Summerset Group Holdings Investor Day Presentation

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz


NZX & ASX RELEASE
4 May 2026


SUMMERSET GROUP HOLDINGS INVESTOR DAY PRESENTATION

Summerset Group Holdings has released its Investor Day presentation to the NZX. The Investor
Day was held at its first Australian village, Cranbourne North, on Friday 1 May to enable
investors to view Summerset’s first main building in Australia, see Cranbourne North’s progress,
and review progress on the Chirnside Park and Oakleigh South sites.

The Investor Day presentation is attached.

As part of the presentation to investors, Summerset management provided a performance
update on what the company is seeing following the conflict in the Middle East beginning at the
end of February.

Summerset CEO Scott Scoullar reported that its overall sales contracting levels remain
consistent since before the Middle East crisis began.

“The mix between new sales and resales has shifted slightly in favour of new sales, with weekly
average new sales up one unit and weekly resales down one unit.

“This shift in part reflects our current mix of stock with new unit deliveries being weighted to Q1
with the opening of our Cranbourne North, Waikanae and Whangarei villages’ main buildings. Of
our 750-850 build rate guidance (across New Zealand and Australia), we’ve delivered
approximately 420 units this year already.

“Uncontracted resale stock has continued to track down since December 2025 and is now at
2.4% of the portfolio.”

The presentation also addressed the cost inflation impacts the company is seeing following the
escalation in fuel prices.

“Our construction activity is well-protected through procurement and contracting in place for
most of this year’s work programme, though we have seen some minor cost escalation across
recent tenders for future works,” said Mr Scoullar.

“Recent construction tendering has shown price escalations of about 1.3% equating to around
$1.9 million across the tenders. Civils and earthworks are the areas with the most cost inflation
at 2.4%.

“We have also seen some operational cost increases which are up about 6%, most notably in
food and medical supplies. This equates to an annualised increase of approximately $1 million,
which remains relatively small in the context of our overall cost base.

“At this early stage we’re proactively managing our contracts with our suppliers as we see how
fuel prices play out.”

Summerset’s presentation also referenced the levers the company has in place should
economic conditions deteriorate and impact the company’s sales in the long-term.

“We have a number of options to protect our balance sheet, but currently we’re not seeing any
significant change. We’re staying flexible and well prepared should things evolve.”

ENDS

For investor relations enquiries: For media enquiries:
Margaret Warrington Louise McDonald
Chief Financial Officer Senior Communications & Media Advisor
Margaret.Warrington@summerset.co.nz Louise.McDonald@summerset.co.nz
+64 21 558 262 +64 21 246 3793


ABOUT SUMMERSET


• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 40 villages completed or in development nationwide
• In addition, Summerset owns seven proposed sites at Belmont (Auckland), Rotorua (Bay
of Plenty), Mission Hills (Napier), Masterton (Wairarapa), Otaihanga (Kāpiti Coast),
Rolleston (Canterbury), and Mosgiel (Dunedin)
• Summerset also has four villages in development (Cranbourne North, Chirnside Park,
Torquay and Oakleigh South) and owns three other proposed sites in Victoria, Australia
(Craigieburn, Drysdale and Mernda)
• Summerset provides a range of living options and care services to more than 9,500
residents

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Australian Investor Day
1 May 2026
Summerset Group Holdings Limited
Growing sustainable
NZX: SUM | ASX: SNZ
$234.2m
Underlying profit
$13.75
NTA per share
$9.2b
Total assets
9,500+
Residents
Summerset builds, owns and operates retirement villages and aged care
centres across New Zealand and Australia
value over the long term
Summerset Cranbourne North, Melbourne, Victoria

Disclaimer
▪This presentation contains certain forward-looking statements with respect to a variety of items. All of these forward-looking
statements are based on estimates, projections and assumptions made by Summerset about circumstances and events that
have not yet occurred. Although Summerset believes these estimates, projections and assumptions to be reasonable, they
are inherently uncertain
▪Therefore, reliance should not be placed upon these estimates or forward-looking statements and they should not be
regarded as a representation or warranty by Summerset, its directors or officers, or any other person that those forward-
looking statements will be achieved or that the assumptions underlying the forward-looking statements will in fact be correct.
It is likely that actual results will vary from those contemplated by these forward-looking statements and such variations may
be material
▪Furthermore, while all reasonable care has been taken in compiling this presentation, Summerset accepts no responsibility for
any errors or omissions
▪This presentation does not constitute investment advice. For further information please go to
www.summerset.co.nz/investor-centre/
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Agenda
3
TimeDetailsSpeakerLocations
8:30am
Bus tour departing from Summerset, 412 St Kilda Road for Cranbourne North
9:15am
Cranbourne North village and main building tour
10:30am
CEO address
Scott Scoullar
Chief Executive Officer
Cranbourne North
10:50am
Australia business update
Stewart Scott
Chief Operating Officer – Australia
Cranbourne North
11:20am
Australia sales update
Riet Bersma-Rees
Head of Sales – Australia
Cranbourne North
12:00pm
Depart Cranbourne North for Chirnside Park (Lunch box provided for bus trip)
12:40pm
Chirnside Park viewing and site update Chirnside Park
1:00pm
Depart Chirnside Park for Oakleigh South
1:40pm
Oakleigh South site viewing and site updateOakleigh South
2:00pm
Drop off will be back at 412 St Kilda Road
Agenda CEO welcome Australia Business Update Australia Sales Update

Our speakers today
4
Presentations from key members of our leadership team
Chief Executive Officer
Scott ScoullarStewart Scott
Chief Operating Officer
Australia
Riet Bersma-Rees
Head of Sales
Australia
Agenda CEO welcome Australia Business Update Australia Sales Update

01
CEO welcome
Scott Scoullar
Main building, Summerset Cranbourne North, Melbourne, Victoria
5

Agenda CEO welcome Australia Business Update Australia Sales Update
Most trusted and considered brand
6
Summerset has a strong and trusted brand across a range of proof points

▪Q1 2026 new sales up 34%, resales up 19% vs Q1 2025
▪March: 3rd highest enquiry month ever; Q1 the largest quarter on record
▪YTD tracking well; some NZ sales softening in late April (holidays, geopolitical uncertainty)
▪Regional divergence emerging – Auckland softer, rest of NZ on track
▪Sales mix skewing to care-based over independent units
▪Pipeline: ~425 units contracted (broadly in line with FY25); some settlements shifting Q2 to Q3 as macro outlook
changes
Positive early FY26 trading provides a solid platform for the year
Performance update
CEO update
Agenda CEO welcome Australia Business Update Australia Sales Update
7

▪Actively managing fuel-cost exposure and shifting economic outlook
▪Proven leadership through prior downturns; sales historically resilient
▪FY26 capex largely locked in; some general operating cost inflation flowing through
▪Growth targets adjustable if needed – long-term business health prioritised over short-term targets
▪No major decisions yet; significant mitigations available if conditions deteriorate
▪Retain expectation of operating at lower end of $2.0b–$2.5b target debt band through FY26 and FY27
Proactively managing headwinds as sentiment turns more cautious
CEO update
External volatility & outlook
Agenda CEO welcome Australia Business Update Australia Sales Update
8

Response to a further deterioration in economic outlook
Summerset retains significant flexibility within its business plan should the economy slow in FY26
9
Land acquisitions
•Pause land purchases
Queensland expansion
•Delay entry until later date
Surplus land
•Sales of surplus land and adjoining
residential sites
Deliveries
•Reduce capex spend and deliveries
Unit pricing
•Manage pricing to support sales
momentum, if needed
Cost discipline
•Full review of cost base
Revenue review
•Strategic review of deferred
management fees and weekly fees
Dividend review
•Strategic review announced as part
of FY25 results announcement
Defer new sites
Price flexibility
Dispose of land
Slow build rate
Review underway
Review underway
Review underway
Defer new sites
Agenda CEO welcome Australia Business Update Australia Sales Update

▪Proven framework and business model for sustainable long-term growth
▪Focused on long-term strength with flex to absorb short-term volatility
▪Operating cash generation growing as villages mature and occupancy lifts
▪Regional diversification and broad-acre build programme enables agile market response
▪Long-dated debt, significant headroom, and strong banking relationships ensure funding certainty
▪Sector leading brand strength embedded in market
Balance sheet discipline drives decisions; business well positioned
CEO update
Why we are resilient
Agenda CEO welcome Australia Business Update Australia Sales Update
10

02
Australian business update
Stewart Scott
Main building, Summerset Cranbourne North, Melbourne, Victoria
11

Australia business update
12
Stewart Scott |Chief Operating Officer - Australia
Agenda CEO welcome Australia Business Update Australia Sales Update
▪Leads Summerset’s activities in Australia
▪Joined Summerset in 2020
▪30 years experience across development and operations
▪20 years dedicated to the Australian retirement and aged care sector
▪Previously held senior executive positions in continuum of care settings
across development, operations and sales space
Stewart Scott
Chief Operating Officer - Australia

Key takeaways from today
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Summerset is a compounding asset business – one that turns structural demographic tailwinds
into perpetual, and sustainable growth across New Zealand and Australia
Summerset in Australia
Understand design and construction philosophy
Long term vision for Summerset in AustraliaLocal leadership team
Tour sites and view progress
•Sales progress and key dates
•A business model based on the sale of occupation rights
with villages designed around a continuum of care
•Recap on growth path and demographic trends
•Introduction to key team members responsible for
Summerset’s expansion into Australia
•Melbourne village tour of Oakleigh South, Chirnside Park and
Cranbourne North
•Walk through of first Australian main building
•Villages designed to their local environment
•Collaboration with NZ team and shared ideas
•Moving to self performance model for delivery
•Strategy targets long term sustainable growth, able to
confidently work through any short term economic instability
•Expansion driven by quality and adoption of systems to
enable scale when ready
Update on sales and village operations
Agenda CEO welcome Australia Business Update Australia Sales Update

Australian leadership team
14
Experienced leadership team delivering the “Best of Life”
Head of Design

Mel Parry
Greg Fifield
Senior Acquisitions
Manager
Paul Fairbrother
GM Construction
Agenda CEO welcome Australia Business Update Australia Sales Update
Bryce Laricchia
Head of Delivery

Riet Bersma-Rees
Head of Sales

Jocelyn Small
Regional Clinical and
Quality Manager

Summerset in Australia
15
Who we are
Agenda CEO welcome Australia Business Update Australia Sales Update
▪Summerset builds and owns integrated retirement villages in
Australia and New Zealand
▪We focus on broad acre, easily stageable village development
▪Residents generally enter a Summerset village in their late 70’s
meaning villages do not directly compete with lifestyle offerings
▪Australian business follows a similar model to Summerset in New
Zealand, a resident purchases an occupation right and pays a
deferred management fee (DMF) - based off ingoing sales price
▪Generate financial returns from village development and the
ongoing operations of villages once units are delivered
▪Ongoing cash flows are earned from weekly fees, care fees, DMF
and resale gains (Summerset retaining 100%)
▪Villages provide a continuum of care – something that is a clear
point of difference in Australia
▪Residents are attracted to Summerset because of the community
and social environment, and certainty of care if they need it

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0.2m
0.4m
0.6m
0.8m
1.0m
1.2m
1.4m
1.6m
2010201520202025203020352040204520502055206020652070
VictoriaQueensland
Summerset in Australia
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Summerset focuses on the long term, supported by strong demographic tailwinds
Summerset build rate
Australia 75+ population
| Demographic tailwinds are real | Penetration rates lower in Australia | 75+ population much larger in Australia |
Build rate
Demographics
•New Zealand build rate stabilising at approximately 650 per annum
under normal operating conditions
•Australian build rate to progressively scale to 300 per annum in 2027
•Victoria 75+ population to grow over 2.7x by 2070, Queensland by 2.4x
•Retirement village penetration rate of 7% in Victoria, NZ higher at 14%
Agenda CEO welcome Australia Business Update Australia Sales Update
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200
400
600
800
1,000
FY19FY20FY21FY22FY23FY24FY25FY26EFY27E
New ZealandAustralia

Our pathway to date
17
Footprint now across eight sites with four in construction and two villages delivering units
Agenda CEO welcome Australia Business Update Australia Sales Update
2018
Australia strategy
announced
2019
Acquired Cranbourne
North and Torquay
2021
Construction at
Cranbourne North
commenced
Acquired Chirnside
Park, Craigieburn and
Oakleigh South
2022
Acquired Drysdale
and Mernda
2023
First units at
Cranbourne North
Construction at
Chirnside Park
commenced
2024
Cranbourne North
village open
Construction at
Torquay
commenced
2025
First main building at
Cranbourne North
Deliveries at Chirnside
Park
Construction at
Oakleigh South
commenced
Acquired Mornington
2026
First care residents
at Cranbourne
North
First residents at
Chirnside Park
Self performance in
Australia underway
2020
Cranbourne North
design completed
Cranbourne North site acquisitionChirnside Park site acquisitionOakleigh South site acquisition
Torquay renderCraigieburn site acquisitionCranbourne North smoking ceremony
Chirnside Park construction start
First deliveries, Cranbourne North
First main building, Cranbourne North
Cranbourne North
market day
Oakleigh South construction start
COVID-19 Pandemic

Growth in footprint
18
Pipeline to enable a stabilised build rate of 300 units per annum over the medium term
Agenda CEO welcome Australia Business Update Australia Sales Update
▪Maintaining our disciplined approach to land acquisition
▪Land pipeline of over 2,300 units in Victoria
▪Focused on broad acre land in our core target areas
▪Pipeline management focused on ensuring Summerset can
deliver on its medium term target of 300 units per annum,
forecast from 2027 onwards as economic conditions allow
▪Recent announcement of 6ha site in Mornington, Victoria
▪Excellent catchment with median house price of $1.3m and
population of more than 11,000 people aged 75+
▪Permit is now approved
Mornington main building render
Mornington main building render
Summerset Australia Pipeline
VillageVillasApartments
Assisted
living
apartments
Care
Total units
and beds
beds
Chirnside Park185-2880293
Craigieburn267-3472373
Cranbourne North161-3372266
Drysdale277-3472383
Mernda260-2072352
Mornington156--33189
Oakleigh South5050-66166
Torquay215-3472321
Total Australia1,571501835062,343

Build rate
19
Steady growth in build rate as one village added each year - scale reached by 2027 as portfolio
grows to over 500 units
Australia build rateAustralia portfolio
| Sustainable growth prioritised | Flexibility retained | Four villages delivering by 2027 |
Build rate
Portfolio
•Australian build rate lifting from ten units in FY23 to between 100 and
150 in FY26 across two villages
•Targeting build rate of 300 in AUS in 2027 but retain flexibility to
adapt to market conditions as we do in New Zealand
•Australian portfolio to lift above 500 units by 2027 across four sites
•Delivers the foundation for Summerset’s Australian footprint within ten
years of signalling intention to enter Australian market
Agenda CEO welcome Australia Business Update Australia Sales Update
-
100
200
300
400
500
600
700
800
FY23FY24FY25FY26FY27
Cranbourne NorthChirnside ParkOakleigh SouthTorquay
-
100
200
300
400
FY23FY24FY25FY26EFY27E
Cranbourne NorthChirnside ParkOakleigh SouthTorquay

Product and Planning
20
We continue to tailor and improve our product and service offering for the local market
Agenda CEO welcome Australia Business Update Australia Sales Update
▪Australian villages designed to their environment
▪Australian based design team lead product development and
master planning
▪Team collaborates with NZ design-delivery team to test and
refine products – benefits seen for both teams
▪Cranbourne North village has provided lessons for the next
generation of builds at Oakleigh South and Chirnside Park
▪Regular focus groups also provide opportunity to adopt
product design improvements
▪Some typologies now largely standardised across both NZ
and Australia that will provide procurement efficiencies and
cost savings
▪Feedback on first main building overwhelmingly positive,
particularly on the amenities
Chirnside Park townhouse render
Chirnside Park landscaping
Cranbourne North villa
Cranbourne North villa

Delivery
Growing scale and maturity providing confidence in construction pathway
21
Cranbourne North
•First Australian village
•ILU stages one to three complete
•Main building delivered
•Care centre now filling
•266 total units once complete
Chirnside Park
•First ILU deliveries complete
•Selling now
•First residents move in during Q3
•Main building targeting FY27 delivery
•293 total units once complete
Oakleigh South
•Basement excavation works complete
•First deliveries expected in FY27
•166 total units once complete
•Central Melbourne corridor
Torquay
•Coastal destination village
•Infrastructure and enabling works
now complete
•Subject to economic conditions,
delivery of first villas targeting FY27
$550m+
Forecast NTA to be added on completion and first sell
down
300 units per year
Target annual build rate
in Australia in FY27
Units delivered
Construction
Construction
| First four villages underway | 8% to 10% development margin | Development net cash position breakeven |
Agenda CEO welcome Australia Business Update Australia Sales Update
Village open

Cranbourne North
22
Main building now open with village filling well
Cranbourne North
161 independent homes and
33 assisted living apartments once complete
72 bed aged care home
Care centre fully accredited and opened in March 2026
80 villas remaining to be completed
Agenda CEO welcome Australia Business Update Australia Sales Update

Cranbourne North
23
High quality fit out designed to showcase Summerset in Victoria to new audience
Agenda CEO welcome Australia Business Update Australia Sales Update

Chirnside Park
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Construction underway, first units delivered and village to open in Q3 2026
Chirnside Park
185 independent homes and
28 assisted living apartments once complete
80 bed aged care homeFirst 10 villas delivered in Q4 2025
Agenda CEO welcome Australia Business Update Australia Sales Update

Chirnside Park
25
Village design seeks to optimise the sloping nature of the site and views available
Agenda CEO welcome Australia Business Update Australia Sales Update

Oakleigh South
26
Construction underway, with the first units to be delivered in 2027
Oakleigh South
100 independent homes units once complete66 bed aged care homeConstruction commenced in Q4 2025
Agenda CEO welcome Australia Business Update Australia Sales Update

Oakleigh South
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Contemporary design matching expectations of local catchment
Agenda CEO welcome Australia Business Update Australia Sales Update

Torquay
28
Civil construction is underway, with the first villas targeting delivery in late 2027
Torquay
72 bed aged care homeFirst site under in-house construction team
Agenda CEO welcome Australia Business Update Australia Sales Update
215 independent homes and
34 assisted living apartments once complete

Torquay
29
Village to adopt a more coastal design aesthetic in keeping with surrounding environment
Agenda CEO welcome Australia Business Update Australia Sales Update

Future state
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Committed to introducing construction self performance in Victoria
Agenda CEO welcome Australia Business Update Australia Sales Update
▪Initiated programme for self performance of both construction
and procurement in Victoria
▪Expect there to be significant cost savings in the medium term
as capability and maturity grows
▪Adoption will be deliberate, measured and methodical,
embedding the learnings from NZ
▪Entry point is planned to be the first villas at Torquay with
commencement planned in early 2027
▪Roadmap starts with independent living units, potential to
consider commercial construction in 3-5 years time
▪Paul Fairbrother, previously Summerset NZ Project Director has
now relocated to Melbourne to lead implementation

Agenda CEO welcome Australia Business Update Australia Sales Update
Village operations
31
Summerset’s first aged care home and assisted living units now delivered and selling
▪Summerset’s retirement village operations commenced in Q1 2024
▪Our second village at Chirnside Park is due to open in mid 2026,
followed by Oakleigh South
▪The team navigated the complex regulatory regime surrounding the
new Aged Care Act and in March 2026 Summerset officially became a
Commonwealth registered aged care provider
▪In Q2 2026 we opened our first aged care home and welcomed our
first assisted living residents
▪There is optimism in the industry surrounding the future profitability
of aged care following the reforms
▪Value capture will be underpinned by a focus on accommodation
charges (RAD/DAP’s) as well balancing staff costs, skill sets, resident
acuity and funding mix
First assisted living resident - Carol

03
Sales
Riet Bersma-Rees
32

Australia sales update
33
Riet Bersma-Rees |Head of Sales Australia
Agenda CEO welcome Australia Business Update Australia Sales Update
▪Joined Summerset in 2018, as Group Sales Manager Auckland
▪Held Summerset’s Acting Chief Sales Officer role
▪Moved to Melbourne in 2024, establishing and leading Summerset’s
Australian sales team and strategy
▪Previous experience in real estate sales and homecare operations
▪Owned a private homecare agency with government contracts
▪Passionate about empowering high performing sales teams that delight
the customer at every touch point
Riet Bersma-Rees
Head of Sales Australia

Key themes for 2026
34
Opportunity to take advantage of large catchments and lifting engagement in RV living
Market tailwinds driving demand
Preselling earlier in the development cycle
Conversion-led sales model
Scalable sales infrastructure
Continuum of care
Brand trust and customer experience
•Retirement living demand underpinned by Australia’s ageing
population
•Interest in retirement village living in Australia continues to
grow
•Sales timeline brought forward, more time to grow
Summerset’s brand and pipeline
•75+ population within village catchments significantly larger
than seen in NZ
•Increased acceptance of the continuum of care model,
remains a strong point of difference for Summerset
•Focus on moving prospects away from downsizing view to a
‘best of life’ mindset
•Brand and customer experience are key to high
consideration purchases
•Focus is to elevate customer experience and increased
referrals similar to NZ model
•High-quality, conversion focused pipelines
•Increase conversion rates through qualification, nurturing
and appointment strategies
•Building a repeatable, high-performing sales model & team
•Roll out across multiple villages and future pipeline
Agenda CEO welcome Australia Business Update Australia Sales Update

Sales pipeline and database
35
Measuring what matters – seeing good lift in sales rates and enquiry
Agenda CEO welcome Australia Business Update Australia Sales Update
Australian enquiry levels (quarterly)
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100
200
300
400
500
600
4Q241Q252Q253Q254Q251Q26
Cranbourne NorthChirnside ParkOakleigh SouthTorquay
-
5
10
15
20
25
4Q241Q252Q253Q254Q251Q26
Australian sales contracts (quarterly)
| Four villages with enquiry | Two selling | One main building open | Two village launches upcoming |
Enquiry
Sales contracts
•Over 200% increase in quarterly enquiry between 2Q24 and 1Q26
•Consistent lift in enquiry at Cranbourne North and Chirnside park over
last four quarters
•Significant step up in sales contracts since 4Q24
•Almost 70% of first release at Chirnside Park now sold, incl. all villas,
next stage released in May 2026 with database of 380+ prospects

Key village dates
36
Upcoming sales activation milestones
Chirnside Park
•First residents move in – August 2026
•Main building delivery expected in
FY27
•Community partnerships: 8
Oakleigh South
•Village sales suite and experience
centre operational from December
2026
•Launch presales – Q3 2026
•First residents move in – Q3 2027
Torquay
•Village sales suite and experience
centre operational from December
2026
•Launch presales - Q2 2027
Agenda CEO welcome Australia Business Update Australia Sales Update

Agenda CEO welcome Australia Business Update Australia Sales Update
Key themes in 2026
37
Emphasis on building brand and engagement with current and future residents
Resident
•Deliver high impact open days and
sales led engagement events
•Maximise resident satisfaction and
earlier tenure experience
•Increase referral led enquiries and
repeat engagement
Brand
•Expand market presence ahead of
and during launch phase
•Grow and activate high-quality
database across all villages
•Grow community partnerships,
currently 20 across four developments
Team
•Drive strong sales and settlement
performance across all villages
•Strengthen our high-performing team
ahead of next village launches

Summerset Group Holdings Limited
Ngā mihi
May 2026
38