FY26 Results Supplementary Information

Supplementary
Information

1
15
Embedded value
1
increased 2% to $600.1m as at FY26
CBRE embedded value
1. Embedded value is derived from CBRE Limited independent valuation at 31 March.
2. Calculated as the current / estimated sale or resale price of all units / care suites asdeterminedby CBRE Limited.​
3. Value of unsold stockrepresentsthe sales price of units / care suites which are not under contract at valuation date, as they are either newly constructed or have been bought back from thepreviousoutgoing residents.
326293
274
298
2,576
2,366
-
700
1,400
2,100
2,800
3,500
-
100
200
300
400
500
600
FY26FY25
Accrued DMFEmbedded Resales GainsNumber of units
NZ$mFY26 ​FY25 ​
Var​
Estimated sale / resale price of
all Units
2
2,089.6 2,042.7
2%
less: Unsold stock
3
(264.0)(392.2)
(33%)
less: Resident liabilities
(contractual)​
(1,225.4)(1,059.4)
16%
equals: Embedded value​600.1 591.0
2%
•Embedded value is $600.1m, up 2% since FY25.
•Embedded value comprises:
•$326.2m of accrued DMF to be realised; and
•$274.0m of resale gains
•The growth in embedded value reflects the sell down of stock, changes in ORA
terms at The Helier and onboarding of new developments at Franklin and
Meadowbank
NZ$m

2
16
Breakdown
1
of available stock
Available Stock
1. Available stock includes all units where an ORA has been terminated (including stock under refurbishment for resale) and a new ORA has not commenced. FY26 stock uses a different data source methodology to the HY26 presentation of available stock. Stock as at 31 March.
Resale units
FY26FY25​
Available Resale103150
Under Application​6440
Total​167190
Available Resale​
1
5076
Under Application​3926
ILU89102
Available Resale​5374
Under Application​2514
Care Suites​7888
​New units
FY26FY25​
Available New​210315
Under Application​4822
Total​258337
Available New​132230
Under Application​4115
ILU173245
Available New​7885
Under Application​77
Care Suites​8592