Momentum Building on Stronger Foundations

Interim Report 2026
Delivering
Better.

2
At a glance
3
Trading results
4
Letter from the Chair and CEO
8
Three year summary
9
Proforma Underlying Earnings
10
Consolidated Interim Financial Statements
Contents
1
Oceania
Interim Report 2026
“Our integrated model, offering residents a pathway from independent
living through rest home and hospital care to specialist dementia support,
continues to enable natural transitions and reinforces Oceania’s reputation
for quality and continuity of care.”

From Ruakaka in the
north, to Riccarton in
the south, we create
places where older
New Zealanders
can live with
purpose, dignity
and connection.
StaffResidents
Care beds and care suitesUnits
At a glance
Existing sites with
mature operations
Existing sites
with current and
planned developments
Total sites
191736
~2,600~3,9 0 0
2,1511,9 8 8
As at 30 September 2025
Section Title / Article Title
2
Oceania
Interim Report 2026
A year in review
2

Highlights
Developments
30 September 2025
Additional units and care suites expected to be completed in FY26
• Franklin Stage 1 (Auckland)
31
Units and care suites completed in 1HY26
• Meadowbank Stage 6 (Auckland)
40
Financial
30 September 2025
Total assets
As at 30 September 2025
Consistent with 31 March 2025
total assets of $2.9bn.
20%241%12%
Proforma Underlying Earnings
Before Interest, Tax, Depreciation
and Amortisation
30 September 2025
$
41.8 m
$
3.0bn
$
40.4m
$
7 9.0 m
Ahead of 30 September 2024 Proforma
Underlying Earnings Before Interest, Tax,
Depreciation and Amortisation of $34.9m.
Reported Total
Comprehensive Income
30 September 2025
$28.6m higher than 6 months to
30 September 2024 reported total
comprehensive income of $11.8m.
Operating Cash Flow
30 September 2025
Higher than 6 months to
30 September 2024 reported
operating cashflow of $70.4m.
Operational
30 September 2025
0.2%
94.7
%
Compared to occupancy for
the year to 31 March 2025
of 94.5%.
(excluding development sites)
Total sales
Higher than total sales for the six
months 30 September 2024 of 258.
5%
52109
271
3971
New care suites
Resale
care suites
Care Occupancy
New unitsResale units
For the six month period
ended 30 September 2025
Oceania
Interim Report 2026
3
Trading highlights

Building momentum off strengthened foundations
Welcome to our Interim Report for the six months ended
30 September 2025 (1HY26), a period of strengthening
foundations while staying true to what differentiates
Oceania: trusted care and high quality living.
The three priorities presented at our September Investor Day
(sales performance, business excellence and capital management)
are being executed through sales initiatives, cost reduction and
divestments. The outcome is growing sales momentum at key sites,
improved operating cashflow and a clear path to lower debt.
Highlights
Financial and Operating Performance
1
• Total Comprehensive Income: $40.4m, up $28.6m on 1HY25 largely
due to positive fair value movements on property valuations
• Proforma
2
Underlying EBITDA from core continuing operations:
$41.8m, a 19.7% increase from 1HY25
• Proforma
2
Underlying NPAT from core continuing operations:
$24.1m, a 18.9% increase from 1HY25
• Free Cash Flow from Operations
3
: ($8.4m), a 30.0% improvement
from 1HY25
• Cost reduction programme: $20.4 million in annualised savings
identified; $4.0m delivered in 1HY26, $13.2m on track to be
delivered in FY26
• Annualised
4
Care EBITDA per bed excluding resale gains:
increased 45.5% to $12,400 per bed
Suzanne Dvorak
– Chief Executive Officer
Elizabeth Coutts
– Chair
1
All metrics and financial results included in the Chair and CEO letter are extracted from the interim financial
statements and are unaudited.
2
Proforma metrics exclude Wesley Institute of Nursing Education, which was closed during April 2025.
3
Free cash flow from operations is calculated as cash flows from ongoing operations including realised Deferred
Management Fees and Capital Gains from resale of ORA contracts, less maintenance capital expenditure and
finance costs on core debt (excluding development debt).
4
Annualised relates to the 12 month rolling period to 30 September 2025.
Our first residents will move into Franklin Village, Pukekohe (Auckland) in January 2026.
4
Oceania
Interim Report 2026
Letter from the Chair and CEO

Sales and Development Performance
• The Helier, Auckland: 54.5% occupied and under application
on 20 November 2025, full development cash recovery after
interest expense expected by 31 March 2026
• 40 care suites at Meadowbank were delivered in 1HY26
• Franklin, Auckland: 31 villas and community lodge on track to
welcome residents in January 2026 with 11 presales secured
to date
Capital Management
• Total assets increased to $3.0b, up $96.9m from FY25.
• Net tangible assets: $1.57 per share, a 3.8% increase on FY25
• Gearing: 34.8%, down 1.5 percentage points from
31 March 2025 and within the targeted range of 30 – 35%
• A further four sites are in the process of being divested,
expected to release $40m of capital during FY26.
Financial performance
Oceania delivered a solid underlying result despite a
persistently challenging residential property market and tough
economic conditions.
• Normalising for the closure of the Wesley Institute of Nursing
Education, Proforma
1
Underlying EBITDA from core continuing
operations increased 19.7% on the prior comparative period
(pcp), reflecting improved care margins, reduced overhead
costs and disciplined operational execution.
Proforma
1
Underlying Net Profit After Tax was $24.1m, 18.9% up on
1HY25 largely due to interest on completed developments being
expensed and not capitalised.
Free Cash Flow from Operations was ($8.4m), improved 30.0%
on 1HY25, driven by improved sales conversion and disciplined
working capital management.
As a result of the sales and operating improvements, the debt
gearing ratio has reduced to 34.8% from the peak at 38.3% in
FY24, now within the targeted gearing range of 30 – 35%.
Sales and Development performance
Going into this period, the business sought to improve sales
cadence to reduce unsold stock and in turn net debt. Following
several sales initiatives, sales momentum has been positive
across key sites, with strong development sales in the period (39
independent living units and 52 care suites) alongside solid resales
performance (71 independent living units and 109 care suites).
At The Helier in Auckland, sales are progressing well, with
54.5% of residences occupied or under application as at
20 November 2025. Based on current sales, we expect The Helier to
reach full development cash recovery, including interest expense,
by 31 March 2026. At Franklin in Auckland, construction is on
schedule with the completion of The Lodge and the first stage of 31
villas set to welcome the first residents in January 2026. Presales
continue to build, with 11 villas presold. The adjoining 3.7 hectare
land purchase in September 2025 expands the site to 11.6 hectares
and provides flexibility for future staged development. The project
exemplifies a disciplined approach to greenfield development.
The pleasing level of presales demonstrates the strength of
our sales capability and the appeal of the Franklin offering.
It highlights that the right product in the right location drives
success and has contributed to the growing positive momentum
across the business. The independent villa delivery at Franklin
and the 40 care suites at Meadowbank delivered in 1HY26
contribute to a forecast development delivery of 71 units and
care suites for FY26. We currently expect to build toward our
annual development target range of 100-150 units over the
coming years.
Across the portfolio, focused management of unsold stock and
village led marketing has achieved a reduction in vacant stock
from $392m in FY25 to $353m at 1HY26.
Total sales volume increased 5% to 271 units, with care suite
sales particularly strong at 161 units, which demonstrates the
demand for Oceania’s premium care offering.
1
Proforma Underlying operations excludes earnings from the Wesley Institute of Nursing Education,
which was closed during April 2025.
5
Oceania
Interim Report 2026
Letter from the Chair and CEO

Care profitability
Our care offering remains at the centre of Oceania’s purpose
and performance. Enhanced clinical systems, digital tools and
refined acuity management are both strengthening care delivery
for our residents and supporting margin improvement for our
business. As a result, care segment Underlying EBITDA increased
40% compared with 1HY25 and annualised Care EBITDA per bed,
excluding resale gains, increased 45.5% to $12,400, with 53% of
the portfolio generating more than $15,000 per bed per annum.
Care occupancy across sites not impacted by development
reached 94.7 %, up from 94.0% in 1HY25.
Our integrated model, offering residents a pathway from
independent living through rest home and hospital care to
specialist dementia support, continues to support natural
transitions and reinforces Oceania’s reputation for quality
and continuity of care.
Strategy
The strategy announced in September 2025 set clear near-term
priorities for FY25 to FY27 and longer term objectives for FY27
to FY31.
Current initiatives in Sales Performance, Business Excellence and
Capital Management are laying the groundwork for the long term,
when we will focus on Customer Choice, Service Expansion and
Future Development.
As the business moves from strengthening the balance sheet
to scaling its integrated model, development will remain
aligned with market conditions and capital availability. This
approach is already evident at Franklin, where early sales
success demonstrates the benefits of staging. The land bank
provides capacity for approximately 1,000 additional units
and care suites across consented and planned projects,
offering flexibility across product types including care suites,
independent villas and higher density apartments with the
development mix tailored to site characteristics, market
demand and capital efficiency.
Development delivery will be paced through FY27 and FY28 to
build to the target of 100 to 150 units per annum. Reflecting
improved operating cashflows and moderating development,
gearing has been managed into the targeted range of 30
– 35%, 34.8% at 30 September 2025, down from a peak of
38.3% in FY24.
Sustainability and climate
Oceania remains committed to operating responsibly and
minimising environmental impact. Climate considerations have
been further integrated into development planning and asset
management. Progress continues against emissions reduction
targets through energy efficient design standards, improved
waste diversion and energy management across the portfolio.
The Sustainable Finance Framework links the cost of debt to
environmental performance, providing both accountability
and incentive for continued improvement.
Oceania’s sustainability leadership was also recognised at
the annual Aged Care Association Conference, where our
Eversley community in the Hawkes Bay received both the
Sustainability Award and the overall Excellence in Care Award.
This recognition further reinforces Oceania’s position as a
leader in sustainable, resident-centred care.
↑
$$
41.8m
Proforma Underlying EBITDA
20% higher than 6 months
to 30 September 2024
of $34.9m
6
Oceania
Interim Report 2026

Our people
The professionalism and care of Oceania’s 2,600 team members
continue to define the organisation. Their resilience and
commitment during a period of strategic change have ensured
quality and consistency for residents and families. Investment
continues in leadership development, workplace culture and
a compelling employee value proposition to retain and attract
talent in a competitive labour market.
Dividend
The Board announced a new dividend policy in June 2025 to align
with operating cashflows and targeting a payout ratio of between
40 and 60% of free cashflow from operations, subject to capital
requirements and investment opportunities. The Board has decided
not to declare an interim dividend for 1HY26, in line with the policy.
Dividend payments are expected to resume when the business
achieves positive free cash flow from operations, supporting a
return to payment of dividends.
Outlook
Demographic demand for high quality care and retirement
living remains strong and structural, with demand continuing to
outstrip supply in key markets. The broader housing market has
constrained our residents’ ability to sell their family homes over
recent times, acting as a handbrake on sales. However, once the
housing market cycle starts to improve, we expect the strong
demographic drivers to return to the fore.
Elizabeth Coutts
Chair
Suzanne Dvorak
Chief Executive Officer
The focus for the second half is clear: accelerating the sell down
of stock, progressing the divestment programme, continuing to
execute cost efficiencies, and further improving care profitability.
Disciplined execution against these priorities will position Oceania
to deliver long term value for shareholders, residents and staff.
We thank shareholders for their ongoing support, residents and
their families for choosing Oceania, and our teams for their
commitment to care excellence and operational discipline.
The Lodge will be completed as part of stage one of the Franklin development in Pukekohe (Auckland).
7
Oceania
Interim Report 2026
Letter from the Chair and CEO

Financial Metrics
$NZm
Unaudited
September 25
Unaudited
September 24
Unaudited
September 23
Total Comprehensive Income40.411.861.7
Profit / (Loss) for the Period4.9(17.1)35.2
Total Assets 3,037.62,821.22,689.8
Net Debt 608.9628.9616.7
Operating Cash Flow79.070.457.2
Underlying Metrics
$NZm
Unaudited
September 25
Unaudited
September 24
Unaudited
September 23
Underlying Net Profit after Tax
1
23.824.027.4
Underlying EBITDA
1
41.5 38.637.6
Proforma Underlying Net Profit After Tax
2
24.120.324.5
Proforma Underlying EBITDA
2
41.834.934.7
Operating Metrics
Unaudited
September 25
Unaudited
September 24
Unaudited
September 23
Units1,988 1,9151,887
Care Suites1,1231,091984
Care Beds1,0281,1181,396
Total4,1394,1244,267
New Sales91 8984
Resales180169171
Total271258255
Occupancy 91.9%91.6%90.3%
Occupancy (excluding development sites)94.7%94.0%92.2%
Three year summary
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
1
This is a non-GAAP measure, refer to note 2.1 in the consolidated interim financial statements for further details.
2
Proforma amounts represent earnings adjusted for the closure of the Wesley Institute of Nursing Education which ceased trading in the period.
Refer to Note 1.3 for further details.
Waterford, Auckland
8
Oceania
Interim Report 2026

Proforma Underlying Earnings
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
With changes to the certification pathways for overseas nurses introduced in 2025, a decision was made during
the year ended 31 March 2025 to close the Wesley Institute of Nursing Education. The final course was run in
April 2025. We show here the Underlying Earnings attributed to this business unit over the current and prior
comparative periods.
We present Proforma Underlying Earnings Before Interest and Tax and Underlying Net Profit Before Tax for both
periods, normalising for the impact of closing this operation from our ongoing operations.
$NZ000’sSeptember 25
Wesley Institute
of Nursing
Education
Proforma
September 25September 24
Wesley Institute
of Nursing
Education
Proforma
September 24
Care12,037-12,0378,570-8,570
Village44,896-44,89645,670-45,670
Other(15,424)333(15,091)(15,593)(3,700)(19,293)
Underlying EBITDA 41,50933341,84238,647(3,700)34,947
Underlying net profit after tax23,78333324,11623,978(3,700)20,278
The Bellevue, Christchurch
9
Oceania
Interim Report 2026

Consolidated interim
financial statements.
11
Consolidated Statement of Comprehensive Income
11
Consolidated Balance Sheet
12
Consolidated Statement of Changes in Equity
12
Consolidated Cash Flow Statement
13
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
10
Oceania
Interim Report 2026

Consolidated Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Consolidated Balance Sheet
AS AT 30 SEPTEMBER 2025
The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
The Board of Directors of the Company authorised these consolidated interim financial statements for issue on 21 November 2025.
For and on behalf of the Board
Elizabeth Coutts Alan Isaac
Chair Director
$NZ000’sNotes
Unaudited
Six Months
September 25
Unaudited
Six Months
September 24
Revenue
1
131,632132,605
Change in fair value of investment property
3.122,90326,140
Other income 1,3733,582
Total income155,908162,327
Employee benefits and other staff costs90,54590,626
Depreciation (buildings and care suites)
3.28,0386,904
Depreciation and amortisation (chattels, leasehold improvements and software)
3.23,8563,422
(Reversal of impairment) / Impairment of property, plant and equipment and
right of use asset
3.2(2,179)25,965
Impairment of held for sale assets
3.3-14
Impairment of goodwill87198
Finance costs13,97911,848
Other expenses40,55942,859
Total expenses
1
154,885181,836
Profit / (Loss) before income tax1,023(19,509)
Income tax benefit 3,9192,445
Profit / (Loss) for the period
1
4,942(17,064)
Other comprehensive income
Items that will not be subsequently reclassified to profit or loss
Gain on revaluation of property, plant and equipment for the period, net of tax
3.235,84630,137

Items that may be subsequently reclassified to profit or loss
Loss on cash flow hedges, net of tax(395)(1,231)
Other comprehensive income for the period, net of tax35,45128,906

Total comprehensive income for the period attributable to shareholders of
the parent40,39311,842
Basic earnings per share (cents per share)
4.20.7(2.4)
Diluted earnings per share (cents per share)
4.20.7(2.4)
$NZ000’sNotes
Unaudited
September 25
Audited
March 25
Assets
Cash and cash equivalents8,620 7,589
Trade and other receivables
5.1113,251117,791
Derivative financial instruments187 735
Assets held for sale
3.3- -
Investment property
3.12,034,3281,972,033
Property, plant and equipment
3.2868,047828,486
Right of use assets8,8839,341
Intangible assets4,2414,713
Total assets3,037,5572,940,688
Liabilities
Trade and other payables48,03236,445
Deferred management fee
3.455,36357,279
Refundable occupation right agreements
3.41,171,166 1,106,813
Lease liabilities10,17810,558
Borrowings
4.3610,073627,748
Total liabilities1,894,8121,838,843
Net assets1,142,7451,101,845
Equity
Contributed equity
4.1715,960715,960
Retained earnings12,6136,999
Reserves414,172378,886
Total equity1,142,7451,101,845

1
September 2025 includes revenue of nil, operating expenses of $0.6m, and a loss for the period of $0.6m in relation to the Wesley Institute of Nursing Education
(September 2024: revenue of $5.3m, operating expenses of $1.6m and profit for the period of $3.7m).
11
Oceania
Interim Report 2026

Consolidated Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Consolidated Cash Flow Statement
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
$NZ000’sNotes
Contributed
equity
Retained
(deficit) /
earnings
Asset
revaluation
reserve
Cash flow
hedge
reserveTotal equity
Balance as at 1 April 2024 (audited) 715,960(34,264)342,5612,1991,026,456
Loss for the period-(17,064)--(17,064)
Other comprehensive income
Revaluation of cash flow hedge net of tax---(1,231)(1,231)
Revaluation of assets net of tax
3.2--30,137-30,137
Transfer of assets net of tax-9,955(9,955)--
Total comprehensive income-(7,109)20,182(1,231)11,842
Transactions with owners
Employee share scheme
4.1-338--338
Total transactions with owners-338--338
Balance as at 30 September 2024 (unaudited)715,960(41,035)362,7439681,038,636
Balance as at 1 April 2025 (audited)715,9606,999378,3325541,101,845
Loss for the period-4,942--4,942
Other comprehensive income
Revaluation of cash flow hedge net of tax---(395)(395)
Revaluation of assets net of tax
3.2--35,846-35,846
Transfer of assets net of tax-165(165)--
Total comprehensive income-5,10735,681(395)40,393
Transactions with owners
Employee share scheme
4.1-507--507
Total transactions with owners-507--507
Balance as at 30 September 2025 (unaudited)715,96012,613414,0131591,142,745
$NZ000’s
Unaudited
Six months
September
2025
Unaudited
Six months
September
2024
Cash flows from operating activities
Receipts from residents for village and care fees98,197106,022
Payments to suppliers and employees(124,567)(129,433)
Receipts from new occupation right agreements156,774168,101
Payments for outgoing occupation right agreements(56,252)(70,696)
Net goods and services tax received
1
12,197148
Receipts from insurance proceeds3864,374
Interest received6301,832
Interest paid in relation to general borrowings (7,965)(9,603)
Interest paid in relation to right of use assets(369)(393)
Net cash inflow from operating activities79,03170,352
Cash flows from investing activities
Payments for property, plant and equipment and intangible assets(9,024)(29,162)
Payments for investment property and investment property under
development(44,147)(45,645)
Proceeds from sale of assets1,52523,370
Interest paid in relation to development borrowings(6,368)(10,277)
Payments for assets held for sale-(439)
Net cash outflow from investing activities(58,014)(62,153)
Cash flows from financing activities
Proceeds from borrowings34,53162,344
Repayment of borrowings(52,596)(64,395)
Principal payments for lease liabilities(1,113)(606)
Loan refinancing fees(808)-
Net cash inflow from financing activities(19,986)(2,657)
Net increase in cash and cash equivalents1,0315,542
Cash and cash equivalents at the beginning of the period7,5897,485
Cash and cash equivalents at end of period8,62013,027
1
Net goods and services tax received includes $14.0m of GST recovered on development expenditure (Sept 24: nil).
12
Oceania
Interim Report 2026

1.General information14
1.1Basis of Preparation14
1.2Accounting Policies15
1.3Significant Events and Transactions15
1 .4Deferred Tax15
1.5Market Capitalisation15
2.Operating Performance16
2.1Operating Segments16
3.Property Assets21
3.1Village Assets: Investment Property22
3.2Care Assets: Property, Plant and Equipment24
3.3Held for Sale26
3.4Refundable Occupation Right Agreements27
4.Shareholder Equity and Funding27
4.1Shareholder Equity and Reserves27
4.2Earnings per Share29
4.3Borrowings30
5.Other Disclosures31
5.1Trade and Other Receivables31
5.2Contingencies and Commitments32
5.3Events After Balance Date32
Independent Auditor's Report33
Notes to the Consolidated
Interim Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
13
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
1. General Information
1.1 Basis of Preparation
(i) Entities Reporting
The consolidated interim condensed financial statements (“consolidated interim financial
statements”) of the Group are for the economic entity comprising Oceania Healthcare Limited
(the “Company”) and its subsidiaries (together “the Group”).
The consolidated interim financial statements incorporate the assets and liabilities of all
subsidiaries of Oceania Healthcare Limited as at 30 September 2025 and the results of all
subsidiaries for the six months then ended.
The Group owns and operates various care centres and retirement villages throughout
New Zealand. The Group’s registered office is Level 26, HSBC Tower, 188 Quay Street, Auckland,
1010, New Zealand.
(ii) Statutory Base
Oceania Healthcare Limited is a limited liability company which is domiciled and incorporated
in New Zealand. It is registered under the Companies Act 1993 and is a FMC Reporting Entity in
terms of Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the NZX
Main Board (“NZX”) and the Australian Securities Exchange (“ASX”) as a foreign exempt listing. The
consolidated interim financial statements have been prepared in accordance with the requirements
of the NZX and ASX listing rules, and Part 7 of the Financial Markets Conduct Act 2013.
The consolidated interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”). They also comply with NZ IAS 34 – Interim
Financial Reporting, IAS 34 – Interim Financial Reporting and other applicable New Zealand
Financial Reporting Standards, as appropriate for for-profit entities. They do not include all the
notes of the type normally included in the consolidated annual financial statements. Accordingly,
these consolidated interim financial statements are to be read in conjunction with the consolidated
annual financial statements for the year ended 31 March 2025, prepared in accordance with
New Zealand Equivalents to International Financial Reporting Standards (“NZ IFRS”). The Group
is a Tier 1 for-profit entity in accordance with XRB A1.
The accounting policies that materially affect the measurement of the Consolidated Statement of
Comprehensive Income, Consolidated Balance Sheet and the Consolidated Cash Flow Statement
have been applied on a basis consistent with those used in the audited consolidated financial
statements for the year ended 31 March 2025.
The consolidated interim financial statements for the six months ended 30 September 2025 and
comparatives for the six months ended 30 September 2024 are unaudited. The consolidated
annual financial statements for the year ended 31 March 2025 were audited and form the basis
for the comparative figures for that period in these statements. They are presented in New Zealand
dollars which is the Group’s presentation currency.
The consolidated interim financial statements have been prepared in accordance with the
going concern basis of accounting, which assumes that the Group will be able to realise its
assets and discharge its liabilities in the normal course of business as they come due into the
foreseeable future.
The Consolidated Balance Sheet has been prepared using a liquidity format.
(iii) Measurement Basis
These consolidated interim financial statements have been prepared under the historical cost
convention, as modified by the revaluation of certain assets and liabilities, including investment
properties, certain classes of property, plant and equipment and derivatives.
(iv) Key Estimates and Judgements
The preparation of the consolidated interim financial statements in conformity with NZ IFRS
requires the use of certain critical accounting estimates. It also requires management to exercise
their judgement in the process of applying the Group’s accounting policies.
The Group makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. Estimates and judgements
are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
The areas involving a higher degree of judgement or complexity, or areas where assumptions
and estimates are significant to the consolidated interim financial statements are disclosed in the
following notes:
• Classification of accommodation with a care or service offering (note 3)
• Fair value of investment property and investment property under development (note 3.1)
• Fair value of freehold land and buildings (note 3.2)
• Classification and fair value of held for sale facilities (note 3.3)
• Revenue recognition of deferred management fees (note 3.4)
14
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
1.2 Accounting Policies
(i) New Accounting Standards
No changes to accounting policies have been made during the year and the Group has not
early adopted any standards, amendments or interpretations to existing standards that are not
yet effective.
In May 2024 the External Reporting Board issued NZ IFRS 18: Presentation and Disclosure in
Financial Statements (‘NZ IFRS 18’), effective for reporting periods commencing on or after
1 January 2027. This accounting standard is expected to change the presentation of the Group’s
Statement of Comprehensive Income and may introduce additional note disclosures. NZ IFRS 18
does not impact the financial position, financial performance or cash flows of the Group. Other
standards, amendments and interpretations which are not yet effective are not expected to have
a material impact on the Group.
(ii) Measurement of Fair Value
The Group classifies its fair value measurement using the fair value hierarchy that reflects the
significance of the inputs used in making the measurements. The fair value hierarchy has the
following levels.
Level 1: Quoted prices (unadjusted) in active markets for the identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
The carrying amount of all financial assets and liabilities is considered to approximate
their fair value.
1.3 Significant Events and Transactions
(i) Disposal of assets
During the six months to 30 September 2025, the Woburn care centre located in Waipukurau was
sold for $1.8m.
(ii) Closure of Wesley Institute of Nursing Education
With change to the certification pathways for overseas nurses introduced in New Zealand,
a decision was made during the year ended 31 March 2025 to close the Wesley Institute of Nursing
Education. The final course concluded in April 2025.
The Wesley Institute of Nursing Education contributed $0.6m of operating expenses and EBITDA
of ($0.6m) in the current period. During the comparative period it contributed revenues of $5.3m,
operating expenses of $1.6m and EBITDA of $3.7m.
1.4 Deferred Tax
Tax losses are calculated annually on year end balances. As at 31 March 2025 the Group had an
estimated $355.3m of available tax losses.
The Group may recognise deferred tax assets to the extent that it is probable that the Group will
generate future economic profits to offset the deferred tax assets or to the extent that they offset
deferred tax liabilities. As at 31 March 2025 the Group recognised a deferred tax asset of $48.8m
representing tax losses generated in order to offset the net deferred tax liability position. All other
available losses generated are held off balance sheet.
As such the Group holds a neutral deferred tax position as at 30 September 2025.
1.5 Market Capitalisation
At balance date, the market capitalisation of the Group (being the 30 September 2025 closing
share price, as quoted on the NZX Main Board, multiplied by the number of shares on issue) was
below the carrying amount of the Group’s net assets and shareholders’ funds. In considering the
difference, the Group notes that over 90% of total assets at 30 September 2025 are property
assets carried at fair value as assessed by CBRE Limited.
15
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Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
2. Operating Performance
2.1 Operating Segments
The Group’s chief operating decision maker is the Board of Directors.
The operating segments have been determined based on the information reviewed by the Board
of Directors for the purposes of allocating resources and assessing performance. The assets
and liabilities of the Group are reported to the chief operating decision maker in total not by
operating segment.
The Group operates in New Zealand and comprises three segments; care operations, village
operations and other.
Information regarding the operations of each reportable segment is included above. Amongst
other criteria, performance is measured based on segmental underlying earnings before interest,
tax, depreciation and amortisation (“EBITDA”), which is the most relevant measure in evaluating
the performance of segments relative to other entities that operate within the aged care and
retirement village industries.
Additional segmental reporting information
Capital expenditure: Refer to note 3 for details on capital expenditure.
Goodwill: Goodwill is allocated to care cash generating units.
What is Total Comprehensive Income?
Total comprehensive income is a measure of the total performance of all segments under
NZ GAAP. It includes fair value movements relating to the Group’s care centres and cash
flow hedges.
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Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
CareVillageOther
Recognition
of Fair Value
movements on
Existing Care
Centres and
Retirement
Villages
Fair value movements are treated
the same as above.
When sites are decommissioned
for development this results in an
impairment of the buildings and
chattels which is recognised in
comprehensive income (i.e. profit
or loss).
Fair value movements are
recognised in comprehensive
income (i.e. profit or loss).
N/A
Recognition in
Underlying Profit
(refer note 2.1
overleaf)
Fair value movements are
removed.
Fair value movements are
removed. Realised gains on
resales and the development
margins from the sale of
independent living units and care
suites are included, reflective
of the ownership structure of
the assets.
No material adjustments.
Asset
Categorisation
Assets used, or, in the case of
developments, to be used, in the
provision of care are recognised
as property, plant and equipment.
Assets used, or, in the case of
developments, to be used, for
village operations are recognised
as investment property.
Corporate office assets are
recognised as property, plant
and equipment. Assets include
intangibles (e.g. software).
2.1 Operating Segments (continued)
CareVillageOther
ProductIncludes traditional care beds and
care suites.
Includes independent living and
rental properties.
N/A
ServicesThe provision of accommodation,
care and related services to
Oceania’s aged care residents.
Includes the provision of services
such as meals and care packages
to independent living residents.
The provision of accommodation
and related services to
independent residents in the
Group’s retirement villages.
Provision of support services to the
Group (includes administration,
marketing and operations).
In the comparative period this
segment includes the provision of
training by the Wesley Institute of
Nursing Education.
1

Recognition
of Operating
Revenue and
Expenses
The Group derives Operating
Revenue from the provision of care
and accommodation.
In relation to the provision of
superior accommodation above
the Government specification
the Group derives revenue
from Premium Accommodation
Charges (“PACs”) or, in the case
of care suites, through Deferred
Management Fees (“DMF”).
Operating Expenses primarily
include staff costs, resident
welfare expenses and overheads.
The Group derives Operating
Revenue from weekly service fees
and rental income. Operating
Revenue also includes DMF
accrued over the expected
occupancy period for the relevant
accommodation.
Operating Expenses include
village property maintenance,
sales and marketing, and
administration related expenses.
Includes corporate office and
corporate expenses.
Finance costs relate to the cost of
bank debt.
Income and expenditure relating
to the Wesley Institute of Nursing
Education is recognised in this
segment.
1

Recognition
of Fair Value
movements
on New
Developments
Fair value increases or decreases
are recognised in other
comprehensive income (i.e. not
in profit or loss) for the fair value
movement above historical cost.
Impairments below historical cost
are recognised in comprehensive
income (i.e. profit or loss).
Fair value movements are
recognised in comprehensive
income (i.e. profit or loss).
N/A
1
As a result of changes to the certification pathways for overseas nurses, a decision was made during the year ended 31 March 2025 to close the Wesley Institute
of Nursing Education. The final course concluded in April 2025.
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Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
2.1 Operating Segments (continued)
Six Months Ended 30 September 2025 (unaudited)
Care
Operations
Village
OperationsOther
1
Total
Revenue 102,87528,757 - 131,632
Change in fair value of investment property - 22,903 - 22,903
Other income4363007743
Total income103,31151,9607155,278
Operating expenses(91,735)(22,930)(16,439)(131,104)
Impairment of goodwill(87) - - (87)
Impairment of property, plant and equipment2,179- - 2,179
Segment EBITDA13,66829,030(16,432)26,266
Interest income--630630
Finance costs - - (13,979)(13,979)
Depreciation (buildings and care suites)(7,562)-(476)(8,038)
Depreciation and amortisation (chattels, leasehold
improvements and software)(2,889)-(967)(3,856)
Profit/ (Loss) before income tax3,21729,030(31,224)1,023
Income tax benefit4,073-(154)3,919
Profit/ (Loss) for the period attributable to shareholders7,29029,030(31,378)4,942
Other comprehensive income
Gain on revaluation of property, plant and equipment for the
period, net of tax35,846 - - 35,846
Loss on cash flow hedges, net of tax - - (395)(395)
Total comprehensive income / (loss) for the period
attributable to shareholders of the parent43,13629,030(31,773)40,393
Six Months Ended 30 September 2024 (unaudited)
Care
Operations
Village
OperationsOther
2
Total
Revenue 100,50026,7585,347132,605
Change in fair value of investment property - 26,140 - 26,140
Other income4271,32211,750
Total income100,92754,2205,348160,495
Operating expenses(92,358)(20,186)(20,941)(133,485)
Impairment of goodwill(198) - - (198)
Impairment of property, plant and equipment(25,965) - - (25,965)
Impairment of held for sale assets-(14)-(14)
Segment EBITDA(17,594)34,020(15,593)(833)
Interest income-3261,5061,832
Finance costs - - (11,848)(11,848)
Depreciation (buildings and care suites)(6,430) - (474)(6,904)
Depreciation and amortisation (chattels, leasehold
improvements and software)(2,508)-(914)(3,422)
(Loss) / Profit before income tax(26,532)34,346(27,323)(19,509)
Income tax benefit237(3,269)5,4772,445
(Loss) / Profit for the period attributable to shareholders(26,295)31,077(21,846)(17,064)
Other comprehensive income
Gain on revaluation of property, plant and equipment for the
period, net of tax30,137 - - 30,137
Loss on cash flow hedges, net of tax - - (1,231)(1,231)
Total comprehensive income /(loss) for the period
attributable to shareholders of the parent3,84231,077(23,077)11,842
1
Includes revenue of nil, operating expenses of $0.6m and EBITDA of ($0.6m) in relation to the Wesley Institute of Nursing Education.
2
Includes revenue of $5.3m, operating expenses of $1.6m and EBITDA of $3.7m in relation to the Wesley Institute of Nursing Education.
18
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Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
2.1 Operating Segments (continued)
Underlying net profit after tax (“Underlying Profit”)
Underlying Profit and Underlying EBITDA are non-GAAP measures of financial performance.
The calculation of Underlying Profit and Underlying EBITDA requires a number of estimates to be
approved by the Directors in their preparation. Both the methodology and the estimates may differ
among companies in the retirement village sector. Underlying Profit and Underlying EBITDA do not
represent cash flow generated during the period.
The Group calculates Underlying Profit and Underlying EBITDA by making the following
adjustments to reported Net Profit after Tax:
Total comprehensive income/ (loss) for the period
attributable to shareholders of the parent
RemoveFair value adjustments for investment property assets, property, plant and equipment, held for
sale assets and financial instruments
Add backImpairment of goodwill
Add back / removeLoss / gain on sale, decommissioning or purchase of assets and business assets including
associated costs and staff redundancy costs in the instance of a significant restructure or
change to the business model
Add backDepreciation (care suites)
RemoveInsurance income recognised in relation to material damage due to adverse weather events
Add backDirectors’ estimate of realised gains on the resale of units and care suites sold under an ORA
Add backDirectors’ estimate of realised development margin on the first sale of new ORA units or care
suites following the development of an ORA unit or care suite, conversion of an existing care bed
to a care suite or conversion of a rental unit to an ORA unit
Add backDeferred taxation component of taxation expense so that only the current tax expense is reflected
=Underlying Profit
RemoveInterest income
Add backFinance costs (including lease interest under NZ IFRS 16 Leases but excluding fair value of loan
modification and hedge ineffectiveness)
Add backDepreciation and amortisation (including right of use and property, plant and equipment)
Add backCurrent tax expense
=Underlying EBITDA
Resale gain – Underlying Profit
The Directors’ estimate of realised gains on resales of ORA units and care suites (i.e. the difference
between the incoming resident’s ORA licence payment and the ORA licence payment previously
received from the outgoing resident) is calculated as the net cash flow received, and receivable
at the point that the ORA contract becomes unconditional and has either “cooled off” (the
contractual period in which the resident can cancel the contract) or where the resident is in
occupation at balance date.
Development margin – Underlying Profit
The Directors’ estimate of realised development margin is calculated as the ORA licence payment
received, and receivable, in relation to the first sale of new ORA units and care suites, at the point
that the ORA contract becomes unconditional and has either “cooled off” or where the resident
is in occupation at balance date, less the development costs associated with developing the ORA
units and care suites. Where the development has been acquired in a business combination the
development costs are equal to the purchase price.
The Directors’ estimate of realised development margin for conversions is calculated based on the
difference between the ORA licence payment received, and receivable, in relation to sales of newly
converted ORA units and care suites, at the point that the ORA contract becomes unconditional
and has either “cooled off” or where the resident is in occupation at balance date, and the
associated conversion costs.
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Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
2.1 Operating Segments (continued)
The table below describes the composition of development and conversion costs.
IncludedNew builds:
• the construction costs directly attributable to the relevant project, including any required
infrastructure (e.g. roads) and amenities related to the units (e.g. landscaping) as well as any
demolition and site preparation costs associated with the project. The costs are apportioned
between the ORA units and care suites, in aggregate, using estimates provided by the project
quantity surveyor. The construction costs for the individual ORA units or care suites sold are
determined on a prorated basis using gross floor areas of the ORA units and care suites.
• an apportionment of land value based on the gross floor area of the ORA units and care suites
developed. The value for Brownfield
1
development land is the estimated fair value of land at the time
a change of use occurred
2
(from operating as a care centre or retirement village to a development
site), as assessed by an external independent valuer. Greenfield
3
development land is valued at
historical cost; and
• capitalised interest costs to the date of project completion apportioned using the gross floor area of
ORA units and care suites developed.
Conversions:
• of care beds to care suites - the actual refurbishment costs incurred; and
• of rental units to ORA units - the actual refurbishment costs incurred and the fair value of the rental
unit prior to conversion.
Excluded• Construction, land (apportioned on a gross floor area basis) and interest costs associated with
common areas and amenities or any operational or administrative areas.
1
Brownfield land refers to land previously utilised by, or part of, an operational aged care centre or retirement village.
2
The timing of a change of use is a Directors’ estimate. It is based on a range of factors including evidence of steps taken to secure a resource consent and/or
building consent for a particular development or stage of a development and the decommissioning of existing operations (either through the buy-back of existing
village ORA units or decommissioning of an existing care centre). Note the cost of buybacks is not included in the development cost as an independent fair value
of the land on an unencumbered basis is used as the value ascribed to the development land.
3
Greenfield land refers to land not previously utilised by, or as part of, an operational aged care centre or retirement village. Greenfield land is typically bare
(undeveloped) land at the time of purchase.
4
Includes revenue of nil, operating expenses of $0.3m and EBITDA of ($0.3m) in relation to the Wesley Institute of Nursing Education.
Six Months Ended 30 September 2025 (unaudited)
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive (loss) / income for the period
attributable to shareholders of the parent43,13629,030(31,773)40,393
Adjusted for Underlying Profit items
Less: Fair value adjustments for investment property assets,
property, plant and equipment, held for sale assets and
cashflow hedges(38,025)(22,903)395(60,533)
Add: Impairment of goodwill87 - - 87
Add: Depreciation (care suites)6,802 - - 6,802
Add: Amortisation of fair value of loan modification--716716
Add: Loss on sale of business assets including associated costs
and restructure costs4613621,0071,830
Add: Realised resale gain - 15,737 - 15,737
Add: Realised development margin - 22,670 - 22,670
Underlying net profit / (loss) before tax12,46144,896(29,655)27,702
Less: Deferred tax benefit (4,073)-154(3,919)
Underlying net profit / (loss) after tax8,38844,896(29,501)23,783
Less: Interest income - -(630)(630)
Add: Finance costs (excluding fair value of loan modification
and hedge ineffectiveness)--13,26313,263
Add: Depreciation (buildings)760-4771,237
Add: Depreciation and amortisation (chattels, leasehold
improvements and software)2,889 - 9673,856
Underlying EBITDA12,03744,896(15,424
4
)41,509
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Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
2.1 Operating Segments (continued)
Six Months Ended 30 September 2024 (unaudited)
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive income / (loss) for the period attributable
to shareholders of the parent3,84231,077(23,077)11,842
Adjusted for Underlying Profit items
Less: Fair value adjustments for investment property assets,
property, plant and equipment, held for sale assets and
cashflow hedges(4,172)(26,126)1,231(29,067)
Add: Impairment of goodwill198 - - 198
Add: Depreciation (care suites)5,674 - - 5,674
Add: Loss on sale of business assets including associated costs
and restructure costs - (398) - (398)
Add: Realised resale gain - 17,655 - 17,655
Add: Realised development margin - 20,519 - 20,519
Underlying net profit before tax5,54242,727(21,846)26,423
Less: Deferred tax benefit (237)3,269(5,477)(2,445)
Underlying net profit after tax5,30545,996(27,323)23,978
Less: Interest income - (326)(1,506)(1,832)
Add: Finance costs (excluding fair value of loan modification
and hedge ineffectiveness) 11,84811,848
Add: Depreciation (buildings)757 - 4741,231
Add: Depreciation and amortisation (chattels, leasehold
improvements and software)2,508 - 9143,422
Underlying EBITDA8,57045,670(15,593
1
)38,647
3. Property Assets
The Group operates care centres and retirement villages. As outlined in section 2.1, village sites are
typically investment property and care sites are typically property, plant and equipment.
What is Investment Property?
Land and buildings are classified as investment property when they are held to generate
revenue either through capital appreciation or through rental income.
As residents occupying our retirement villages live independently, the level of services provided
is seen as secondary to the provision of accommodation. Accordingly, these buildings are
classified as investment property as they are held primarily to generate DMF income.
What is Property, Plant and Equipment?
Land, buildings and chattels are classified as property, plant and equipment when
they are used to generate revenue through the provision of goods and services or for
administration purposes.
As residents occupying our care centres, including care suites, require services including
nursing care, meals and laundry the buildings in which they live are considered to be operated
by the Group to generate this revenue and are classified as property, plant and equipment.
What is a Care Suite?
Care suites are a premium offering for a resident requiring rest home or hospital level care. The
care suite is located within a care centre. Rather than pay a daily premium accommodation
charge for the provision of the premium room the residents enter into an ORA with a net
management fee.
What is Held for Sale?
Assets are classified as held for sale when the carrying amount will be recovered principally
through a sale transaction rather than through continuing use.
1
Includes revenue of $5.3m, operating expenses of $1.6m and EBITDA of $3.7m in relation to the Wesley Institute of Nursing Education.
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Oceania
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Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
3. Property Assets (continued)
Classification of Serviced Apartments and Care Suites
Where services are provided to residents who occupy accommodation under an ORA, it is the
Group’s policy to assess their level of significance in the context of the overall income derived
from the serviced apartment or care suite in ascertaining whether the serviced apartment
or care suite is freehold land and buildings (referred to as property, plant and equipment) or
investment property.
The Group applies the following principles when ascertaining the appropriate accounting
treatment to be applied:
3.1 Village Assets: Investment Property
$NZ000’sNotes
Unaudited
September 25
Audited
March 25
Investment property under development at fair value
Opening balance139,865181,968
Impact of change to GST taxable supplies
2
(831)(593)
Capitalised expenditure (including land acquisitions)28,86154,575
Capitalised interest and line fees1,6988,806
Disposal-(305)
Transfer to completed investment property(660)(100,105)
Transfer to property, plant and equipment-(1,750)
Transfer from held for sale
3.3-1,340
Change in fair value during the period 65(4,071)
Closing balance168,998139,865
Completed investment property at fair value
Opening balance1,832,1681,633,418
Impact of change to GST taxable supplies
2
-(1,382)
Transfer from investment property under development660100,105
Transfer from/ (to) property, plant and equipment
3.2-(800)
Transfer from held for sale
3.3- 7,330
Capitalised expenditure9,66414,101
Capitalised interest and line fees-755
Disposal-(15,600)
Change in fair value during the period 22,83894,241
Closing balance1,865,3301,832,168
Total investment property2,034,3281,972,033
CLASSIFICATION
CONSIDERATION OF SIGNIFICANCE OF CASH FLOWS
SCENARIO
Additional services
are optional.
Services are
compulsory but an
insignificant portion
of total revenue
from the unit.
Services are
compulsory and a
significant portion
of the total revenue
from the unit.
Full ARRC
1

funded care is
compulsory
for that unit/bed.
Independent living
(villa or apartment)
Care suiteServiced apartmentTraditional care bedPrivate care
Qualitatively the
business model is
the provision of
retirement
accommodation.
Quantitatively
insignificant
(a guideline of
under 20% of total
revenue is adopted)
and qualitatively
the business model
is the provision
of retirement
accommodation.
Quantitatively
significant.
Qualitatively the
business model is
the provision of
care.
Qualitatively the
business model is
the provision of care.
Quantitative
assessment not
relevant as price
of accommodation
does not change
overall purpose of the
accommodation.
Investment Property
Village Assets
Property, Plant and
Equipment Care Assets
Operating
outside the ARRC
1

with services set
by the operator.
Qualitatively the
business model is
the provision of care.
Quantitative
assessment not
relevant as price
of accommodation
does not change
overall purpose of the
accommodation.
1
ARRC refers to age-related residential care.
2
Relates to GST claimed on land purchased in a prior period subject to a change in use adjustment in the current period.
22
Oceania
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Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
3.1 Village Assets: Investment Property (continued)
Change in Fair Value Recognised in the Consolidated Statement of Comprehensive Income
$NZ000’s
Unaudited
September 25
Unaudited
September 24
Increase in fair value of investment property62,29580,648
Less: Transfers to property, plant and equipment, right of use assets and held for sale during
the period- (6,920)
Less: Capitalised expenditure including capitalised interest(39,392)(47,588)
Change in fair value recognised in Consolidated Statement of Comprehensive Income22,90326,140
A reconciliation between the valuation and the amount recognised as investment property is
as follows:
$NZ000’s
Unaudited
September 25
Audited
March 25
Investment Property under development
Valuation168,998139,865
168,998139,865
Completed Investment Property
Valuation901,768919,089
Add: Refundable occupation licence payments1,174,1871,121,025
Add: Residents’ share of resale gains5,0005,050
Less: Management fee receivable(203,390)(190,387)
Less: Resident obligations for units not included in valuation (12,235)(22,609)
1,865,3301,832,168
Total investment property at fair value2,034,3281,972,033
Where an incoming resident has an unconditional ORA in respect of a retirement village unit and
the corresponding outgoing resident for that same accommodation has not yet been refunded,
the independent valuation is adjusted for the incoming resident balances only. In certain
circumstances accommodation under an ORA is valued as development land. In these situations
the independent valuation is not adjusted for the refundable amounts and consequently no
offsetting “gross up” is required. An adjustment of $12.2m (March 2025: $22.6m) is included in
the above reconciliation to reflect this.
The valuation of investment property is adjusted for cash flows relating to refundable occupation
licence payments, residents’ share of resale gains and management fee receivable recognised
separately on the Consolidated Balance Sheet and also reflected in the valuation model.
Why do we adjust for the liability to residents?
In the external valuation the fair value of investment property includes an allowance for the
amount that is payable by the Group to residents already in occupation within the property.
However, this liability to existing residents is recognised in the Group’s Consolidated Balance
Sheet (referred to as refundable occupation right agreements – refer to note 3.4). Accordingly,
the Group adds this net liability to residents to the external valuation to “gross up” the fair
value of investment property and avoid double counting the liability to residents.
Valuation Process and Key Inputs
Investment Property under Development
CBRE Limited provided a desktop review of development land in respect of investment property
under development as at 30 September 2025 (March 2025: CBRE Limited full valuation).
The fair value of investment property is determined by the Directors having taken into consideration
the valuation conducted by the external valuers as independent registered valuers and the cost of
work undertaken in relation to investment property under development, including any associated
capitalised interest costs during the development period.
The Group has applied the following methodology in relation to the measurement of investment
property under development:
Practical completion not achieved
Where the development still requires substantial work such that practical completion is not going
to be achieved, and a reliable estimate of fair value cannot be made, at or close to balance date,
the fair value recognised is the fair value of the development land per the Directors’ valuation
plus the cost of any work in progress. Work in progress includes any interest costs on debt
drawn to fund the development during the development period. A work in progress amount of
$5.3m as at 30 September 2025 (March 2025: $40.9m) has been recognised in relation to these
development sites.
Where an individual development is of both investment property and freehold buildings in nature,
the fair value of land and work in progress is apportioned between investment property under
development and freehold land and buildings under development, by applying the estimated gross
floor area for these respective areas of the development based on information obtained from the
project quantity surveyors at the planning and design stages.
23
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
3.1 Village Assets: Investment Property (continued)
Practical completion achieved
Where a development is practically completed, or likely to be completed at, or close to, balance
date the investment property is measured at its completed fair value per the Directors’ valuation
with an adjustment made for any estimated costs, in accordance with the project budget, to be
incurred to complete the development, and is then transferred to completed investment property.
Completed Investment Property
CBRE Limited provided a desktop review of investment property as at 30 September 2025
(31 March 2025: CBRE Limited full valuation).
As required by NZ IAS 40 Investment Property, the valuation of investment property is adjusted for
cash flows relating to refundable occupation licence payments, residents’ share of resale gains and
management fees receivable recognised separately on the Consolidated Balance Sheet and also
reflected in the valuation model.
Any interest costs incurred on outstanding development debt balances after the completion of
the development are recognised through the Statement of Comprehensive Income, an amount of
$3.8m in the period (September 2024: $3.0m).
The Group’s interest in all completed investment property was valued on 30 September 2025 by
CBRE Limited (March 2025: CBRE Limited) at a total of $901.8m (March 2025: $919.1m).
Property Specific Assumptions
Seismic Assessments
In the prior period the external valuations, and accordingly the fair value of investment property,
incorporated an allowance in relation to remediation to properties where seismic strength testing
has been carried out.
Significant Unobservable Inputs
The significant unobservable input used in the fair value measurement of the Group’s development
land is the value per m2 assumption. Increases in the value per m2 rate result in the corresponding
increases in the total valuation.
The significant unobservable inputs used in the fair value measurement of the Group’s portfolio of
completed investment property are the discount rate and property price growth rate. There are no
interdependencies or interplays between unobservable inputs.
3.2 Care Assets: Property, Plant and Equipment

$NZ000’sNotes
Freehold Land
and Buildings
Under
Development
Freehold
Land
Freehold
Buildings
Chattels and
Leasehold
ImprovementsTotal
Period ended 30 September 2025
(unaudited)
Opening net book amount49,591125,202624,52129,172828,486
Additions2,261 - 3,6563,1069,023
Capitalised interest and line fees146 - 485 - 631
Disposals(61)(421)(1,159)(233)(1,874)
Depreciation
1
- - (7,510)(2,807)(10,317)
Transfer from investment property
3.1- - - - -
Reclassification within Property, Plant and
Equipment(40,492)4,35434,6341,504 -
Revaluation surplus
Change in fair value recognised in
comprehensive income -1252,054 - 2,179
Change in fair value recognised in other
comprehensive income
2
5,77439133,754 - 39,919
Closing net book amount 17,219129,651690,43530,742868,047

At 30 September 2025
Cost -- - 68,11268,112
Valuation 17,219129,651690,435 - 837,305
Accumulated depreciation - - - (37,370)(37,370)
Net book amount17,219129,651690,43530,742868,047
1
The amounts on the face of the Statement of Comprehensive Income in relation to depreciation includes $1.6m in relation to right of use assets and software
amortisation not included in this note.
2
The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax.
24
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
3.2 Care Assets: Property, Plant and Equipment (continued)
$NZ000’sNotes
Freehold Land
and Buildings
Under
Development
Freehold
Land
Freehold
Buildings
Chattels and
Leasehold
ImprovementsTotal
Year ended 31 March 2025 (audited)
Opening net book amount78,608116,111554,70321,455770,877
Additions21,357-8,8479,28439,488
Capitalised interest and line fees1,438-1,960-3,398
Disposals-----
Depreciation
1
--(13,358)(5,660)(19,018)
Transfer from investment property
3.11,750- 800-2,550
Transfer to held for sale
3.3482,8002,7975526,197
Reclassification within Property, Plant and
Equipment(42,825)1,78237,5023,541-
Revaluation surplus
Change in fair value recognised in
comprehensive income
2
(9,685)(245)(16,081)-(26,011)
Change in fair value recognised in other
comprehensive income
3
(1,100)4,75447,351-51,005
Closing net book amount 49,591125,202624,52129,172828,486
At 31 March 2025
Cost ---64,14264,142
Valuation 49,591125,202624,521-799,314
Accumulated depreciation ---(34,970)(34,970)
Net book amount49,591125,202624,52129,172828,486
Land and Buildings Under Development
A desktop review in respect of development land was provided by CBRE Limited as at
30 September 2025 (March 2025: full valuation).
Any costs incurred to 30 September 2025 on the developments are included in arriving at the
fair value as at 30 September 2025.
The Group has applied the following methodology in relation to the measurement of land and
buildings under development:
Practical completion not achieved
Where the development still requires substantial work such that practical completion is not going
to be achieved, and a reliable estimate of fair value cannot be made, at or close to balance date,
the fair value recognised is the fair value of the development land per the Directors’ valuation
plus the cost of any work in progress. Work in progress includes any interest costs on debt
drawn to fund the development during the development period. A work in progress amount of
$5.3m as at 30 September 2025 (March 2025: $30.6m) has been recognised in relation to these
development sites.
Where an individual development is of both investment property and freehold buildings in nature,
the fair value of land and work in progress is apportioned between investment property under
development and freehold land and buildings under development, by applying the estimated gross
floor area for these respective areas of the development based on information obtained from the
project quantity surveyors at the planning and design stages.
Practical completion achieved
Where a development is practically completed, or likely to be completed at, or close to, balance
date the land and buildings are measured at its completed fair value per the Directors’ valuation
with an adjustment made for any estimated costs, in accordance with the project budget, to be
incurred to complete the development, and is then transferred to completed land and buildings.
1
The amounts on the face of the Statement of Comprehensive Income in relation to depreciation includes $3.1m in relation to right of use assets and software
amortisation not included in this note.
2
One site, Elmwood, has just completed a brownfield care development. This development required the closure of the existing care suites and a number of
residents were relocated to the newly developed care suite building. Impairments of $25.8m and $2.4m were recognised in Comprehensive Income and Other
Comprehensive Income within the Consolidated Financial Statements for the year ended 31 March 2025.
3
The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax.
25
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
3.2 Care Assets: Property, Plant and Equipment (continued)
Completed Land and Buildings
A desktop review in respect of completed land and buildings was provided by CBRE Limited as at
30 September 2025 (March 2025: full valuation).
Any interest costs incurred outstanding development debt balances after the completion of that
development are recognised through the Statement of Comprehensive Income, an amount of
$2.0m in the period (September 2024: $1.4m).
The valuation of the Group’s care centres was apportioned to land, buildings, chattels and
goodwill. The fair value of land and buildings as calculated by CBRE Limited is based on the level
of rent able to be generated from the maintainable net cash flow of the site subject to average
efficient management. The fair value of the Group’s land and buildings as determined by the
Directors is based on these apportionments. However, chattels are carried at historic cost less
depreciation and the amount apportioned to goodwill by CBRE Limited is not recorded in the
consolidated financial statements.
Care Suites and Serviced Apartments
As discussed earlier in note 3, where services are provided to residents who occupy
accommodation under an ORA, it is the Group’s policy to look at the significance of these
services in the context of the overall revenue derived from the care suite or serviced apartment
in ascertaining whether the care suite or serviced apartment is property, plant and equipment
or investment property. Care suite residents occupying accommodation under an ORA receive a
significant level of services. Hence, they are included in property, plant and equipment. Care suite
land and buildings are held at fair value.
Serviced apartments relate to accommodations where a base level of services are provided to
independent residents and are classified as investment property.
Key Accounting Estimates and Judgements
All land and buildings have been determined to be Level 3 (March 2025: Level 3) in the fair value
hierarchy as the fair value is determined using inputs that are unobservable.
Significant Unobservable Inputs
The significant unobservable input used in the fair value measurement of the Group’s development
land is the value per m2 assumption. Increases in the value per m2 rate result in the corresponding
increases in the total valuation.
The significant unobservable inputs used in the fair value measurement of the Group’s portfolio
of completed land and buildings is the capitalisation rate applied to earnings. A significant
decrease/ (increase) in the capitalisation rate would result in significantly higher/ (lower) fair
value measurement.
3.3 Held for Sale
Assets are classified as held for sale when their carrying amount is to be recovered principally
through a sale transactions and a sale is considered highly probable. They are stated at the lower
of carrying amount and fair value less costs to sell, except for investment property assets held for
sale which are carried at fair value.
Assets previously classed as Investment Properties are held on the Consolidated Balance Sheet
at their fair value, assets previously classed as Property, Plant and Equipment are held on the
Consolidated Balance Sheet at current valuation, which is the lower of fair value less costs to sell
and the carrying amount.
Changes in fair value from the date of classification to held for sale are recognised in
comprehensive income. See note 3.4 for resident liabilities associated with held for sale assets in
the prior period.
As at 30 September 2025 there are no sites that meet the accounting definition of held for sale.
Sites currently being considered for divestment are subject to targeted negotiations or have
previously been classified as Held for Sale for more than 12 months. (March 2025: nil).
26
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
3.4 Refundable Occupation Right Agreements
What is an ORA?
An ORA is a contract which sets out the terms and conditions of occupation of an independent
living unit or care suite. A new resident is charged a refundable occupation licence payment in
consideration for the right to occupy one of the Group’s units, apartments or care suites. On
termination of the ORA the occupation licence payment is repaid to the exiting resident.
What is DMF?
An amount equal to a capped percentage of the occupation licence payment is charged by
the Group as a management fee for the right of use of the unit and enjoyment of the common
areas of the village. The deferred management fee is payable by the resident on termination
of the ORA.
$NZ000’s
Unaudited
September 25
Audited
March 25
Village
Refundable occupation licence payments1,174,1871,121,025
Residents’ share of resale gains5,0005,050
Less: Management fee receivable (per contract)(253,739)(241,897)
925,448884,178

Care Suites
Refundable occupation licence payments300,458273,778
Less: Management fee receivable (per contract)(54,740)(51,143)
245,718222,635
Total refundable occupation right agreements1,171,1661,106,813
Reconciliation of Management Fees recognised under NZ IFRS and per ORA
$NZ000’s
Unaudited
September 25
Audited
March 25
Village
Management fee receivable (per contract)(253,739)(241,897)
Deferred management fee50,34951,510
Management fee receivable (per NZ IFRS)(203,390)(190,387)
Care Suites
Management fee receivable (per contract)(54,740)(51,143)
Deferred management fee5,0145,769
Management fee receivable (per NZ IFRS)(49,726)(45,374)
4. Shareholder Equity and Funding
4.1 Shareholder Equity and Reserves
Unaudited
September
2025
Shares
Audited
March 2025
Shares
Unaudited
September
2025
$NZ000’s
Audited
March 2025
$NZ000’s
Share capital
Issued and fully paid-up capital724,231,030724,231,030715,960715,960
Total contributed equity724,231,030724,231,030715,960715,960
Movements
Opening balance of ordinary shares issued724,231,030724,154,779715,960715,960
Shares issued for Long Term Incentive Scheme-76,251--
Closing balance of ordinary shares issued724,231,030724,231,030715,960715,960
All ordinary shares rank equally with one vote attached to each fully paid ordinary share. The
shares have no par value. The Company incurred no transaction costs issuing shares during the
period (March 2025: nil).
27
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
4.1 Shareholder Equity and Reserves (continued)
Long Term Incentive (“LTI”)
On 15 September 2020 the Board approved a Long Term Incentive Scheme for its senior executives
(“LTI Scheme”). The LTI Scheme was established to:
a. provide an incentive to key executives to commit to Oceania for the long term; and
b. align these executives’ interests with the interests of Oceania’s shareholders.
Participants in the Scheme were granted Share Rights from time to time which, subject to meeting
certain performance hurdles and the vesting criteria, convert into an entitlement to receive
ordinary shares. The performance hurdles relate to Oceania’s total shareholder return relative to
the NZX50 Group and, for certain schemes, Oceania’s performance against underlying earnings
per share targets.
Share Rights became exercisable if the performance hurdles were met over the period from the
commencement date to the measurement date and the holder remained employed on the vesting
date, and in certain other exceptional circumstances. On becoming exercisable, each Share Right
entitled the holder to receive one fully paid ordinary share in Oceania Healthcare Limited, less an
adjustment for tax paid on the holder’s behalf for the benefit received under the Scheme. The Share
Rights had a nil exercise price.
Share Rights lapse where the performance hurdles are not met on a relevant measurement date
or, in general, where the participant ceases to be employed by the Group before the vesting date
(except in exceptional circumstances).
SchemeIssue DateShare Rights issuedShare Rights lapsedShare Rights vested
2020 LTI20 September 20201,948,0611,599,054349,007
2021 LTI10 September 20211,078,125984,87593,250
2022 LTI18 November 20221,430,1501,430,150-
LTI – Share Options
On 11 September 2023 the Board approved a new Share Option Plan. The option plan was
established to:
(a) Reward and retain key employees;
(b) Drive longer-term performance and alignment of incentives of participants with the interests
of Oceania’s shareholders; and
(c) Encourage longer term decision-making by participants.
Participants in the Option Plan are granted options to acquire ordinary shares from time to time.
These options are exercisable by participants subject to those participants’ continued employment
by Oceania, during specified exercise periods for a set exercise price. On exercise of the options,
the Group will facilitate a cashless (net settled) exercise by issuing such number of shares as
is equal to the difference between the then current market value of Oceania’s shares and the
exercise price (less an adjustment for tax paid on the holder’s behalf for the benefit received),
multiplied by the number of options being exercised, divided by the then current market value
of Oceania’s shares.
28
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
4.1 Shareholder Equity and Reserves (continued)
SchemeIssue DateExercise Date
Participants as
at 30 Sept 2025
Share Options
issued
Share Options
forfeited
Exercise
price
2023 Option Plan11 September 2023May 2026316,666,6677,142,858$0.82
2023 Option Plan30 April 2024May 202604,761,9044,761,904$0.82
2023 Option Plan15 October 2024May 202675,476,1951,428,573$0.82
2024 Option Plan15 October 2024May 20271775,385n/a$0.76
2024 Option Plan10 December 2024May 20272938,461307,692$0.76
2025 Option Plan23 June 2025May 202823,059,190n/a$0.65
2025 Option Plan5 September 2025May 20281660,000n/a$0.65
Dividends
Unaudited
September
2025
cents
per share
Unaudited
September
2025
$NZ000’s
Audited
March 2025
cents
per share
Audited
March 2025
$NZ000’s
Final dividend for the prior period ----
Interim dividend for the period ----
Total dividends declared during the period---
Oceania has updated its dividend policy to better align dividend payments with operating
cashflows. The dividend policy is to pay out between 40% and 60% of Free Cash Flow from
Operations. The Board may consider a dividend above or below this policy range, subject to the
Company’s cash flow requirements and investment opportunities.
Free Cash Flow from Operations adjusts statutory operating cash flows by excluding development
related sales and buybacks, and incorporating maintenance capital expenditure, lease principal
repayments, and other one off items outside the normal course of business.
Asset Revaluation Reserve
The asset revaluation reserve is used to record the revaluation of freehold land and buildings and
land and buildings under development. The amounts are recognised in the Consolidated Statement
of Comprehensive Income when it affects profit or loss. Refer to note 3.2.
Cash Flow Hedge Reserve
The cash flow hedge reserve is used to record gains or losses on instruments used as cash flow
hedges. The amounts are recognised in the Consolidated Statement of Comprehensive Income
when the hedged transaction affects profit or loss. Refer to note 5.6 of the 31 March 2025
consolidated financial statements.
4.2 Earnings per share
Basic
Basic earnings per share is calculated by dividing the profit after tax of the Group by the weighted
average number of ordinary shares outstanding during the period.
Unaudited
September
2025
Unaudited
September
2024
Profit/ (Loss) after tax ($’000)4,942(17,064)
Weighted average number of ordinary shares outstanding (‘000s)724,231724,204
Basic earnings per share (cents per share)0.7(2.4)
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary
shares outstanding to assume conversion of all dilutive potential ordinary shares. As at
30 September 2025 there were nil shares with a dilutive effect (September 2024: Nil).
Unaudited
September
2025
Unaudited
September
2024
Profit/ (Loss) after tax ($’000)4,942(17,064)
Weighted average number of ordinary shares outstanding (‘000s)724,231724,204
Diluted earnings per share (cents per share)0.7(2.4)
29
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
4.3 Borrowings
$NZ000’s
Unaudited
September
2025
Audited
March 2025
Secured
Bank loans392,568410,633
Capitalised loan costs(1,606)(1,028)
Loan Modification gain(4,708)(5,425)
Retail Bond – OCA010125,000125,000
Retail Bond – OCA020100,000100,000
Capitalised bond costs(1,181)(1,432)
Total borrowings610,073627,748
Current--
Non current617,568635,633
Total borrowings excluding capitalised loan costs and loan modification gains617,568635,633
Recognition and Measurement
Bank Loans
Interest is charged using the BKBM Bill rate plus a margin and line fee. Interest rates applicable
in the six month period to 30 September 2025 ranged from 4.0% to 5.2% (year to 31 March 2025:
5.0% to 7.1%).
Retail Bond
NZDX IDIssue DateNo. of bonds$NZ000’sMaturityFixed Interest
Unaudited
Trading Interest
at September 25
Audited
Trading Interest
at March 25
OCAO1019 Oct 20125.0m$125,00019 Oct 272.3%5.8%6.81%
OCA02013 Sept 21 100.0m$100,00013 Sept 283.3%5.27%6.15%
The bonds are quoted on the NZX Debt Market and their fair value at balance date is based on
their listed market price as at balance date. Interest on OCA010 is payable quarterly in January,
April, July and October in equal instalments. As at 30 September 2025 the fair value of OCA010
was $116.7m (31 March 2025: $112.8m).
Interest on OCA020 is payable quarterly in March, June, September and December
in equal instalments. As at 30 September 2025 the fair value of OCA020 was $93.8m
(31 March 2025: $90.9m).
Debt Financing
On 4 March 2025 it was announced that the group has extended the maturity of it bank debt
facilities to three and five years and introduced a new lender to the syndicate with financial
close to occur on 1 May 2025. The total limit of bank facilities will remain at $500m and the
split as follows:
i. General Corporate Facility limit $50m, 3 year tenor;
ii. General Corporate Facility limit $185m, 5 year tenor; and
iii. Development Facility limit remains at $265m, 5 year tenor.
The facilities are held by a banking syndicate comprising ANZ, BNZ, ASB and ICBC.
The refinance included a change to interest rates which has resulted in the recognition of a loan
modification gain of $5.4m as at 31 March 2025.
On 1 May 2025, concurrent with financial close, the group reallocated $50m from the five year
General Corporate Facility to the Development Facility.
The entire debt facility is sustainability-linked for the entire five year period with a penalty in the
event of the Group not satisfying certain ESG targets and an interest discount in the event that
certain targets are met. For the period to 31 March 2025, two targets were met and a discount
was received.
Financing Arrangements
At 30 September 2025, the Group held committed bank facilities with drawings as follows:
$NZ000’s
Unaudited
September 2025
Audited
March 2025
CommittedDrawnCommittedDrawn
General Corporate Facility185,000105,005185,000112,105
Development Facility315,000287,563315,000298,528
Total500,000392,568500,000410,633
The Group’s revolving Development Facility is utilised to cover costs associated with current
development projects. The revolving General Corporate Facility is used for general corporate
purposes as well as for development land and initial costs for projects not currently funded by
the Development Facility.
30
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
4.3 Borrowings (continued)
Interest on the General Corporate Facility is typically payable quarterly. Interest on the
Development Facility is capitalised and repaid together with principal using the ORA licence
proceeds received upon settlement of initial sales of newly developed units and care suites. Line
fees are payable quarterly on the committed General Corporate Facility and the Committed
Development Facility.
The financial covenants in the Group’s debt facilities, with which the Group must comply include:
a) Interest Cover Ratio - the ratio of Adjusted EBITDA to Net Interest Charges, where interest
charges relates to the interest and commitment fees in relation to the General Corporate
Facility, is not less than 2.0x;
b) Loan to Value Ratio – the ratio of total bank indebtedness shall not exceed 50% of the total
property value of all Group’s properties (including the “as-complete” valuations for projects
funded under the Development Facility); and
c) Guarantor Group Coverage – at all times the adjusted EBITDA of the Guaranteeing Group
must be at least 90% of the Adjusted EBITDA of the total tangible assets of the Group; and
d) Development – at all times the outstanding principal amount under the Development
Facility shall not exceed the Development Value. Development Value (per the most recent
valuation excluding any settled stock) is the aggregate value of all Residential Facilities in all
Developments that are being funded by the Development Facility less their cost to complete.
The covenants are tested half yearly. All covenants have been complied with during the period. The
Group has agreed with its banks that the calculation of Adjusted EBITDA and Net Interest, for the
purposes of the financial covenants, shall continue to be based on the accounting treatment in use
before the introduction of NZ IFRS 16 Leases. No changes have been made to these covenants as
part of the refinance.
Assets Pledged as Security
The bank loans and bonds of the Group are secured by mortgages over the Group’s care centre
freehold land and buildings and rank second behind the Statutory Supervisors where the land and
buildings are classified as investment property and investment property under development.
As at 30 September 2025 the balance of the bank loans over which the properties are held as
security is $392.6m (March 2025: $410.6m).
5. Other Disclosures
5.1 Trade and Other Receivables
$NZ000’s
Unaudited
September 25
Audited
March 25
Net trade and other receivables
Trade receivables20,93619,207
Less: Loss allowance (277)(263)
20,65918,944
Occupation licence payment receivable
1
88,80893,895
Insurance Receivables-248
Prepayments and Other Receivables3,7844,704
Trade and other receivables113,251117,791
Recognition, Measurement and Judgements in Applying Accounting Policies
The Group applies the simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for all trade receivables and requires recognition from initial
recognition of the trade receivable. To measure expected credit losses, trade receivables have been
grouped and reviewed on the basis of the number of days since resident departure and the funding
stream and type of debtor. Judgement is used in selecting the inputs to the impairment calculation
and is based on past history and forward looking assumptions.
The Group has the following financial assets subject to the application of the expected credit
loss model:
• Trade receivables from care operations for the provision of care fees revenue for rest home and
hospital fees. These are split between private amounts owed by residents and amounts due from
agencies such as the Ministry of Health and ACC.
• Trade receivables from village operations for the provision of weekly service fees and occupation
licence payment receivables. These are receivable from residents.
The Group has applied a simplified approach to calculating the expected loss rate expected by applying
a 1.5% allowance to trade receivables from care operations (March 2025: 1.5%) and 0% from village
operations (March 2025: 0%), adjusted for any other known factors with respect to individual debts.
There is no significant concentration of credit risk as trade receivables relate to individual residents
and government agencies.
1
Occupation licence receivable includes an amount of $65.0m in relation to short term occupation licence receivables expected to be recovered in less than
12 months. (March 2025: $65.1m).
31
Oceania
Interim Report 2026

Notes to the Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
5.2 Contingencies and Commitments
At 30 September 2025, the Group had no contingent liabilities (March 2025: nil).
At 30 September 2025, the Group has a number of commitments to develop and construct certain
development sites totalling $11.5m (March 2025: $31.0m).
On 15 September 2025, the Group entered into a conditional sale and purchase agreement for a
3.7-hectare parcel of land adjacent to Franklin Village. The purchase is conditional on procuring
rezoning of the property and obtaining a resource consent from the relevant authority that permits
the Group’s intended use and development. A non refundable deposit of $0.3 million was paid
on 29 October 2025. The balance of the purchase price becomes due once all conditions have
been met and will be paid in staged instalments, with all payments expected to be completed
by March 2030.
There are no significant unrecognised contractual obligations entered into for future repairs
and maintenance at balance date.
5.3 Events After Balance Date
There have been no significant events after balance date.
32
Oceania
Interim Report 2026

Independent Auditor’s Review Report
A member firm of Ernst & Young Global Limited
IInnddeeppeennddeenntt aauuddiittoorr’’ss rreevviieeww rreeppoorrtt ttoo tthhee sshhaarreehhoollddeerrss ooff
OOcceeaanniiaa HHeeaalltthhccaarree LLiimmiitteedd
CCoonncclluussiioonn
We have reviewed theconsolidated interimcondensedfinancial statements ("interim financial statements") ofOceania
Healthcare Limited (“the Company”)and its subsidiaries (together “the Group”)on pages 11to 32which comprise the
consolidatedbalance sheetas at 30 September 2025, and the consolidatedstatement of comprehensive income,
consolidatedstatement of changes in equity and consolidatedcash flow statementfor the six monthsended on that date, and
explanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interimfinancial statements on pages 11to 32of the Groupdo not present fairly, in all material respects,the financial position
oftheGroupas at 30 September 2025, and its financial performance and its cash flows for the six monthsended on that date,
in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting(NZ IAS 34)
andInternational Accounting Standard 34:
Interim Financial Reporting(IAS 34).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to
the Company’s shareholders those matters we are required to state to them in a 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.
BBaassiiss ffoorr ccoonncclluussiioonn
We conducted our review in accordance with NZSRE2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity
. Our responsibilities are further described in the Auditor’s responsibilities for the review of the
financial statements
section of our report. We are independent of the Groupin 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.
Ernst & Young provides sustainability assuranceservicesand statutory supervisor reportingservicestothe Group. Partners and
employees of our firm may deal with the Groupon normal terms within the ordinary course of trading activities of the business of
the Group. We have no other relationship with, or interest in, the Group.
DDiirreeccttoorrss’’ rreessppoonnssiibbiilliittyy ffoorr tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
The directorsare responsible, on behalf of the Entity, for the preparation and fair presentationof the interimfinancial
statements in accordance with NZ IAS 34and IAS 34and for such internal control as the directorsdetermine is necessary to
enable the preparation and fair presentationof the interimfinancial statements that are free from material misstatement,
whether due to fraud or error.
AAuuddiittoorr’’ss rreessppoonnssiibbiilliittiieess ffoorr tthhee rreevviieeww ooff tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
Our responsibility is to express a conclusion on the interimfinancial statements based on our review. NZSRE2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the interimfinancial
statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A member firm of Ernst & Young Global Limited
IInnddeeppeennddeenntt aauuddiittoorr’’ss rreevviieeww rreeppoorrtt ttoo tthhee sshhaarreehhoollddeerrss ooff
OOcceeaanniiaa HHeeaalltthhccaarree LLiimmiitteedd
CCoonncclluussiioonn
We have reviewed theconsolidated interimcondensedfinancial statements ("interim financial statements") ofOceania
Healthcare Limited (“the Company”)and its subsidiaries (together “the Group”)on pages 11to 32which comprise the
consolidatedbalance sheetas at 30 September 2025, and the consolidatedstatement of comprehensive income,
consolidatedstatement of changes in equity and consolidatedcash flow statementfor the six monthsended on that date, and
explanatory notes. Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interimfinancial statements on pages 11to 32of the Groupdo not present fairly, in all material respects,the financial position
oftheGroupas at 30 September 2025, and its financial performance and its cash flows for the six monthsended on that date,
in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting(NZ IAS 34)
andInternational Accounting Standard 34:
Interim Financial Reporting(IAS 34).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to
the Company’s shareholders those matters we are required to state to them in a 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.
BBaassiiss ffoorr ccoonncclluussiioonn
We conducted our review in accordance with NZSRE2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity
. Our responsibilities are further described in the Auditor’s responsibilities for the review of the
financial statements
section of our report. We are independent of the Groupin 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.
Ernst & Young provides sustainability assuranceservicesand statutory supervisor reportingservicestothe Group. Partners and
employees of our firm may deal with the Groupon normal terms within the ordinary course of trading activities of the business of
the Group. We have no other relationship with, or interest in, the Group.
DDiirreeccttoorrss’’ rreessppoonnssiibbiilliittyy ffoorr tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
The directorsare responsible, on behalf of the Entity, for the preparation and fair presentationof the interimfinancial
statements in accordance with NZ IAS 34and IAS 34and for such internal control as the directorsdetermine is necessary to
enable the preparation and fair presentationof the interimfinancial statements that are free from material misstatement,
whether due to fraud or error.
AAuuddiittoorr’’ss rreessppoonnssiibbiilliittiieess ffoorr tthhee rreevviieeww ooff tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
Our responsibility is to express a conclusion on the interimfinancial statements based on our review. NZSRE2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the interimfinancial
statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A member firm of Ernst & Young Global Limited
A review of interimfinancial statements in accordance with NZSRE2410 (Revised) is a limited assurance engagement. We
perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed ina review are substantially less than those
performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion on those interimfinancial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Brent Penrose.
[Sign Ernst & Young]
Chartered Accountants
Auckland
21 November 2025
A member firm of Ernst & Young Global Limited
A review of interimfinancial statements in accordance with NZSRE2410 (Revised) is a limited assurance engagement. We
perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed ina review are substantially less than those
performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion on those interimfinancial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Brent Penrose.
[Sign Ernst & Young]
Chartered Accountants
Auckland
21 November 2025
33
Oceania
Interim Report 2026

oceaniahealthcare.co.nz

---

21 November 2025
Interim Results
1HY26

Agenda
Topic
Current Focus2
Overview3
Sales Performance5
Business Excellence13
Capital Management17
Financials22
Looking Forward26
Appendices30

2
Current Focus (FY26 -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
Optimisingcapital 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

3
1. Sales Performance
Strong sales volumes:
5% increase on 1HY25
The Helier:
54.5% occupied
1

as at20 November 2025
Strong presales at Franklin:
35.5% presold to date
2. Business Excellence
Cost savings realised:
$4.0mrealisedduring 1HY26,
$13.2mon track to be realisedduring
FY26
Strong occupancy:
Occupancy increased to 94.7%
2
from
94.0% in 1HY25
Care profitability uplift:
Care EBITDA per bed
3
has climbed
45.5% to $12.4k, reflecting stronger
operational performance across the
portfolio
3. Capital Management
Gearing reduced:
34.8% gearing within target range of
30 – 35%
Divestments actively progressing:
the divestment of four sites, targeted
for completion in FY26
Overview
1.Occupied refers to sold under ORA, occupied under Respite, occupied under PAC and under application
2.Occupancy not affected by development. Care occupancy for the entire portfolio increased to 91.9% from 91.6% in 1HY25
3.Care EBITDA per bed excluding capital gains

4
Oceania delivered a solid underlying result despite a persistently challenging residential housing market and tough economic conditions
Financial Highlights – six months to 30 September 2025
Dividend
The Directors have resolved not to declare an interim dividend.
The Directorsacknowledge the importance of dividends and arefocused on ensuring sustainability of Free Cashflow from Operations before resuming payments.
Financial Summary
1. Proforma EBITDA is adjusted for divestments and for the closure of the Wesley Institute of Nursing Education in April 2025.A reconciliation to the reported statutory figures is included in Appendix 03
Total Comprehensive
Income
$40.4m
Increaseof$28.6m
from $11.8m in 1HY25
Proforma Underlying
EBITDA
1
$41.9m
Increaseof23.2%
from $34.0m in 1HY25
Total Sales
Volume
271 units
Increase of 5.0%
from 258units in 1HY25
Operating
Cash Flow
$79.0m
Increaseof12.2%
from $70.4m in 1HY25
Total
Assets
$3.0b
Increase of 3.3%
from $2.9b at FY25
Net Tangible Assets
per Share
$1.57
Increase of 3.8%
from $1.51 at FY25
Net Debt
$608.9m
Decreaseof3.0%
from $628.0m at FY25
Gearing
34.8%
Decreaseof1.5%
from 36.3% at FY25

Sales Performance

6
The Helier, Auckland
•13 settlements achieved since March 2025, with an additional
seven units currently under application
1
•Premium product offering is increasingly aligned with
resident expectations
•The rate of sales applications has accelerated, rising from an
average ofless than two per month between March and
September to four per month since 1 October
•Independent Living Units (ILUs): 60% of units are either
occupied or under application
1
•Care suites: 41% of units are occupied or under
application
1
•Overall occupancy sits at 54.5%, including units currently
under application
1
•Full development cash recovery
2
is expected between March
and May 2026 based on sell down rates of between three and
four applications per month


Targeting full development cash recovery by 31 March 2026
3. Capital Management
2. Business Excellence
1. Sales Performance
1.As at20 November 2025
2.Includes cost of land, capitalised corporate costs andcapitalisedinterest costs

7
Solid start with 35.5% Stage1presales, driven by targeted marketing and early engagement. On track to open in January 2026 with Stage 2
forecast to commence in early FY27
Franklin, Auckland
3. Capital Management
2. Business Excellence
1. Sales Performance
31
Stage 1 statistics
Villas available31
Presales
1
11
Percentage presold35.5%
Presales $’m$11-$12m
Cost of development
2
c.$54m
Forecast cash return on full Franklin development
c. 16%
1.As at 20 November 2025. Presales are recognised as unconditional sales upon unit completion in January 2026 and on occupation of resident
2. Includes cost of land, capitalised corporate costs,capitalisedinterest costs, and $19m in relation to the construction of The Lodge
Villas & The Lodge
under construction
In September 2025, we purchased an additional3.7 ha, expanding the Franklin site to 11.6 ha
Settlement is conditional on rezoning and resource consent with stagedpaymentsforecastin March 2028, 2029 & 2030
Access to this land enables extension of the village by 78 villas

8
Opened in June 2025
55%
1
Occupancy achieved in first
four months
The dementia development concludes
the sixth and final stage of a key
integrated Auckland site
The final stage of the Meadowbank redevelopment was completed in 1HY26, occupancy has been tracking ahead of expectations
Meadowbank, Auckland
3. Capital Management
2. Business Excellence
1. Sales Performance
Dementia Suites
1. Occupancy as at20 November 2025, including PAC, respite residents, and under application
40

9
A total of 91 new sales were achieved for the
period,despite persistent challenges in the residential
housing market and broader economic headwinds
New Sales
5
28
42
38
39
33
36
51
52
34.6%
23.1%
34.4%
35.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0
10
20
30
40
50
60
70
80
90
1HY231HY241HY251HY26
VillaApartmentCare SuiteDevelopment Margin
61
83
Care suite sales steady at 52
•Achieved 52 new sales of Occupation Rights, up from 51
in 1HY25
•Redwood care suites are now 81%
1
occupied, up from
62% in March 2025
Steady apartment sales
•Achieved 39 new sales of Occupation Rights, up from 38
in 1HY25
•Waterford’s new development is32%
1
sold down
Development marginsteady at 35.4%
•Margins remain supported by a consistent product mix
•Franklin villa residents taking occupation in January
2026, current villa presales will be recognised in 2HY26
599
949
867
1,088
1,121
306
361
358
391
1HY231HY241HY251HY26
VillaApartmentCare Suite
Average sales prices (new sales)
NZD000s
New sales volumes and development margin %
3. Capital Management
2. Business Excellence
1. Sales Performance
1. As at20 November 2025
89
91

10
Resales activity remained robust, led by consistent care
suite volumes and an uplift in apartment sales
Resales
Resale volumes remain steady
• Achieved 180 resales of Occupation Rights, up from
169 in 1HY25
•Care suites made up 61% of total resales, reflectingthe
strength of the product
•Apartment resales reached a record high with 36 achieved
in the period, up 50% on 1HY25
•Villa resales remained steady at 35 units
Resale margins moderated in 1HY26
•A higher proportion of regional resales has reduced the
average sales price relative to 1HY25, which included a
significant number of Auckland resales, particularly premium
units at Meadowbank
•36% of apartments sold in regional locations (13% 1HY25)
Average sales prices (resales)
NZD000s
639
582
647
806
914
829
329
363
370
1HY241HY251HY26
VillaApartmentCare Suite
Reales volumes and resale margin %
3. Capital Management
2. Business Excellence
1. Sales Performance
169
180
172
165
28
353535
24
20
24
36
113
117
110
109
22.7%
21.0%
21.5%
17.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
0
20
40
60
80
100
120
140
160
180
200
1HY231HY241HY251HY26
VillaApartmentCare SuiteResales Margin

11
FY25Development Stock AddedReduction in Unsold StockHY26
1. Based on CBRE Limited valuations – current ingoing price
2. Newly developed units currently occupied by residents under a PAC arrangement
The sell down of development stock has released net capital of $40m since March 2025
Development Stock
Value of unsold new stock
unavailable for immediate sale
2
Value of unsold new stock
completed within the last 12
months
Value of unsold new stock
completed over 12 months ago
$55m
$53m
$104m
$112m
$183m
$137m
$25m
($65m)
$302m
$342m
3. Capital Management
2. Business Excellence
1. Sales Performance
•The value of unsold development stock declined from
$342m at FY25 to $302m
1
in 1HY26, reflecting disciplined
portfolio management and stronger sales momentum
•This reduction occurred despite the completion of the 40
dementia suites at Meadowbank, adding approximately
$25m of new stock during the half
•Development ORA sales reached $65m during the period
•The Helier accounts for ~30% of the 1HY26 development
stock value. Other sites include Awatere,Waterford, The
Bayview, Meadowbank, Lady Allum and Elmwood
•Franklin is scheduled to deliver 31 villas in January 2026.
After allowing for presales to date, development stock will
increase by approximately $20m
Unsold development stock movement
from FY25 to 1HY26 $’m
1HY26

12
Site
Gross UnitsType
Franklin, Auckland
Stage 1
Stages 2-6
31
145 | 81
Villas
Villas | Care
Lady Allum, Auckland
Stage 2
Stage 3
69
68
Apartments
Apartments
Elmwood, Auckland
Stage 3
Stage 4
11
249
Villas
ILU
Bream Bay, Northland
Stage 1
Stage 2
23
127 | 60
Villas
Villas | Care
Waterford, Auckland
63 | 60ILU | Care
Gracelands, Hawkes Bay
61Villas
Optionality to support future development rate of 100-150 units per annum
Development Programme – Landbank of ~1,000 gross units
ConstructionConsentedPlanning
Final Stages
3. Capital Management
2. Business Excellence
1. Sales Performance
Further sites
in early design and
planning stages:
Stoke Nelson | 16 Villas
Franklin Auckland | 78 Villas
Duart Hawkes Bay | 50 Apartments
The Helier Auckland | Stage 2 - 16 Apartments
Eversley Hastings| 58 Care Suites
The Bayview Tauranga | Stage 4/5 – 107 Apartments| Stage 6 – 40 Dementia Suites

Business Excellence

14
1. A reconciliation to the reported statutory figures is included in Appendix 03
Over the past six months we have deliveredsignificant and sustained improvements inthe earnings of the continuing business
Proforma Underlying EBITDA
Proforma Underlying EBITDA and NPAT
1
NZD’m
Proforma
1HY26
Proforma
1HY25
Aged care operations12.18.4
Retirement village operations44.944.9
Other – corporate segment (15.1)(19.3)
Proforma Underlying EBITDA
1
41.934.0
Proforma Underlying NPAT
1
24.219.5
Statutory Comprehensive Income40.428.6
Care Earnings
Corporate Costs
44%
22%
•Increased occupancy
•Initial cost savings from
restructures and cost discipline
•Cost discipline
•Restructure of corporate office
complete – ready for growth
Village Earnings
•Villagesegment steady
despite market pressures
-
ProformaNormalisations:
•In April 2025 the Wesley Institute of Nursing Education was
closed. This function contributed $3.7m to underlying
EBITDA in 1HY25 and minor shutdown costs in 1HY26
•Divestments contributed EBITDA of$0.9min 1HY25 and
incurred costs of $0.1m in 1HY26

15
Care profitability per bed is up 40% half on half,
demonstrating that our commitment to care quality
and business excellence is delivering results
Driving Care Profitability
Care occupancy
•As leaders in care, we understand what residents value and how
to deliver it while maintaining strong, sustainable returns for our
shareholders
•EBITDA per bed excluding capital gains $12k, up from $9k per
bed in 1HY25,reflecting the early impacts of a renewed and
disciplined approach to operational execution
•Including care suite development margin and realised gains on
resales, EBITDA per bed $25k up from $12k per bed in 1HY25,
reflecting the sell-down of care suite stock
•Development margin on care suite new sales increased 41.3%,
reflecting the impact of a modernised care portfolio
•We expect this positive earnings trajectory to continue as we
progress our disciplined operational cost out programme across
the care portfolio
90.3%
91.6%
91.9%
92.2%
94.0%
94.7%
1HY241HY251HY26
Group OccupancyOccupancy of sites not affected by development
3. Capital Management
2. Business Excellence
1. Sales Performance
8,986
8,543
12,430
17,143
20,200
25,616
1HY241HY251HY26
Care EBITDA per bedCare EBITDA per bed including capital gains
Annualised care EBITDA per bed

16
3. Capital Management
2. Business Excellence
1. Sales Performance
The centralised corporate function is right sized and primed for growth
•Ongoing automation and simplification of processes are
improving efficiency across the corporate office
•Corporate office team right sized and primed for growth
with an annual staff cost reduction of approximately 20%.
•A refreshed Employee Value Proposition has been
launched to attract and retain purpose driven talent,
fostering a high performing, values led culture that delivers
exceptional care
•The team now focused on realising savings across the
wider business
•The Group delivered $4.0m in cost savings during
1HY26, with total savings of $13.2m expected by
year end
•Cost savings are expected to reach $20.4m on an
annualised basis from FY27
Right Sizing the Business

Capital
Management

18
Covenants met: ICR coverage of 2.5x
compared to the covenant of 2.0x
Gearing: Gearing reduced to 34.8%, within
range of 30 – 35%
Flexibility to repay debt: Oceania has the
flexibility to pay down core debt once a
development loan has been fully repaid
Headroom on current facilities: Headroom
of $116m on current banking facilities
Current average interest rate: (including
margin and hedging) on bank debt of 4.07%.
Fixed blended interest rate of 2.7% on $225m
of retail bonds expiring in FY28 and FY29
Debt facilities as at
30 September 2025
Facility limit
Drawn
amount
Headroom
General / corporate$185m$105m$80m
Development facility$315m$288m$27m
Retail Bonds$225m$225m-
Total limits / borrowings$725m$618m$107m
Cashn/a$9m$9m
Total net debt / headroom$609m$116m
1. Decrease largely due to lower cash earnings as a result of the sale of Wesley Institute of Nursing Education
Net debt and gearing have reduced to $609m and 34.8% respectively
Balance Sheet Management
Covenants
Debt
covenant
As at
1HY26
As at
FY25
Net debtn/a$609m$628m
Net debt / (net debt + equity)n/a34.8%36.3%
Loan to value ratio<50%35.4%37.8%
ICR
1
≥ 2.0x2.5x3.5x
3. Capital Management
2. Business Excellence
1. Sales Performance

19
The accelerated sell down of development stock is the largest lever to reduce debt, maintain gearingtargets and support growth
Development Debt
•Since the Initial Public Offering in 2017, total assets have increased through development and acquisition initiatives funded by debt
•We are executing a clear and disciplined strategy to reduce debt through the sell down of development and buy back stock, alongside strategic divestments
•The graphic below is an illustrative construct of reduction in debt 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
3. Capital Management
2. Business Excellence
1. Sales Performance
Illustrative debt reduction from
30 September 2025 position ($’m)
Target Gearing Mid
Point
Target Gearing
Mid Point
(40)
618
(302)
(43)
(30)
Total Debt Facility as at
Sept 2025
Development Unsold
Stock
Sale of Aged Buyback
Stock
Release of ORA debtors
Divestment Proceeds
Restrain Debt to Target
Gearing
Debt
Gearing
Range
84
900
618
3,000
Total DebtTotal Assets
Total debt and assets at
IPO vs. 1HY26 ($m)
IPO1HY26
288
105
225

20
In depth site by site analysis has guided divestment decisions, ensuring the right assets are released to unlock value and sharpen strategic focus
Divestments
3. Capital Management
2. Business Excellence
1. Sales Performance
The portfolio's average age is now < 15
years - ensuring all sites meet modern
standards remains akey priority
Geographically isolated sites within the
portfolio have, limited operational efficiency
and scalability
Ensuring care services are available at
all sites is a strategic priority across our
portfolio
1HY26 & FY25 divestments executed - $35m capital released
Another four sites under due diligence at circa. $40m, on track to settle in FY26
Criteria 1
Portfolio fit
Criteria 2
Location
Criteria 3
Care
WoburnTotara ParkOtumaramaVictoria PlaceTakaniniMiddleparkHolmwood
1HY262HY252HY251HY251HY251HY251HY25

21
Oceania has updated its dividendpolicy to better align dividends with operating cash flows
Free Cash Flow
•Interest on core debt: Interest related to non
development borrowings, referred to asinterest on
core debt, is included in cash flow from operating
activitiesin the cash flow statement
•ORA receivables: Free cash flow is affected by the
timing of resale ORA receipts. As at 30 September,
short term ORA receivables on resale units totaled
$30.3m, with $13.6m subsequently collected
•Buy backs: At 30 September 2025, approximately
~$43m of bought back aged stock was held. With a
renewed focus on resales, we expect to release this
stock over the next 6-12 months, providing a positive
contribution to operating free cash flow as other
initiatives embed
Free cash flow from operations, $’m1HY261HY25
Cash flow from operating activities – per financial
statements
79.070.4
Lessdevelopment ORA sales included in operating cash flow(61.9)(75.4)
Add back developmentbuybacks included in operating cash flow
0.35.9
Less lease principal payments
(1.1)(0.6)
Lessmaintenance and refurbishment capex
(11.7)(12.3)
Subtotal: Free Cash Flow from Operations before one offs4.6(12.0)
Lessone off: GST refund on development costs(14.0)
-
Add one off: Employment related restructure costs1.0
-
Free Cash Flow from Operations
(8.4)(12.0)
3. Capital Management
2. Business Excellence
1. Sales Performance
OCA’s dividend policy is to pay out between 40% and 60% of its Free Cash Flow from Operations.

Financials

23
1.Includes change in fair value of IP, other revenue, impairment of goodwill and impairment of PPE. See appendix 02
Total Comprehensive Income has increased by $28.6m, largely a result of revaluation gains
Profit and Loss
$m
1HY261HY25Var
Operating revenue131.6132.6(1.0)
Operating expenses (131.1)(133.5)2.4
Change in fair value of IP, impairment of PP&E
and other
1
26.43.522.9
Operating profit26.92.724.2
Finance costs(14.0)(11.8)(2.2)
Depreciation (buildings)(8.0)(6.9)(1.1)
Depreciation and amortisation (chattels and
other)
(3.9)(3.4)
(0.5)
Profit before income tax1.0(19.5)20.5
Taxation benefit3.92.41.5
Reported net profit after tax
4.9(17.1)
22.0
Other comprehensive income
35.528.9
6.6
Total comprehensive income
40.411.8
28.6
•Fair Value movements contributed $60.9m
to Total Comprehensive Income and
represents the impact ofincreased care and
village occupancy
•Finance Costs increased by 19%, driven
by interest on completed developments.
This reflects the usual progression of
projects from in construction to operational
and is consistent with accounting treatment
in prior years
•The Wesley Institute of Nursing
Education contributed $5.3m of operating
revenue, $1.6m operating expenses, and
$3.7m profit before tax in 1HY25. In 1HY26,
the only remaining item was $0.6m of
operating expenses

24
Cash Flow
Cash flow from operating activities increased by 12.3% to $79.0m in 1HY26, primarily driven by a one off GST adjustment
$m
1HY261HY25Var
Receipts from residents for village and care fees98.2106.0(7.8)
Payments to suppliers and employees(124.6)(129.4)4.9
Net occupational right agreements100.597.43.1
Net interest, goods and services tax and other4.9(3.6)8.5
Net cash inflow from operating activities79.070.48.7
Payments for PPE and intangible assets(9.0)(29.2)20.1
Payments for IP and IP under development(44.1)(45.6)3.4
Interest paid in relation to development borrowings(6.4)(10.7)4.3
Proceeds from sale and / or disposal of assets1.523.4(23.7)
Net cash outflow from investing activities(58.0)(62.2)4.1
Net borrowings(18.1)(2.1)(16.0)
Principal payment for lease liabilities(1.9)(0.6)(1.3)
Dividend paid0.00.0-
Net cash outflowfrom financing activities (20.0)(2.7)(17.3)
Net increase in cash and cash equivalents1.05.5(4.5)
Cash and cash equivalents at beginning of the period7.67.50.1
Cash and cash equivalents at end of the period8.613.0(4.4)
Net operating cash flows broadly consistent:
•Net operating cash flow was up 12.3% on prior period but
broadly flat when adjusted for the $14m GST refund on
construction costs
•Lower village and care fee receipts were broadly offset by
reduced supplier and employee payments
•Short term ORA receivables were elevated at balance date,
with $22.4m collected since period end
Investing Cash Flow
•Net investing cash flows eased on the prior period, with the
movement primarily driven by asset sales in 1HY25.
Excluding these, the reduction increases from ~7% to ~32%
•Elmwood and Meadowbank have now completed, with
Franklin the only development currently in progress,
reflecting the timing of the development cycle
Cash applied to repayment of debt:
•Cash generated from operating and investing activities
enabled a meaningful net repayment of $18.1m in
borrowings

25
•Total assets of more than $3.0b:Total
assets increased 3.4% from FY25 lifting
to over $3.0b, primarily driven by uplift in
property valuation through the impact of
increased care and village occupancy
•Refundable ORAs
increased:Refundable ORA liabilities
rose $64.4m (+5.8%), from FY25 levels
driven by improved sales activity,
demonstrating strong resident inflows and
sustained village occupancy
•Equity and NTA Strengthened:Total
equity and net tangible assets increased
by more than $41.0m, supported by
favourable revaluation gains
Balance Sheet
The balance sheet has continued to strengthen, with total assets now exceeding $3.0b and NTA per share increasing 3.8% since FY25
$m
1HY26FY25Var
Assets
Cash and trade receivables121.9126.1 (4.2)
Property assets2,902.42,800.5 101.9
Other assets13.314.1(0.8)
Total assets3,037.62,940.796.9
Liabilities
Refundable occupation right agreements1,171.21,106.864.4
Borrowings610.1 627.7(17.6)
Other liabilities113.5 104.39.2
Total liabilities1,894.81,838.856.0
Equity
Contributed Equity716.0 716.0 0.0
Retained Deficit12.67.0(5.6)
Reserves414.2378.8 35.4
Total equity1,142.81,101.841.0
Net tangible assets1,138.51,097.141.4

Looking forward

27
Measures of SuccessTargetResults as at 1HY26
CARE OCCUPANCY
Sustaining consistently high occupancy94.7%
1
BUILD RATE
100 to 150 units per annum
40 units at Meadowbank completed 1HY26
31 units at Franklinto becompleted in 2HY26
Total 71 units to be completed FY26
UNSOLD STOCK
Sell down of development stock< 2 yrs
Resale vacancy period< 9 mths
Sell down of development stock = 1.6 yrs
Resale vacancy period = 6 months
GEARING
Between 30 and 35%34.8%
DIVEST SITES
4-6 sites ~$50m proceeds
Four sites on track for settlement in
FY26 ~$40m proceeds
PURCHASE LAND
Extendgreenfield
land bank
11.6ha at Franklin, Auckland
RESIDENT
NET PROMOTER SCORE
Increase to 70+To be measured at March 2026
EMPLOYEE ENGAGEMENT
Increase to 70%+70%
GROWTH IN FREE CASH FLOW
FROM OPERATIONS
YoY Growth of Free Cash Flow
from Operations
($8.4m) +30% yoy
Clear performance measures underpin our approach to delivering sustainable growth and attractive shareholder returns
Measures of Success
DRAFT
1.Occupancy not affected by development

28
The Remainder of FY26
DRAFT
Sales Performance
•Increasing sales cadence and reducing our unsold
development and aged stock remains our key focus
•The Helier – momentum with applications – targeting
full development cash recovery by March 2026
•Franklin Stage 1 completed with presales above
current levels of 35%
Business Excellence
•Ongoing improvement in care profitability
•Cost savings of $13.2m to be achieved during FY26
•Further improvement on free cash flow from
operations
Capital Management
•Four divestments targeting $40m settlement in FY26
•Debt reduction supported by divestments and stock
sell down, with further reduction in gearing

Thank you

Appendices
01Underlying earnings
02Income Statement
03Proforma underlying earnings
04Cashflow
05Resales cash flow and capital expenditure
06Care Business
07Retirement Business
08Embedded value and affordability
09Balance sheet
10Future cash recycling
11Portfolio summary
12Future development outlook
13Development pipeline
14Available Stock
15Reconciliation of portfolio movements
16Summary of unit sales
17Our Strategic Framework
18Oceania Snapshot
19Definition of Underlying NPAT
20Glossary
21Important notice and disclaimer

31
01
Underlying EBITDA of $41.5m for the six month period ended 30 September 2025, a 7.5% increase on 1HY25
Underlying earnings
Reconciliation of underlying adjustments Segmental underlying
NZDm1HY261HY25VarFY25
Aged care operations12.08.63.520.4
Retirement village operations44.945.7(0.8)96.4
Other – corporate segment(15.4)(15.6)0.2(30.9)
Underlying EBITDA41.538.62.986.0
In FY25 Oceania refinanced its banking facilities which resulted in loan modification of a gain
of $5.4m . The gain and subsequent am ortisation is removed from Underlying NPAT in line
with our policy to rem ove fair value adjustm ents.
NZDm1HY261HY25VarFY25
Reported Net profit after tax4.9(17.1)22.030.4
less: Change in fair value of investment property (22.9)(26.1)3.2 (90.2)
less: Fair value of loan modification---
(5.4)
add: Amortisation offair value of loan modification0.7-0.7
-
add: Impairment of goodwill
0.1 0.2 (0.1)
0.2
add: Realised gains on resales
15.7 17.7 (1.9)
34.8
add: Realised development margin
22.7 20.5 2.2
48.3
less: Deferred tax
(3.9)(2.4)(1.5)
(4.6)
add: Care Suite Depreciation
6.8 5.7 1.1
11.8
Less: Insurance income on material damage due to
weather events
---
0.2
add: Impairment of PPE(2.2)26.0 (28.2)26.0
add: (Gain) / loss on sale of business assets including
associated costs and restructure costs
1.8(0.4)2.20.9
Underlying NPAT23.824.0 (0.2)52.5
add: Depreciation and amortisation (buildings)1.2 1.2 0.0 2.6
add: Depreciation and amortisation (chattels, leasehold
improvements & software)
3.9 3.4 0.4 7.7
add: Finance costs12.6 10.0 2.6 23.1
Underlying EBITDA41.5 38.6 2.986.0

32
02
Key valuation assumptions remained largely consistent from FY25 except for minor changes to incoming prices across all typologies
Income statement
Drivers1HY26FY25
Investment Property
PPGR – Long Term (low-high)
2.50% 3.50% 2.50% 3.50%
PPGR – Short Term (low-high)
- 3.00% - 3.00%
Discount Rates (low-high)
14.00% 20.00% 14.00% 20.00%
Average Incoming Price - Villas$669,976$654,109
Average Incoming Price - Apartments$1,078,064$1,080,126
Property, Plant and Equipment
Cap rate (low-high)12.25%15.00%12.25%15.00%
EBITDAR per bed (low-high, $000's)$9,231$24,578$9,305$52,060
Average Incoming Price - Care Suites$379,423$365,620
•Discount rate assumptions are unchanged from FY25.
•Minor changes to average in incoming price assumptions adopted by CBRE for villas,
apartments and care suites
Summary of income statement Key IP and PP&E CBRE valuation assumption changes
NZDm1HY261HY25VarFY25
Operating revenue131.6132.6(1.0)260.6
Change in fair value of investment property22.926.1(3.2)90.2
Other Revenue1.43.6(2.2)4.9
Total Income155.9162.3(6.4)355.7
Operating expenses (131.1)(133.5)2.4(260.6)
Impairment of goodwill(0.1)(0.2)0.1(0.2)
Impairment of property, plant and equipment2.2(26.0)28.2(26.0)
Total Expenses
(129.0)(159.7)
30.7(286.8)
Operating Profit
26.92.7
24.268.8
Finance costs(14.0)(11.8)(2.1)(20.8)
Depreciation (buildings)(8.0)(6.9)(1.1)(14.4)
Depreciation and amortisation (chattels and other)
(3.9)(3.4)
(0.4)(7.7)
Profit before Income tax
1.0(19.5)
20.525.9
Taxation benefit3.92.41.54.6
Reported Net Profit / (Loss) after Tax
4.9(17.1)
22.030.4
Other Comprehensive Income35.528.96.644.1
Total Comprehensive Income40.411.828.674.6

33
03
1. Includin g: Wobur n ( sold )
2. No adju stment h as bee n mad e in re latio n to acquisitio ns or develop me nt site s
3. Includin g Wob urn (sold)Takanini (sold),Holmwo od(sold),Middlep ark(sold), Victor ia P lace (sold) , Tota ra Park ( sold )
Proformaunderlying earnings for 1HY26 of $41.9m. Adjustments include normalising for the impact of divesting several sites from our ongoing
operations, as well as for the closure of the Wesley Institute of NursingEducation in April 2025
Proforma underlying earnings
Group proforma Underlying EBITDA and NPAT (1HY26)
Group proforma Underlying EBITDA and NPAT (1HY25)
Over the last 18 months to 30 September 2025 several sites have been divested
1,3
. The tables below show the unaudited Underlying Earnings attributed to these sites over the current and prior
comparative period. We present unaudited Proforma Underlying Earnings Before Interest, Tax, Depreciation and Amortisation, and Proforma Underlying Net Profit After Tax for both periods,
normalising for the impact ofdivesting of these sites from our ongoing operations. We have also normalisedfor the closure of the Wesley Institute of Nursing Education. Both of these measures
are Non-GAAP and unaudited.
$NZ000's1HY26Divested Sites
1
Wesley Institute of
Nursing Education
Proforma 1HY26
Aged Care Operations12.00.1-12.1
Retirement village
Operations
6.5--6.5
Resales Capital Gains15.7--15.7
Development Margin22.7--22.7
Other – corporate segment(15.4)-0.3(15.1)
Underlying EBITDA
2
41.50.10.341.9
Underlying NPAT
2
23.80.10.324.2
Existing ORAs Sold71--71
New ORA Sold39--39
Existing Care Suites Sold109--109
New Care Suites Sold52--52
Total ORA Sold271--271
NZDm1HY25
Divested
Sites
3
Wesley Institute of
Nursing Education
Normalised
1HY25
Aged care operations8.6(0.2)-8.4
Retirement village operations7.4(0.3)-7.1
Realised gains on resales17.7(0.4)-17.3
Realised development margin20.5--20.5
Other – corporate segment(15.6)-(3.7)(19.3)
Underlying EBITDA
2
38.6(0.9)(3.7)34.0
Underlying NPAT
2
24.0(0.8)(3.7)19.5
Villa and apartment resales 59(1)-58.0
Villa and apartment new sales38--38.0
Care suite resales110--110.0
Care suite new sales51--51.0
Total sales volume258(1)-257

34
04
Operating cash flow of $79.0m for the 6 months to 1HY26 compared to $70.4m in 1HY25
Cash flow
Statement of cash flows
NZDm
1HY261HY25VarFY25
Receipts from residents for village and care fees98.2106.0(7.8)201.0
Payments to suppliers and employees(124.6)(129.4)4.9(266.1)
Receipts from new occupation right agreements156.8168.1(11.3)294.5
Payments for outgoing occupation right agreements(56.3)(70.7)14.4(106.6)
Net goods and services tax received / (paid)12.20.112.0(1.9)
Receipts from insurance proceeds0.44.4(4.0)4.7
Interest received0.61.8(1.2)3.1
Interest paid in relation to general borrowings(8.0)(9.6)1.6(17.7)
Interest paid in relation to right of use assets(0.4)(0.4)-(0.8)
Net cash inflow from operating activities79.070.48.7110.3
Payments for property, plant and equipment and
intangible assets
(9.0)(29.2)20.1(39.8)
Payments for investment property and investment
property under development
(44.1)(45.6)3.4(73.7)
Proceeds from sale of assets1.523.4(23.7)32.1
Interest paid in relation to development borrowings(6.4)(10.3)3.9(18.4)
Payments for assets held for sale-(0.4)0.4(0.4)
Net cash outflow from investing activities(58.0)(62.2)4.1(100.3)
Proceeds from borrowings34.562.3(27.8)102.0
Repayment of borrowings(52.6)(64.4)11.8(110.4)
Principal payments for lease liabilities(1.1)(0.6)(0.5)(1.5)
Loan refinancing fees(0.8)-(0.8)-
Net cash inflow from financing activities (20.0)(2.7)(17.3)(9.9)
Net increase in cash and cash equivalents1.05.5(4.5)0.1
Net cashflows from operating activities
NZDm
57.2
70.4
79.0
HY24 HY25 HY26

35
05
1. Net Buybacks is the differ ence b etween the gross O RA pa yments mad e in re latio n to units bo ught b ack (and not resold) during the year and the gross O RA receipts from units re sold du ring th e year that wer e b ought back in prior financial ye ars
Growth in resales cash flows as Oceania’s portfolio matures and resells at higher price points
Reconciliation of resales cash flow and capital expenditure
Reconciliation of resales cash flow
•Net resales cashflow for 1HY26 of $38.7m, up 76% on 1HY25
•This is driven primarily by the reduction in buybacks from 1HY25
Breakdown of Capital Expenditure
NZ$m1HY261HY25
Disposals(1.5) (23.4)
Development capital expenditure41.462.6
Maintenance capital expenditure
- Care suite refurbishment 1.0 1.0
- Other aged care2.9 2.4
- Retirement village refurbishment5.0 6.8
- Other retirement village2.41.3
- IT and other0.4 0.8
Total refurbishment and maintenance11.712.2
Total capex per statutory cashflow statement51.6 51.5
NZD $m’s
1HY261HY25
Receipts from New ORAs
156.8
168.1
less: Payments for Outgoing ORAs
(56.3)
(70.7)
less: Cash Inflow From New Sales
(61.9)
(75.4)
Net Resales Cash flow
38.7
22.0
Made up of :
Resale Gains
15.717.7
DMF Realised
15.922.7
Add: Net Deferred Cash Settlements
1.58.0
less: Development Buybacks
(0.3)(5.9)
less: Net Buybacks
3.7(17.7)
less: Resident Share of Capital Gains
-(0.9)
less: Other Cash amounts paid/received from resales
2.1(1.9)
Net Cash flows from Resales
38.722.0

36
06
1. Develop me nt margin an d r esa le g ains on care suites are include d within th e V illage Segment fo r u nderlying profit a nd statutory r eporting purp ose s as the ORAs are issued by Oceania Villag e Compan y Limited. As th ese marg ins are in lieu of daily pr emium
charge s unde r the traditional model, th ese ea rnings are aggre gated above to pre sen t a more co mp lete picture for the Care Seg ment
Care business increases by 45% from 1HY25 for EBITDA per bed
Care business
NZDm1HY261HY25Var
Daily care fees87.3 86.2 1.1
PAC revenue4.2 3.7 0.5
Care suite DMF9.6 8.6 0.9
Other revenue2.2 2.3 (0.1)
Total aged care operating revenue ($m)103.3 100.9 2.4
Staff and resident expenses(71.9)(70.2)(1.7)
Occupancy and site overhead expenses(19.4)(22.2)2.8
Total aged care expenses(91.3)(92.4)1.1
Aged Care Underlying EBITDA12.08.6 3.5
EBITDA per care bed / suite ($k)
12,4308,5433,887
Plus: Other aged care related earnings included within the Village Segment
1
Care suite development margin8.9 5.93.0
Care suite resale gains3.9 5.8 (1.9)
Aged care related underlying EBITDA24.820.2 4.6
Aged care related underlying EBITDA per
bed ($k)
25,616 20,200 5,416
Revenue growth driven by stronger DMF and care fees
•Total aged care operating revenue increased +2.4m (+2%) to $103.3m.
•PAC revenue also improved (+$0.5m), while other revenue remained stable.
Cost discipline led to improved expense profile
•Overall aged care expenses improved $1.1m, reducing to ($91.3m) driven by
occupancy and site overhead expenses decreasing.
Underlying EBITDA materially up, with strong per-unit improvement
•EBITDA per care bed/ suite improved significantly to $12,430 from $8,543 (+45%).
103.2
100.9
103.3
9.9 8.6
12.4
9.6%
8.5%
11.2%
18%
20%
24%
1HY20241HY20251HY2026
RevenueEBITDAEBITDA marginEBITDA margin (cap gains incl.)

37
07
Total Retirement Village operating income increases by $1.5m
Retirement village business
NZDm
1HY261HY25VAR
Villa and Apartment DMF
21.920.71.2
Retirement village service fees
5.85.30.5
Other revenue
1.51.6(0.1)
Total retirement village operating revenue
29.127.61.5
Realised gains on resales
15.717.7(2.0)
Realised development margin
22.720.52.2
Total retirement village expenses
(22.6)(20.1)(2.5)
Retirement village underlying EBITDA
44.945.7(0.9)
Total resale volume
18016911
Total new sales volume
91892
Total sales volume
271258
Less: Aged care related earnings included within the Village Segment
Care suite development margin & resale gains
(11.4)(11.7)0.2
Retirement village underlying EBITDA (ex
care)
33.434.1(0.6)
Village Occupancy
83.7%
from 82.7% in FY25
80
82
84
86
88
90
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Average of Age at Entry
0
50
100
150
200
250
<11- 2
Years
2- 3
years
3-4
years
4-5
years
5-6
years
6-7
years
7-8
years
8-9
years
9-10
years
10-11
years
11- 12
years
12-13
years
13+
Average Tenure
ApartmentVillasCare Suites

38
08
1. Calculated as the curre nt / e stimated sale or re sale pr ice of all u nits / care suite s as d ete rmined by CBRE Limited .
2. Value of u nso ld stock repr ese nts th e sales prices of units / care suites which are not u nder contract, as they a re eith er newly constructe d o r h ave be en bought back from the pr evio us outgoin g r esid ents.
The embedded value in our portfolio has increased 12% since 1HY25 to $615.2m as at 1HY26 and will underpin the future realisation of cash
flows from deferred management fees and resale gains
CBRE embedded value and affordability ratio
Summary of Embedded Value Calculation
Embedded Value
NZDm
•Embedded value in Oceania’s portfolio is $615.2m, up 12% since 1HY25.
•Embedded value includes:
•$249.3m of accrued DM F cash flows to be realised; and
•$365.9m of resale gains.
•The growth in em bedded value reflects growth in our portfolio, migration to our
standard contractual terms at existing villages and a higher price point for the sale and
resale of units and care suites.
NZ$m1HY26 1HY25
Var
Estimated sale / resale price of all Units
1
2,087.3 1,909.3
9%
less: Unsold stock
2
(352.7)(360.6)
2%
less: Resident liabilities (contractual)
(1,119.4)(997.1)
12%
equals: Embedded value
615.2 551.6
12%
Average CBRE affordability ratio of Oceania residences
249.3 220.5
365.9
331.1
2,486
2,483
-
600
1,200
1,800
2,400
3,000
-
100
200
300
400
500
600
1HY20261HY2025
Accrued DMFEmbedded Resales GainsTotal number of units (rhs)
82.6%
75.2%
35.1%
ApartmentsVillasCare Suites
1HY26
1HY25

39
Balance sheet
NZ$m
1HY26FY25
Assets
Cash and trade receivables121.9125.4
Property, plant and equipment868.0828.5
Investment properties2,034.31,972.0
Derivative Financial Instruments0.20.7
Intangible assets4.24.7
Right to Use Assets8.99.4
Total assets3,037.62,940.7
Liabilities
Trade, other payables and provisions48.036.4
Deferred management fees 55.457.3
Refundable occupation right agreements1,171.21,106.8
Borrowings610.1627.7
Lease Liabilities10.210.6
Total liabilities1,894.81,838.8
Equity
Contributed Equity716.0716.0
Retained Deficit12.67.0
Reserves414.2378.8
Total equity1,142.71,101.8
Net tangible assets1,138.51,097.1
09
Total assets increased by $97m from 31 March 2025. Oceania’s net adjusted value is $1.50 per share as at 30 September 2025
Balance sheet
•Current headroom in bank facilities (plus cash) of $116.1m .
•The NAV reflects the value of existing sites, plus the land and WIP at development
sites. As such, the present value of net developm ent cash flows and future earnings at
developm ent sites are excluded.
NZ$m
1HY26FY25
PP&E (inc WIP)868.0
828.5
IP & ROU Assets (incl WIP)2,043.2
1,981.4
Sub Total2,911.3
2,809.9
less ORA Gross Up(963.6)
(913.1)
add: Adj for CBRE –Care Suites(210.0)
(197.3)
add: Other(41.0)
(33.6)
CBRE plus WIP1,696.7
1,665.8
less: Net Debt(608.9)
(628.0)
Net Adjusted Value1,087.7
1,037.8
Shares on Issue724.2
724.2
Net Adjusted Value per Share1.50
1.43
Netadjustedvalue(“NAV”)

40
10
1. T he development debt bala nce i ncl udes The Hel ier , Elmwood ca re suit es, Redwood care suites, Wa terford, Mea dowbank Dementia,and Awat er e a par tments (sta ge 3)
2. T he estim ated va lue of 31 ILU units a t Fr ankli n to be completed in 2HY 26
3. T he future a nd cur rent dev elopm ent debt a nd associ ated va lue i ncl udes the land a t Fr anklin, Bream Bay , Gra cel ands a nd W oodlands, plus WIP ba lances at Fra nklin
Oceania’s debt is primarily development related, supported by current and future new sales stock, providing a clear path to debt repayment. In
aggregate we have $102.1m of asset coverage to our current development related debt
Future cash recycling
Development debt from completed (but not yet fully repaid)
1

developments to underlying development assets (NZDm)
Development debt – future and current developments
•$7.2m / 1.08x coverage from land and WIP values
•Faster cash recycling from villa products in the medium term
Development debt – completed sites in sell down
•Our unsold new stock will be used to repay development debt, with
excess proceeds of $94.9m available to pay down working capital
borrowings or additional development borrowings
Development debt from land purchases and developments under
construction
3
to underlying development assets
3
(NZDm)
26.9 26.9
54.3
61.5
81.2
88.4
Development debt from projects
under construction and land purchases
Value of related land assets and WIP
WIPTotal
207.4
302.3
Development debt
from completed developments as at September
2025
Value of unsold new stock as at September
2025

41
SiteRegionCare bedsCare suitesVillage unitsTotal
NORTH ISLAND
Bream BayRuakaka- - 83 83
The SandsNorth Shore-4464108
Lady AllumNorth Shore1796116229
Te ManaNorth Shore4646
WaterfordWaitakere150150
The Helier
1
Auckland3279111
Remuera RiseAuckland125971
EdenAuckland6689155
MeadowbankAuckland104193297
ElmwoodManukau104116220
St Johns AucklandManukau1818
FranklinFranklin443377
AwatereHamilton90171261
WhitiangaWhitianga541064
ElmswoodTauranga3636
The BayViewTauranga81156237
OhinemuriPaeroa68876
St Johns WoodTaupo3944184
WharerangiTaupo472168
DuartHastings6666
EversleyHastings50656
GracelandsHastings7711119207
AtawhaiNapier523146129
EldonParaparaumu8114196
EldersleaUpper Hutt982512135
HeretaungaUpper Hutt382058
Hutt GablesUpper Hutt4646
SiteRegionCare bedsCare suitesVillage unitsTotal
SOUTH ISLAND
Marina CovePicton3232
Green GablesNelson6140101
StokeNelson105105
RedwoodBlenheim177346136
WoodlandsTasman23343693
Palm GroveChristchurch275732116
The OaksChristchurch644032136
The BellevueChristchurch7168139
AddingtonChristchurch722597
TOTAL (NORTH AND SOUTH ISLANDS)
1,0281,1231,9884,139
11
1. 1 u nit at The Helier has been converted to an activities room, availab le u nits co me to 110
Asat30 September2025
Portfolio summary

42
Care bedsCare suitesILUsTotal
North Island8257621,5973,184
South Island203361391955
Total Existing1,0281,1231,9884,139
Development Pipeline-2991,1071,406
Less Decommissions
(44)(90)(134)
Care Suite Conversions
Net Development Pipeline
2551,0181,273
Total Post Development
1,0281,3783,0055,412
12
1. As at 30 September 2025
We have 1,406 units in the development pipeline that we will take a measured and disciplined approach on when to execute
Future development outlook
Current& futureportfoliocomposition
1
Existingportfolio
Development pipeline
Postdevelopmentportfolio
32%
68%
2,814
Premium
1,325
Standard
22%
78%
4,220
1,191
Standard
26%
24%
50%
1,988
RV units
1,028
Care
Beds
1,123
Care
Suites
22%
78%
2%
39%
59%
19%
25%
56%
824
Planned
31 Under
Construction
551
Consented
3,005
RV units
1,028
Care
Beds
1,378
Care
Suites
1,107
RV units
299
Care
Suites

43
Status as at 30 September 2025
SitesStageStatusILUsCare suitesGross unitsNet units
Franklin
Stage 1
Under Construction31-3131
Stage 2-6
Consented14581226181
Stage 7
Planned78-7878
Lady Allum
Stage 2
Consented69
-
6969
Stage 3
Consented68-6868
The BayView
Stages 4-6
Consented107-107107
EversleyConsented-585852
Bream Bay
Stage 1
Consented23
-
2323
Stage 2
Planned12760187187
Waterford
Stage 2
Planned24608484
Stage 3
39-3933
GracelandsPlanned61-6159
Elmwood
Stage 2-3
Planned11
-
111
Stage 4+
Planned249
-
249249
Other
DuartPlanned50-50(1)
1
The HelierPlanned16-1616
StokePlanned16-16(6)
2
BayviewPlanned-404040
Total Consented / under construction
443139582532
Total Pipeline1,1072991,4061,273
13
Development pipeline
1. Car e B eds will be decommissioned for development
2. Old 1 bed co ttages th at will b e d emolish ed to allow fo r n ew villas to be built

44
14
Breakdown of available stock comparison of September 2025 to March 2025
Available Stock
As at Sept 2025As at March 2025
Available Resale
1
5858
Under Application- Resale
1514
Total
7372
Available Resale
76
Under Application- Resale
24
Villa
910
Available Resale
1315
Under Application- Resale
109
Apartments
2324
Available Resale
3837
Under Application- Resale
31
Care Suites
4138
1. Ava ilable Re sale stock ismade up of Develop me nt Buybacks, Available Resa les, Un der Re fur bish me nt and Development Tr ansfer s
As at Sept 2025As at March 2025
Available New
245270
Under Application- New
2622
Total
271292
Available New
00
Under Application- New
00
Villa
00
Available New
151208
Under Application- New
2214
Apartments
173222
Available New
9462
Under Application- New
48
Care Suites
9870

45
15
Totals as at 30 Sep tembe r 2 025 reconcile to both the total existing and future post de velo pment po rtfolios at ap pendix 09.
Reconciliation of portfolio movements
Movements in gross pipeline since FY25
As at
FY25
Changes
in existing
capacity
Conversion
of beds to
care suites
Conversion
of units to
care suites
New units
acquired
New units
delivered
Changes in
pipeline – gross
units added
Changes in
pipeline –
decommissions
As at
1HY26
Existing
Care beds
1,068(40)1,028
Care suites
1,090(7)401,123
Units
2,003(15)1,988
Pipeline
Care beds
(111)
(111)
-
Care suites
518(40)
(267)44
255
Units
714
21490
1,018
Total
5,282(62)----
(164)134
5,412
1,284
1,273
78 Units
16 Units
154 Units
(40) Units
(30) Units
119 Units
FY2025Add: Franklin land acquiredAdd: The Helier masterplanAdd: Elmwood masterplanning
update
Less: Meadowbank completedDivestmentsOther net
movements
HY2026

46
Resales
1HY221HY231HY241HY251HY26
Villa
2728353535
Apartment
1824202436
Care suite
84113117110109
Total
129165172169180
Average resale margin
19.6%22.7%19.8%21.5%17.0%
New Sales
1HY221HY231HY241HY251HY26
Villa
130500
Apartment
4428423839
Care suite
4433365152
Total
10161838991
Average development margin
26.0%34.6%24.8%36.2%35.4%
Average resale gain per unit / care suite
1HY221HY231HY241HY251HY26
Villa
182,352242,969210,414231,601238,514
Apartment
135,333198,375135,950157,75098,278
Care suite
39,03643,11543,76952,39135,330
Average resale gain
82,46999,61388,398104,46887,428
16
Summary of unit sales

47
17
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 Promoter
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

48
18
Oceania have experienced significant growth since IPO with a $2.1 billionincrease in total assets
Oceania Snapshot
2017
IPO
1HY251HY26 Change v IPO
Care units52%54%52%0%
Independent living units48%46%48%0%
Total assets$0.9b$2.8b$3.0b
+ $2.1b
NTA per share$0.92$1.43$1.57+ 71%
Total unsold stock (inc
resales)
$34m$361m$352m+ $318m
Total debt$84m$642m$618m+ $534m
Gearing15.0%37.5%34.8%+ 19.8 pp
Share price$0.79$0.78$0.82+4%
P/NTA1.1x0.5x0.5x(0.6x)
Substantial growth:
•Assets have risen to $3.0b from $0.9b at IPO
•NTA per share has increased 71% since IPO,
driven by significant expansion in village and care
Stronger platform:
•following this period of expansion, gearing has
dropped substantially, tracking toward the middle
of our 30-35% target
Improved capital efficiency:
•Build activity and disciplined land utilisation during
the period since IPO have driven stronger
recurring earnings and future cash flow generation