environment weoperate in
1. Source: Statistics New Zealand 2022
2. Source: JLL New Zealand Retirement Villages Whitepaper, 2024
3. Village shortfall calculation assumes average village size of 200 ILU units
New Zealand Senior Population Projections (2022 Base)
1

0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
20332048
Historical unitsUnits expected to be readyShortfall
Demand for care and
services
Economic pressures Regulatory reform
Cyclical workforce
supply
Care bed shortfalls
Independent Living Unit Projected Undersupply by 2048
2
under current trends
Shortfall
~40 villages
3
Shortfall
~115 villages
3
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
202420252026202720282033203820432048205320582063206820732078
75-79 years80-84 years85-89 years90-94 years95 years and over

9
REINZ Median Days to SellQV House Price Index

Market backdrop
The residential property market has remained challengingthrough the first half of FY26:
•In July 2025, the QV House Price Index showed average home values across New Zealand were unchanged year on year.
•At July 2025, REINZ median days to sell were 48 days, compared with 49 days in 2024 and 31 days in 2021.
Source: QV House Price Index July 25
Source: REINZ monthly market data
Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25Jul-25
NationalAuckland
34
31
47
48
49
48
30
32
45
44
4848
202020212022202320242025
NationalAuckland
Challenging housing market, resilient portfolio
Oceania has a balanced model
– care, care suites, retirement sales and a disciplined development pipeline – that provides resilience despite housing market pressures

10
•NTA: $4.3b
•Debt: $1.7b
•Total Beds: ~14,477
•NTA: $3.2b
•Debt: $1.8b
•Total Beds: ~8,304
•NTA: $1.1b
•Debt: $0.6b
•Total Beds: ~4,161
Source: Oceania FY25 Results Announcement – subject to change, Summerset HY25 Results Announcement as of August 2025, Ryman FY25 Results Announcement as of May 2025
Industry backdrop
As the pioneer of the care suite model, Oceania has a larger portion of integrated care suite sites
68%
70%
83%
83%
51%
48%
5%
3%
30%
26%
32%
30%
12%
14%
19%
26%
After Land Bank
Current Portfolio
After Land Bank
Current Portfolio
After Land Bank
Current Portfolio
ILUCare SuitesCare Beds

11
Investor feedback and our internal observations pointed to the need for:
Observations: what needed strengthening
In FY25 and FY26, these insights shaped our priorities for strengthening our foundations.
Sharper sales execution
Investors called for stronger sales cadence, pricing discipline,
and better stock sell-down.
Stronger operating model
We needed tighter cost control, site-by-site performance accountability,
and more scalable systems.
Clearer capital discipline
Expectations were for faster debt reduction, balance sheet flexibility,
and visible sell-down progress.
Higher workforce engagement
Culture, EVP and leadership capability were flagged as critical enablers
of performance.

Oceania Today
Strengthening our foundations
for growth
Presenter:
Suzanne Dvorak
Chief Executive Officer

13
Current Focus / FY25 - FY27 Priorities
1. Sales Performance2. Business Excellence
3. Capital Management
Building a disciplined sales and
marketing function to accelerate applications
and occupancy
Embedding optimisationinitiatives
across the business to lift performance
Optimising capital structure to
deliver stronger, more sustainable
growth for shareholders
This work is already delivering near term gains while positioning us for sustainable, long termvalue creation.
Our priority is to lay the strongest possible foundation for strategy execution

14
1. Sales Performance
Presenters:
Stephen Lester
Chief Sales and Marketing Officer
&
Fiona Cameron
General Manager Sales
3. Capital Management
2. Business Excellence
1. Sales Performance

15
Sharper marketing, smarter pricing, stronger execution
Strengthening sales and marketing discipline
Oceania has revitalised its sales and marketing to
sharpen execution, strengthen leadership, and use
data driven targeting to accelerate sales,
optimise margins, and maximise returns.
Sales
Performance
Strengthened
leadership and team
capability to drive
sharper execution.
Targeted
Campaigns
Shift from broad
marketing to highly
targeted, village-led
campaigns.
Zoned Sales
Model
Structured resourcing
to align sales coverage
with village needs and
resale opportunities.
Focused
Deployment
Deployment of sales
staff, tools, and KPI
frameworks to convert
demand into results.
Pricing & Stock
Balance
Refined pricing and
stock management to
optimise sales and
margins.
3. Capital Management
2. Business Excellence
1. Sales Performance

16
Disciplined levers delivering early results
Broadened price bands within villages to match unit appeal
Pricing authority shifted to finance for final approval
Dynamic price reviews to respond to market conditions
Sales tools and customer offers to accelerate deal closure
Incentives for staff and residents to drive sales momentum
Disciplined
levers driving
sales
momentum
Early results are evident as new levers gain traction across the sales program
3. Capital Management
2. Business Excellence
1. Sales Performance

17
Application cadence
Total Applications (New Sales and Resales)
Oceania continues to deliver
year on year growth in
application cadence
Significant focus has ensured
that every marketing dollar
spent has driven month on
month increase in applications
and sales
Sales applications,
% increase on prior half year
HY26 Sales applications,
% increase on prior month
Applications growing as a result of targeted efforts, despite market pressures
1. Calculation of HY26 includes HY25, 5 months till 31 August 2024 divided by HY26, 5 months till 31 August 2025.
HY26
1
HY24HY252HY242HY25HY25HY26
18%
19%
58%
AprMayJunJulAug
8%
10%
27%
23%
3. Capital Management
2. Business Excellence
1. Sales Performance

18
Settlement cadence
Operations and sales teams are working hand in
hand resulting in steady sales cadence despite the
market backdrop
•Total settlement volumes for HY26 are forecast to be
~3 to 7% higher than HY25
Care sales
•New care suite sales are strong with new product
launches in Redwood, Blenheim and Meadowbank,
Auckland
•Waiting lists and demand for both dementia and
hospital dementia care at Meadowbank have
resulted in pleasing first quarter sales at the Orakei
building delivered in June 2025
•Demand for the care suite product continues to
strengthen
Independent Living sales
•New ILU sales steady period on period given
housing market conditions
Consistent volumes and strong care suite sales, with margins moderating as premium product sells through
ILU sales volumes
Forecast
Total
255
Total forecast
265 – 275
Total
262
Total
258
Total
221
55
74
59
71
47
42
38
59
HY242HY24HY252HY25HY26
ResalesNew
117
73
110
96
36
32
51
36
HY242HY24HY252HY25HY26
ResalesNew
Care sales volumes
3. Capital Management
2. Business Excellence
1. Sales Performance

19
Premium product – The Helier, Auckland
Challenge
•Early sales momentum slowed due to initial product positioning.
•Fee structure and marketing approach limited broad appeal.
Actions
•Pricing reset
•Targeted marketing
•Enhanced Value Proposition
Results
•Sales cadence improvements with 11sales to date in HY26, plus 4
under application.
•Stronger alignment of premium product with resident expectations.
Sales momentum improving under revised strategy with over 50% of residences now occupied or under application
3. Capital Management
2. Business Excellence
1. Sales Performance

20
2. Business Excellence
Presenter:
Kathryn Waugh
Chief Financial Officer
3. Capital Management
2. Business Excellence
1. Sales Performance

21
Optimisation embedded into everyday execution
Key outcomes
EBITDA growth
$20.4m annualised savings
identified and in execution
Improved cash
recycling
Capex discipline and faster
sell-through of unsold stock
IT roadmap delivery
Enabling data driven decisions
and stronger cyber resilience
Organisational
capability uplift
Improved change management,
resilience, and speed of delivery
Cross functional Transformation Team driving measurable value
3. Capital Management
2. Business Excellence
1. Sales Performance
Structured process ensures every initiative delivers measurable value
Optimisation Cycle
1
Identification
2
Feasibility
3
Approval
4
Execution
5
Refinement
Value realisation
6

22
On track to deliver ~$20.4m annualised P&L benefits, with full run-rate impact in FY27
Delivering P&L benefits
Phasing of FY26 P&L benefits:
$5.8m
Delivered
~$13.0m
In progress
~$1.6m
Pipeline
AnnualisedAnnualisedAnnualised
Full value to be realised in FY26
Partial value achieved in
FY26, full value in FY27
Underway
Implemented
Reduced professional services,
company wide review of
marketing spend
Workforce and operating model
optimisation including support
office restructure
Preferred supplier and product
list consolidation
$5.8m
$6.5m
$0.9m
$5.8m
$13.0m
$1.6m
Q1FY26Q2FY26Q3FY26 Q4FY26
$20.4m
Annualised
Savings from FY27
$13.2m savings to be realised in FY26
3. Capital Management
2. Business Excellence
1. Sales Performance
Partial value achieved in
FY26, full value in FY27

23
In-depth analysis for every site gives us detailed understanding of performance.We havebenchmarked each site and identifiedfive
critical leversto drive improved returns across the business and divestment sites.
Undertaken in depth site by site operational and financial review
Strong Care
foundations
Cost controlOccupancy
opportunity
Pricing cohesion
Divestments
Mature sites delivering
strong EBITDA per bed,
with 43% of the portfolio
generating >$15k EBITDA
per bed.
High performing sites set
benchmarks, with best
practice replicated across
underperforming sites.
With 61% of mature sites with
occupancy over 95%,
recently developed sites
provide the largest
opportunity for portfolio wide
revenue uplift.
Portfolio-wide pricing review
complete, unlocking value,
with ongoing refinement of
pricing models to maximise
customer flexibility and
optimise cash generation.
Site economics review
informs divestment strategy.
Divestment of a further 4–6
sites expected to release
$30–50m to support balance
sheet flexibility.
3. Capital Management
2. Business Excellence
1. Sales Performance

24
High quality care can generate strong, recurring returns, when supported by the right operating model and disciplined execution
Eversley CareCentre case study
High
Occupancy
•High occupancy: consistently above 95%
Optimised
Revenue
•Hospital level care: over 65% of beds
•Premium Accommodation Charges: applied to more
than 80% of beds
Workforce
Efficiency
•Disciplined workforce planning: wages to revenue
ratio maintained < 65%
•Optimal labour costs - strong employee retention
•Limited overtime and oncosts - rosters in line with
guidelines
Controlled
Costs
•Initiatives are underway to improve cost efficiency
relating to consumables and property spend
The Eversley Care Centre is a consistently high performing site, delivering EBITDA
1
of ~$23k per bed
3. Capital Management
2. Business Excellence
1. Sales Performance
Key attributes
1. EBITDA represents care earnings, net of support costs,including resales and DMF

25
Oceania’s governance, experience, and proactive engagement mean we are well prepared to anticipate and respond to sector risks
Navigating risks with confidence
Key risk
Our Response / Mitigation
Workforce sustainability•EVP & retention focus
•Smarter rostering, leadership capability
Affordability & funding•Diversified model
•Disciplined pricing, strong balance sheet
Technology & cyber•Cyber resilience, digital platforms
•AI pilots to strengthen performance
Legislative & regulatory change•Active engagement in RV Act & ARC reviews
•Scenario planning for reform
Climate & environment•ESG lens on capital & operations
•Stress-testing decisions
3. Capital Management
2. Business Excellence
1. Sales Performance

26
As a strategic enabler, a sustainability lens strengthens execution — lowering cost, reducing risk, and protecting long-term value
Sustainability: a business excellence enabler
Stress testing key financial decisions through a sustainability lens lowers operating cost,
reduces funding risk, and protects long-term shareholder value.
Sustainable
Development
•Build new villages to Homestar 6+ (protect asset value, lower long-term opex)
•Reduce upfront carbon and capex in developments/refurbishments
•Energy-efficient design safeguards cost base
Operational
Efficiency
•Divert waste, cut operating costs
•Deliver SBTi-verified emissions reductions (aligns with investor expectations)
•Sustainable Finance Framework links cost of debt to performance
People &
Partnerships
•Workforce wellbeing and fair pay support productivity and retention
•Transparent ESG reporting with assurance supports investor confidence
•Community partnerships reinforce licence to operate
3. Capital Management
2. Business Excellence
1. Sales Performance

27
3. Capital Management
Presenter:
Kathryn Waugh
Chief Financial Officer
3. Capital Management
2. Business Excellence
1. Sales Performance

28
Our capital management approach balances development funding and operating cashflows to reduce debt, support growth, and deliver
sustainable shareholder returns while operating within a 30 – 35% gearing range
Capital Management Framework
Cash EBITDA
Care and village earnings and ORA resales net of support costs
Source of funding
Available funds
Non-development financing costs
Maintenance capex
Operating assets
New sales of ORA
Net Debt
Source of funding
Available funds
Development financing costs
Development capex (including Land)
Development assets
3. Capital Management
2. Business Excellence
1. Sales Performance
Divestments
Working capital
reductions
Other Sources of Funding
Source of funding
Available funds
Delivery of sustainable shareholder return through dividend payments and long term capital growth

29
Debt Management
•A focus on liquidity and leverage enables the company to maintain financial resilience and deliver on strategy with a view to resuming sustainable dividend
returns to shareholders
•Our treasury strategy sets clear guiderails to maintain liquidity and financial flexibility
We balance development funding and operating cashflows to reduce debt, support growth,
and deliver sustainable returns within established guiderails.
TENURE
Bank facilities with appropriate tenure
and no less than 12 months to maturity
GEARING
A targeted gearing ratio (debt
to debt plus equity) of less
than 35%
HEADROOM
A liquidity buffer - greater of
$100m or 10% of peak
forecast gross debt
INTEREST
Interest rate risk managed
using fixed interest bonds and
interest rate hedging
MATURITY
An appropriate maturity profile of bank
funding and corporate bonds
SYNDICATE
A banking Syndicate of four
avoids exposure to any one
bank
125
100
50
450
FY26FY27FY28FY29FY30FY31
Split of funding effective 1 May 2025 NZD$’m
Retail bonds
Bank facilities
With a disciplined approach to debt management we have a clear sight of reduction of gearing levels to a range of 30 – 35%
3. Capital Management
2. Business Excellence
1. Sales Performance

30
The accelerated sell down of development stock is the largest lever to reduce debt and reduce gearing tobetween 30% to 35%
Development Debt
•We will adjust our build rate to ensure our gearing target of 30 – 35%.
•We are executing on a clear, disciplined strategy to reduce debt via the sell down of stock (development and bought back) and strategic divestments.
•Further reduction in debt will be driven by growth in operating cashflow including resale gains and reduction of working capital balances which will see us
reach an expected level of non development debt of $150m - $200m.
•We will ensure capital discipline while enabling growth.
•The graphic below is an illustrative construct only and not a forecast, it is intended to show the material reductions in debt and does not overtly
show future developments, land purchases, operating cash flow or future dividend payments.
$636
($50)
($50)
$194
($342)
Total Debt Facility as at March 2025Unsold Dev Stock March 2025Sale of Aged Buyback StockDivestment ProceedsRestrain Debt to Target Gearing
Reduction of debt from 31 March 2025 position ($’m)
$299
$112
$225
3. Capital Management
2. Business Excellence
1. Sales Performance
Development Debt
Non Development Debt
Bonds
Target Gearing Mid Point
Target Gearing
Mid Point
Restrain Debt
To Target
Gearing

31
Oceania has updated its Dividend Policy to better align dividends with operating cashflows
Dividend Policy
OCA’s dividend policy is to pay out between 40% and 60% of its Free Cash Flow from Operations. The Board may consider a
dividend above or below this policy range, subject to the Company’s cash flow requirements and investment opportunities
•Interest related to non development borrowings, referred
to asinterest on core debt, is included in cash flow from
operating activitiesin the cash flow statement.
•At 31 March 2025 Oceania held $52m of bought back
aged stock. With the focus on resales we look to release
this over the next 12–18 months - providing a positive
input to free cash flow from operations as other initiatives
embed.
•Other one off adjustments may includeredundancy costs,
transaction fees, consulting costs etc.
Calculation of dividend cash flow measure
Cash flow from operating activities – per financial statements
Lessdevelopment ORA sales included in operating cash flow
Add back developmentbuybacks included in operating cash flow
Add lease principal payments
Lessmaintenance and refurbishment capex
Other one off adjustments
Free cash flow from operations
The calculation of free cash flow from operations, which
underpins dividend payments, is shown below:
3. Capital Management
2. Business Excellence
1. Sales Performance

Our Strategy
Sustainable growth
Disciplined execution
Presenter:
Suzanne Dvorak
Chief Executive Officer

33
1. Sales Performance2. Business Excellence
3. Capital Management
Building out in a disciplined sales
and marketing function to accelerate
applications and occupancy
Embedding optimisationinitiatives
across the business to lift performance
Optimising capital structure to
deliver stronger, more sustainable
growth for shareholders
Disciplined execution today is strengthening resilience and setting us up for growth
In Summary: Stronger today. Positioned for growth tomorrow
Near-term levers to strengthen the balance sheet
•Refreshed sales and marketing approach reduces unsold stock, lowering development and working capital debt
•Business excellence lifts P&L performance, increasing free cash flow to pay down debt
•One-off cash incentives and targeted divestments provide further balance sheet headroom
We have a clear plan to reduce debt and fund our development pipeline

34
FY25 - FY27 PrioritiesFY27 – FY31 Strategic Objectives
1. Sales Performance
2. Business Excellence
3. Capital Management
1. Customer Choice
2. Service Expansion
3. Future Development
Priorities and Strategic Objectives

35
Future Focus / FY27-31 Strategic Objectives
Our strategic objectives focus where it matters: in defining leadership in care, lifestyle and growth, and with disciplined
execution that secures returns and amplifies impact
1. Customer Choice2. Service Expansion3. Future Development
Be the first choice for residents and
families
•Lead the sector in care quality and
resident experience
•Provide simple, transparent pricing and
contracts
•Convert choice into occupancy growth,
faster settlements, and stronger returns
Deliver a seamless care and lifestyle
experience
•Expand care and lifestyle services
under one roof
•Enable ageing in place without
compromise
•Command premium pricingwith a
distinctive offer
Win in the right markets
•Secure prime locations with
strongest tailwinds
•Optimise our portfolio and integrate
our offerings
•Build a distinctive position in key
markets

36
This framework brings everything together - connecting purpose, pillars and performance
Our Strategic Framework
Supporting and empowering people to live well as they age
Year on Year growth in free cash flow and underlying earnings
Our Purpose
Strategic Objectives
Strategic Initiatives
Mid Point - KPIs
Enablers
Customer Choice
Future Development
Service Expansion
Connected Care
Seamless care and trusted
relationships
Inspired Living
Elevating lifestyle, wellbeing
and choice
Empowered People
High performing and engaged
workforce
Purposeful Impact
Sustainable growth through
innovation
Resident Net Promotor
Score > 70
Sustaining consistently
high occupancy
Employee engagement
levels > 70%
Development sell down
< 2 years (including
20% presales)
Transformation & Innovation
Clinical Governance & Quality
Sustainability & ESG

37
1. Customer Choice
3. Future Development
2. Service Expansion
1. Customer Choice
Presenter:
Michelle Baker
Chief Customer and Services Officer

38
A history built in Care: the heart of our business
Oceania portfolio profile
•Care is the foundation of our business –
underpinningtrust, reputation and sustainable
demand.
•Oceania is a trusted brand - with resident
and employee NPS a key measure we are
targeting for year-on-year improvement
through FY26–31.
•Our integrated village and care model meets
resident demand for dignity, continuity and
choice.
•With care at the centre, Oceania can be
positioned as the first choice for residents
and families, driving occupancy, faster
settlements and stronger returns.
Leveraging care expertise and trust to deliver better outcomes
By combining care heritage, sector-leading quality, transparent contracts and an integrated model,
Oceania is positioned as the first choice for residents and families.
3. Future Development
2. Service Expansion
1. Customer Choice
16.7%
11.1%
72.2%
Stand alone aged care centresStand alone village centresRetirement villages with aged care

39
Vibrant, individual lives with real choice​
Trust, transparency, and control in decisions​
Belonging and connection in safe, supportive communities
Anchored in resident demand, validated by independentresearch
Customer Choice: what consumers want
By meeting these needs with quality care, transparent contracts, and trusted decision-making,
Oceania can turn resident choice into occupancy growth, faster settlements, and stronger returns.
Earlier this year, Oceania commissioned independent qualitative research
with residents, families, and prospective customers to understand what
they value most in later life. The findings were clear:​
3. Future Development
2. Service Expansion
1. Customer Choice

40
Our Employer Value Proposition (EVP) and refreshed values have beenco-createdwith our people
Customer Choice: starts with having the best people
Et.
A strong culture and engaged workforce underpinconsistent
execution, and will drive sustainable performance and investor value.
Our Values
Our EVP
3. Future Development
2. Service Expansion
1. Customer Choice
We’re one team
We're committed
to care
We're finding
better ways
We're proud
to deliver
Making the Difference
"Join people who are passionate about
making the difference in every task,
every challenge, every day.
We work together, look out for each
other, and take genuine pride in what
we deliver.
Here, your expertise becomes part of
something bigger, creating retirement
and care experiences that truly
transform lives."

41
Technology will help us to:
By embedding technology into our care model - now and into the future - we strengthen transparency and confidence, making
Oceania the first choice for residents and families.
Making care and lifestyle services more connected, personalised, transparent and efficient for our residents, families and staff
Customer Choice: enabled by technology
3. Future Development
2. Service Expansion
1. Customer Choice
Enhance care
coordination
Support better
decisions
Connect the
care circle
Drive efficiency
and scale
Now: Early warning dashboards and
fall detection sensors flag health
risks for earlier intervention.
Future: AI learning models allow
clinical teams to predict and prevent
issues before they arise.
Now: Live clinical
dashboards guide staffing
and care planning.
Future: AI forecasting
anticipates demand with
confidence.
Now: Apps connect residents,
families, and staff in real time.
Future: Translation tools
remove barriers and reduce
isolation.
Now: Digital workflowsfree
up admin and secures data.
Future: Ongoing investment
in IT tooling and AI to create
further operational
efficiencies.

42
2. Service Expansion
Presenter:
Michelle Baker
Chief Customer and Services Officer
3. Future Development
2. Service Expansion
1. Customer Choice

43
The strategic opportunity ahead – driven by resident demand
Service Expansion: optimising revenue
Residents are asking for more
Baby Boomers with higher expectations and willingness to pay.
Strong demand for independent living with care access.
Growing appetite for wellness, lifestyle and personalised services.
Preference to age in place, avoiding multiple moves.
Opportunities to seize
Premium care-integrated living combining health, lifestyle and services.
New revenue streams in independent living and wellness.
Scale and integration to boost spend, occupancy and retention.
OCEANIA'S ADVANTAGE
Converting care expertise into higher
occupancy, stronger resident spend, and
sustainable growth.
3. Future Development
2. Service Expansion
1. Customer Choice

44
Over a decade ago, Oceania pioneered the Care Suite model to bridge independent living and aged care.
Now we are ready for the next innovation.
Service Expansion: addressing gaps in the model
3. Future Development
2. Service Expansion
1. Customer Choice
✓Currently, 8 sites offer lifestyle services such as housekeeping, laundry, and access to a wellbeing clinic.
✓Independent residents are showing increasing demand for these services and low to medium level care.
✓Oceania is well placed to meet this demand and capture optimisation opportunities.
In care settings, residents’ needs are already well understood and consistently met by
Oceania. This strong base provides scope to optimise pricing, service mix, and efficiency.
AREA OF OPPORTUNITY
In independent settings, residents’ needs may not always be
met by the operator, with low-level assistance often provided
externally. This highlights an opportunity to expand Oceania’s
role and capture unmet demand.
AREA FOR OPTIMISATION
Additional
services are
optional
Independent
Living
Compulsory
Lifestyle
services
Apartments
with
services
Compulsory
Care
Services
Care
Suites
Full ARRC
funded
compulsory
Care
Care Bed
Services set
by Oceania
(outside of
ARRC)
Private
Care

45
Expand lifestyle and
wellness services
Develop
service models
Test and refine
charging models
Scale successful
models nationally
from FY27+
Across independent living
units, supporting ageing in
place
Meals, home support,
wellness clinics, activity
programs > recurring
revenue streams
(Weekly fees, service
bundles, user-pays, DMF
extensions) through pilot
sites
Embedding care and
lifestyle into Oceania’s
integrated offer
Expanding lifestyle and wellbeing services to create monetisable, distinctive offers
Service Expansion: unlocking new revenue streams
Our focus is on optimising the opportunity to meet resident needs in a way that generates sustainable earnings and cashflow.
To enhance our revenue streams we will:
3. Future Development
2. Service Expansion
1. Customer Choice
Our success will be measured through increased occupancy, increased EBTIDA and cash returns and optimal resident NPS scores.

46
Over the next 6–12 months, we are piloting new in home care and services across three flagship sites
Service Expansion: piloting new in home care and services
We are testingdemand, operational delivery,andmonetisationmodels with discipline -
eyes wide open to risks and economics - and will only scale what delivers value.
3. Future Development
2. Service Expansion
1. Customer Choice
Development village
– first service offering to villa
accommodations in the Oceania portfolio.
Mature village, strong occupancy, high
hospital mix - ideal to test integration with
existing and incoming residents.
High demand site with waitlist for
care suites - opportunity to extend services
to apartment residents.
Franklin (South Auckland)The Sands (North Shore)
Meadowbank (Central Auckland)

47
3. Future Development
Presenter:
Andrew Buckingham
Chief Property Officer
3. Future Development
2. Service Expansion
1. Customer Choice

48
Our landbank gives us flexibility in product, timing, and location, enabling disciplined sequencing as market conditions evolve
Developments: landbank of ~1,000 units supporting future growth
3. Future Development
2. Service Expansion
1. Customer Choice
1. Franklin land area includes new purchase of 3.7ha
Bream Bay, Ruakaka
7.6 ha – villas
203 units planned.
Elmwood, Auckland
1.8 ha – villas and
apartments
229 units consented.
Other key
development sites:
Duart, Hawkes Bay
60 units planned.
The Bayview,
Bay of Plenty
147 units planned.
The Helier, Stage Two
Auckland
16 units planned.
Lady Allum, Auckland
1.4 ha – high density
apartments
140-150 planned units.
Franklin
11.6
1
ha – villas,
apartments, care centre
256 units consented.
Waterford, Auckland
0.2 ha – care centre
80 units planned.
Gracelands, Hawkes Bay
2.6 ha – villas
61 units planned.

49
Strengthening our portfolio with near-term greenfield villas at Franklin and Gracelands - while care remains central
Developments: Our disciplined approach
This focus enables us to:
•Continue a disciplined
development programme
•Reduce and maintain
manageable debt levels
•Create headroom for future
land acquisitions
Greenfield
Locations
Mix
Evaluation
•Build clusters in key centres for efficiency
•Expand in proven demand markets
•Selectively enter new regions with future potential
•Leverage brownfield expertise into greenfield execution
•Target disciplined acquisitions in prime demand markets
•Align timing to extend pipeline without stretching debt
•Near-term villas reduce debt and create growth headroom
•Care developments complete sites
•Apartment options in pipeline as market allows
•Deliver suitable shareholder returns
•Capital structure supports growth and acquisitions
•Cash return on first sale required to enforce discipline
3. Future Development
2. Service Expansion
1. Customer Choice

50
Our landbank gives us flexibility in product, timing, and location, enabling disciplined sequencing as market conditions evolve
Developments: Conservative build rate
•Annual development delivery rates post IPO ranged from 131
to 272 units
•With disciplined capital management and a nimble team we
can flex to a steady build rate, targeting a maximum 50 – 60
units per site over 2 – 3 sites annually
•FY26 delivery – 71 units comprising 40 suites at Meadowbank
and 31 villas at Franklin
•Build rate to target a range of 100 to 150 units per year in FY27
and FY28 as we come out of the current economic cycle
•Villa optionality and staging in near term pipeline mitigates risks
tied to single-site dependency and large single year stock
releases
•Future greenfield developments will require new land
acquisitions and funding
•Build rate provides for disciplined capital management
providing availability of funds for greenfield land purchases
80
131
272
176
217
171
233
182
224
71
FY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023FY 2024FY 2025FY 2026
3. Future Development
2. Service Expansion
1. Customer Choice
FY27 – FY31
band 100 - 150

51
Small scale villa developments providing fast, low risk optionality
Developments: Gracelands - villa product
Gracelands, Hawkes Bay
– Established Village
•Village includes an 88 bed care
centre and 119 villas
•Recent 2021 development delivered
50 new villas
•Additional greenfield
development land purchased in
late 2024, expanding the total site
area to8.3ha
Greenfield Development Opportunity
•Greenfield land unlocks optionality and scale –
recent purchase adds 2.6ha to the existing 5.7ha site,
creating a total 8.3ha footprint. Planning is underway
for 61 additionalvillas, with staged delivery to align
with market demand
•Located in a high growth market –Hawke’s Bay
shows strong demographic demand for retirement
living. Previous villa stages sold out rapidly, validating
sustained market appetite
•Cost efficient greenfield expansion – the greenfield
landis directly adjacent to the existing village. This
proximity allows for seamless infrastructure extension
•Enables operational efficiency – when fully
developed, the site will support up to 180 villasand
anew care home, achieving scale benefits and
operational efficiency
3. Future Development
2. Service Expansion
1. Customer Choice

52
Developments under construction: Franklin – Stage One
Oceania’s first greenfield broadacre site, set for occupation in early January 2026
•Located in a key growth corridor with expansion optionality
•Seamless transition to care within the community
•Strong focus on resident choice and flexibility (meals, services, routines)
•Spacious 2, 2 plus and 3 bedroom villas
•Targeting Greenstar Communities certification and Homestar 7 villas
•Construction of Stage Two, 39 villas, commencing in FY26
Full site statistics inclusive of new
development
Total villas132 (consented)
Total apartments43 (developed >
2030)
Total care & dementia units81
Years to develop entire site7-10 Years
Forecast peak development
debt on site
c. $110m
Total cost of developmentc.$200m-$250m
Planned expansion~78 villas
Forecast cash return on
development
c 16%
31 villas and The Lodge under construction
3. Future Development
2. Service Expansion
1. Customer Choice

53
Land secured to extend village and enable future care development
Developments: Franklin – strategic expansion
•3.7 ha of neighbouring land acquired, expanding
the Franklin site to 11.6 ha
•Secures control over neighbouring land ahead of
zoning and plan change
•Site earmarked for a future care centre, providing
the option to defer demolition of the existing care
centre
•Staged settlement 2028–2030, with option to
accelerate to 2027 subject to consent
•Supports disciplined capital management, aligning
with long-term growth strategy
•Enables delivery of 78additional villas, bringing
thetotal number of villas at the Franklin
development to 210
3. Future Development
2. Service Expansion
1. Customer Choice

54
A video showcasing the Franklin development will be played
during the Investor presentation.
For those who wish to view the video, please refer to the
Oceania Healthcare website for a copy.

Closing remarks
Path to FY31
Presenter:
Suzanne Dvorak
Chief Executive Officer

56
We are reshaping our portfolio to strengthen returns and will continue to drive value through disciplined execution
In Summary: Oceania by FY31
All sites will be
integrated
Located in main
centres
Care and services
at our core
Fast sell down
and presales
Regular dividends
Cash positive on
all developments
Growth in free
cash flow
Appropriate debt
and gearing

57
We will track progress against clear measures that sustain growth and deliver returns for shareholders
In Summary: What you can expect from us over the next 5 years
OCCUPANCY
Sustaining
consistently high
occupancy
BUILD RATE
100 to 150 per annum
Positive cash margin
on all developments
UNSOLD STOCK
New < 2 years
Resale < 9 mths
GEARING
Ratio between
30 and 35%
GROWTH IN FREE CASH FLOW FROM OPERATIONS
Allowing a return to dividend payments of 40 – 60% of free cashflow from operations
WHAT YOU WILL SEE US MEASURE
DIVEST SITES
4 – 6 sites
~$50m proceeds
PURCHASE LAND
Extend the land bank
through greenfield
purchases
RESIDENT
NET PROMOTER
SCORE
Increase to 70+
EMPLOYEE
ENGAGEMENT
Increase to 70%+
WHAT YOU WILL SEE US DO
In improving markets =
Well placed to capture upside -
activating the pipeline, expanding
margins, and accelerating sales
momentum
In challenging markets =
Resilience from cost discipline, strong
cash flow, and a balanced portfolio
positions us to keep growing, even in
tougher conditions

58
We will report progress at half-year and full-year results, with clear measures of success aligned to eachphase
Timeline: From foundations to sustainable growth
FY26–27
Laying the Foundations
FY28–29
Scaling & Differentiating
Foundational initiatives (sales, efficiency, capital discipline) will remain a continuous focus throughout the plan.
Customer
Choice
Future
Development
Service
Expansion
Service pilot
sites live
1
st
serviced
villas open at
Franklin
The Helier
cash neutral
Land
purchase
Puni Road
Divestment
programme
complete
Cost out
programme
announced
March 25
development
stock sold down
Resident Net
Promoter
Score 70+
Year on Year growth in free cash flow and underlying earnings
Employee
engagement >
70%
Greenfield
land
purchase
Exit rate 150+
units per annum
build rate
Full roll out of
service model
(subject to commercials)
FY30-31
Sustainable Growth
FY28 – FY31
FY26–27

59
Independent living, care heritage, culture, and our four pillars position Oceania for lasting success
In Summary: Our competitive edge - Our path to growth
Our competitive edge is clear:
✓Integrated sites
✓Our care heritage
✓Culture is the enabler
We are ready to deliver:
✓Disciplined execution today positions us
for sustainable growth tomorrow
✓Operationalising change across people,
technology, and governance
✓A clear path to long-term value creation
for residents, staff, and shareholders

60
For residents, for staff &
for shareholders.
Oceania is stronger today,
positioned for growth &
creating lasting value.
Q&A facilitated by
Suzanne Dvorak

Thank you

62
Important notice and disclaimer
This presentation has been prepared solely by Oceania Healthcare Limited
("Oceania"). You must read this disclaimer before making any use of this
presentation and the accompanying material or any information contained in it
("Document").
The presentation includes non-GAAP financial measures for development
sales and resales which assist the reader with understanding the volumes of
units settled during the relevant periods and the impact that development
sales and resales during the relevant periods had on occupancy as at the end
of such periods.
The addition of totals and subtotals within tables and percentage movements
may differ due to rounding.
The information set out in this Document is an update only and does not
contain all information necessary to make an investment decision.
The information contained in this Document has been prepared in good faith
by Oceania. No representation or warranty, expressed or implied, is made to
the accuracy, adequacy or reliability of any statements, estimates or opinions
or other information contained in this Document, any of which may change
without notice. To the maximum extent permitted by law, Oceania, its
directors, officers, employees and agents disclaim all liability and
responsibility (including without limitation any liability arising from fault or
negligence on the part of Oceania, its directors, officers, employees and
agents) for any direct or indirect loss or damage which may be suffered by
any person through the use of or reliance on anything contained in, or omitted
from, this Document.
This Document may contain certain forward-looking plans and projections.
Those plans and projections reflect current expectations, but are inherently
subject to risk and uncertainty, and may change at any time. There is no
assurance that those plans will be implemented or that projections will be
realised. You are strongly cautioned not to place undue reliance on any
forward-looking statements. No person is under any obligation to update this
Document at any time after its release or to provide further information about
Oceania.
This Document is not a product disclosure statement, prospectus, investment
statement or disclosure document, or an offer of shares for subscription, or
sale, in any jurisdiction.
This Document is unaudited.
Receipt of this Document constitutes acceptance of the terms set out above in
this disclaimer.