Radius Care Releases 2026 Annual Report

Exceptional People
Exceptional Care
ANNUAL REPORT 2026

#F5F0E8)
Contents
OUR YEAR
The Shape of Radius4
Financial Highlights6
Executive Chair & CEO Report8
Caring Well14
Broadening How We Deliver Care20
Building for Our Communities 24
LEADERSHIP
Board Of Directors26
Senior Management28
FINANCIAL STATEMENTS
Consolidated Financial Statements31
Notes to the Consolidated Financial Statements36
Independent Auditor's Report65
CORPORATE GOVERNANCE69
OTHER DISCLOSURES76
CORPORATE DIRECTORY85
This report is dated 29 June 2026. The annual report has
been approved by the Board and is signed on behalf of
Radius Residential Care Limited by Brien Cree, Founder
and Executive Chair, and Hamish Stevens, Director.
Brien Cree Hamish Stevens

Every person who
chooses Radius
Care brings a
life with them.
Families, histories,
preferences
and humour.
Our role is to be
worthy of the trust
placed in us.
Radius Residential Care Annual Report 2026
23

#F5F0E8)
The Shape of Radius
While our core focus
remains on care for older
New Zealanders with
complex, high-acuity
needs, we are increasingly
supporting people with
a wider mix of health
conditions, care settings
and support requirements.
As those needs evolve, so
too does the shape of our
business.
Radius Care operates
25 care homes and four
villages across New
Zealand, with over 2,000
beds and a team of more
than 2,000 people.
We provide care across
hospital-level, dementia,
psychogeriatric, ACC
and respite services,
alongside growing
support for people living
independently in their
own homes. Services
such as Cibus Catering,
Luma, Radius Shop and
RConnect extend what we
can offer to more people,
across more settings.
Health Services
Adjacent Services
Grow Scale in Care
GREENFIELD DEVELOPMENTS
TARGETED MERGERS AND
ACQUISITIONS
BROWNFIELD DEVELOPMENTS
Diversify Revenue
GROW HOME SUPPORT
GROW LUMA
EXPAND RADIUS SHOP
EXPAND INTO COMPLEMENTARY
HEALTH SERVICES
Optimise Operations
TECHNOLOGY AND SYSTEMS
INVESTMENT ACROSS
THE BUSINESS
25
CARE HOMES
4
VILLAGES
2,000+
BEDS
2,000+
TEAM
GROWTH STRATEGY
R
A
D
I
U
S

H
E
A
L
T
H
Radius
Shop
RConnect
ACC
Retirement
Living
Cibus
Catering
Home
Support
Luma
Radius Residential Care Annual Report 2026
45

#F5F0E8)
Financial
Highlights
Profit & LossNon-GAAP measuresBalance sheet
UP 14% FROM 2025: $177.4M
$202.3m
TOTAL REVENUE
UP 37% FROM 2025: $10.5M
$14.3m
NET PROFIT BEFORE TAX
UP 34% FROM 2025: $7.0M
$9.5m
NET PROFIT AFTER TAX
2
UP 12% FROM 2025: $10.8M
$12.2m
ACCOMMODATION SUPPLEMENTS
UP 44% FROM 2025: $8.8M
$12.7m
AVAILABLE FUNDS FROM OPERATIONS
3
UP 1% FROM 2025: $67.7M
$68.7m
NET DEBT
UP 17% FROM 2025: $23.5M
$ 2 7. 4 m
UNDERLYING EBITDA
3
3.06 CPS GROSS DIVIDEND
1
UP 52% FROM 2025
2.2cps
TOTAL FY26 CASH DIVIDEND
UP 11% FROM 2025: $27.9K
$31.1k
UNDERLYING EBITDAR
4
PER CARE BED
5
1. Grossed up for imputation credits and RWT.
2. Excluding non-controlling interest.
3. Earnings before interest, tax, depreciation and amortisation. Underlying EBITDA and AFFO are non-GAAP (unaudited) financial
measures and were reconciled to GAAP measures in the Investor Presentation dated 13 May 2026.
4. Earnings before interest, tax, depreciation, amortisation and rent. Underlying EBITDAR is a non-GAAP (unaudited) financial
measure and was reconciled to a GAAP measure in the Investor Presentation dated 13 May 2026.
5. On a like-for-like basis.
67
Radius Residential Care Annual Report 2026

#F5F0E8)
New Zealand’s population is ageing rapidly, with around
900,000 people now aged over 65. This number will
continue to increase significantly over the coming
decades. This longer life expectancy brings greater clinical
complexities and care requirements for those with chronic
and higher acuity health conditions.
Proven Care,
Clear Growth Path
BRIEN CREE, FOUNDER & CHAIR AND ANDREW PESKETT, CEO
“Radius Care’s FY26
performance reflects the
strength of our focus on
care and the disciplined
execution of our growth
strategy. ”
While additional beds and care homes remain
important, the sector’s long-term success will
depend on the ability to deliver consistently
high standards of care to a larger, more
clinically complex population. Recent sector
reviews have reinforced the importance of
integrated care models, workforce capability,
quality systems and sustainable service
delivery in meeting that challenge.
Radius Care is positioned to meet this need.
We operate care homes and supporting
services focused on residents with higher
clinical needs, including respite, home
support, hospital-level and dementia care.
As demand shifts towards more complex,
integrated care, we are also selectively
expanding into related services and products
designed to support people as their
needs change.
Our People
The quality and consistency of care delivered
across our care homes depends on the
capability, experience and stability of our
people. In FY26, staff turnover remained low
at around 18%, continuing a trend that has
held over the past two years, while employee
engagement improved. In a sector where
continuity matters because of the importance
of high-quality care and resident interactions,
this stability supports more consistent
care delivery.
Our people are a defining strength of Radius
Care. Many of our regional and senior
leaders have progressed through internal
roles, bringing practical experience, strong
relationships and a clear understanding of
what good care delivery requires. This depth
of experience and continuity of leadership
supports consistent standards across our
care homes and reflects a simple principle at
the heart of the business: Exceptional People,
delivering Exceptional Care, or EPEC.
RUTH AND BETH ENJOYING A CUPPA
TOGETHER AT RADIUS THORNLEIGH PARK.
BRIEN CREE
Radius Residential Care Annual Report 2026
89

#F5F0E8)
Our Performance
Our FY26 performance reflected stronger
occupancy, improved care mix, continued
accommodation supplement growth,
disciplined cost management and lower
financing costs. Our EBITDAR per bed
increased to sector-leading $31k per bed
1
.
Profit before tax increased by 37% and net
profit after tax by 34% compared with FY25.
Just as importantly, the business generated
stronger operating cash flow and AFFO,
giving us more capacity to reinvest, grow and
return capital to shareholders.
Occupancy remained strong through 2026
with an average of 94.9% across our care
homes. In a higher acuity model, where
admissions and discharges are more frequent,
maintaining occupancy at this level reflects a
high demand and effective operations.
We remain focused on improving yield per
bed through accommodation supplements
and a higher proportion of hospital level
residents, while sustaining the audit quality,
local leadership and day to day operating
disciplines that support care delivery across
the portfolio.
Disciplined Growth
With quality of care as the priority, our near-
term growth is focused on adding the right
care capacity. New builds are expected to
be the main driver, supported by a capital-
light model backed by long-term private
investors. This allows Radius Care to expand
while preserving capital for operations,
refurbishment, debt management and
dividends. Acquisitions and new services
are considered where they strengthen the
ecosystem and can be integrated into the
way we deliver care.
During FY26, St Allisa was acquired and
integrated into our operating model and
is now fully occupied and contributing to
earnings. Since year end, Radius Karori has
taken the group to over 2,000 beds and
established our first care home in Wellington.
Applefields in Christchurch is expected to
support the next phase of growth, while the
extension and syndication of debt facilities
have strengthened our funding base.
TOP: CARINA
AND ELLA WITH
JANET AT RADIUS
WINDSOR COURT.
LEFT: OUR FIRST
CARE HOME IN
WELLINGTON,
RADIUS KARORI.
1. Adjusted to exclude
the purchase of one
care home.
Radius Residential Care Annual Report 2026
1011

#F5F0E8)
Supporting Services
Alongside the care home portfolio, we are
extending services for people who want to
remain at home longer. Our Home Support
offering spans private and ACC-funded care,
with a growing focus on privately funded
clients seeking a higher level of personalised
support in the community.
We are also improving products and services
that support day to day care. Our new Luma
continence products will improve internal
supply and quality control, with Radius
Shop acting as the channel for broader sales
over time.
These products and services extend how
Radius Care supports residents and families
beyond traditional residential care settings.
Dividend Policy
= SURPLUS CASH FOR ALLOCATION
Debt
Repayment
Mergers,
Acquisitions;
Growth Capex
Special
Dividends or
Share Buybacks
UNDERLYING EBITDA
Bank Interest and Cash Tax
Depreciation (=sustaining CAPEX)
Investment required to maintain quality of existing assets.
= AFFO

Ordinary Dividend (40% to 70% of AFFO)
INVEST IN CORE OPERATIONS
Maintain and improve quality of care oering by investing in
operating assets and technology base.
MAINTAIN FINANCIAL RESILIENCE AND FLEXIBILITY
Medium term target: Net Bank Debt to EBITDA Ratio below 2.5x.
Owned property: 25%-50% of our total care home portfolio.
Distributions
Ordinary dividend pay-out
ratio of 40% to 70% of AFFO
(fully imputed).
Sustained dividend growth.
Growth
Disciplined investment in high
return capacity
expansion capex.
Invest in capital-light
adjacent services.
Capital Management Framework
Capital Management
and Dividends
The final dividend increased by 50%
to 1.2 cents per share, fully imputed
(including imputation credits of 0.47
cents per share), with a payout ratio of
49% of AFFO.
Total FY26 cash dividends were 2.2 cents
per share, representing a gross yield of
8.0%. This reflects a balanced approach:
maintaining distributions while retaining
capacity to support growth and preserve
financial flexibility.
Looking Ahead
As demand for specialised aged care
continues to grow, our priority is to
respond from a position of operational
strength. That means maintaining clinical
excellence, leadership depth and consistent
care delivery, while building smarter, more
connected ways to support New Zealanders
as they age.
ANDREW WITH
BETH AT RADIUS
THORNLEIGH PARK.
Capital Management Framework
1. Earnings before interest, tax, depreciation and amortisation.
Underlying EBITDA is an non-GAAP (unaudited) financial
measure.
2. AFFO is an non-GAAP (unaudited) financial measure which is
reconciled to GAAP measures included in the appendices of the
Investor Presentation dated 13 May 2026.
Radius Residential Care Annual Report 2026
1213

#F5F0E8)
Caring Well
Radius Care's operating strength starts with its
people. The quality and consistency of care depends
on the capability, experience and steadiness of
the 2,000+ people who come to do work that
requires compassion, commitment and courage.
Strong clinical leadership, ongoing training and
clear structures help them deliver care to a
consistent standard.
What Residents Say
Choosing a care home is a significant
decision for residents and families. It
often follows a period of change, difficult
conversations and uncertainty, making
trust in the people providing support
especially important.
During 2025, 772 residents across 23 care
homes told us what they thought. Overall
satisfaction reached 91%, up from 89% the
year before and 85% two years earlier. Net
Promoter Score rose to +40 at our care
homes. Across every level of care, from
dementia through to palliative and respite,
91%
RESIDENT OVERALL SATISFACTION
+40
RESIDENT NET PROMOTER SCORE
95%
RESIDENTS EXPECTATIONS MET OR EXCEEDED
95% of residents said their expectations
were met or exceeded. Meal satisfaction
was the highest in seven years of tracking.
For residents in long-stay care, food is
often one of the last consistent sources of
daily pleasure, making this one of the more
meaningful numbers in the set.
Consecutive years of improvement reflect
teams that listen and respond to what
residents and families tell them, building
confidence among residents, families, funding
partners and regulators.
LEFT: LORNA WITH
MEGAN AT RADIUS
WINDSOR COURT.
RIGHT: MARTIN
PLATING UP THE
DAY'S MENU.
Radius Residential Care Annual Report 2026
1415

#F5F0E8)
Certifications
Audit and certification outcomes matter to
the people helping residents and families
make decisions, including referrers, GPs,
hospital discharge teams and social workers.
Four-year certification sets the benchmark
for aged care in New Zealand, awarded by
independent assessors where full compliance
is demonstrated and sustained. In FY26, four
care homes completed certification audits.
Three achieved the maximum four-year term.
The fourth received a three-year certification
following a fully attained audit with no
corrective actions. This is consistent across
our care homes, with a high proportion of
four-year certifications placing Radius Care
among the sector’s stronger performers.
Surveillance audits reinforced this
performance. Most recorded no findings.
Where issues arose, they were low risk and
resolved promptly through established
corrective processes, demonstrating
consistent control over day-to-day clinical
and operational performance.
Leadership and
Development
Leadership depth is an important part of
maintaining care quality across a distributed
network. Leaders who have progressed
through frontline and clinical roles bring
practical experience, credibility with teams
and a clear understanding of what good care
delivery requires day to day.
Laurel Winwood joined Radius Care as
a Clinical Nurse Manager and is now a
Regional Manager, a progression built
gradually over more than two decades. As
she describes it:
"Each leadership transition was
done gradually. It wasn't thrust
upon me. I had opportunities to
grow into each role rather than
finishing one role and suddenly
starting another."
Her path reflects a broader pattern within
the business. In FY26, 54% of Care Home
Managers were appointed through internal
promotion, 70% of Regional Managers
progressed internally, and 48% of Clinical
Nurse Managers were developed from
within. The organisation also attracts
people back. Jenny Lintag built her
career at St Helenas before leaving to
nurse in Australia, and later returned as
Care Home Manager when Radius Care
acquired St Allisa.
In FY26, 62 Registered Nurses completed
the UNLEASH Core Concepts of Aged-
Care programme and 15 Clinical Nurse
Managers completed the UNLEASH Clinical
Excellence coaching and mentoring
programme, part of a deliberate effort to
develop leadership capability.
Workforce Stability
Continuity matters in aged care. When a
resident is living with dementia, or depends
on others for intimate daily care, being
supported by someone familiar changes the
experience entirely. Trust is not a backdrop
to good care in these settings but how good
care becomes possible.
Employee engagement continues to
strengthen, with our employee NPS
improving to +20, up from +12 in FY25. This
steady lift reflects teams that feel heard,
supported and confident in the work they are
doing each day.
Workforce instability remains a widely
recognised challenge across the New Zealand
aged care sector. Against that backdrop,
Radius Care's annualised turnover remains
low at 18% in FY26, while 95% of new hires
said at the three-month mark that they were
satisfied with their decision to join. That level
of continuity helps preserve the familiarity
that matters especially in dementia, hospital-
level and long-stay settings.
GERALD, ELLA & SATGUR
TOP RIGHT: NGAIRE
AND HCA CINDY
CHATTING
ABOVE: REGIONAL
MANAGER, LAUREL
WINWOOD
SIDE: ST ALLISA
MANAGER, JENNY
LINTAG
Radius Residential Care Annual Report 2026
1617

#F5F0E8)
Training and Capability
Building workforce capability remains
a core part of maintaining care quality
and preparing teams for increasingly
complex needs.
At year end, 272 staff were enrolled in
nationally recognised qualifications,
spanning across Level 2-4 Health
and Wellbeing, Dementia Care and
Apprenticeships programmes, with 120
new enrolments added in FY26. During the
year, 574 new starters completed formal
induction, while 182,870 online courses were
assigned and tracked across 2,020 active
staff, reflecting a structured approach to
development across both clinical and non-
clinical roles.
Workforce Intelligence
As Radius Care grows, keeping a clear view
across staffing, care delivery and labour
efficiency becomes increasingly important.
An analytics tool developed in-house brings
together staffing, rostering, occupancy and
cost data across all care homes into a single
view. Leaders can monitor skill mix, turnover,
sick leave and labour costs in real time, while
identifying differences between benchmark,
rostered and contracted hours. Building this
kind of visibility ahead of need, rather than in
response to it, reflects a practical discipline
that runs across the organisation.
Diversity
With an increasingly diverse ageing
population, being able to share languages,
cultures and backgrounds when providing
care helps to build trust and familiarity. With
a workforce where 68% identify as either
Asian, Māori and Pacific Peoples, Radius
Care’s workforce is well positioned to respect
residents’ cultural, religious and personal
preferences and deliver care that feels
familiar rather than foreign.
All staff undertake cultural training with a
strong focus on Māori and Pasifika models
of care with international staff receiving
dedicated training in New Zealand culture
and customs. By promoting equity across
our people practices, we aim to create
an environment where employees can
thrive and residents receive care that is
respectful, inclusive and responsive to their
individual needs.
Caring is our Calling
Aged care work is demanding, both
physically and emotionally, and sustaining
high standards of care over time depends in
part on sustaining the people delivering it.
In FY26, Radius Care introduced a structured
quarterly wellbeing programme, beginning
with financial wellbeing, and moved to Habit
Health as its employee assistance provider.
This gave staff access to a broader range
of support than a traditional employee
assistance provider covering counselling,
physiotherapy, financial and legal guidance,
career coaching, onsite trauma support and a
24/7 wellbeing app. For a workforce carrying
significant physical and emotional demands,
the breadth of that offer matters.
Ethnic diversity
Connected to
our Communities
Maintaining a sense of connection to the
wider community is an important part
of wellbeing in aged care. For residents,
meaning often comes from continuing
to contribute, staying engaged, and
feeling part of something beyond the care
home environment.
At Radius Millstream, residents spent months
knitting baby hats, blankets and singlets
for maternity wards in Ashburton and
Christchurch. At Radius Althorp, residents
and staff collected food donations for the
Tauranga Food Bank.
Community support also comes back the
other way. At Radius Glaisdale, a local flower
farmer regularly brings in fresh blooms
and spends time with residents teaching
how to arrange them. Volunteers across
many of our care homes spend time with
residents, join activities, and provide regular
companionship. In FY26, Radius Care signed
a partnership with a community organisation
that specialises in structured volunteer
programmes, with a pilot launched in
Auckland and the potential to extend to other
regions if successful.
These connections help residents remain
engaged with the communities around them
and strengthen the sense that each care
home is part of local life, not separate from it.
TOP LEFT: RADIUS
LEXHAM PARK
RESIDENTS VISITED
THE RSA VILLAGE IN
KATIKATI TO SHARE
SMILES AND SMILE
BALLS WITH THE
COMMUNITY FOR
WORLD SMILE DAY.
TOP RIGHT: ANDREW
WITH ROMMEL, DURING
ONE OF HIS TWO HCA
SHIFTS IN 2025.
BOTTOM: RADIUS
ALTHORP TEAM
DELIVERING CANS TO
FOOD BANK.
020406080100
Overall
Board
Senior Management
Other Management
AsianEuropeanPacific PeoplesMāori
Middle Eastern/
Latin American/
African
OtherUnknown
Radius Residential Care Annual Report 2026
1819

#F5F0E8)
Broadening How
We Deliver Care
Home Support
Radius Home Support delivers professional
care to people in their own homes,
spanning ACC-funded and private
clients. Services include hospital-level
rehabilitation, recovery support and
assistance with daily living.
On 1 March 2025, we became an accredited
ACC Maximise Independence provider,
enabling nationwide delivery of hospital-
level rehabilitation services to ACC clients,
which includes locations where we do not
have a physical footprint.
For privately funded clients, the offer is
more tailored in nature. More people want
to remain at home for longer, while still
expecting a high standard of personalised
support, clinical oversight, continuity of
staff, and care organised around their lives
rather than a roster.
Radius Care’s
diversification is built
on a straightforward
idea: supporting
New Zealanders as they
age means extending our
role across more of their
care journey and beyond
traditional care settings.
Cibus
Radius Care holds a 51% interest in Cibus
Catering, a specialist provider of menu
planning, nutrition management and full
kitchen operations for aged care operators
throughout New Zealand. During FY26, Cibus
continued to strengthen delivery across
Radius care homes and external partners.
The Cibus App is now operating across
residential and commercial environments,
supporting meal selection, menu compliance,
audit readiness and food safety. For kitchen
teams, this has reduced administrative load
and improved operational confidence. For
residents and families, it supports a more
responsive and visible dining experience.
Cibus remains closely connected to the core
business, but its capability also has wider
application. Nutrition, food safety and kitchen
operations are critical parts of care quality,
and the systems developed through Cibus are
increasingly relevant across a broader range
of health and service settings.
Each service we have developed or invested
in builds on our core strengths. Together,
they extend our reach, diversify earnings,
and broaden our health services, while
staying true to the standard that defines us:
Exceptional People, Exceptional Care.
28
CIBUS MANAGED CARE HOME KITCHENS
49
SITES USING CIBUS MENUS & SYSTEMS
+7 FROM FY25
Radius Residential Care Annual Report 2026
2021

#F5F0E8)
Luma
Luma is Radius Care’s continence product
range. Developed with a manufacturing
partner that brings 15 years’ experience in
high-quality continence products, it has
been refined through practical testing across
Radius care homes, with resident and care
team feedback shaping a range of pants,
pads and wraps for New Zealanders. Luma
has begun rolling out across all Radius care
homes and later this year will be available
through Radius Shop.
Bringing this range in-house gives Radius
greater control over quality, supply reliability
and product specification. It also allows
product design to stay closely aligned with
the practical needs of care delivery, rather
than the priorities of an external supplier. In a
category where comfort, fit and consistency
matter, this gives Radius greater control over
quality, performance and supply reliability.
Radius Shop
Radius Shop provides mobility, continence
and daily living products to support
people to get on with living. During FY26,
customer reach and checkout conversions
grew, supported by improvements to the
online platform, fulfilment and a content
programme covering mobility, continence
and dementia care.
The Radius Shop provides another practical
point of connection with people living at
home, supporting independence earlier in
the care journey and complementing our
residential and home-based services.
Radius Care is building something
different: a connected set of services
that means people and their families
deal with one trusted organisation
across the full journey of ageing,
held together by the same clinical
standards and the same people.
+17%
RADIUS SHOP ORDERS
+21%
RADIUS SHOP NEW CUSTOMERS
+420%
RADIUS SHOP BLOG VIEWS
"The development
of Luma reflects our
commitment to finding
practical solutions
that enhance our
residents' experience."
ANDREW PESKETT, CEO
Radius Residential Care Annual Report 2026
2223

#F5F0E8)
Development activity during the year remained focused
on accelerating expansion of care home capacity. The
priority has been to identify existing care homes suitable
for acquisition, while preparing to break ground on an
exciting new-build programme.
Building for Our
Communities
The first newly designed 100-bed care home
to be constructed will be Applefields in
Christchurch, followed by an 80-bed care
home in Hokitika, marking Radius Care’s first
site on the West Coast. With a number of
additional projects now being progressed,
Radius expects to open 20 new care homes
around New Zealand over the next few years.
High-acuity care capacity is also being
incrementally expanded at our existing care
homes, with some opportunities to add
rooms through reconfiguration of existing
spaces, and to upgrade rest home rooms in
order to provide hospital level care.
Village development continued during
the year. Construction of six villas has
commenced earlier this year at Radius
Matamata Country Lodge on development
property adjacent to the existing village, with
completion expected around September
2026. A similar project will be completed
this year at Radius Clare House Village in
Invercargill. In addition, 14 vacant units at the
recently acquired Karori Village in Wellington
will be upgraded and made available for
new residents later this year. These projects
will all add value to our existing portfolio of
boutique retirement villages.
Some new-build care homes will be
combined with the opportunity to build and
operate retirement villages. Radius Care’s
recently purchased site in Christchurch is
an example of this, with earthworks now
commenced for a 79-villa retirement village
to complement the 100-bed care home.
The village is planned in small stages,
subject to demand.
Looking ahead, village developments will
continue to be approached by exception
as an extension of care delivery rather than
a focus on standalone retirement villages.
Expanding Radius Care’s capacity through
a disciplined and capital-light development
philosophy remains the priority, presenting a
unique opportunity to accelerate growth.
+6 villas in Matamata
+6 villas in Invercargill
+14 units in Karori
CURRENT PROJECTS
+100-bed care home
Christchurch
+80-bed care home
Hokitika
Nearly 200 care beds have been added to
Radius Care’s portfolio since the beginning
of the financial year. St Allisa, a 109-bed
care home in Christchurch, was acquired
at the end of May 2025, and has now been
upgraded and fully integrated into Radius
Care’s portfolio. More recently, the 90-
bed care home in Karori was acquired,
marking Radius Care’s first care home in
the Wellington region, and will contribute
to earnings from late May 2026. Further
acquisitions continue to be assessed as
they arise.
More importantly, Radius Care is continuing
to progress a programme of new-build 80
and 100 bed care homes. This programme
is a structured, repeatable and capital-
light approach to care development, with
several new sites supported by private
property investors.
These care homes have been designed with
considerable thought, leveraging Radius
Care’s expertise in high-acuity aged care.
Design decisions have been shaped by the
operational realities of providing quality care
while clinical needs increase in complexity,
with attention to the quality of the resident
environment. Private rooms, bathrooms,
shared spaces, lighting, materials and
furnishings all support comfort, dignity,
safety and day to day care delivery.
TOP: RADIUS KARORI
BOTTOM: RADIUS MATAMATA
COUNTRY LODGE VILLA
DEVELOPMENT
RIGHT: RENDER OF 100-BED
CARE HOME
Radius Residential Care Annual Report 2026
2425

Brien Cree Founder & Executive Chair
Board of
Directors
Remuneration and
People Committee
Audit and Risk
Committee
Denotes Chair of
a Committee
First Appointed: August 2003 Last Elected: August 2024
Brien Cree is a founding shareholder of Radius Care and was the CEO from the
company's inception in 2003. Brien was Managing Director from 2010 to 2022.
Brien has built Radius Care’s portfolio to its current 25 aged care homes and
four retirement villages.
As Executive Chair, Brien is focused on the formulation and execution of Radius
Care’s strategic growth objectives. Brien has more than 35 years’ experience
in the aged care sector, was a long-standing Board member of the NZACA and
a past Board member of the Retirement Villages Association. Brien is active
in the development of the broader health sector for the betterment of all New
Zealanders. In 2026 Brien was appointed to the Ministerial Advisory Group on
Aged Care.
Duncan Cook Executive Director
LLB
Bret Jackson Independent Director
BCom (Honours), MBA (Harvard Business School)
First Appointed: September 2014 Last Elected: August 2025
Bret Jackson is an experienced business professional spanning all facets of
business including entrepreneurship, leadership, private equity investment and
governance (both private and public boards). Bret held corporate roles at Mobil
Oil New Zealand, a management consulting role at Boston Consulting Group
(Sydney and London) and has founded and successfully operated his own
private businesses.
Mary Gardiner Independent Director
BCom, FCA, FCG, CMInstD
Appointed: December 2020 Last Elected: August 2023
External Appointments: Director and Chair of the Audit and Risk Committee
of Southern Cross Pet Insurance, PPS Mutual and Wood & Partners Consultants
Limited. Deputy Chair and Chair of the Audit and Risk Committee of Unity
Credit Union and Chair of Netball Northern Zone.
Experience: Mary's commercial experience includes roles as CFO of Instant
Finance and Radius Health Group, and Governance Risk Manager at Air
New Zealand, following a career focused primarily in financial services with
KPMG in New Zealand.
Tom Wilson Independent Director
BBS, CA
Elected: August 2023
External Appointments: Director and Chairman of Building Hub New Zealand
Limited, Chair of Genera Holdings, CurraNZ, Pelco NZ and Tauranga Bridge
Marina. Director of Builtin Insurance Group.
Experience: Tom was previously the Chair of Barrett Homes Group, Regal
Haulage Group, Hopkins Farming Group and Managing Director of Satara (NZX
Listed). Tom was involved in several leading management positions in the Aged
Care sector during his career and was a partner at KPMG for ten years.
Hamish Stevens Independent Director
MCom (Honours), MBA, CA, CFInstD
Appointed: December 2020 Last Elected: August 2023
External Appointments: Chair of Embark Education Group, East Health
Services and Pharmaco and a Director of Napier Port Holdings Limited,
Counties Energy and ECL Group.
Experience: Prior to his governance career, Hamish held senior finance
positions with Heinz Watties, Tip Top Ice Cream and DB Breweries.
Hamish is a qualified Chartered Accountant and a Chartered Fellow of the
Institute of Directors.
First Appointed: July 2010 Last Elected: August 2024
Duncan Cook supported Radius Care’s founder to establish, structure and
grow the business. Duncan is a consultant at Sharp Tudhope Lawyers having
been a partner in the firm for 31 years and is Radius Care's General Counsel.
His key practice areas have been mergers and acquisitions with a focus on
consolidating primary and secondary health services. Duncan is a member
of the New Zealand Law Society, Institute of Directors New Zealand (Inc)
and Restructuring Insolvency and Turnaround Association New Zealand
Incorporated. Duncan has governance experience across a range of industry
sectors, and has volunteered on the Boards of the Tauranga Chamber of
Commerce and agencies associated with economic development in the
Tauranga region.
Radius Residential Care Annual Report 2026
2627

Management Team
Andrew Peskett Chief Executive Officer
Andrew Peskett has been Chief Executive Officer
of Radius Care since February 2022, bringing
deep leadership experience across the retirement
and aged care sector. He has a strong track
record of delivering sustainable growth while
improving operational performance in complex care
environments.
Andrew’s leadership is focused on enabling the
2,000 EPEC Radius Care workers to deliver quality
care to the 2,000 residents. He maintains a visible
presence across the organisation, working closely
with care homes and leadership teams to reinforce
accountability, alignment and execution.
Trish Evers General Manager, People
Trish has over 15 years’ experience in the HR
sector and has worked in various fields, in both
government and listed companies, including
government agencies, health and transportation.
She joined Radius Care in 2017. Trish has a strong
background in employee and industrial relations,
and is particularly interested in building highly
effective teams.
Laurie Peckham General Manager, Development
Laurie joined Radius Care in July 2022 and became
General Manager, Development in 2025. He brings
more than 40 years of project management
experience, delivering hospitals, retirement villages,
residential builds and major developments across
New Zealand. Known for guiding complex projects
through to completion while meeting regulatory
and operational requirements, Laurie now leads our
development programme, creating modern, fit-for-
purpose villages and care homes that support growth
and long-term value.
Antony Challinor Chief Digital Officer
Antony joined Radius Care in 2024, bringing
extensive leadership experience across digital
strategy, technology, innovation, and operational
transformation in both large enterprises and
growth-stage organisations across New Zealand and
Australia. He leads Radius Care’s digital strategy,
including the development of the technology
platform and broader initiatives across data, AI,
customer experience and operational technology.
Jeremy Edmonds Chief Financial Officer
Jeremy joined the Radius Care team as Chief
Financial Officer in August 2023. Jeremy has more
than a decade of experience at CFO level in large
and complex New Zealand companies, primarily in
the consumer goods and logistics sectors.
Jeremy was previously Interim CFO at My Food
Bag. He brings a track record of strategic,
commercial and change leadership, and extensive
international experience gained in roles of
increasing responsibility in the UK, Asia and the
USA prior to returning to New Zealand.
Shereen Singh General Manager, Home Support
Shereen joined Radius in 2021 as a high-performing
Regional Manager. She then successfully led the
Nursing Bureau RConnect. In 2024, Shereen led the
strategic transition and launch of the new Home
Support services.
Under her leadership, Radius Home Support delivers
professional in-home care, enabling people to live
independently and safely in their own homes for as
long as possible. The service continues to grow in line
with Radius Care’s vision of seamless, integrated care.
Shereen is passionate about building high-performing
teams and delivering exceptional person-centred
outcomes in the aged and disability care sector.
Sam Carey General Manager, Revenue
Sam has been a key contributor to Radius Care’s
growth and diversification since joining in 2011.
With a marketing background, he has led the
marketing and sales functions while adapting his
role to support the expansion of the company’s
services and businesses.
He oversees marketing and revenue strategy
across all business units and has driven initiatives
including the Radius Shop retail business and
the Luma project. Sam continues to support
Radius Care’s strategic direction by identifying
opportunities that enhance customer experience,
support residents and clients, and deliver long-
term value.

Radius Residential Care Annual Report 2026
2829

CONSOLIDATED
Statement of Comprehensive Income
For the year ended
In thousands of New Zealand dollars
NOTE
31 March 2026 31 March 2025
REVENUE
Revenue2.1200,098175,286
Deferred management fees2.12,1812,129
Total revenue202,279177,415
Change in fair value of investment property3.11,6803,088
Reversal of revaluation losses recognised in prior periods
3.2
1,495—
Interest income61148
Total revenue and other income205,515180,651
EXPENSES
Employee costs(123,048)(106,282)
Depreciation, amortisation and impairment2.2(13,206)(10,398)
Finance costs2.2(11,580)(12,153)
Other expenses2.2(43,342)(41,344)
Total expenses(191,176)(170,177)
Profit before income tax 14,33910,474
Income tax expense5.1(4,286)(3,075)
Profit for the year10,0537,399
OTHER COMPREHENSIVE INCOME FOR THE YEAR
Items that will be reclassified subsequently to profit and loss
Revaluation of land and buildings3.26,144—
Income tax on other comprehensive income 5.1(493)—
Fair value gain/(loss) on hedged interest rate swaps4.479(282)
Other comprehensive income for the year5,730(282)
Total comprehensive income15,7837,117
PROFIT ATTRIBUTABLE TO
Owners of the company9,4577,0 3 4
Non-controlling interests5.8596365
Total profit10,0537,399
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
Owners of the company15,1876,752
Non-controlling interests5.8596365
Total comprehensive income15,7837,117
EARNINGS PER SHARE
Basic and diluted earnings per share (cents per share)4.2 3.332.47
The Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
Financial
Statements 2026
Radius Residential Care Annual Report 2026
3031

CONSOLIDATED
Statement of Changes in Equity
For the year ended 31 March
2026
In thousands of New Zealand
dollars
NOTE
Contributed
Equity
Other
Reserves
Retained
Earnings Total
Non-
Controlling
InterestTotal Equity
BALANCE AS AT 1 APRIL 202556,7948,2171,22266,23324166,474
Profit for the year——9,4579,45759610,053
Revaluation of land and buildings—5,651—5,651—5,651
Cash flow hedges — effective
portion of changes in fair value
4.4—79—79—79
Total comprehensive income for
the year
—5,7309,45715,18759615,783
Transactions with owners
Share buyback4.1(475)——(475)—(475)
Share based payments4.134224—258—258
Dividends paid4.1——(5,113)(5,113)(610)(5,723)
Total transactions with owners(441)224(5,113)(5,330)(610)(5,940)
BALANCE AS AT 31 MARCH 202656,35314,1715,56676,09022776,317
BALANCE AS AT 1 APRIL 2024 56,820 9,578 (1,966) 64,432 — 64,432
Profit for the year — — 7,0 3 4 7,0 3 4 365 7,399
Cash flow hedges — effective
portion of changes in fair value
4.4 — (282) — (282) —(282)
Total comprehensive income for
the year
— (282) 7,0 3 4 6,752 365 7,117
Transactions with owners
Share buyback4.1(38) — — (38)—(38)
Share based payments4.112 48 — 60 — 60
Dividends paid4.1 — — (3,846)(3,846)—(3,846)
Total transactions with owners(26)48 (3,846)(3,824) —(3,824)
Other changes in equity
Acquisition of subsidiary with a
NCI1 interest
————(124)(124)
Put option to purchase the NCI’s
of a subsidiary
4.1—(1,127)—(1,127)—(1,127)
Total other changes in equity —(1,127)—(1,127)(124)(1,251)
BALANCE AS AT 31 MARCH 202556,7948,2171,22266,23324166,474
The Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
1. Non-controlling interest.
CONSOLIDATED
Statement of Financial Position
The Board of Directors of the Company authorised these consolidated financial statements for issue on 13 May 2026.
For and on behalf of the Board.
Brien Cree
Chair, Board of Directors
Hamish Stevens
Chair, Audit and Risk Committee
As at
In thousands of New Zealand dollars
NOTE
31 March 2026 31 March 2025
ASSETS
Cash and cash equivalents2,8232,571
Trade and other receivables5.312,98813,485
Inventories581579
Right-of-use assets3.4125,570109,529
Investment properties3.180,49277,124
Property, plant and equipment3.2134,051118,214
Intangible assets5.217,88818,068
Total assets 374,393 339,570
LIABILITIES
Trade and other payables5.425,90422,860
Current tax liabilities2,5362,490
Interest rate swaps4.4203282
Borrowings4.371,56470,301
Deferred management fees3.36,9477, 3 57
Refundable occupation right agreements3.338,90637,843
Put option to purchase the non-controlling interest4.11,1271,127
Lease liabilities3.4141,512122,697
Deferred tax liabilities5.19,3778,139
Total liabilities 298,076 273,096
NET ASSETS76,31766,474
EQUITY
Share capital4.156,35356,794
Reserves 4.114,1708,217
Retained earnings5,7941,463
COMPRISING OF
Equity attributable to owners of the Group76,090 66,233
Non-controlling interests5.8227241
Total equity 76,317 66,474
The Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Radius Residential Care Annual Report 2026
3233

CONSOLIDATED
Statement of Cash Flows
For the year ended
In thousands of New Zealand dollars
31 March 2026 31 March 2025
Receipts from residents for care fees and village fees200,347176,188
Payments to suppliers and employees(163,119)(145,644)
Proceeds from the sale of Refundable Occupation Right
Agreements
7, 5757,140
Payments for the repurchase of Refundable Occupation Right
Agreements
(4,791)(4,639)
Interest received61148
Interest paid - borrowings(4,558)(6,065)
Interest paid - lease liabilities(6,898)(5,934)
Income tax paid(3,496)(1,141)
Net cash provided by operating activities 25,12120,053
Proceeds from the sale of property, plant and equipment13,63919
Payment for acquisition of businesses5.6(14,670)(1,938)
Cash acquired in business acquisition5.6—999
Payments for the purchase of property, plant and equipment3.2(14,385)(5,843)
Payments for village developments(1,688)(508)
Net cash used in investing activities(17,104)(7,271)
Repurchase of shares4.1(475)(38)
Proceeds from borrowings 14,8315,350
Repayments of borrowings(13,568)(11,095)
Principal payments of lease liabilities(2,830)(2,932)
Dividends paid4.1(5,723)(3,846)
Net cash used in financing activities(7,765)(12,561)
Cash and cash equivalents at beginning of the year2,5712,350
Net increase in cash and cash equivalents held252221
Cash and cash equivalents at end of year2,8232,571
The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
For the year ended
In thousands of New Zealand dollars
31 March 2026 31 March 2025
RECONCILIATION OF PROFIT FOR THE YEAR TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Profit for the year 10,0537,399
ADJUSTMENTS FOR NON-CASH ITEMS
Depreciation, amortisation and impairment 13,206 10,398
Share based payments 380 60
Net loss/(gain) on disposal of property, plant and equipment 39—
Fair value adjustment to investment properties(1,680) (3,088)
Movement in deferred tax 745 1,438
Goodwill on business acquisition — (253)
Reversal of revaluation losses recognised in prior periods(1,495)—
CHANGES IN OPERATING ASSETS AND LIABILITIES
Trade and other receivables and other assets 87 856
Inventories(2) 71
Trade and other payables and other liabilities 2,6792,005
Current tax liabilities 46 749
Refundable Occupation Rights Agreements 1,063 418
Net cash provided by operating activities 25,121 20,053
CONSOLIDATED
Statement of Cash Flows (continued)
The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
In thousands of New Zealand dollarsBorrowings
Lease
Liabilities
Total
BALANCE AS AT 1 APRIL 202570,301122,697192,998
Proceeds from borrowings14,831—14,831
Repayment of borrowings and lease liabilities(13,568)(2,830)(16,398)
Total changes from financing cash flows1,263(2,830)(1,567)
Non-cash changes
Additions—16,54216,542
Remeasurements—5,1035,103
Balance as at 31 March 202671,564141,512213,076
BALANCE AS AT 1 APRIL 202475,869121,086196,955
Proceeds from borrowings5,350—5,350
Repayment of borrowings and lease liabilities(11,095)(2,932)(14,027)
Loan acquired in business acquisition177—177
Total changes from financing cash flows(5,568)(2,932)(8,500)
Non-cash changes
Remeasurements—4,5434,543
Balance as at 31 March 202570,301122,697192,998
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
Changes in the carrying amount of such liabilities, which comprise bank borrowings and lease liabilities, are
summarised below.
Radius Residential Care Annual Report 2026
3435

Notes
1. GENERAL INFORMATION
1.1. Basis of Preparation
Reporting Entity
The consolidated financial statements are for Radius
Residential Care Limited (‘the Company’) and its subsidiaries
(together ‘the Group’).
The Group provides rest home and hospital care for the elderly
along with development and operation of integrated retirement
villages in New Zealand.
Statutory Basis and Statement of Compliance
Radius Residential Care Limited is a limited liability company,
incorporated and domiciled 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 listed on the NZX Main Board (“NZX”). The consolidated
financial statements have been prepared in accordance with the
requirements of the NZX, and Part 7 of the Financial Markets
Conduct Act 2013.
These consolidated financial statements have been prepared
in accordance with Generally Accepted Accounting Practice
in New Zealand (‘NZ GAAP’). They comply with New Zealand
equivalents to International Financial Reporting Standards (‘NZ
IFRS’), International Financial Reporting Standards (‘IFRS’) and
other applicable New Zealand Financial Reporting Standards, as
appropriate for for-profit entities. The Group is a Tier 1 for-profit
entity in accordance with XRB A1 Application of the Accounting
Standards Framework.
The consolidated financial statements have been prepared on a
going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and the settlement
of liabilities in the ordinary course of business.
The balance sheet for the Group is presented on the liquidity
basis where the assets and liabilities are presented in the order of
their liquidity.
Functional and Presentation Currency
The consolidated financial statements are presented in New Zealand
dollars which is the Group’s functional and presentation currency.
All amounts have been rounded to the nearest thousand, unless
otherwise indicated.
Measurement Basis
These consolidated financial statements have been prepared under
the historical cost convention, except for the following items which
are measured on a fair value basis or using fair value techniques:
• Investment properties (Note 3.1)
• Land and buildings within property, plant and equipment
(Note 3.2)
• Derivative financial instruments, including interest rate swaps and
cash flow hedges (Note 4.4)
• Assets and liabilities recognised in business combinations
(Note 5.6)
• Equity-settled share-based payment arrangements,
including the long-term incentive plan (Note 5.7)
• The valuation of the put option associated with
non-controlling interests (Note 4.1)
The measurement basis for each of these items is
described in the relevant accounting policy notes.
Key Estimates and Judgements
The Board of Directors and Management are required to
make judgements, estimates and assumptions in applying
the accounting policies. The assumptions, estimates and
judgements applied are based on experience and relevant
information the Board and Management believe are
reasonable. Actual results may differ from the estimates,
judgements and assumptions made by the Board of
Directors and Management.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised
and in any future periods affected.
The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates
are significant to the consolidated financial statements
are described in the following notes:
• Valuation of investment properties (Note 3.1)
• Valuation of land and buildings (Note 3.2)
• Determination of lease terms and incremental
borrowing rates for lease liabilities and right-of-use
assets (Note 3.4)
• Recognition of deferred tax assets and liabilities
(Note 5.1)
• Impairment testing of goodwill (Note 5.2)
• Business combinations (Note 5.6)
• Derivative financial instruments, including interest rate
swaps and cash flow hedges (Note 4.4)
• Equity-settled share-based payment arrangements,
including the long-term incentive plan (Note 5.7)
• The valuation of the put option associated with
non-controlling interests (Note 4.1)
New and Amended Accounting Standards and
Interpretations
A number of new and amended accounting standards
and interpretations have been issued but are not yet
effective for the year ended 31 March 2026 and have not
been early adopted by the Group.

Amendments to NZ IFRS 9 and NZ IFRS 7 – Classification
and Measurement of Financial Instruments

The amendments clarify certain requirements relating
to the classification and measurement of financial
instruments and associated disclosures. The amendments
are effective for annual reporting periods beginning on
or after 1 January 2026. The Group does not expect the
adoption of these amendments to have a material impact
on its financial statements.
Annual Improvements to NZ IFRS Accounting Standards 2024
The Annual Improvements introduce minor amendments to a
number of NZ IFRS Accounting Standards. The Group does
not expect these amendments to have a material impact on its
financial statements.

NZ IFRS 18 – Presentation and Disclosure in Financial Statements
NZ IFRS 18 will replace NZ IAS 1 Presentation of Financial
Statements and introduces new requirements aimed at improving
the presentation and disclosure of information in the financial
statements. The standard introduces defined subtotals in the
statement of profit or loss, including operating profit, enhanced
guidance on aggregation and disaggregation of information, and
new disclosures relating to management-defined performance
measures. NZ IFRS 18 also introduces limited changes to the
statement of cash flows.
NZ IFRS 18 is effective for annual reporting periods beginning on
or after 1 January 2027. The Group is currently assessing the impact
of the standard on its financial statements. While the standard
does not introduce changes to recognition or measurement, it
is expected to have a material impact on the presentation and
disclosure of the Group’s financial statements.
Segment Reporting
An operating segment is a component of an entity that engages
in business activities which earn revenue and incur expenses
and where the chief operating decision maker reviews the
operating results on a regular basis and makes decisions on
resource allocation.
The Group operates in one operating segment being the provision
of aged care in New Zealand. The chief operating decision maker,
the Board of Directors, reviews the operating results on a regular
basis and makes decisions on resource allocation based on the
review of Group results and cash flows as a whole. The nature of the
services provided and the type and class of residents have similar
characteristics within the operating segment. The Ministry of Health
is a significant customer of the Group as disclosed in Note 2.1, as the
Group derives care fee revenue in respect of eligible Government
subsidised aged care residents. No other customers individually
contribute a significant proportion of the Group’s revenue. All
revenue earned and assets held are in New Zealand.
1.2. Accounting Policies
Material accounting policies which are relevant to
understanding the consolidated financial statements are
disclosed in each of the applicable notes. They have been
applied on a consistent basis across all periods presented
in these consolidated financial statements.
Measurement of Fair Value
For financial reporting purposes, ‘fair value’ is the
price that would be received to sell an asset, or paid
to transfer a liability, in an orderly transaction between
market participants (under current market conditions)
at the measurement date, regardless of whether that
price is directly observable or estimated using another
valuation technique.
When estimating the fair value of an asset or liability, the
Group uses valuation techniques that are appropriate
in the circumstances and for which sufficient data is
available to measure fair value, maximising the use of
relevant observable inputs and minimising the use of
unobservable inputs. Inputs to valuation techniques
used to measure fair value are categorised into three
levels according to the extent to which the inputs are
observable:
• Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the entity
can access at the measurement date.
• Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset
or liability, either directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset
or liability.
Further information about the assumptions made in
measuring fair values is included in Notes 3.1, 3.2, 4.4,
5.6 and 5.7.
Radius Residential Care Annual Report 2026
3637

2. OPERATING PERFORMANCE
2.1. Revenue
Revenue from Contracts with Customers
Revenue from care and village fees and recoveries income is recognised in accordance with NZ IFRS 15 Revenue from
Contracts with Customers ("NZ IFRS 15"). Deferred management fees and rental income are considered leases under NZ
IFRS 16 Leases ("NZ IFRS 16"), and are therefore excluded from the scope of NZ IFRS 15.
Care and Village Fees and Recoveries Income
The Group derives revenue from the provision of residential care and related services. Rest home, hospital dementia,
and service fee charges (including accommodation supplements) are governed by individual care admission agreements
with residents.
Residents are charged a daily care fee, with the care fee component set by the Government annually, while other charges
(including accommodation supplements and additional services) are determined by the Group in accordance with the
relevant agreements. Revenue is recognised net of any rebates provided to residents.
The Group derives care fee revenue in respect of eligible Government subsidised aged care residents who receive rest home,
dementia or hospital level care. Government aged care subsidies received from Health New Zealand included in care fees and
village services amounted to $118.1m (2025: $104.8m).
There are no elements of variable consideration of significant financing component associated with care and village fees and
recoveries income.
Village fees are detailed within each resident's Occupation Right Agreements (ORAs) and relate to the operating costs of the
village. Revenue is recognised based on the daily or weekly fees charged, reflecting the period a resident has occupied a unit.
The performance obligation of providing the care and village services is satisfied over time, as the resident simultaneously receives
and consumes the benefits of the service as it is provided. Billing and revenue recognition are generally done during the same
period that the performance obligation is satisfied. Payments received in advance are recorded on the statement of financial
position as a contract liability and subsequently recognised through profit or loss when the services are rendered.
For the year ended
In thousands of New Zealand dollars
31 March 202631 March 2025
Rest home, hospital and dementia fees 175,805 156,006
Accommodation Supplements
12,156 10,850
Village service fees 1,272 1,215
Other care related revenue609319
Rental income83 118
Catering revenue5,791 3,503
Other services4,382 3,275
Total200,098 175,286
Lease Income
Deferred Management Fees
Occupation Right Agreements (ORAs) confer the right to occupy a retirement unit and are considered leases under
NZ IFRS 16 Leases.
A management fee is payable by the residents of the Group’s independent living units for the right to share in the use and
enjoyment of common facilities. The management fee is calculated as a percentage of the ORA amount and accrues either daily,
monthly or annually for a set period, based on the terms of the individual contracts. The current ORAs accrue management fees at
rates ranging from 6.67% to 10% per annum.
The management fee is payable in cash by the resident at the time of repayment (to the resident) of the refundable ORA amount
due. The Group has the right to set off of the refundable occupation right agreement amount and the management fee receivable.
At year end, the management fee receivable that has yet to be recognised through profit or loss as management fee revenue is
recognised as a deferred management fee liability in the statement of financial position.
Key Accounting Estimates and Judgements
The deferred management fee represents the difference between the management fees receivable under the ORA and the portion
of the management fee accrued which is recognised on a straight-line basis over the longer of the term specified in a resident’s
ORA or the average expected occupancy for the relevant accommodation i.e. eight years for villas and three to four years for
serviced apartments and villas (2025: Eight years for villas and three to four years for serviced apartments).
2.2. Expenses
For the year ended
In thousands of New Zealand dollars
NOTE
31 March 2026 31 March 2025
DEPRECIATION OF PROPERTY, PLANT AND EQUIPMENT
Buildings3.21,3381,344
Motor vehicles3.2180158
Furniture, fixtures and fittings3.23,3952,910
Information technology3.2712714
Medical equipment3.2424262
AMORTISATION OF INTANGIBLE ASSETS
Customer relationships5.2
18090
6,2295,478
DEPRECIATION OF RIGHT-OF-USE ASSETS
Land and buildings3.4
5,6044,920
5,6044,920
IMPAIRMENT OF DEVELOPMENT PROJECTS
Work in progress3.2
1,373—
1,373—
Total depreciation, amortisation & impairment13,20610,398
FINANCE COSTS
Interest — bank and vendor financing4,6826,219
Interest — lease liabilities3.46,8985,934
Total finance costs11,58012,153
OTHER EXPENSES
Fees paid to Auditors
Audit of consolidated financial statements222236
Tax compliance services
1
—28
Agreed upon procedures engagement
1110
Total fees paid to auditor233274
Care home operating expenses23,59126,065
Cost of goods sold7,4233,847
Operating rental expenses relating to low value and short-term leases4137
Directors' fees and expenses581981
Donations and sponsorships2625
Loss/(gain) on sale of property, plant and equipment2(4)
Other expenses (no items of individual significance)11,44510,119
Total other expenses43,34241,344
1. In the 2026 year the tax compliance services were no longer performed by the same firm as the auditors.
Radius Residential Care Annual Report 2026
3839

3. PROPERTY ASSETS
3.1. Investment Properties
Accounting Policy
Investment properties include completed freehold land and buildings, freehold land and buildings under development comprising
retirement villages including common facilities, provided for use by residents under the terms of a Refundable Occupation Right
Agreements (ORA). Investment properties are held for long term yields and to generate rental income.
Investment properties are initially recognised at cost. After initial recognition, investment properties are measured at fair value.
Gains or losses arising from a change in the fair value of investment properties are recognised in profit or loss.
Deferred management fees, are accounted for as described in Note 2.1.
As at
In thousands of New Zealand dollars
NOTE
31 March 2026 31 March 2025
INVESTMENT PROPERTIES
Opening carrying amount77,12473,528
Net fair value gain1,6803,088
Occupation Right Agreements settled(6,101)(6,659)
Occupation Right Agreements entered6,1016,659
Purchases1,678508
Other adjustments10—
Closing carrying amount80,49277,124
A reconciliation between the valuation and the amount recognised on the Consolidated Statement of Financial Position as
investment properties is as follows:
Valuation of operator's interest 30,849 28,850
Refundable Occupation Right Agreements3.3 38,906 37,843
Deferred management fees3.3 6,947 7, 3 57
Unsold/vacant units 1,150 1,100
Residential properties
2,640 1,974
80,492 77,124
Valuation Process and Key Inputs
The Group’s investment properties are valued on an annual basis. This year the valuations were undertaken by LVC Limited
(LVC), an independent valuer. LVC are registered with the Property Institute of New Zealand, employs registered valuers and has
appropriate recognised professional qualifications and recent experience in the location and category of properties being valued.
The valuation of investment property are adjusted for balances relating to refundable ORA payments and management fees
receivable recognised separately on the Consolidated Statement of Financial Position and also reflected in the valuation model.
Unsold Units
Any developed but not yet sold units (unsold units) are valued based on recent comparable transactions, adjusted for disposal
costs, holding costs and an allowance for profit and risk. This represents the fair value of the Group’s interest in unsold units at
reporting date.
Key Accounting Estimates and Judgements
As the fair value of investment properties is determined using inputs that are significant and unobservable, the Group has
categorised investment properties as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 Fair Value Measurement.
Significant Unobservable Inputs
The significant unobservable inputs used in the fair value measurement of the Group’s portfolio of completed investment properties
are the discount rate and the property growth rate.
The following assumptions have been used to determine fair value:
Sensitivities
Adopted Value of
Operator’s Interest
Discount RateProperty Growth Rates
AS AT 31 MARCH 2026
+0.5%-0.5%+0.25%-0.25%
Valuation $NZ000's30,849
Difference $NZ000's(900)8501,150(1,200)
Difference %(2.9%)2.8%3.7%-3.9%
AS AT 31 MARCH 2025
+0.5%-0.5%+0.25%-0.25%
Valuation $NZ000's28,850
Difference $NZ000's(950)9001,050(1,250)
Difference %(3.3%)3.1%3.6%(4.3%)
The occupancy period is a significant component of the valuations. LVC consider the demographic profile of the village (age
and gender of residents) and the average occupancy period depending on the type of unit and averages within the industry.
Subsequent changes in residents are then calculated based on the period of occupancy expected for each resident as at the date of
the valuation. An increase in the stabilised departing occupancy period will have a negative impact on the valuation and a decrease
in the stabilised departing occupancy will have a positive impact on the valuation. The valuation calculates the expected cash flows
with stabilised departing occupancy assumptions set out on the next page.
Significant Input

As at31 March 2026 31 March 2025
Stabilised occupancy period — villas8.0 yrs - 9.0 yrs8.0 yrs - 9.0 yrs
Stabilised occupancy period — serviced apartments3 yrs3-4 yrs
The ingoing price achieved on subsequent ORA resales is a key unobservable input in the determination of fair value. A significant
increase/(decrease) in the ingoing price (as driven by the property growth rates) would result in a significantly higher/(lower) fair
value measurement.
Significant InputDescription
Inter-relationship Between the Key
Inputs and Fair Value Measurement
20262025
Discount
rate
Villas and
serviced
apartments
The pre-tax
discount rate
A significant increase/(decrease)
in the discount rate would result in
a significantly (lower)/higher fair
value measurement.
15.5% - 19.0%15.5% - 19.0%
Property price growth rate
Villas
0 - 4 years
anticipated
annual property
price growth over
the cash flow
A significant increase/
(decrease) in the property price
growth rate would result in a
significantly higher/(lower) fair
value measurement.
0.5% - 2.5%0.5% - 2.5%
Serviced
apartments
0% - 2.5%0% - 2.5%
Villas and
serviced
apartments
5+ years
anticipated
annual property
price growth over
the cash flow
A significant increase/
(decrease) in the property price
growth rate would result in a
significantly higher/(lower) fair
value measurement.
2.50%2.50%
Radius Residential Care Annual Report 2026
4041

3.2. Property, Plant and Equipment
Accounting Policy
Freehold land and buildings are measured at revalued amounts, less any subsequent accumulated depreciation and any
accumulated impairment losses. All other property, plant and equipment are measured at cost less accumulated depreciation and
impairment losses. At each reporting date the carrying amount of each asset is reviewed to ensure that it does not differ materially
from the asset’s fair value at reporting date. Where necessary, independent valuations are performed and the asset is revalued to
reflect its fair value.

CategoryUseful Life Range
Buildings50 years
Motor vehicles5 years
Furniture, fixtures and fittings5 - 10 years
Information technology4 years
Medical equipment 7 years


Assets are assessed for impairment whenever events or circumstances arise that indicate the asset may be impaired. An asset’s
carrying amount is written down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable
amount. Impairment losses in respect of individual assets are recognised in profit or loss unless the asset is measured at a revalued
amount, in which case the impairment loss is treated as a revaluation decrease and is recognised in other comprehensive income to
the extent that it does not exceed the amount in the revaluation surplus for the same asset.
Gains and losses on disposals are determined by comparing the net disposal proceeds with the carrying amount of the asset. These
are included in the profit or loss.
Carrying Value of Assets at Historical Cost
The carrying amount at which both land and buildings would have been carried had the assets been measured under historical
costs is as follows:
As at
In thousands of New Zealand dollars
31 March 2026 31 March 2025
Land and buildings 97, 570 91,322
Accumulated depreciation (5,159) (3,972)
Total 92,411 87,350
Reconciliation of Carrying Amount
In thousands of
New Zealand dollars
Land and
Buildings
Motor
Vehicles
Furniture,
Fixtures and
Fittings
Information
Technology
Medical
Equipment
Work in
ProgressTotal
YEAR ENDED 31 MARCH 2026
Opening net book value96,01643612,0841,4291,0577,1 9 2118,214
Additions5,5471185,5464449262,00714,588
Business combination
1
13,60059611390—14,670
Revaluation
2
7,640—————7,640
Transfers700—1,013122150(1,985)—
Disposals
1
(13,600)(6)(33)———(13,639)
Impairment
3
—————(1,373)(1,373)
Depreciation(1,338)(180)(3,395)(712)(424)—(6,048)
Closing net book value108,56537316,1751,2971,7995,842134,051
AS AT 31 MARCH 2026
Cost108,5701,88950,4078,1563,2215,842178,085
Accumulated Depreciation(5)(1,515)(34,232)(6,860)(1,422)—(44,034)
Net book value108,56537316,1751,2971,7995,842134,051
In thousands of
New Zealand dollars
Land and
Buildings
Motor
Vehicles
Furniture,
Fixtures and
Fittings
Information
Technology
Medical
Equipment
Work in
ProgressTotal
YEAR ENDED 31 MARCH 2025
Opening net book value97,64634710,7991,1237186,677117,310
Additions—803,4625126011,1805,835
Business combination—167309———476
Reclassification(286)—286————
Transfers——148517—(665)—
Disposals——(10)(9)——(19)
Depreciation(1,344)(158)(2,910)(714)(262)—(5,388)
Closing net book value 96,016 436 12,084 1,429 1,057 7,1 92 118,214
AS AT 31 MARCH 2025
Cost98,6911,80242,9217,5772,0577,1 9 2160,240
Accumulated Depreciation(2,675)(1,366)(30,837)(6,148)(1,000)—(42,026)
Net book value96,01643612,0841,4291,0577,1 9 2118,214
1. On 30 May 2025 the land and buildings of St Allisa care home were purchased and subsequently sold and leased back on the same day for $13.6 million.
2. The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax.
3. During the year, a partial impairment of capitalised development costs was recognised for costs no longer aligned with updated project scope following a detailed review of
development plans.
Radius Residential Care Annual Report 2026
4243

Valuations
As at 31 March 2026
The Group’s thirteen properties included in land and buildings were revalued on 31 March 2026 to $108.6 million from a carrying
value immediately prior of $101.0 million, resulting from a revaluation gain of $6.1 million in other comprehensive income and a
reversal of previous valuation losses of $1.5 million in the profit and loss statement. The fair values of the thirteen revalued land
and buildings on freehold land have been determined by reference to independent valuations obtained as at 31 March 2026. These
valuations were undertaken by a Property Institute of New Zealand registered valuer, LVC Limited. LVC, an external independent
valuation company employing registered valuers, has appropriate recognised professional qualifications.
As at 31 March 2025
The Group’s twelve properties included in land and buildings were revalued on 31 March 2023. Management assessed that these
freehold land and buildings did not experience any significant and volatile changes in fair value necessitating a revaluation as at 31
March 2025. This assessment was informed by advice provided by the Group’s land and buildings Valuer, LVC Limited (LVC) (who
provides valuation services to the Group) who provided a valuation update report confirming that the carrying amounts of these
freehold land and buildings did not differ materially from that which would be determined using fair value as at 31 March 2023.
Key Accounting Estimates and Judgements
Property measurements are categorised as Level 3 (2025: Level 3) of the fair value measurement 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 land and buildings is the capitalisation
rate applied to rentals. A significant decrease/(increase) in the capitalisation rate would result in significantly higher/(lower) fair
value measurement.
Sensitivities
As at 31 March 2026Adopted Value Capitalisation Rate
Valuation $NZ000's108,565
+0.5%-0.5%
Difference $NZ000's(8,000)6,950
Difference %(7.4%)6.4%
As at 31 March 2023
Valuation $NZ000's112,510
+0.5%-0.5%
Difference $NZ000's(7,900)9,200
Difference %(7.0%)8.2%

3.3. Refundable Occupation Right Agreements
Accounting Policy
Occupation Right Agreements (ORAs) confer the right to occupy a retirement unit and are considered leases under
NZ IFRS 16 Leases.
A new resident is charged a refundable security deposit, on being issued the right to occupy one of the Group’s units, which is
refunded to the resident subject to a new ORA for the unit being issued to an incoming resident, net of any amount owing to the
Group. The Group has a legal right to set off any amounts owing to the Group by a resident against that resident’s security deposit.
Such amounts include management fees, rest home and hospital fees, service fees and village fees. As the refundable occupation
right is repayable to the resident upon vacating the unit (subject to a new ORA for the unit being issued to an incoming resident),
the fair value is equal to the face value, being the amount that can be refunded.
The right of residents to occupy the investment properties of the Group is protected by the Statutory Supervisor restricting the
ability of the Group to fully control these assets without undergoing a consultation process with all affected parties.
A resident is charged a village contribution fee in consideration for the right to occupy one of the Group’s units to a maximum of
30% of the entry payment.
Some residents may be charged an administration fee for the right to occupy one of the Group’s units of between 3.45% and 5.0%
of the entry payment.
The village contribution is payable by the resident on termination of the ORA. Village contribution is recognised as deferred
management fees, Note 2.1. The management fee receivable is recognised in accordance with the terms of the resident’s ORA.
The deferred management fee represents the difference between the management fees receivable under the ORA and the portion
of the management fee accrued which is recognised on a straight-line basis over the longer of the term specified in a resident’s
ORA or the average expected occupancy for the relevant accommodation i.e. eight years for villas and three to four years for
serviced apartments (2025: Eight years for villas and three to four years for serviced apartments).
The management fee recognised in the Consolidated Statement of Comprehensive Income represents income earned in line with
the average expected occupancy.
As a refundable occupation license payment is repayable to the resident upon termination (subject to a new ORA being issued to
an incoming resident), the fair value is equal to the face value, being the amount that can be demanded.
The expected maturity of the refundable obligations to residents is beyond 12 months.

As at
In thousands of New Zealand dollars
NOTE
31 March 2026 31 March 2025
REFUNDABLE OCCUPATION RIGHT AGREEMENTS
Refundable occupation right agreements 54,907 53,418
Less: Management fee receivable (per contract)(16,001) (15,575)
Refundable Occupation Right Agreements 38,906 37,843
RECONCILIATION OF MANAGEMENT FEES RECOGNISED UNDER
NZ IFRS AND PER ORA
Management fee receivable (per contract)(16,001) (15,575)
Deferred management fees2.1 6,947 7, 3 57
Management fee receivable (per NZ IFRS)(9,054) (8,218)
COMPRISING OF
Current deferred management fees 2,022 2,038
Non-current deferred management fees 4,925 5,319
Deferred management fees 6,947 7, 3 57
3.4. Leases
Right-of-use Assets
Right-of-use assets are initially recognised at cost, comprising the amount of the initial measurement of the lease liability, any
lease payments made at or before the commencement date of the lease, less any lease incentives received, any initial direct costs
incurred by the Group, and an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset,
restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of
the lease.
Subsequent to initial recognition, lease assets are measured at cost (adjusted for any remeasurement of the associated lease
liability), less accumulated depreciation and any accumulated impairment loss. Right-of-use assets are assessed for impairment
whenever events or circumstances arise that indicate the asset may be impaired. An asset’s carrying amount is written down
immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Right-of-use assets are depreciated over the shorter of the lease term and the estimated useful life of the underlying asset,
consistent with the estimated consumption of the economic benefits embodied in the underlying asset.
Lease Liabilities
Lease liabilities are initially recognised at the present value of the future lease payments (i.e., the lease payments that are unpaid at
the commencement date of the lease). These lease payments are discounted using the interest rate implicit in the lease, if that rate
can be readily determined, or otherwise using the Group’s incremental borrowing rate.
Subsequent to initial recognition, the lease liability is measured at amortised cost using the effective interest rate method. Interest
expense on lease liabilities is recognised in profit or loss (as a component of finance costs). Lease liabilities are remeasured to
reflect changes to lease terms, changes to lease payments and any lease modifications not accounted for as separate leases.
Variable lease payments not included in the measurement of lease liabilities are recognised as an expense when incurred.
Radius Residential Care Annual Report 2026
4445

Leases of 12 Months or Less and Leases of Low Value Assets
Lease payments made in relation to leases of 12-months or less and leases of low value assets (for which a lease asset and a lease
liability has not been recognised) are recognised as an expense on a straight line basis over the lease term.
Key Accounting Estimates and Judgements
Extension and termination options are included in a number of leases across the Group. These terms are used to maximise the
operational flexibility of the Group’s contracts. The majority of extension and termination options are exercisable only by the Group
and not by the respective lessor. In determining the lease term, management considers all relevant facts and circumstances that
create an economic incentive to exercise an extension option or not to exercise a termination option. Extension options, or periods
after termination options, are included in the lease term only when the Group is reasonably certain to exercise those options. In
making this assessment, the Group generally includes the first renewal period where it is assessed as reasonably certain to be
exercised. Subsequent renewal periods are not included in the lease term unless there is a clear economic incentive that makes their
exercise reasonably certain. This assessment is reviewed if a significant event or significant change in circumstances occurs that is
within the Group’s control and affects this assessment. Extension options assessed as reasonably certain to be exercised have been
included in the measurement of the Group’s lease liabilities.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is
generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee
would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic
environment with similar terms, security and conditions. The weighted average incremental borrowing rates applied by the Group is
5.1% (2025: 5%). One new lease was entered into during the year (2025: None) and no leases were cancelled during the year (2025:
No leases were cancelled).
As at
In thousands of New Zealand dollars
31 March 2026 31 March 2025
(A) RIGHT-OF-USE ASSETS
Land and buildings under lease158,933137,359
Accumulated depreciation(33,363)(27,830)
Total carrying amount of right-of-use assets125,570109,529
Reconciliation of the carrying amount of right-of-use assets at the beginning and end of the financial year:
Land and buildings
Opening carrying amount109,529109,906
Additions116,542—
Depreciation(5,604)(4,920)
Remeasurements5,1034,543
Closing carrying amount125,570109,529
1. Additions during the year relate to right-of-use assets recognised on commencement of a lease for a newly leased site as disclosed in Note 5.6.
(B) LEASE LIABILITIES
Current land and buildings 3,3732,868
Non-current land and buildings 138,139119,829
Total141,512122,697
For the year ended
In thousands of New Zealand dollars
31 March 2026 31 March 2025
(C) LEASE EXPENSES AND CASH FLOWS
Interest expense on lease liabilities6,898 5,934
Depreciation expense on right-of-use assets5,604 4,920
Cash outflow in relation to leases9,7268,865
(D) MATURITY ANALYSIS — CONTRACTUAL UNDISCOUNTED CASH FLOWS
Not later than 1 year10,3608,992
Later than 1 year and not later than 5 years41,35835,832
Later than 5 years210,929178,413
Total262,647223,237
4. SHAREHOLDER EQUITY AND FUNDING
4.1. Shareholder Equity and Reserves



20262025
Shares$000Shares$000
SHARE CAPITAL
Authorised, issued and fully paid up capital283,467,00956,353284,737,25356,794
Total contributed equity283,467,00956,353284,737,25356,794
MOVEMENTS
Opening balance of ordinary shares issued284,737,25356,794284,876,74256,820
Shares issued to employees 83,832 34 57,864 12
Share buyback scheme(1,354,076) (475) (197,353) (38)
Closing balance of ordinary shares issued283,467,00956,353284,737,25356,794
All ordinary shares are authorised and rank equally with one vote attached to each fully paid ordinary share. The shares have no par
value. The Group incurred no transaction costs issuing shares during the year (2025:None).
During the year ended 31 March 2026, 1,351,076 ordinary shares were repurchased on market as part of the Group’s on-market share
buyback programme to purchase up to 0.7% of its ordinary shares from 23 December 2024 for a period of 12 months (31 March 2025:
197,353 ordinary shares were repurchased). All repurchased shares have been subsequently cancelled
Dividends
Dividend distributions to shareholders are recognised as a liability in the period in which dividends are declared. On 21 May 2025
a final dividend of 0.80 cents per share (fully imputed) was declared and was paid on 19 June 2025. On 19 November 2025 a cash
interim dividend of 1.00 cents per share (fully imputed) was declared in relation to the year ended 31 March 2026 and was paid on 18
December 2025.
On 13 May 2026 a final cash dividend of 1.20 cents per share (fully imputed) was declared and will be paid on 11 June 2026.

20262025
Cents per
share
Total $000
Cents per
share
Total $000
RECOGNISED AMOUNTS:
Prior year final dividend0.802,2780.701,994
Interim dividend
1.002,8370.651,852
1.80 5,115 1.35 3,846
Final dividend declared1.203,4020.80 2,278
Other Reserves
Asset Revaluation Reserve
The asset revaluation reserve is used to record the revaluation of freehold land and buildings.
Share Based Payments Reserve
The share-based payments reserve represents the cumulative expense recognised for share-based payments under the Group’s Long
Term Incentive Plan (LTIP). In accordance with NZ IFRS 2, the fair value of Performance Share Rights is recognised as an employee
benefit expense over the vesting period, with a corresponding credit to the reserve. Upon vesting, amounts are transferred to share
capital. Further details of the Group’s LTIP are set out in Note 5.7.
Cash Flow Hedge Reserve
The cash flow hedge reserve is used to record the effective portion of gains or losses on hedging instruments that are designated
and qualify as cash flow hedges. Amounts are reclassified to profit or loss when the hedged forecast transactions affect profit or loss.
Radius Residential Care Annual Report 2026
4647

Put Option Reserve
The Group holds a put option over the remaining 49% non-controlling interest in Cibus Catering Limited, exercisable on the
fifth anniversary of the acquisition date. The option is valued based on a contractually agreed EV/EBITDA multiple, consistent
with NZ IFRS 13.
In accordance with NZ IAS 32, a financial liability is recognised for the present value of the expected redemption amount, with a
corresponding debit to equity recorded in the put option reserve, reflecting the effective acquisition of the non-controlling interest.
Subsequent remeasurement of the liability is recognised directly in equity within the put option reserve, in line with the Group’s
accounting policy, with no impact on profit or loss.
As at 31 March 2026, there have been no changes to key valuation inputs or assumptions, and no remeasurement has
been recognised.
As at
In thousands of New Zealand dollars
NOTE
31 March 2026 31 March 2025
Asset revaluation reserve3.215,1479,496
Share based payments reserve5.7353130
Cash flow hedge reserve4.4(203)(282)
Put option reserve(1,127)(1,127)
Total14,1708,217
4.2. Earnings per share
Basic and Diluted
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 year. As at 31 March 2026, there were no shares with a dilutive effect (31 March 2025: None) and
therefore basic and diluted earnings per share were the same.
For the year ended
In thousands of New Zealand dollars
31 March 202631 March 2025
Profit after tax9,4577,0 3 4
Weighted average number of ordinary shares outstanding ('000s)283,862284,874
Cents per share3.33 2.47


4.3. Borrowings
Borrowings are initially recognised at fair value, including transaction costs incurred. Borrowings are subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the
Statement of Comprehensive Income over the period of the borrowings, using the effective interest method.


As at
In thousands of New Zealand dollars
31 March 202631 March 2025
SECURED LIABILITIES
Current
Other loans
1
64 132
Non-current
Bank loans71,50070,169
Total71,56470,301
1. Other loans represent equipment and vehicle finance loans held by Cibus Catering Limited with Westpac New Zealand Limited $20k (31 March 2025: $64k) and UDC Finance
$44k (31 March 2025: $68k). These are secured by way of equipment and vehicles themselves, and the Westpac loans also include a general security agreement over the assets
and all present and after-acquired property of Cibus Catering Limited.



Terms and Conditions and Assets Pledged as Security
Current
$000
Non-
current
$000
Facility
Limit
$000
Effective
Interest
Rate
%
Expiry Date
31 MARCH 2026
ASB Facility - A — 7,500 20,000 5.03%15 June 2028
ASB Facility - B — 48,000 48,000 5.58%15 June 2028
ASB Facility - C — 16,000 16,000 4.63%15 June 2028
ASB Facility - D — — 4,000 —15 June 2027
Other loans 64 — —
64 71,500 88,000
31 MARCH 2025
ASB Facility - A — 11,700 20,000 7.29%1 November 2026
ASB Facility - B — 9,694 9,700 6.78%1 November 2026
ASB Facility - C — 14,500 14,500 6.56%1 November 2026
ASB Facility - D — 23,675 23,675 7.95%6 May 2027
ASB Facility - F — 10,600 10,600 8.15%28 March 2027
Other loans 132 ——
132 70,169 78,475
ASB Bank Limited Loans
Security
The ASB Bank Limited bank committed money market loans of the Group are guaranteed by certain Group entities and secured by
mortgages over the Group’s care centre freehold land and buildings and rank second behind the Statutory Supervisors when the
land and buildings are classified as investment property and investment property under development.
As at 31 March 2026 the balance of the bank loans over which the properties are held as security is $71.5 million (31 March 2025:
$70.2 million), the total commitment as at 31 March 2026 is $88.0 million (31 March 2025: $78.6 million).
Other
As at 31 March 2026, the Group has a Corporate Banking Overdraft Facility Agreement with ASB Bank Limited for $2 million
(31 March 2025: $2 million). This facility bears interest at an effective interest rate of 6.46% (31 March 2025: 7.60%) and is
secured over the assets of the Group and guaranteed by certain Group entities. At 31 March 2026 no balance was drawn
down (31 March 2025: None).
Radius Residential Care Annual Report 2026
4849

Covenants
As at 31 March 2026, the Group classified its secured borrowings of $71.5 million (31 March 2025: $70.2 million) as non-current
liabilities. These borrowings are subject to financial covenants under the Group’s financing arrangements with ASB Bank Limited,
which are tested and reported quarterly. The ASB Bank have set predetermined ratios within the financing arrangements for each of
the following covenants:
• Fixed charge cover ratio;
• Leverage ratio; and
• Equity ratio.
For covenant purposes, Adjusted EBITDA and Net Interest are calculated based on accounting policies applied prior to the
adoption of NZ IFRS 16 Leases, excluding the impact of right-of-use assets and lease liabilities.
The Group complied with all covenant requirements during the reporting period and as at 31 March 2026. Based on management’s
forecast and assessment, continued compliance is expected for at least the next 12 months, and there is no material risk that the
non-current borrowings will become repayable within that period.
Reorganisation of Borrowing Facilities
On 16 June 2025, the Group reorganised and extended its committed market loans with ASB Bank Limited. In addition to extending
the expiry dates, the changes included:
• Re-financing and consolidation of previous Facilities B, C & D into a new Facility B;
• Refinancing previous Facility F into a new Facility C, with additional capacity intended to finance the acquisition of land in
Belfast, Christchurch;
• Establishing a new Facility D to fund approved development projects.
On 2 March 2026, $5.5 million was drawn down from Facility C to allow for the acquisition of land in Belfast, Christchurch.
4.4. Interest Rate Swaps
The Group uses interest rate swaps to manage its risk associated with interest rate fluctuations. Interest rate swaps are initially
recognised at fair value on the date a contract is entered into and are subsequently measured at fair value on each reporting date.
The fair values of the interest rate swaps are determined based on cash flows discounted to present value using current market
interest rates. The non-current portion of interest rate swaps comprised of $0.2 million in liabilities (2025: $0.3 million). The Group
has 49% (2025: 42%) of interest-bearing borrowings covered by fixed interest rate swap agreements.
Cash Flow Hedges
The Group has entered into interest rate swaps to manage its interest rate risk in relation to its floating rate debt. These interest
rate swaps qualify for cash flow hedge accounting. When interest rate swaps meet the criteria for cash flow hedge accounting, the
effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income, while the ineffective
portion is recognised in the income statement. Amounts taken to reserves are transferred out of reserves and included in the
measurement of the hedged transaction when the forecast transaction occurs. When interest rate swaps do not meet the criteria
for cash flow hedge accounting, all movements in fair value of the hedging instrument are recognised in the income statement.
Under the interest rate swap agreements that qualify for cash flow hedge accounting, the Group has a right to receive interest
at variable rates and to pay interest at fixed rates (“payer interest rate swap agreements”). These agreements effectively change
the Group’s interest exposure on the principal covered by the interest rate swaps from a floating rate to fixed rates, which range
between 3.54% and 4.31% (2025: 3.71% and 4.31%). At 31 March 2026, the Group had interest rate swap agreements in place with a
total notional principal amount of $35 million (2025: $30 million). Of the swaps in place, at 31 March 2026, all were active.
The fair value of these agreements at 31 March 2026 is a $0.2 million liability. The agreements cover notional amounts for terms of
up to three years. The notional principal amounts and the period of expiry of the cash flow hedge interest rate swap contracts are
as follows:
As at
In thousands of New Zealand dollars
31 March 202631 March 2025
Less than 1 year 15,000 —
Between 1 and 2 years15,000 10,000
Between 2 and 3 years— 20,000
Between 3 and 4 years 5,000 —
Total 35,000 30,000
5. OTHER DISCLOSURES
5.1. Income Tax
Key Accounting Estimates and Judgements
Deferred Tax on Investment Property
Deferred tax on investment property is assessed on the basis that the asset value will be realised through use (“Held for Use”).
An initial recognition exemption has been applied to newly developed village sites in accordance with NZ IAS 12 Income Taxes.
The Group’s ORAs comprise two distinct cash flows (being an ORA deposit upon entering the unit and the refund of this deposit
upon exit). In determining the tax base of investment property, the Group considered whether taxable cash flows are received at
the end of the ORA period (i.e. upon refund of the ORA deposit by way of set off on exit by a resident) or at the beginning of the
ORA period (i.e. at time of the receipt of the ORA deposit). The Group has carefully evaluated all the available information and
considers it appropriate to recognise and measure the tax base and associated deferred tax based on the taxable cash flows being
receivable at the end of the ORA period as this best represents the Group’s contractual entitlement.
In calculating deferred tax under the Held for Use methodology, the Group has made significant judgements to determine taxable
temporary differences. The carrying value of the Group’s investment property is determined on a discounted cash flow basis
and includes cash flows that are both taxable and non-taxable in the future. The Group has recognised deferred tax on the cash
flows with a future tax consequence being DMF as provided by LVC, to the extent that it arises from depreciable components (i.e.
buildings) of the investment property. The Group uses the valuer’s valuations to estimate the apportionment of cash flows arising
from the depreciable (i.e. buildings) and non-depreciable components (i.e. land).
Deferred Tax on Buildings
The impact of the removal of tax depreciation on commercial buildings, which reduced the tax base to nil, created a significant
taxable temporary difference for all of the Group’s care home buildings classified as Property, Plant and Equipment, irrespective of
their date of acquisition. The recognition of this temporary difference as a deferred tax liability depends on whether the buildings
were acquired through business combination or whether the initial recognition exception (IRE) in NZ IAS 12 was previously applied.

For the year ended
In thousands of New Zealand dollars
31 March 2026 31 March 2025
(A) COMPONENTS OF TAX EXPENSE
Current tax3,541 1,618
Deferred tax745 1,457
Total tax expense4,286 3,075
(B) INCOME TAX RECONCILIATION
The prima facie tax payable on profit before tax is reconciled to the income tax expense
as follows:
Prima facie income tax payable on profit before tax at 28.0%4,015 2,933
Permanent differences(207)(269)
Over provision for income tax in prior year(78)(396)
Deferred tax impact from reversal of depreciation on buildings446 824
Other110(17)
Income tax expense attributable to profit4,286 3,075

Radius Residential Care Annual Report 2026
5051

As at
In thousands of New Zealand dollars
31 March 2026 31 March 2025
(C) DEFERRED TAX
Deferred tax assets
Lease liabilities39,624 34,355
Provisions2,858 3,231
Deferred management fee income— 74
Total deferred tax asset42,481 37,660
Deferred tax liabilities
Property, plant and equipment4,170 2,779
Customer relationships177 228
Deferred management fee income387—
Right-of-use assets35,159 30,668
Deferred tax impact from reversal of depreciation on buildings11,964 12,124
Total deferred tax liability51,858 45,799
Net deferred tax liabilities(9,377)(8,139)
For the year ended
In thousands of New Zealand dollars
31 March 202631 March 2025
(D) DEFERRED INCOME TAX EXPENSE COMPRISES:
Through profit included in income tax expense
Decrease/(Increase) in deferred tax assets(4,821) 669
Increase in deferred tax liabilities5,566 535
Increase in deferred tax liabilities as a result of acquisition
— 253
745 1,457
Through other comprehensive income
Increase in deferred tax liabilities
493—
493—
Deferred tax assets are recognised for deductible temporary differences as Management considers that it is probable that future
taxable profits will be available to utilise those temporary differences.

For the year ended
In thousands of New Zealand dollars
31 March 202631 March 2025
(E) IMPUTATION CREDITS AVAILABLE FOR USE IN SUBSEQUENT PERIODS
Balance at the beginning of the year8,1337,0 2 8
Dividends paid(1,988)(1,496)
Credits received from subsidiaries248—
New Zealand tax payments, net of refunds4,420 2,601
Credits foregone following changes in shareholder continuity
1
(7,247)—
Balance at the end of the year3,566 8,133
1. On 22 May 2025, Wave Rider Holdings Limited (as trustee of the Wave Rider Trust), an entity associated with Brien Cree, sold its entire 95,312,500 shareholding in Radius Care
to Kade Kings Limited (also associated with Brien Cree). This transfer contributed to a break in shareholder continuity, causing the forfeiture of historical imputation credits.

5.2. Intangible Assets
Goodwill


As at
In thousands of New Zealand dollars
31 March 202631 March 2025
Goodwill at cost17,25517,255
Customer relationships633813
Total17,88818,068
Goodwill by cash generating unit (CGU)
Care16,06316,063
Catering business1,1921,192
Total17,25517,255
Key Accounting Estimates and Judgements
Goodwill is allocated to twenty one (2025: Twenty one) individual CGUs within the Group which are various individual residential care,
village and a catering businesses acquired by the Group.
Corporate office cash flows incurred by the Group is allocated to each CGU based on bed numbers.
Care CGUs Recoverable Amount
The recoverable amount of CGUs as at reporting date has been determined based on its fair value less costs of disposal, determined
using discounted cash flows that includes Management’s estimates based on past performance and its expectation for the future
performance for up to five years. These estimates are based on budgeted projections of occupancy levels, sales growth and changes
to cost structures. Cash flows from performance thereafter are estimated using a standard growth rate deemed to be reasonable
by Management.
The key assumptions used for discounted cash flows calculations are as follows:
• Cash flows for year one are based on the budget approved by the Board of Directors, with years two to five based on management
forecasts.
• The cash flow period used in the calculations was five years (2025: Five years).
• The post-tax discount rate applied in the calculations was between 9.9% and 11.5% (2025: Post-tax between 10.5% and 12.0%). The
pre-tax discount rate applied in the calculations was between 12.9% and 15.2% (2025: Pre-tax between 13.6% and 15.7%).
• The terminal growth rate applied in the calculations was 2.0% (2025: 2.0%).
• Occupancy projections vary between CGU based on actual and expected occupancy rates.
Management believes that no reasonably possible changes in any of the above key assumptions would cause the carrying value of the
goodwill to be materially lower than its recoverable amount.
The recoverable amount of the individual care sites as at 31 March 2026 has been determined based on fair value less costs of
disposal, determined using discounted cash flows. As the recoverable amount of individual care sites was determined using inputs
that are significant and unobservable, the Group has categorised these inputs as Level 3 under the fair value hierarchy in accordance
with NZ IFRS 13 Fair Value Measurement. The significant unobservable inputs used in the fair value measurement of the recoverable
amount of the Group’s individual care sites were as described above, year one to five forecast cash flows, a pre-tax discount rate, a
terminal growth rate and occupancy projections based on actual and expected occupancy rates.
• A significant increase/(decrease) in the forecast cash flows, terminal growth rate, and occupancy projections and rates,
assumptions would result in a significantly higher/(lower) fair value measurement.
• A significant increase/(decrease) in the pre-tax discount rate would result in a significantly (lower)/higher fair value measurement.
Radius Residential Care Annual Report 2026
5253

Catering business CGU Recoverable Amount
The recoverable amount of the Cibus Catering Limited (Cibus) business CGU has been determined as at reporting date using the
Value in Use (VIU) method. The VIU calculation is based on a five-year discounted cash flow model, prepared using Board-approved
forecasts, with a terminal growth rate applied thereafter. The model includes only third-party revenue and actual gross profit margins
achieved in FY26.
The key assumptions used for the discounted cash flows are as follows:
• Cash flows for year one are based on the budget approved by the Board of Directors, with years two to five based on
management forecasts.
• The cash flow period used in the calculations was five years (2025: Five years).
• The post-tax discount rate applied in the calculations was between 9.9% and 11.5% (2025: Post-tax between 10.5% and 12.0%). The
pre-tax discount rate applied in the calculations was between 12.9% and 15.2% (2025: Pre-tax between 13.6% and 15.7%).
• The terminal growth rate applied in the calculations was 2.0% (2025: 2.0%).
• Management fee allocations reflect actual Cibus structure.
Management believes that no reasonably possible changes in any of the above key assumptions would cause the carrying value of
the goodwill to be materially lower than its recoverable amount.
Customer Relationships
As at
In thousands of New Zealand dollars
31 March 2026 31 March 2025
CUSTOMER RELATIONSHIPS
Opening balance813—
Additions—903
Amortisation(180)(90)
Closing net book value633813
The Group recognises an intangible asset of $0.6 million (2025: $0.8 million) attributable to customer relationships. The asset
reflects the present value of expected future gross profit from contracts with external customers over the 12-month period ending
31 March 2026 and is amortised over a five year’s. Significant judgement was applied in determining the appropriate valuation
approach. Management considered and ultimately did not apply a long-term forecast model, as Cibus’ customer contracts are
generally short-term and cancellable with three months’ notice. The business operates in the aged care catering sector, which is
characterised by competitive tender processes, high customer turnover, and limited long-term contractual lock-in. As a result, a
valuation based on the expected gross profit from existing external customer contracts over a one-year period was deemed more
appropriate than longer-term models reliant on renewal rates or customer retention forecasts. Internal customers within the Group
were excluded from the valuation. Management used contract-level data and gross profit history to calculate the present value of
the forecast earnings and considered this to be the best available estimate of the asset’s fair value at the date of acquisition. No
indicators of impairment were identified at 31 March 2026 (2025: No indicators of impairment).
5.3. Trade and Other Receivables
Trade receivables are amounts due from residents and Government agencies in the ordinary course of business and are recognised
initially at fair value being the transaction price plus any transaction costs. Subsequent to initial recognition, receivables from
contracts with customers are measured at amortised cost using the effective interest method less impairment.

As at
In thousands of New Zealand dollars
31 March 2026 31 March 2025
CURRENT
Trade receivables11,62411,515
Allowance for credit losses
(806)(672)
10,81810,843
NZX listing bond 75 75
Prepayments1,7991,904
Accrued Income
296663
2,1702,642
Total12,98813,485
Recognition, Measurement and Judgements in Applying Accounting Policies
When measuring expected credit losses (‘ECL’) the Group uses reasonable and supportable forward looking information, which is
based on assumptions for future movement of different economic drivers and how these drivers will affect each other.
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of
the debtors and an analysis of the debtors’ current financial positions, adjusted for factors that are specific to the debtors, general
economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast
direction of conditions at the reporting date.
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 Accident
Compensation Corporation.
• Trade receivables from village operations for the provision of weekly service fees and occupation licence payment receivables.
These are receivable from residents.
The following table provides information about the risk profile of trade receivables from contracts with residents and Government
agencies using a provision matrix. The information in the below table does not distinguish between resident or product types as the
Group’s historical credit loss experience does not show different patterns for different resident or product types.
Expected Credit Losses
Days Past Due
Not Past Due31-6061-9091 & OverTotal
AS AT 31 MARCH 2026
Estimated total gross carrying amount ($000)9,1763191861,94311,624
Expected credit loss rate (%)0.2%0.3%2.2%40.3%6.9%
Expected credit loss rate ($000)18 1 4 783 806
AS AT 31 MARCH 2025
Estimated total gross carrying amount ($000)7,6168273222,75011,515
Expected credit loss rate (%)0.2%0.4%1.9%23.5%5.8%
Expected credit loss rate ($000) 15 3 6 648 672
5.4. Trade and Other Payables and Provisions
The Group’s obligation in respect of employees’ defined contribution entitlements is limited to the contributions payable at the end The Group’s obligation in respect of employees’ defined contribution entitlements is limited to the contributions payable at the end
of the reporting period.of the reporting period.
As at
In thousands of New Zealand dollars
31 March 2026 31 March 2025
CURRENT
Unsecured trade and other payables
Trade creditors3,5485,273
GST payable1,5241,414
Other payables155321
Accrued expenses4,4872,228
Provisions
Annual leave8,4117,490
Other employee entitlements7,7 796,134
Total25,90422,860
Radius Residential Care Annual Report 2026
5455

5.5. Related Party Transactions
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using
consistent accounting policies.
All intercompany transactions and balances are eliminated. The subsidiaries are consolidated from the date the Group gains control
until the date on which control ceases.
Name of EntityPrincipal Activities
Ownership
Interests and
Voting Rights
Class of
Shares20262025
Cibus Catering Limited
Residential Catering – aged care and boarding
schools
51%51%Ordinary
Clare House Retirement
Village Limited
Operating entity for Clare House Retirement
Village and property owning entity for the Clare
House care home
100%100%Ordinary
Elloughton Grange
Village Limited
Operating entity for Elloughton Retirement Village100%100%Ordinary
Luma Brands Limited
Established 3 March 2026
Operating entity for the import and distribution of
medical supplies
100%N /AOrdinary
Radius (Belfast) Limited
Established 5 June 2025
Property owning company for land purchased in
Belfast, Christchurch
100%N /AOrdinary
Radius Care Holdings Limited
Property owning entity for St Helenas, Thornleigh
Park, Lexham Park, Elloughton Gardens, Heatherlea,
Windsor Court, Taupaki Gables, Peppertree, St Joans
and Fulton care homes
100%100%Ordinary
Radius Care
Limited (non-trading)
Dormant100%100%Ordinary
Radius Health Limited
Established 4 July 2025
Dormant 100%N /AOrdinary
Radius Matamata Retirement
Village Limited
Operating entity for Matamata Retirement Village100%100%Ordinary
Radius SPV Limited
Property owning entity for
Matamata Country Lodge and Matamata
Retirement Village
100%100%Ordinary
R Connect Limited
Staff placement company providing short term
staffing solutions
100%100%Ordinary
Windsor Lifestyle
Estate Limited
Operating entity for Windsor Retirement Village100%100%Ordinary
Key Management Personnel Compensation and Other Related Parties
Key management personnel are all executives and Directors with the authority for the strategic direction and management
of the Group.
Related PartyRelationship
Brien CreeDirector and Ultimate Shareholder (via Kade Kings Limited)
Bret JacksonDirector and Ultimate Shareholder (via Takatimu Investments Limited)
Duncan CookDirector and Shareholder
Hamish StevensDirector and Shareholder
Mary GardinerDirector
Tom WilsonDirector and Shareholder
Kade Kings LimitedDirector (Brien Cree)
Barefoot Crue LimitedCommon Director (Duncan Cook)
InforMe LimitedCommon Director (Duncan Cook), Common Shareholder (Valhalla Capital Limited)
Neil FosterShareholder
Takatimu Investments LimitedShareholder
Tasman Advisory LimitedCommon Director (Bret Jackson)
Time Capital NZ Limited Common Shareholder (Tom Wilson)
Valhalla Capital LimitedCommon Director (Brien Cree)
Warehouse Storage LimitedCommon Shareholder (Neil Foster)
Wave Rider TrustCommon Beneficiary (Brien Cree)
Radius Residential Care Annual Report 2026
5657

Key Management Personnel Compensation
For the year ended
In thousands of New Zealand dollars
31 March 2026 31 March 2025
Directors' remuneration and expenses581981
Dividends to Director related entities1,8451,384
Key management personnel salaries and other short term employee benefits3,8443,554
Key management personnel dividends62
Total Director and key management payments 6,2765,921
OTHER RELATED PARTIES
Catering services
Cibus Catering Limited (up to 30 September 2024)
1
—4,442
Software fees
InforMe Limited30—
Consulting fees
Barefoot Crue Limited
2
391250
Tasman Advisory Limited
3
29—
Rent paid
Warehouse Storage Limited 1,9791,123
Rent received and utility recharges
Cibus Catering Limited (up to 30 September 2024)
1
—35
Personal guarantee fee
Wave Rider Trust170170
Disposal of land and buildings
Warehouse Storage Limited13,600—
Business acquisition
Valhalla Capital Ltd—465
1. A 51% shareholding in Cibus Catering Limited was purchased in October 2024 and now forms part of the consolidated financial statements.
2. Predominantly relates to services provided in respect of General Counsel and the St Allisa acquisition (2025: predominantly relates to General Counsel services).
3. Related to additional services provided.
5.6. Business Combinations
Summary of Acquisition
On 30 May 2025, the Group acquired 100% of the assets and liabilities of St Allisa, a dementia, rest home and hospital care home.
Concurrent with the acquisition, the Group entered into a sale and leaseback transaction for the land and buildings associated with
the care home. The land and buildings was sold to Warehouse Storage Limited for $13.6 million and immediately leased back to the
Group. The lease has an initial term of 30 years, with two 10-year renewal options.
Details of the purchase consideration, the net assets acquired are as follows:
As at
In thousands of New Zealand dollars
2026
Fair Values
Purchase consideration
Cash paid14,623
Total14,623
The assets and liabilities recognised as a result of the acquisition are as follows:
Property, plant and equipment 14,670
Trade and other payables(56)
Trade and other receivables9
Net assets and liabilities recognised 14,623
The assets and liabilities sold are as follows:
Property, plant and equipment (land and buildings)(13,600)
Net assets and liabilities sold(13,600)
Revenue and Profit Contribution
The acquired business contributed revenues of $7.8 million and a loss before tax of ($0.2 million) to the group for the period from
30 May 2025 to 31 March 2026.
If the acquisition had occurred on 1 April 2025, pro-forma revenue and loss before tax for the year ended 31 March 2026 would
have been $9.3m and $0.3 million respectively. These amounts have been calculated using the business units results and adjusting
them for:
• differences in the accounting policies between the group and the subsidiaries, and
• the additional depreciation and amortisation that would have been charged assuming the fair value adjustments
to property, plant and equipment had applied from 1 April 2025.
5.7. Long Term Incentive Plan (LTIP)
On 7 August 2025 the Shareholders approved a Long Term Incentive Scheme for senior executives (‘LTIP’).
Performance Hurdles
The Performance Share Rights (PSRs) have been divided into three tranches. All PSRs relevant to each tranche will vest into
ordinary shares in Radius if the 10-day VWAP, for the 10 trading days immediately prior to (and not including) the grant date, is
equal to or greater than the target share price. The three tranches are:
a. Tranche 1 will vest if the weighted average price of ordinary shares on the NZX Main Board over the 10 NZX trading days
(“10 Day VWAP”) before 31 July 2027 is equal to or greater than 44 cents.
b. If Tranche 1 does not vest, the share rights in that tranche will be added to and form part of Tranche 2, and will be eligible
to vest in accordance with (c) or (e) below.
c. Tranche 2 will vest if the 10 Day VWAP as at 31 July 2028 is equal to or greater than 66 cents.
d. If Tranche 2 does not vest, the share rights in that tranche will be added to and form part of Tranche 3, and will be eligible
to vest in accordance with (e) below.
e. Tranche 3 will vest if 10 Day VWAP as at 31 July 2029 is equal to or greater than 88 cents.
In addition, if:
• a “Change of Control Transaction” (that is a takeover, merger or the like) occurs which results in a person or group
becoming the controller of a majority of the voting shares of Radius Care; and
• the price or consideration per share paid in that Change of Control Transaction is equal to or greater than the share
price specified in (a), (c) or (e) above in respect of a tranche which has not vested, then the share rights in that tranche
will vest on completion of that Change of Control Transaction.
Radius Residential Care Annual Report 2026
5859

Recognition and Measurement
On 7 August 2025, 11,363,644 share rights were issued for nil consideration and a nil exercise price in relation to the LTIP Scheme.
On 23 October 2025, a further 909,092 share rights were granted on the same terms and conditions as other participants. On 30
March 2026, 909,092 share rights lapsed and no share rights were exercised or expired during the period.
The fair value of Performance Share Rights granted during the year was determined at grant date using a Monte Carlo valuation
model. The fair value per right ranged from approximately $0.10 to $0.19 (depending on tranche).
On 18 July 2025, the preceding share scheme, issued on 18 July 2022, lapsed with no shares vesting under the scheme.
5.8. Non-Controlling Interests
The following table summarises the information relating to each of the Group’s subsidiaries that has material non-controlling
interests, before any intra-group eliminations.
Cibus Catering Limited
For the year ended
In thousands of New Zealand dollars
31 March 2026 31 March 2025
ASSETS
Cash and cash equivalents1,543 1,679
Trade and other receivables489 445
Inventories105 119
Property, plant and equipment467 455
Deferred tax asset99 113
Total assets2,703 2,811
LIABILITIES
Trade and other payables(2,061)(1,875)
Current tax liabilities(116)(312)
Borrowings(64)(132)
Total liabilities(2,241)(2,319)
Net assets 462 492
Net assets attributable to NCI227 241
For the year ended
In thousands of New Zealand dollars
31 March 2026 31 March 2025
Revenue from contracts with customers16,714 8,038
Profit1,217 744
Other comprehensive income (OCI)——
Total comprehensive income1,217 744
Profit allocated to NCI596 365
OCI allocated to NCI——
Cash flows from operating activities 1,346 765
Cash flows from investment activities (164)(39)
Cash flows from financing activities(1,318)(45)
Net (decrease)/ increase in cash and cash equivalents held(136) 681
Net (decrease)/ increase in cash and cash equivalents held allocated to NCI(67) 333
5.9. Financial Risk Management
The Group is exposed to the following financial risks in the normal course of business:
a. Credit risk
b. Liquidity risk
c. Interest rate risk
The Board of Directors reviews and agrees on policies for managing each of these risks as summarised below:
As at
In thousands of New Zealand dollars
NOTE
31 March 2026 31 March 2025
AMORTISED COST FINANCIAL ASSETS
Cash and cash equivalents2,8232,571
Trade and other receivables5.310,81810,843
Total assets13,64113,414
AMORTISED COST FINANCIAL LIABILITIES
Trade and other payables5.49,7149,236
Lease liabilities3.4141,512122,697
Interest rate swaps4.4203282
Borrowings4.371,56470,301
Refundable Occupation Right Agreements3.338,90637,843
Total liabilities261,899240,359
(a) Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge
an obligation.
The Group’s exposure to credit risk, or the risk of counterparties defaulting arises mainly from cash at bank, trade and
other receivables.
The maximum exposure to credit risk, excluding the value of any collateral or other security, at reporting date, of recognised
financial assets is the carrying amount of those assets, net of any provisions for impairment of those assets, as disclosed in the
consolidated statement of financial position and notes to consolidated financial statements.
The Group has no significant concentrations of credit risk. The Group’s trade receivables represent distinct trading relationships
with each of its residents and various Government agencies. The only large trade receivables relate to residential care subsidies
which are receivable in aggregate from Health New Zealand, Work and Income New Zealand and the Accident Compensation
Commission. These entities are not considered a credit risk.
The Group does not have any material credit risk exposure to any single counterparty or group of counterparties under financial
instruments entered into by the Group.
Cash Deposits and Other Receivables
Credit risk for cash deposits is managed by holding all cash deposits with high credit rating financial institutions, i.e. major
registered New Zealand banks.
Trade Receivables
Credit risk with respect to trade receivables is limited due to the large number of customers which qualify for Ministry of Health
funding in relation to payment of our services. Amounts owed by the residents are generally unsecured. Credit risk is managed
through the use of admission agreements for all residents, which gives contractual rights to the Group in relation to security and
collection of debts in circumstances where there is no entitlement to Ministry of Health funding. All admissions are reviewed to
ensure a duly completed admission agreement is available. The loss allowance for expected credit losses of trade receivables is
provided in Note 5.3. As the Group undertakes transactions with a large number of customers and regularly monitors payment in
accordance with credit terms, the financial assets that are neither past due nor impaired, are expected to be received in accordance
with the credit risk.
Radius Residential Care Annual Report 2026
6061

(b) Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.
The Group has liquidity risk with respect to its repayment obligations of financial liabilities.
The Group maintains a rolling 90 day forecast of daily cash flows to ensure it will have sufficient liquidity to meet its liabilities as
they fall due. This is linked to a monthly rolling forecast which provides directional liquidity expectations for a minimum of a further
twelve months.
The Group has a bank facility which is subject to certain covenant clauses, whereby it is required to meet certain key performance
indicators. This bank facility is provided by the ASB Bank. Refer to Note 4.3 for further information on the Group’s banking facility
and covenant compliance.
The following table outlines the Group’s remaining contractual maturities for non-derivative financial instruments. The amounts
presented in the table are the undiscounted contractual cash flows of the financial liabilities allocated to time bands based on the
earliest date on which the Group can be required to pay.



In thousands of New Zealand dollars
Less than 1
Year
Between 1
and 2 Years
Between 2
and 5 YearsOver 5 Years
AS AT 31 MARCH 2026
Trade and other payables9,714 — — —
Lease liabilities10,36010,43630,922210,929
Borrowings 64 — 71,500 —
Refundable Occupation Right Agreements
1
38,906 — — —
59,04410,436102,422210,929
AS AT 31 MARCH 2025
Trade and other payables9,236 — — —
Lease liabilities8,9929,00826,824178,413
Borrowings — — 70,169 —
Refundable Occupation Right Agreements
1
37,843 ———
56,0719,00896,993178,413


1. The refundable ORAs are repayable to the resident on vacation of the unit or on the termination of the occupation right agreement and subsequent resale of the unit. The
expected maturity of the refundable ORAs is shown in note 3.3.
c. Interest Rate Risk
The Group is exposed to interest rate risk in relation to its interest earning cash deposits and its interest bank borrowings. Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market
interest rates. The Group manages interest rate risk by maintaining a mix of variable rate and fixed rate borrowings, including
interest rate swaps described in Note 4.4.
Interest rates on cash at bank are subject to market risk in the event of changes its interest rates. Interest rates on non-current bank
borrowings are generally subject to review annually or at shorter intervals, and interest rates on current borrowings can be reviewed
at the lender’s discretion.
The following table outlines that Group’s exposure to interest rate risk in relation to future cash flows and the effective weighted
average interest rates on classes of financial assets and financial liabilities:


In thousands of New Zealand dollars
Interest Bearing
Non-interest
Bearing
Total Carrying
Amount
Weighted
Average
Effective
Interest Rate
As at 31 March 2026
FINANCIAL INSTRUMENTS
Financial assets
Cash2,823—2,8230.0% Fixed
Financial liabilities
Bank and other loans(71,564)—(71,564)5.31%
Interest rate swaps(203)—(203)
Lease liabilities(141,517)—(141,517)5.1% Fixed
Total(213,284)—(213,284)
As at 31 March 2025
FINANCIAL INSTRUMENTS
Financial assets
Cash2,571—2,5710.0% Fixed
Financial liabilities
Bank and other loans(70,301)—(70,301)7.42%
Interest rate swaps(282)—(282)
Lease liabilities(122,697)—(122,697)5.0% Fixed
Total(193,280)—(193,280)
The interest rate on the Group’s bank loans is fixed for a relevant ‘Interest period’ (being either 30, 60, 90 or 180 days) and
comprised of the Base Rate (equal to the BKBM on the first day of the relevant Interest Period), plus a Margin and Line fee in
accordance with the Group’s agreement with the bank. The weighted average interest period term as at 31 March 2026 was 84 days
(2025: 30 days).
No other financial assets or financial liabilities are expected to be exposed to interest rate risk.
Sensitivity
If interest rates were to increase/decrease by 100 basis points from the rates prevailing at the reporting date, assuming all other
variables remain constant, then the impact of profit for the year and equity would be as follows:

For the year ended
In thousands of New Zealand dollars
31 March 2026 31 March 2025
+ / - 100 basis points
Impact on profit after tax(515)(506)
Impact on equity(144)(142)
Radius Residential Care Annual Report 2026
6263

5.10. Contingent Liabilities
Lester Heights Business
26 June 2013, the Group entered into an agreement to sell the
Lester Heights business. The sale was settled on 31 August 2013.
One of the conditions of sale is that in the event that the new
business owner defaults on the rental payments, the Group is
required to guarantee the rent. No amounts have been paid to date,
but in the event that a default occurs, the potential cost to the
Group is an annual rent of $286,210 (2025: $286,210) per annum
until 2029. The Group will likely assume operations at this care
home, in the event of a default. At reporting date the Group has
assessed the likelihood of the new business owner defaulting on the
rental payment as not probable (2025: Not probable).
Other
There were no other material contingent liabilities at reporting date
(31 March 2025: None).
5.11. Commitments
At 31 March 2026, the Group had capital commitments of $2.7
million (31 March 2025: None).
There are no significant unrecognised contractual obligations
entered into for future repairs and maintenance at balance date.
5.12. Events Subsequent to Reporting Date
Dividends
On 13 May 2026, the Board declared a final dividend of
1.20 cents per share (fully imputed), that is due to be paid
on 11 June 2026.
Acquisition of a Care Home
On 1 April 2026, the Group entered into an agreement to
acquire the business and assets of the Karori Village care
home in Wellington for $13.6 million. The agreement is
conditional only on usual regulatory approvals.
Settlement is expected to take place on Tuesday 26
May 2026.
Other
There has been no other matter or circumstance which
has arisen since 31 March 2026 that has significantly
affected or may significantly affect:
a. the operations, in financial years subsequent to 31
March 2026, of the Group; or
b. the results of those operations; or
c. the state of affairs, in financial years subsequent to 31
March 2026, of the Group.


36RADIUS CARE FINANCIAL STATEMENTS 2026
Level 12, 23-29 Albert Street, Auckland 1010
PO Box 3899, Auckland 1140
New Zealand
T: +64 9 309 0463
F: +64 9 309 4544
E: auckland@bakertillysr.nz
W: www.bakertillysr.nz
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Radius Residential Care Limited
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Radius Residential Care Limited and its subsidiaries
('the Group') on pages 31 to 64, which comprise the consolidated statement of financial position as at 31 March
2026, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2026, and its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with New Zealand Equivalents to International
Financial Reporting Standards ('NZ IFRS') and International Financial Reporting Standards ('IFRS').
Our report is made solely to the Shareholders of the Group. Our audit work has been undertaken so that we might
state to the Shareholders of the Group those matters we are required to state to them in an auditor’s 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 Shareholders of the Group as a body, for our audit work or for our report.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) ('ISAs (NZ)'). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report. We are independent of the Group in accordance with
Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor and provider of other assurance services we have no relationship with, or
interests in, Radius Residential Care Limited or any of its subsidiaries. The provision of these other assurance services
has not impaired our independence.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Radius Residential Care Annual Report 2026
6465

37 RADIUS CARE FINANCIAL STATEMENTS 2026
Key Audit Matter How our audit addressed the key audit matter
Valuation of investment properties and land and buildings
As disclosed in Note 3.1 and 3.2 of the Group’s
consolidated financial statements, as at 31 March 2026,
the Group has investment properties totalling $80.5m
(operated as retirement villages) and land and buildings
(operated by the Group for provision of care services)
totalling $108.6m measured at fair value.

Investment properties and land and buildings were
significant to our audit due to the size of the assets and
the subjectivity, complexity and uncertainty inherent in
estimating the fair value of the investment properties
and land and buildings.

Management has engaged an independent external
valuer (‘the Valuer’) to determine the fair value of the
Group’s investment properties and land and buildings
as at 31 March 2026. The Valuer performed their work
in accordance with the International Valuation
Standards and the Australia and New Zealand Valuation
and Property Standards, NZ IFRS 13 Fair Value
Measurement, NZ IAS 40 Investment Property and NZ
IAS 16 Property, Plant and Equipment. The Valuer
engaged by the Group has appropriate experience in the
sector in which the Group operates.

For each investment property, the Valuer considered
property-specific information such as the income
generated by departures and the re-sale of independent
living units. They then applied assumptions in relation
to, the timing of unit re-sale, the length of occupancy of
existing residents, the price paid by new residents, price
movements, type of Occupancy Right Agreement,
discount rate, growth rate and terminal yield. The Valuer
also considered the individual characteristics of each
village, its location, its nature, its resident profile and the
expected future cash flows for that particular village.

For each land and building property, the Valuer
considered property-specific information such as
capitalisation rates and earnings per care bed. The
Valuer also considered the individual characteristics of
each property, its location, and its nature.

The Group has adopted the assessed values
determined by the Valuer.

Our audit procedures, among others, included:
▪Understanding and evaluating the Group’s internal controls
relevant to the accounting estimates used to determine the
fair value of the Group’s investment properties.
▪Reading and evaluating the external valuation reports for the
Group’s investment properties and land and buildings as at 31
March 2026.
▪Confirming that the valuation approaches for the investment
properties and land and buildings were in accordance with NZ
IFRS 13, either NZ IAS 40 or NZ IAS 16, and suitable for
determining the fair value of the Group’s investment
properties and land and buildings as at 31 March 2026.
▪Evaluating the competence, capabilities, objectivity and
expertise of Management's independent external valuer (the
‘Valuer’) and the appropriateness of the Valuer’s work as audit
evidence relevant to the valuation assertion.
▪Agreeing property-related data provided by Management to
the Valuer, to the Group’s records.
▪Engaging our own external property valuation expert to assist
in understanding and evaluating the following, based on their
specialist knowledge from performing and reviewing
valuations of similar properties, known relevant transactional
evidence and available market data:
othe work and findings of the Valuer;
othe Valuer’s valuation methods and assumptions to
assist us in challenging the appropriateness of valuation
methods and assumptions used; and
othe acceptable range of values considered reasonable
to evaluate Management’s adopted valuation estimate.
This involved discussing and corresponding with
Management, the Valuer engaged by the Group and our own
external property valuation expert.
▪Evaluating the selection of valuation methods, inputs and
assumptions with a view to identifying Management bias.
▪Agreeing the adopted value of the Operator’s Interest to the
external valuation reports and checking adjustments made in
relation to Refundable Occupation Right Agreements and
Deferred Management fees recognised separately on the
consolidated statement of financial position.
▪Evaluating the disclosures (including the accounting policies
and accounting estimates) related to the investment
properties and land and buildings which are included in the
Group’s consolidated financial statements.
Acquisition accounting for St Allisa and subsequent sale
and leaseback of the land and buildings
As disclosed in Note 5.6 of the Group’s consolidated
financial statements, the Group acquired the assets and
liabilities of St Allisa for $14.6m on 30 May 2025. The
acquisition included a sale and leaseback of the land
and buildings with Warehouse Storage Limited (related
party). The property was sold for $13.6m and leased
back to the Group for an initial term of 30 years with
two 10-year rights of renewal.
Our audit procedures among others included:
▪Understanding and evaluating the Group’s internal controls
relevant to the accounting estimates used to determine the
fair value of the assets acquired and liabilities assumed.
▪Reading the sale and purchase agreement and other
agreements relating to the acquisition to understand key
38 RADIUS CARE FINANCIAL STATEMENTS 2026
Key Audit Matter How our audit addressed the key audit matter
The acquisition of St Allisa is significant to our audit due
to the size of the acquisition (total consideration of
$14.7m) and the subjectivity and complexity inherent in
accounting for business combinations under NZ IFRS 3
Business Combinations.
Management has completed a purchase price
allocation process to identify the acquirer, determine
the acquisition date, recognise and measure the
identifiable assets acquired, the liabilities assumed and
any resulting goodwill.
Accounting for the sale and leaseback transaction is
outside of the normal course of business and involves
complex accounting and significant management
judgement. The sale and leaseback transaction is
accounted for in accordance with NZ IFRS 16 Leases
and NZ IFRS 15 Revenue from Contracts with
Customers. NZ IFRS 16 requires the Group to measure
the resulting right of use asset at the proportion of the
previous carrying amount of the land and buildings
retained. There are specific requirements when the fair
value of the consideration for the sale of an asset does
not equal the fair value of the asset.
This transaction is significant to our audit due to the
amount of consideration and size of the assets and
liabilities involved as well as the subjectivity, complexity
and uncertainty inherent in accounting for the
acquisition and subsequent sale and leaseback.
terms and conditions and confirming our understanding of the
transaction with Management.
▪Evaluating the measurement of the consideration transferred.
▪Evaluating the identified assets and liabilities against the
terms of the sale and purchase agreements.
▪For the measurement of the identified assets and liabilities,
evaluating the fair values of the identified assets and liabilities
at acquisition date.
▪Evaluating the inputs and any underlying assumptions with a
view to identifying Management bias.
▪Reading the sale and purchase agreement and lease relating
to the sale and leaseback to understand key terms and
conditions and confirming our understanding of the
transaction with Management.
▪Evaluating whether the proposed accounting for the
subsequent sale and leaseback of the land and buildings is in
accordance with NZ IFRS 16 and NZ IFRS 15 by:
oEvaluating whether a sale has occurred in accordance
with NZ IFRS 15;
oRecalculating the lease liability and right-of-use asset
based on the key inputs identified above and comparing
our recalculations to the balances recorded by the
Group;
oEvaluating the measurement of the right-of-use asset as
a portion of the previous carrying amount of the
underlying land and buildings as well as the recognition
of any gain or loss related to rights transferred to the
buyer/lessor.
▪Evaluating the disclosures (including material accounting
policy information and accounting estimates) related to the
acquisition of the St Allisa businesses and subsequent sale
and leaseback of the land and buildings which are included in
the Group’s consolidated financial statements.
Other Information
The Directors are responsible for the other information. The other information comprises the information included in
the Group’s Annual Report for the year ended 31 March 2026 (but does not include the consolidated financial
statements and our auditor’s report thereon), which is expected to be made available to us after the date of this
auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the other information is
materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to the Directors.
Radius Residential Care Annual Report 2026
6667

Corporate Governance
This section of the Annual Report provides
information on certain aspects of the
Company’s governance framework. The
Company’s full Corporate Governance
Statement is structured to follow the March
2026 edition of the NZX Corporate Governance
Code (NZX Code) and discloses practices
relating to the NZX Code’s recommendations.
The Board regularly reviews the Company’s
corporate governance structures against
the recommendations in the NZX Code and
considers that during the year ended 31 March
2026 its practices and procedures substantially
met NZX Code recommendations.
The documents supporting Radius Care’s
governance framework are available at:
www.radiuscare.co.nz/investor-centre
The Company’s suite of Governance
policies comprises:
CORPORATE GOVERNANCE STATEMENT
CONSTITUTION
CHARTERS
Board Charter
Audit and Risk Committee Charter
Remuneration and People Committee Charter
POLICIES
External Auditor Independence Policy
Financial Product Trading Policy
Fraud Policy
Market Disclosure Policy
Whistleblower Policy
Code of Conduct
Diversity and Inclusion Policy
Privacy Policy
Remuneration Policy
DIVIDEND REINVESTMENT PLAN OFFER
DOCUMENT
39 RADIUS CARE FINANCIAL STATEMENTS 2026
Responsibilities of the Directors for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the Directors determine
is necessary to enable the preparation of the consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the consolidated financial statements is located
at the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
The engagement partner on the audit resulting in this independent auditor’s report is J A Daubney.

BAKER TILLY STAPLES RODWAY AUCKLAND
Auckland, New Zealand
13 May 2026

69
Radius Residential Care Annual Report 2026
68

Directors' independence
As at 31 March 2026 and the date of this Annual Report, the Board comprised six Directors. The
Board has considered which of the Directors are Independent Directors for the purposes of
the NZX Listing Rules (the Rules), having regard to the criteria set out in the Rules for director
independence and the factors described in the NZX Corporate Governance Code (the Code) that
may impact director independence.
The Company’s Constitution specifies that the Board shall have a minimum of three Directors; at
least two Directors shall be ordinarily resident in New Zealand; and while the Company is listed, it
shall have not less than the minimum number of Independent Directors prescribed by the Rules.
The Board has determined that, as at 31 March 2026 and the date of this Annual Report, Brien Cree
and Duncan Cook are non-Independent Directors. Mary Gardiner, Bret Jackson, Hamish Stevens
and Tom Wilson are Independent Directors. Brien Cree is also the Executive Chair.
Director independence is reviewed on a regular basis, with the Board applying the requirements
of the Rules and the guidance in the Code while considering the substance of relationships
and tenure. Consistent with the determinations set out above, four of the six Directors are
assessed as Independent. The Board considers this composition provides an appropriate
balance between independent oversight and the experience and continuity contributed by the
non-Independent Directors.
The Board also considers its structure, including the role of the Executive Chair, to be appropriate
for the Company’s scale and stage of development. The majority of Independent Directors,
together with established governance processes, supports effective oversight, constructive
challenge and balanced decision-making.
Diversity and inclusion
The Board takes the view that a diverse and inclusive work environment is critical to the
sustainability of Radius Care. This helps to ensure that talented people are both attracted and
retained to contribute to the achievement of our strategic objectives.
Radius Care recruits, promotes and compensates on the basis of merit, regardless of gender,
ethnicity, religion, age, nationality, sexual orientation, union membership or political opinion. A
fundamental tenet of the Company’s values is Exceptional People, Exceptional Care together with
Commitment: Leaders in care; Courage: Do the right thing; Compassion: Act with empathy.
Responsibility for workplace diversity and the setting of measurable objectives is held by the
Remuneration and People Committee.
The following table reports gender composition of the Board and Management team as
at 31 March 2026.
31 March 202631 March 2025
MaleFemaleGender DiverseMaleFemaleGender Diverse
Directors
51—51—
Senior Management
52—62—
Regional/Operations Manager
24
—26—
Care Home Managers
222
—221—
A formal Diversity and Inclusion Policy has been adopted by the Board and is reviewed periodically.
Radius Care monitors and addresses matters covered by this policy as part of regular operations.
The Board is comfortable with the metrics and culture referred to in the policy and continues to
regard this as an area of ongoing focus and improvement. The Diversity and Inclusion Policy is
available to view at www.radiuscare.co.nz/investor-centre.
Board Committees
The Board currently has two committees: the Audit and Risk Committee and the Remuneration and
People Committee.
When required, the Board may also set up ad-hoc committees to efficiently and effectively carry
out key governance functions, whilst retaining ultimate responsibility for all decisions and actions.
During the year to 31 March 2026, the Board delegated responsibility for the Sustainability
Committee and the Climate Risk Working Group to the Audit and Risk Committee.
Attendance at Meetings
The table below sets out Director attendance at Board and committee meetings during the year
ended 31 March 2026
1
.
BoardAudit and Risk CommitteeRemuneration and People Committee
Eligible to
Attend
Attended
Eligible to
Attend
Attended
Eligible to
Attend
Attended
Brien Cree1111————
Duncan Cook1111——44
Mary Gardiner111144——
Bret Jackson11114444
Hamish Stevens111144——
Tom Wilson1111——44
1. Board meetings held solely for sign-off of FY25 results and 1H26 results not included in the above totals.
Standing Committees of the Board
AUDIT AND RISK COMMITTEE
Members: Hamish Stevens (Chair), Mary Gardiner and Bret Jackson.
Composition: At least three members of the Board; a majority of members must be independent;
at least one member who has an accounting or financial background; Committee Chair appointed
by the Board; must be an Independent Director and must not be the Chair of the Board.
The role of the Audit and Risk Committee is to assist the Board to fulfil its responsibilities in
relation to:
1. External financial reporting;
2. Internal control environment;
3. Business assurance/internal audit and external audit functions; and
4. Risk management.
All members of the Committee are Independent Directors. The Committee’s Chair, Hamish Stevens,
is a qualified accountant, an Independent Director and is not the Chair of the Board.
The Audit and Risk Committee met on four occasions during the year to 31 March 2026. The Audit
and Risk Committee Charter is available to view at www.radiuscare.co.nz/investor-centre.
Radius Residential Care Annual Report 2026
7071

REMUNERATION AND PEOPLE COMMITTEE
Members: Bret Jackson (Chair - effective April 2026), Duncan Cook (Chair - up until April 2026)
and Tom Wilson.
Composition: At least three members of the Board; at least a majority should be independent;
Committee Chair appointed by the Board.
Responsibility for:
1. Establishment of remuneration policies and practices for the CEO, key management
and Directors;
2. Overseeing remuneration-setting and review; and
3. Overseeing the management of human resources activities.
Tom Wilson and Bret Jackson are Independent Directors and Duncan Cook is an Executive Director.
Accordingly, the majority of the Remuneration and People Committee are Independent Directors.
The Remuneration and People Committee met on four occasions during the year ended 31 March
2026. The Remuneration and People Committee operates under a written charter which is available
at www.radiuscare.co.nz/investor-centre.
Remuneration Overview
Radius Care aims to reward employees with a level of remuneration commensurate with their
position and responsibilities, and to ensure total compensation is competitive by market standards.
This overview provides details of Radius Care’s approach to remuneration including incentive plans
for executives that are in place for the year ended 31 March 2026 and remuneration received by
the CEO and the Directors for the year ended 31 March 2026.
Remuneration Principles
It is recognised that in order to support the business and its strategy, the Company must attract
and retain people of a high calibre. Accordingly, the Board sets remuneration with regard to this
and other business objectives.
Specifically, in relation to management, it is the policy of the Company to align executive
remuneration with the performance of the Company with executive remuneration comprising fixed
and ‘at risk’ (or performance-based) elements. The purpose of this is to ensure that the interests of
management are aligned with the interests of the Company and its shareholders.
CEO Remuneration
The remuneration of the CEO, Andrew Peskett, currently comprises total fixed remuneration that
is based on the scale and complexity of the role, market relativities, qualifications and experience.
The CEO’s fixed annual salary for FY26 was $563,472.
CEO REMUNERATION SUMMARY
Name
Fixed RemunerationVariable Remuneration
Total
Remuneration
Base Salary
1
Benefits
2
STIP Amount
Earned
Value of LTIP
Shares Vested
FY26Andrew Peskett$556,5843$18,187$180,000—$754,771
FY25Andrew Peskett$511,1064$17,199$45,000—$573,305
1. Actual salary paid includes holiday pay paid as per NZ legislation.
2. Benefits include KiwiSaver and car park.
3. This is a blended amount. The CEO’s fixed annual salary was $541,800 for the period from April 2025 until August 2025. This then increased
to $563,472 in August 2025.
4. This is a blended amount. The CEO’s fixed annual salary was $516,000 for the period from April 2024 until October 2024. This then
increased to $541,800 in November 2024.
CEO SHORT TERM INCENTIVE PLAN (STIP) PAYMENT
For the FY26 financial year, the CEO’s STIP comprised a cash payment equal to 4.5% of the
first million in excess of the budgeted pre-IFRS 16 EBITDA (exclusive of accruals for such STIP
payments). Board discretion can then be exercised to award a further 4.5% on any EBITDA
generated above this threshold. Total EBITDA for FY26 exceeded budget by $4.0 million. The
Board exercised its discretion in full, resulting in a total CEO STIP payment of $180,000 based on
financial performance for FY26.
CEO LONG TERM INCENTIVE PLAN (LTIP) PAYMENT
On 7 August 2025 the Shareholders approved a LTIP for the CEO and Senior Management
comprised of Performance Share Rights (PSRs).
These PSRs have been divided into three tranches. All PSRs relevant to each tranche will vest into
ordinary shares in Radius if the 10-day VWAP, for the 10 trading days immediately prior to (and not
including) the grant date, is equal to or greater than the target share price. The three tranches are:
a. Tranche 1 will vest if the weighted average price of ordinary shares on the NZX Main Board over
the 10 NZX trading days (“10 Day VWAP”) before 31 July 2027 is equal to or greater than 44
cents.
b. If Tranche 1 does not vest, the share rights in that tranche will be added to and form part of
Tranche 2, and will be eligible to vest in accordance with (c) or (e) below.
c. Tranche 2 will vest if the 10 Day VWAP as at 31 July 2028 is equal to or greater than 66 cents.
d. If Tranche 2 does not vest, the share rights in that tranche will be added to and form part of
Tranche 3, and will be eligible to vest in accordance with (e) below.
e. Tranche 3 will vest if 10 Day VWAP as at 31 July 2029 is equal to or greater than 88 cents.
In addition, if:
• a “Change of Control Transaction” (that is a takeover, merger or the like) occurs which results in
a person or group becoming the controller of a majority of the voting shares of Radius Care; and
• the price or consideration per share paid in that Change of Control Transaction is equal to
or greater than the share price specified in (a), (c) or (e) above in respect of a tranche which
has not vested, then the share rights in that tranche will vest on completion of that Change of
Control Transaction.
The total number of new ordinary shares to be issued to the CEO (if all of the share rights vest)
is 4,545,456. This number has been calculated by dividing $1,000,000 by a share rights value
of 22 cents - reflecting the weighted average price of Radius Care’s ordinary shares on the NZX
Main Board over the 10 NZX trading days before 31 March 2025 of $0.2135 rounded up to the
nearest cent.
KEY TERMS OF CEO EMPLOYEE CONTRACT
The table below sets out the key terms of the CEO’s employment contract:
Contract DurationOngoing until terminated
Notice Period - Company6 months unless for cause
Notice Period - CEO6 months
Termination Provision (where notice provided) 6 months
Post-employment RestraintN /A
The CEO’s contract does not include any “golden handshake” provisions.
Radius Residential Care Annual Report 2026
7273

Director Remuneration
In accordance with best practice corporate governance, the structure of Director remuneration
is separate and distinct from the remuneration of the CEO and other officers and is reviewed on
an annual basis. The Board reviews Director remuneration annually to ensure that the Company’s
Directors are fairly remunerated for their services and that the level of skill and experience
required to fulfil the role is recognised.
Each Director receives a base fee for services as a Director of the Company and an additional fee
is paid for being a member of a Board committee. The Board approved one-off payments to the
Directors in recognition of the additional professional services provided for strategic projects
over the course of FY26. These one-off payments reflected additional time commitments, specific
skillsets and professional services provided. All Directors are also entitled to be reimbursed for
costs associated with carrying out their duties. Directors do not qualify for the payment of any
retirement benefits.
Fees paid to the Directors of the Company (in their capacity as Director) for the year ended 31
March 2026 were as follows:
DirectorsBoard Fees
Audit and Risk
Committee Fees
Remuneration and
People Committee Fees
Total Director
Fees
Additional one-off
payments
1
Brien Cree
2
—————
Duncan Cook$103,750—$13,250³$117,000
$130,000
Mary Gardiner$103,750$7,250—$111,000—
Bret Jackson$103,750$7,250$7,250$118,250
$17,100
Hamish Stevens$103,750$13,250—$117,000—
Tom Wilson$103,750—$7,250$111,000—
1. The Board approved one-off payments to the Directors in recognition of the additional professional services provided for strategic projects over the
course of FY26. These one-off payments reflected additional time commitments, specific skillsets and professional services provided.
2. Brien Cree was paid a salary of $952,002 and benefits of $111,626 in his executive capacity as Executive Director and Founder of Radius Care.
3. In April 2026 Bret Jackson assumed the role of Chair of the Remuneration and People Committee. Prior to this, Duncan Cook was Chair of the
Remuneration and People Committee.
Board Fees
1
ChairNil
Directors (other than the Chair)$107,500 per annum
Committee Chair$14,500
Committee Members$8,500
1. In October 2025, Board fees were increased from $100,000 per annum to $107,500 per annum and Committee Member fees were increased from
$6,000 per annum to $8,500 per annum. The fees paid to Directors set out above reflects these blended amounts.
Employee Remuneration
The number of employees and former
employees of Radius Care, not being a Director
of Radius Care, who received remuneration
and other benefits, the value of which
exceeded $100,000 during the financial year
ended 31 March 2026 is set out in the table of
remuneration bands below.
The remuneration figures shown in the
remuneration column include all monetary
payments actually paid during the course of the
year ended 31 March 2026. The table does not
include amounts paid after 31 March 2026 that
relate to the financial year ended 31 March 2026.
RemunerationNumber of Employees
$100,000 to $109,99959
$110,000 to $119,99935
$120,000 to $129,99916
$130,000 to $139,9998
$140,000 to $149,9994
$150,000 to $159,9995
$160,000 to $169,9994
$170,000 to $179,9996
$190,000 to $199,9991
$210,000 to $219,9991
$230,000 to $239,9991
$250,000 to $259,9991
$270,000 to $279,999
2
$330,000 to $339,999
1
$340,000 to $349,9991
$480,000 to $489,9991
$600,000 to $609,9991
TOTAL EMPLOYEES147
EXECUTIVE STIP PAYMENT
For the FY26 financial year, each member of
Senior Management was eligible for a STIP,
comprising a cash payment equal to 3.3% of
the budgeted pre-IFRS 16 EBITDA (exclusive
of accruals for such STIP payments). Board
discretion can then be exercised to award a
further 3.3% on any EBITDA generated above
this threshold. Total EBITDA for FY26 exceeded
budget by $4.0 million. The Board exercised
its discretion in full, resulting in a total Senior
Management STIP pool (excluding the CEO) of
$940,000 in recognition of the result achieved.
EXECUTIVE LTIP PAYMENT
Senior Management are also eligible to
participate in an LTIP, comprised of PSRs.
Full details of the LTIP, including the relevant
tranches and performance hurdles can be found
under the CEO LTIP payment section.
The total number of new ordinary shares to be
issued to Senior Management (if all of the share
rights vest) is set out in the table below. These
numbers have been calculated by dividing the
respective share rights value by 22 cents. As
with the CEO LTIP, this reflects the weighted
average price of Radius Care’s ordinary shares
on the NZX Main Board over the 10 NZX trading
days before 31 March 2025 of $0.2135 rounded
up to the nearest cent.
Executive Team
Share rights
value
per person
Number of
shares
per person
CFO
$500,0002,272,728
Senior Management
$200,000909,092
TEN YEAR SHARE SCHEME
In recognition of long-term service and loyalty,
Radius Care issued a total of 83,832 ordinary
shares to qualifying employees during the
financial year ended 31 March 2026.
Radius Residential Care Annual Report 2026
7475

Radius Residential Care Annual Report 2026
7677
BRIEN CREE
EntityNature of Interest
Valhalla Capital LimitedDirector
Cibus Catering LimitedDirector
Wave Rider Holdings LimitedBeneficial interest
InforME LimitedCommon Shareholder via Valhalla Capital Limited
Kade Kings Limited Beneficial Interest. Appointed as Director effective 8 April 2025
DUNCAN COOK
EntityNature of Interest
Purangi Gold Limited Shareholder as trustee with no beneficial interest
Barefoot Crue Limited Director and Shareholder
KFT International LimitedShareholder as trustee with no beneficial interest
Beaver Fishing Company LimitedShareholder as trustee with no beneficial interest
InforME LimitedDirector and Shareholder
ST OCL GP LimitedShareholder
Points Trustee LimitedDirector and Shareholder
MacJack Enterprises LimitedDirector and Shareholder
Cibus Catering LimitedDirector
Interests Register
Disclosure of Directors’ Interests
The following are particulars of general disclosures of interest by Directors holding office as
at 31 March 2026, pursuant to section 140(2) of the Companies Act 1993. The Director will
be regarded as interested in all transactions between Radius Care and the disclosed entity.
Changes to entries disclosed during the year to 31 March 2026 are noted for the purposes of
section 211(1)(e) of the Companies Act 1993.
MARY GARDINER
EntityNature of Interest
Southern Cross Pet Insurance LimitedDirector
Northern Netball Zone IncorporatedChair
Kidsen LimitedDirector and Shareholder
Women in Sport Aotearoa
(incorporated society and registered charity)
Resigned as Director effective 13 November 2025
Unity Credit UnionDirector
Woods & Partners Consultants Limited
Appointed as Director effective 7 November 2025
Audit and Risk Committee Chair
PPS Mutual LimitedDirector
Other Disclosures
BRET JACKSON
EntityNature of Interest
Tasman Advisory LimitedDirector and Shareholder
Takatimu Holdings LimitedDirector and Shareholder
Takatimu Investments LimitedDirector and Shareholder
OPO Holdings LimitedDirector and Shareholder
Bret Jackson Trustee LimitedDirector and Shareholder
HAMISH STEVENS
EntityNature of Interest
Pharmaco (N.Z.) LimitedDirector
Pharmaco House LimitedDirector
Pharmaco (Australia) LimitedDirector
The Kennedy's LimitedResigned as Director effective 31 December 2025
Botany Health Hub LimitedDirector
ECL Group LimitedDirector
Counties Energy LimitedDirector
Governance & Advisory LimitedDirector and Shareholder
East Health Services LimitedDirector
Ormiston Health Properties LimitedDirector
Health Improvement Group LimitedDirector
My Health Team LimitedDirector
East Health Clinic Investments LimitedDirector
Embark Early Education LimitedDirector
Embark Education Group LimitedDirector
Embark NZ Management Group LimitedDirector
Embark NZ Holdings LimitedDirector
Napier Port Holdings LimitedAppointed as Director effective 12 August 2025

Radius Residential Care Annual Report 2026
7879
Subsidiary Company Directors
Brien Cree and Duncan Cook are Directors of all Radius Care subsidiaries as at 31 March 2026. No
extra remuneration is payable for any Directorship of a subsidiary. In addition, Julie Cooper and
Peter Kennett were also Directors of Cibus Catering Limited as at 31 March 2026.

Specific Disclosures
See related party note 5.5 in the consolidated financial statements section for any disclosures
made by Directors during the year ended 31 March 2026 of any interests in transactions with
Radius Care or any of its subsidiaries.
Use of Company Information
During the year ended 31 March 2026, the Board did not receive any notices from Directors
requesting use of Radius Care’s or any of its subsidiaries’ information.
TOM WILSON
EntityNature of Interest
Agribusiness Investments NZ LimitedDirector and Shareholder
Builtin Insurance Brokers LimitedDirector
Curranz LimitedDirector and Shareholder
Five Needles LimitedShareholder with no beneficial interest
Gravatt Legal LimitedShareholder
Grow Kati Holdings LimitedDirector and Shareholder
Inzoles LimitedDirector and Shareholder
Pelco Quota Holdings LimitedDirector
Te Awa Rua Forest LimitedShareholder with no beneficial interest
Thwilson Trustees LimitedDirector and Shareholder
Time Capital NZ LimitedDirector and Shareholder
Wilson Consultancy (2009) LimitedShareholder with no beneficial interest
Pelco GroupAdvisory Board Chair
Genera Holdings LimitedDirector and Chair
Genera Limited Director
Genera Science and Innovation LimitedDirector
Genus Pest Management Limited Director
Tauranga Bridge Marina LimitedDirector and Chair
Cargood Holdings LimitedDirector and Chair
25 Market Place GP LimitedDirector and Shareholder
FRP Limited Advisory Board Chair
L.A. Enterprises LimitedShareholder with no beneficial interest
Building Hub New Zealand LimitedAppointed as Director and Chair effective 8 December 2025
Directors Interests
Directors of Radius Care have disclosed the following relevant interests in
shares as at 31 March 2026:
DirectorNumber of Shares in which Relevant Interest is Held
Brien Cree94,821,579
Bret Jackson4,617,783
Tom Wilson2,129,073
1
Duncan Cook588,593
Hamish Stevens158,576
1. Includes shares held jointly with family members.
Securities Dealings of Directors
Directors of Radius Care have disclosed the following security dealings in the year ended
31 March 2026.
Director
Number of
ordinary shares
Nature of
relevant interest
Acquisition / disposal Consideration
Date of
transaction
Brien Cree 95,312,500
Ultimate
shareholder
Reorganisation of
family interests
N /A22 May 2025
Brien Cree490,921
Ultimate
shareholder
Disposal relating
to Radius Care's
on-market share
buyback programme
to ensure ongoing
compliance with
Clause 5 of the
Takeovers Code
(Class Exemptions)
Notice (No 2) 2001
$12,013
5 December
2025
$5,591
8 December
2025
$2,697
9 December
2025
$31,137
10 December
2025
$40,614
11 December
2025
$95,516
12 December
2025
Tom Wilson 59,000
Registered
holder and
beneficial owner
Acquisitions
$16,791
28 August 2025
$3,667
29 August 2025
Radius Care Securities Dealings
On 12 December 2025 Radius Care completed the on-market share buyback programme announced
on 18 December 2024. Under this programme a total of 1,551,429 ordinary shares were acquired for
an average price of $0.3306 cents per share. All shares acquired were cancelled upon acquisition.
Any future share buyback programmes may be considered by the Board in accordance with Radius
Care’s Capital Management Framework.
Indemnity and Insurance
Radius Care has granted indemnities, as permitted by the Companies Act 1993 and the Financial
Markets Conduct Act 2013, in favour of each of its Directors. Radius Care also maintains Directors’
and Officers’ liability insurance for its Directors and officers.

Radius Residential Care Annual Report 2026
8081
Risk Management
Radius Care’s risk management framework
seeks to identify, analyse, evaluate, treat,
monitor and review risks.
Radius Care carried out a robust risk
management process in FY26 which
required the consideration of both internal
and external factors when identifying and
managing the associated risks. This process is
represented in the diagram.
Other information
Auditor’s Fees
Baker Tilly Staples Rodway is the external
auditor of Radius Care and its subsidiaries.
Total fees paid by Radius Care and its
subsidiaries to Baker Tilly Staples Rodway in
its capacity as auditor during the financial year ended 31 March 2026 were $221,700.
Total fees paid to Baker Tilly Staples Rodway for other professional services during the financial
year ended 31 March 2026 were $10,750 for an agreed upon procedures engagement performed
over the consolidated interim financial statements. No other fees were paid to Baker Tilly Staples
Rodway for other professional services.
Donations
For the year ended 31 March 2026, Radius Care and its subsidiaries paid a total of $20,400 in
donations. In addition, there were donations to political parties of $5,000.
Stock Exchange Listings
Radius Care’s ordinary shares are listed on the NZX Main Board. Radius Care is required to comply
with the NZX Listing Rules. Radius Care confirms that it has complied with the NZX Listing Rules
for the financial year ended 31 March 2026.
Waivers
Radius Care did not apply for or rely upon any waivers from the requirements of the NZX Listing
Rules during the financial year ended 31 March 2026.
Credit Rating
Radius Care has no credit rating.
Scope, Context, Criteria
MonitoringCommunication
& Consultation& Review
Recording & Reporting
Risk Treatment
Risk Assessment
Risk Analysis
Risk Evaluation
Climate Statements
Radius Care was previously a climate-reporting entity under the Financial Markets Conduct
Act 2013. Following changes to the climate-related disclosure regime, Radius Care is no longer
required to make climate-related disclosures, but has elected to provide the following disclosures
on a voluntary basis.
Radius Care has maintained a carbon inventory since FY22, covering Scope 1, Scope 2 and Scope 3
emissions across its business. Reporting has been prepared using supplier data, company records
and spend-based data, with emission factors drawn from recognised external sources appropriate
to the New Zealand context. The inventory has been prepared in accordance with the Greenhouse
Gas Protocol using the operational control approach.
The inventory covers Radius Residential Care Limited and its subsidiaries, including 24 care
homes, four retirement villages, the corporate support office and related operations. The inventory
reflects operations under Radius Care’s operational control during FY26, with care homes acquired
during the year included from the date of acquisition. Radius Karori, acquired in May 2026, has not
been included in the FY26 inventory.
ScopeCategory name
FY22
emissions
(tCO2e)
FY23
emissions
(tCO2e)
FY24
emissions
(tCO2e)
FY25
emissions
(tCO2e)
FY26
emissions
(tCO2e)
Scope 1Stationary combustion 1,591 1,531 1,611 1,622 1,550
Scope 1Fugitive emissions 60 63
Scope 1 Total 1,591 1,531 1,611 1,682 1,613
Scope 2Electricity consumption 918 566 614 700 1,073
Scope 2 Total 918 566 614 700 1,073
Scope 3
Purchased goods and
services
8,003 8,755 8,786 11,375 12,893
Scope 3Capital goods 2,030 2,940 967 1,920 2,592
Scope 3
Fuel and energy related
activities
623 483 514 508 635
Scope 3
Waste generated in
operations
320 234 195 158 262
Scope 3Business travel 93 153 149 113 183
Scope 3Employee commuting 2,291 2,104 2,155 2,166 2,520
Scope 3 Total 13,360 14,669 12,766 16,240 19,085
Total15,86916,76614,99118,62221,771
Scope 1 emissions arise directly from Radius Care’s operations, including LPG, natural gas and
other fuel use for heating and cooking. Scope 2 emissions are indirect emissions associated with
purchased electricity and energy. Scope 3 emissions arise across the supply chain and remain the
largest component of Radius Care’s carbon footprint.

Radius Residential Care Annual Report 2026
8283
Total emissions increased in FY26 compared to FY25. This increase was primarily driven by
higher Scope 3 emissions, together with an increase in Scope 2 emissions.
The acquisition of St Allisa home during the year contributed 27.9% of the total increase
in emissions and accounted for approximately 4.0% of total FY26 emissions, reflecting the
impact of portfolio growth on Radius Care’s emissions profile.
Excluding the impact of acquisitions, the increase in emissions was driven by higher expenditure
on purchased goods and services, increased capital investment activity during the year, and
increases across employee commuting, business travel and waste.
Scope 2 emissions increased in FY26, reflecting higher electricity consumption, including the
impact of acquisitions, and changes in underlying electricity emissions factors during the
period. Scope 1 emissions remained broadly stable year on year, with a reduction in stationary
combustion partially offset by an increase in fugitive
emissions.
A portion of Scope 3 emissions along with
emissions relating to newly acquired care homes,
are derived using estimation methodologies where
full operational data is not yet available. These
estimates are based on spend-based and activity
data and will be refined in future reporting periods
as data quality improves.
Carbon intensity
Since FY22, Radius Care’s emissions intensity
(measured as total CO₂-e emissions per $1 million
of revenue) has remained below FY22 levels. Emissions intensity increased modestly in FY26 to
107.6 (FY25: 105.0), reflecting increased activity and the impact of acquisitions during the year,
but remained below the FY22 baseline of 119.0. Movements over the period also reflect external
factors including changes in electricity generation mix and emissions factors.
Emissions reduction initiatives
During FY26, Radius Care continued to invest in initiatives to improve energy efficiency
and support emissions reduction over time, including upgrades to heating, ventilation and
lighting systems.
This included the replacement of a diesel boiler at Elloughton Gardens with an efficient electric
heat pump system. Further heating upgrade projects are currently under evaluation, with
physical works expected to commence on at least one of these projects during FY27.
0
20
40
60
80
100
120
140
FY22FY23FY24FY25FY26
Shareholder Information
Twenty Largest Shareholders
AS AT 31 MAY 2026
Registered Shareholder
Number of
shares
% Shares
Kade Kings Limited94,821,57933.45
Neil John Foster15,595,0405.50
Jamie Marion Main12,523,0194.42
Accident Compensation Corporation - NZCSD12,369,7364.36
New Zealand Depository Nominee9,282,9123.27
Windhaven Care Holdings Limited8,436,9992.98
Citibank Nominees (NZ) Ltd - NZCSD7,549,2362.66
Leveraged Equities Finance Limited7,034,7222.48
Forsyth Barr Custodians Limited <1 NRL A/C>6,814,3642.40
FNZ Custodians Limited5,136,5741.81
Glenn Raymond Miller4,807,6921.70
Custodial Services Limited4,770,5441.68
Central Lakes Trust4,348,3461.53
Quintin Louis Proctor4,326,9241.53
Forsyth Barr Custodians Limited <1-Custody A/C>4,307,3131.52
Kericrest Properties Limited4,260,0001.50
Takatimu Investments Limited4,217,7831.49
Leh Soon Yong2,981,1141.05
Dean Stuart Waddell & JK Hamilton Trustee Services Limited2,163,4620.76
William Hugh Wilson & Thomas Haines Wilson & Karen Rebecca Gravatt1,843,7730.65
Total217,591,13276.74

Size of HoldingNumber of Shareholders%Number of Shares%
1 - 1,0001429.6583,0540.03
1,001 - 5,00048032.631,248,7170.44
5,001 - 10,00019012.921,600,6020.56
10,001 - 50,00040627.6010,287,8353.63
50,001 - 100,0001077. 278,307,5202.93
100,001 and over1469.93261,939,28192.41
Total1,471100283,467,009100
Radius Residential Care Annual Report 2026
8485
Spread of Holdings
AS AT 31 MAY 2026
Substantial Product Holders
According to Radius Care’s records and notices given under the Financial Markets Conduct Act
2013, the following were substantial product holders of Radius Care as at 31 March 2026.
Substantial Product Holder
Number of Shares as
at 31 March 2026% of SharesDate of Notice
Kade Kings Limited
Kade Kings Limited is the registered holder, all
of the shares of Kade Kings Limited are held by
Richmond Road Trustees Limited, which holds them
on bare trust for The Providence Trust. Brien Cree
has a relevant interest in the shares held by Kade
Kings Limited, because Brien Cree has the power to
exercise control of the right to vote attached to, and
(indirectly) the power to control the disposal of, the
shares held by Kade Kings Limited and has power to
control the appointment and removal of trustees to
The Providence Trust.
94,821,579 33.45 22 May 2025
Neil John Foster as registered holder and beneficial
owner
15,595,0405.505 August 2022
The total number of ordinary shares (being the only class of quoted voting products) on issue in
Radius Care as at 31 March 2026 was 283,467,009.
Corporate Directory
Registered Office
Radius Residential Care Limited
Level 4, 56 Parnell Road,
Parnell, Auckland 1052
PO Box 450, Shortland Street, Auckland
Phone +64 9 304 1670
Email investor@radiuscare.co.nz
www.radiuscare.co.nz
Bankers
ASB
ASB North Wharf, 12 Jellicoe Street, Auckland 1010
Bank of China (New Zealand) Effective from 25 May 2026
Level 19/66 Wyndham Street, Auckland 1010
Share Registry
MUFG Pension & Market
Services (NZ) Limited
Level 30/15 Customs Street West, Auckland 1010
PO Box 91976 Auckland, 1142
Phone: +64 9 375 5998
Email: enquiries.nz@cm.mpms.mufg.com
Auditors
Baker Tilly Staples Rodway
Level 12, ANZ Centre, 23-29 Albert Street,
Auckland 1010
Valuer
Long Valuation and Consultancy Limited
C/O Moore Markhams Auckland, Floor 1,
103 Carlton Gore Road, Newmarket, Auckland 1023
Legal Advisors
Chapman Tripp
Level 34/15 Customs Street West, Auckland 1010
Statutory Supervisor
Covenant Trustee Services Limited
Level 6/191 Queen Street, Auckland 1010

Caring is our calling
Radius Residential Care Limited
ADDRESS
Level 4, 56 Parnell Road, Parnell, Auckland

PHONE
+ 64 9 304 1670
EMAIL
investor@radiuscare.co.nz