Financial Results for the Half Year Ended 30 June 2026

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


NZX & ASX RELEASE
27 August 2026

DISCIPLINED EXECUTION UNDERPINS HY26 PERFORMANCE
Retirement village operator Summerset Group Holdings announced its HY26 results today for
the six months ended 30 June 2026, with an emphasis on disciplined execution.
Summerset CEO Scott Scoullar said the company had made a good start to the year, in an
uncertain operating environment, with the half year result reflecting strong sales momentum,
disciplined capital management and a continued focus on strengthening cash generation.
“We’re proud to have delivered higher first half sales on last year in this challenging market. At
the same time we’ve also continued to bring new homes to market in New Zealand and
Australia, and taken deliberate steps to manage development spend, strengthen cash
generation and reduce net debt over the next 18 months,” Mr Scoullar said.
IFRS net profit after tax increased to $171.4 million (up 92%) and cash flow from existing
operations (CFEO) was up significantly 291% to $31.0m as the company focused on
strengthening its cash generation over the medium term. Underlying profit for the half was
$103.4m, down 3% on the same period last year reflecting a change in the mix of homes
Summerset is selling currently.
Responding to a changing economic environment
Scott Scoullar said 2026’s uncertain economic environment had meant the business had to be
even more focused on disciplined delivery and cash generation.
“With the Iran war having an impact on both the New Zealand and Australian economies we’ve
worked hard to further strengthen our cashflow and provide increased balance sheet resilience
that gives us flexibility when conditions improve.
“We have made the decision to hold our group build rate steady, progressed changes to
optimise our shareholder returns, including resetting our deferred management fee (DMF) in
• IFRS net profit $171.4m up 92% on HY25
• Cashflow from existing operations (CFEO) $31.0m up 291% on HY25
• Total revenue of NZ$200.3m up 16% on HY25
• Total assets of NZ$9.8b, up 14% on HY25
• Underlying profit for FY26 of NZ$103.4m, down 3% on HY25
• 481 new homes delivered across New Zealand and Australia
• 813 total sales up 17% on HY25 (new sales up 12% and resales 23%)
• Development margin of 20%
• Final dividend of NZ 3.8 cents per share
• Village and care resident satisfaction 91% and 88% respectively

New Zealand to 30%, held our head office costs in line with last year and paced our
development activity carefully,” Mr Scoullar said.
“We also delivered 813 sales under Occupation Right Agreements (ORAs) during the half, up
17% on 1H25. New sales were up 12% and resales up 23%. Our resales stock is the lowest it’s
been since 1H22, at just 2.2% of the portfolio,” Mr Scoullar said.
Build programme
Summerset delivered 481 new homes across New Zealand and Australia, including new village
centre buildings at Whangārei, Cambridge, Waikanae and Cranbourne North in Victoria. These
deliveries represent approximately 64% of the company’s FY26 build rate target.
Mr Scoullar said Summerset remained on track to hit its forecast group delivery guidance of 700-
800 homes with the New Zealand build programme to deliver 600–650 homes and Australia to
deliver 100–150 homes.
“Our flexible build programme allows us to balance ongoing growth with disciplined capital
management. After several years of increasing build rates, we are holding our group building
rate at 600-700 homes in the medium term as we focus on strengthening cash generation and
balance sheet resilience,” says Mr Scoullar.
“We continue to believe in our long-term strategy and remain the fastest growing retirement
village operator in New Zealand, while taking a measured approach to the pace of our growth for
now.”
Strengthening cash generation while maintaining resident experience
Mr Scoullar said Summerset had maintained tight management of its costs over the half and
would continue to focus on the efficiency and effectiveness of its spend.
“We’ve worked hard to drive efficiencies with our spending, since FY25 we have reduced
overhead per unit by 6%.
“We also have a cost savings programme in place which has delivered approximately $26m in
savings to date. We continue to progress further opportunities as we work towards our $30-
$40m target.
“At the same time, we have taken steps to strengthen future cash generation, including
increasing our DMF in New Zealand to 30%. This is expected to generate approximately $35m
of additional cash flow over the next five years.
“We’re finding the right balance of scaling our costs effectively while at the same time ensuring
we don’t impact our resident experience. We have continued to invest in the everyday
experiences that make village life meaningful including our Summerset Sessions programme,
local village activity calendars and digital tools such as Lumin to support connection,
participation and communication across our villages.
“Delivering for our residents, and bringing them the best of life, continues to be our focus and we
delivered strong resident satisfaction again this half for both our village and care residents.”

Measured progress in Australia
In Australia, Summerset continued its staged expansion, with Cranbourne North opening its
village centre during the half, and its second village at Chirnside Park opening in August.
The company also decided to sell its Craigieburn site in Victoria following a review of project
economics, with settlement expected in Q4.
“We remain confident in the long-term opportunity in Australia, but we will continue to apply strict
financial and non-financial hurdles to every development. We have no plans to sell any other
sites at this time.”
Dividend policy updated to reflect operating cash generation
As part of its regular capital management cycle, Summerset’s Board has approved a change to
the company’s dividend payout policy from underlying profit to a cash-flow basis, aligning
shareholder distributions more closely with cash generated from existing operations.
Under the revised policy, dividends will be set within a 20–60% payout range of cash flow from
existing operations. For the first half, the Board has declared an interim dividend of 3.8 cents per
share, representing approximately 30% of cash flow from existing operations.
The declaration and payment of dividends will remain at the discretion of the Board of Directors.
Outlook
Mr Scoullar said Summerset expects market conditions to remain uneven through the second
half but remained confident in the company’s strategy, demographic demand and the maturity of
its portfolio.
“We have clear targets to guide our progress over this year and through FY27. By the end of
2027 we are targeting net debt below $1.9b and gearing of 33%. We’re also targeting CFEO of
$70-90m and Care EBITDA of $20-25k per bed.
“These targets give us a clear focus to ensure we’re delivering for shareholders, at the same
time we will maintain our resident experience and ensure we’re providing the experiences and
opportunities they value.”

ENDS

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

ABOUT SUMMERSET

• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 41 villages completed or in development nationwide

• In addition, Summerset has six proposed sites at Belmont (Auckland), Rotorua (Bay of
Plenty), Mission Hills (Napier), Otaihanga (Kāpiti Coast), Rolleston (Canterbury), and
Mosgiel (Dunedin)
• Summerset also has four villages in development (Cranbourne North, Chirnside Park,
Torquay and Oakleigh South) and has three other proposed sites in Victoria, Australia
(Drysdale, Mernda and Mornington)
• Summerset provides a range of living options and care services to more than 10,000
residents

---

H a l f Ye a r
Report
2026

Cover: Summerset Rototuna resident Rosalie Trolove enjoying one of the village’s recreational areas.
Inside front cover: Artist impression of Summerset Half Moon Bay, Auckland.

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Contents
Snapshot04
Chair and CEO Reports06
Chair’s report
06
CEO’s report
09
Half Year Financial Highlights14
Financial Statements15
Directory46
Company Information52
Glossary of Terms54
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Half Year Report 2026
Snapshot
Our people
10,000+
Residents
3,300+
Staff members
91%
Village
resident
satisfaction
Our care
88%
Care resident
satisfaction
1,696
Care units
(which include beds)
959
Care units in land bank
(which include beds)
Our portfolio
7,458
Retirement units
5,062
Retirement units in
land bank
$9.8b
Total assets
1H25 $8.7b* ▲14%
481
Units delivered
1H25 334
45
Villages completed
or under development
9
Greenfield sites
813
Sales of ORAs
1H25 692 ▲17%
Our performance
$171.4m
Net profit after tax
1H25 $89.4m* ▲92%
$103.4m
Underlying profit
1H25 $106.6m ▼3%
$31.0m
Cash flow from
existing operations
1H25 $7.9m ▲291%
$14.41
NTA per share
1H25 $12.92*
20.0%
Development margin
1H25 29.4%
 
Refer to the Glossary on pages 54 to
55 for definitions of key terms
*1H25 has been restated - refer to
pages 24 to 25 for details
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S N A P S H O T
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Half Year Report 2026
Chair’s report
Mark Verbiest
Chair
Welcome to Summerset’s Half
Year report for the six months
ended 30 June 2026. Summerset
has continued to make strong
progress, supported by the strength
of our retirement village model,
our trusted brand, disciplined
capital and cost management and
ongoing investment in the village
communities and care services that
underpin our long-term growth.
This progress has been achieved
against a challenging operating
backdrop, with geopolitical
uncertainty, a subdued property
market, and ongoing cost and
funding pressures continuing to
affect business conditions across
both markets.
As a Board, and as a company,
we believe we have adapted
to the economic conditions
and made appropriate changes
necessary to support prudent,
sustainable growth.
Summerset strategy
We remain confident that
Summerset's strategy is robust
and positions us well for
long-term success. It is
focused on delivering high-quality,
predominantly broadacre, villages
across New Zealand and expanding
our proven model into Australia in a
measured way. We remain focused
on providing an outstanding resident
experience, improving returns from
our portfolio, reducing development
funding requirements and lowering
net debt over time.
In the current economic
environment we will continue
to pursue Summerset’s long-term
growth strategy with a more
selective approach to the pace and
sequencing of development. We
will maintain a sustainable build
programme that reflects prospective
resident demand, available capital,
and expected returns.
In New Zealand, we will continue
delivering at a strong and
sustainable pace, with each stage
of development supported by clear
demand and attractive returns. In
Australia, we remain confident in
the long-term opportunity and will
continue to expand in a measured
way as we prove our model and
build scale.
This approach allows Summerset
to keep growing, while maintaining
flexibility and ensuring investment
decisions continue to support
sustainable shareholder returns
over time.
Board priorities for FY26
In
the first half, the Board supported a
series of deliberate actions to sustain
Summerset’s delivery programme,
further improve the resilience of the
business, reduce leverage over the
medium term and create a stronger
platform for future growth.
As the portfolio matures, the Board is
also focused on ensuring stronger
operating performance translates
into recurring earnings, better
cash conversions and improved
returns over time. Higher occupancy,
improved care performance,
focused cost management and
revenue optimisation are all
important contributors to that shift.
Cash flow remains an important
measure for investors. While
Summerset is still a growth
company, with a meaningful
portion of the portfolio either in
development or early in its economic
life, as the portfolio develops, it is
important investors can clearly see
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C H A I R A N D C E O R E P O R T S
the different cash profiles of new,
maturing and established villages.
As villages mature, Summerset
has worked to provide clearer
reporting on operating cash flow,
development cash flow and stock
movement, and to show how
new villages progress toward more
established earnings and cash-flow
profiles. This supports market
confidence in the strength and
maturity of the model.
The Board is also supporting
management’s focus on efficiency
and cost control as part of the
broader programme to improve
operating performance and reduce
leverage over the medium term.
Delivering in New Zealand
and Australia
Summerset achieved important
milestones across New Zealand
and Australia during the first half,
reflecting the strength of the
company’s integrated living and care
model. The opening of new village
centre buildings demonstrates the
increasing maturity of the portfolio
and the importance of investing in
the amenities, care and community
infrastructure that support resident
experience and long-term value.
For the Board, the priority is
to ensure this progress creates
long-term value, is appropriately
funded, and remains aligned with
market conditions.
As Summerset
continues to expand
across two markets,
we remain focused
on balancing future
growth with strong
cash generation,
prudent capital
allocation and a
resilient balance sheet.
Capital management and
dividend policy
The Board’s approach to capital
management is centred on
maintaining a prudent balance sheet
and strong liquidity providing a
funding platform that supports
continued growth. Summerset’s
development model requires
significant capital over long time
horizons, and our responsibility is
to ensure growth decisions are
supported by appropriate funding
capacity, clear demand signals and
measured execution.
As part of its regular capital
management cycle, the Board
has completed a review of
Summerset’s dividend policy and
broader shareholder return settings.
These changes are designed to
optimise shareholder returns while
supporting business resilience and
ensuring growth continues to be
funded prudently.
Under the revised policy, dividends
will be assessed against cash
flow from existing operations,
with a payout range of 20% to
60% of that measure. This better
aligns shareholder distributions with
operating cash generation, while
excluding the development activity
that supports future growth. It
is intended that the dividend
reinvestment plan will remain in
place for now. The declaration and
payment of dividends will remain
at the discretion of the Board
of Directors.
The Board considers these
changes appropriate for a growth
business with a maturing portfolio.
They provide a clearer link
between dividends and operating
performance and supports a
balanced approach to returns
and reinvestment.
These settings are intended
to strengthen balance sheet
The first stage of Summerset Blenheim's village centre amenities
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Half Year Report 2026
resilience, improve capital efficiency
and ensure the business has
capacity to pursue attractive future
growth opportunities.
We have also updated our capital
management settings to support
business resilience and guide
the business through the current
environment. By the end of 2027, our
priorities are to reduce net debt to
below $1.9 billion, target gearing to
33% and operate within a reduced
target debt range of $1.75 billion
to $2.25 billion. We also intend to
maintain a sustainable group build
rate of 600 to 700 homes per annum
in the medium term, and align
shareholder returns with operating
cash generation through the revised
dividend framework.
For the first half of 2026, the Board
has declared an interim dividend of
3.8 cents per share, representing
approximately 30% of cash flow from
existing operations.
Sector and
regulatory environment
The proposed amendments to
New Zealand’s Retirement Villages
Act remain an important sector
development. Summerset supports
clear, fair and practical settings
that protect residents, strengthen
disclosure and maintain confidence,
while recognising the significant
long-term capital required to
develop, operate and maintain
retirement villages.
We also remain conscious of
pressure in aged-care funding.
Summerset is committed to quality
care and resident experience, but
funding settings need to support
a sustainable care sector as acuity,
compliance and workforce costs
continue to increase alongside
demand from an ageing population.
We welcomed the recent publication
of the Ministerial Advisory Group's
report into aged care which
recognises many of the challenges
facing the sector and the
importance of ensuring New
Zealand's aged-care system remains
sustainable for the future. We
support reforms that improve
outcomes for older New Zealanders
and look forward to working
with government, the New
Zealand Aged Care Association
and other stakeholders as the
recommendations are progressed.
Governance and Board renewal
Board renewal and succession
remain important to Summerset’s
governance. We recently
announced the appointment
of Alison Barrass as a non-
executive independent director
from 1 September 2026 and
Chair of the People and Culture
Committee from 1 October 2026.
Alison brings significant governance
and executive experience across
consumer goods, agriculture,
property development, financial
services and technology, together
with a strong customer perspective
and prior CEO experience.
These skills will be valuable as
Summerset continues to grow
across two markets and deepen its
customer focus.
Alison’s appointment follows
Gráinne Troute’s decision to retire
from the Board on 30 September
2026 after 10 years of service. On
behalf of the Board, I want to
thank Gráinne for her leadership
and contribution over a period
of significant growth and change
for Summerset. During her tenure,
resident numbers have more
than doubled, the village network
has expanded from 21 to 44
villages, and Summerset has entered
Australia. Gráinne has been a highly
valued member of the Board and
has contributed across a wide
range of governance activities,
including chairing the People and
Culture Committee.
This transition reflects the Board’s
continued emphasis on renewal,
continuity and the skills needed
to support Summerset’s next stage
of growth.
Outlook
Looking to the second half, the
Board will continue to prioritise
sustainable growth, business
resilience, strong governance and
sustainable shareholder returns,
while continuing to deliver for our
residents. We remain confident in
Summerset’s strategy, the capability
of the management team and the
long-term demographic demand for
high-quality retirement living and
care in New Zealand and Australia.
Summerset is deliberately building a
more resilient growth company —
maintaining a sustainable delivery
programme, improving returns from
the existing portfolio and retaining
flexibility for future growth.
I would like to thank our
residents, families, staff, partners
and shareholders for their continued
support of Summerset.
Mark Verbiest
Chair
27 August 2026
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C H A I R A N D C E O R E P O R T S
CEO’s report
Scott Scoullar
Chief Executive Officer
Summerset delivered a resilient
business performance in a very
challenging market in the first
half of 2026. This was supported
by increased sales, improving
operating performance, disciplined
stock management, continued
development delivery, important
milestones in Australia being met
and ongoing strength in our brand.
During the half, we made prudent
decisions to support continued
growth with additional financial
discipline. This included keeping
FY26 group deliveries within
our expected range, progressing
revenue initiatives and reviewing
capital allocation across our
development pipeline.
Financial and sales performance
In the six months ended
30 June 2026 Summerset’s cash
flow from existing operations
(CFEO) increased significantly to
$31.0 million, from $7.9 million in
1H25, and IFRS net profit after tax
was $171.4 million, up 92% on the first
half of last year, driven by portfolio
revaluations, continued operational
growth and the impact of revised
deferred management fee (DMF)
settings. Underlying profit for the
half was $103.4 million, down 3% on
the same period last year reflecting
a change in the mix of homes
Summerset is selling currently, while
revenue increased to $200.3 million
from $173.0 million.
Gearing decreased to 36.9%,
remaining well within our targeted
30–40% band, while total assets
increased 14% on the first half of
2025 to $9.8 billion, reflecting the
continued growth and maturity of
the portfolio.
Realised development margin at
20% was within Summerset’s long-
term guidance range of 20–25% and
reflected expected sales from the
product mix in the half following
the delivery of four new village
centre buildings and a greater
weighting of care and serviced
apartment sales. This was consistent
with the development pipeline and
the guidance provided in February
2026. Our independent villas in
New Zealand, which will continue
to form the bulk of our deliveries
in the coming years, continue
to deliver strongly with a 29%
development margin.
Improving operating leverage as the
portfolio grows has been a key
priority for the company. Higher
occupancy, revenue optimisation,
improving care performance and
disciplined cost management are
contributing to stronger recurring
earnings and will contribute to
reducing gearing over time. These
trends demonstrate the increasing
contribution from Summerset’s
established operating portfolio and
the shift toward a more balanced
earnings and cash-generation
profile as the business matures.
Our result was supported by
strong sales activity, portfolio growth
and continued high rates of care
occupancy. The increase in CFEO
was also underpinned by stronger
net cash from resales as the
portfolio matures and the benefits
from converting care beds to
the Occupation Right Agreement
(ORA) model flow through. This
remains an important differentiator
for Summerset and demonstrates
the cash-generating profile of our
established villages.
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Half Year Report 2026
Summerset’s sales activity was
pleasing during the first half,
particularly given the challenging
market conditions and broader
uncertainty. For the six months
ended 30 June 2026, total
occupation right agreement sales of
813 were up 17% on the same period
last year, with new sales up 12% and
resales up 23%.
Resales continued to perform well
with resale margins at 23%, similar
to prior years. Our uncontracted
resale stock is now just 2.2% of
the portfolio — the lowest it has
been since the first half of 2022.
This performance matters because
resales are a key part of the cash
generation profile of a maturing
village portfolio and demonstrate
the ongoing appeal of established
Summerset communities.
As signalled in February, the opening
of four new village centre buildings
meant new sales were weighted
more towards care and serviced
apartment products than we’ve seen
in previous years.
We remain careful on pricing,
quality conversion and settlement
performance. Sales momentum
at key new villages, including
Summerset St Johns in Auckland,
remained strong through the half,
and the village continued to be one
of our strongest-performing villages
for new sales.
During the half, we also progressed
revenue optimisation initiatives
to support long-term operating
performance. This includes a
carefully managed lift in our DMF
for all New Zealand units to 30%
from 17 August 2026. This change is
expected to generate approximately
$35m of additional cash flow over
the next five years.
These results, together with high
care occupancy and continued
recognition of the Summerset
brand, are important indicators of
the quality of our operating platform
and support the long-term strength
of the model.
We will continue to invest in
capability, retention, engagement
and service delivery where
those investments support
resident outcomes and operating
performance. Our people remain
central to Summerset’s ability to
grow well and maintain trust.
Residents, people and brand
Our performance depends on the
people who design, build, sell,
operate and support our villages.
Growth is not only a development
story; it is also a resident-experience
story. The village-centre openings
in the first half are good examples
of this. They provide the social
spaces, care services, hospitality
and amenities that help villages
become communities, and they rely
on village teams who understand
residents and bring the Summerset
experience to life.
Our brand remains a key strength.
Summerset is New Zealand’s
strongest retirement village brand
and was proudly named winner
of the Aged Care and Retirement
Villages category at the 2026
Reader’s Digest New Zealand
Trusted Brands Awards. This was
the first time we have taken
out the top honour after being
highly commended for the previous
seven years.
The award is based on the views
of everyday consumers and reflects
the trust New Zealanders place in
Summerset to deliver retirement
living and care that supports people
to live the best of life. It is a credit to
our village, care, sales, construction
and support teams, whose everyday
commitment shapes the experience
residents and families receive across
our villages.
While independent endorsement
of the Summerset brand is
encouraging, the more important
measure is the consistency of the
Everyday commitment of our teams shape the experience our residents receive
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C H A I R A N D C E O R E P O R T S
experience residents and families
receive across our villages. Our
latest resident satisfaction results
remain strong, with village resident
satisfaction remaining high and
stable at 91%, every village meeting
or exceeding our 80% target, and 24
villages scoring over 90%.
Care satisfaction also remained
strong at 88%, with all care centres
recording a positive Net Promoter
Score (NPS) – which is a measure
used to gauge customer loyalty,
satisfaction and enthusiasm with a
company, where an NPS over 20 is
deemed favourable, and above 50,
excellent – with an overall care NPS
of 46.
We are also continuing to invest in
the everyday experiences that make
village life meaningful. Alongside
village centre openings and strong
satisfaction results, our national
Summerset Sessions programme,
local village activity calendars
and digital tools such as Lumin
support connection, participation
and communication across our
villages. These initiatives help
residents stay informed, take part
in events and activities, share in
village life and remain connected
with their community.
Beyond these programmes, we
continue to support and invest in
initiatives that foster connection,
purpose and wellbeing among
residents. Programmes such as our
Resident Buddy initiative encourage
connections between independent
living and care residents, while
family-focused initiatives, including
dementia support groups and
advisory forums, help strengthen
relationships and provide valuable
peer support. Together, these
activities reflect our commitment
to invest in creating vibrant
communities where residents
can remain engaged, connected
and supported throughout their
retirement journey.
Resident-led sustainability initiatives
have also been recognised
externally, with two Summerset
villages named finalists in
the 2026 Retirement Villages
Association Sustainability Awards,
and Summerset at Monterey Park in
Hobsonville winning the category.
Hobsonville's Recycling and
Repurposing Champions initiative
and Mountain View’s (New
Plymouth) workshop programme
demonstrate how residents are
driving practical environmental
outcomes while fostering
connection, purpose and
community within their villages. This
recognition reflects Summerset’s
commitment to supporting
resident-led initiatives that
enhance both environmental and
social sustainability.
The first half also included important
executive team changes. David
Martin commenced in January
2026 as Chief Sales and Marketing
Transformation Lead, bringing
extensive leadership experience
across the retirement, property
and real estate sectors and
leading the formation of an
integrated sales, marketing and
communications function.
Eleanor Young also retired from
her Chief Operating Officer New
Zealand role after more than nine
years with Summerset, a period
in which our New Zealand village
network and resident and staff
numbers grew significantly. Shawn
Thomson has been appointed Chief
Operating Officer New Zealand from
1 August, following his contribution
in senior operational roles since
joining Summerset in 2022. His
appointment reflects the strength of
talent within the business and our
commitment to creating meaningful
career growth opportunities for
our people.
Operational discipline and
response to the environment
The changing economic
environment has required sharper
operational discipline across the
business. We have maintained tight
control of corporate overheads,
scrutinised discretionary spend and
prioritised activity that supports
resident outcomes, sales conversion
and long-term value.
Corporate overhead costs per
unit are down 6% since FY25,
reflecting the disciplined approach
being applied within an already
lean business, while protecting the
service, care and village operations
that underpin the Summerset brand.
During the first half, management
commissioned an external cost
review to benchmark Summerset’s
head office spending against
competitors in New Zealand and
Australia and identify further
efficiency opportunities.
The review found the business is
operating with good cost discipline
and is in line with the median of our
competitors, while also identifying
opportunities where we can further
improve efficiency. We are working
through those opportunities in a
measured way, with a focus on
changes that support stronger
operating performance without
compromising resident experience.
We also have a cost savings
programme in place targeting
$30m-$40m in medium-term
savings with approximately $26m
identified to date through
efficiencies, structural initiatives and
procurement savings. We continue
to progress further opportunities as
we work towards our target, while
remaining focused on maintaining
the experience our residents value.
Build programme and
village delivery
Summerset delivered 481 homes
across New Zealand and Australia in
the first half of 2026.
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Half Year Report 2026
Our current delivery programme
remains strong, with FY26 group
deliveries expected to be within our
forecast range of 700 to 800 homes.
Within that, New Zealand deliveries
are expected to be between 600 and
650 homes, while Australia remains
on track to deliver 100 to 150 homes.
Over the medium term, we expect
the group build rate to be held at 600
to 700 homes a year, while retaining
flexibility to accelerate over time.
This maintains Summerset’s strategy
of being a growing retirement village
developer, while ensuring delivery
remains aligned with demand,
returns and capital management.
This delivery flexibility is a key
strength of Summerset’s primarily
broadacre model. It allows us
to maintain a sustainable build
programme, align delivery with
demand and capital settings, and
continue investing in the long-term
portfolio while protecting returns
and ensuring our villages open
with the amenity, care and support
residents expect.
During the half we also strengthened
the systems that support future
village delivery, with Farsight
NZ LP registered as a private
Building Consent Authority to work
exclusively on Summerset projects.
Summerset is the only company
in New Zealand with a dedicated
Building Consent Authority. Having
a dedicated consenting partner
that understands our designs, build
typologies and national pipeline
is expected to provide greater
consistency and predictability
in applying the Building Code,
streamline consenting, reduce
rework and support more efficient
delivery of high-quality retirement
village homes over time.
The first half included several
important village centre milestones,
with four new village centre
buildings opening during the
period. Early occupancy and under-
contract levels are encouraging:
45% of available serviced apartment,
care and memory care stock at
Cambridge, 43% at Whangārei, 30%
at Waikanae, and 21% of village
centre assisted living apartments at
Cranbourne North in Victoria.
These early indicators matter
because village centres are often the
point at which a village’s broader
value proposition becomes most
visible to residents, families and the
local community.
These buildings are central to
the resident experience, adding
the care, support, hospitality and
amenities that help turn villages into
connected communities.
We also reopened the Levin
Care Centre at Summerset by
the Ranges following a major
rebuild, modernising the centre
and creating 20 care suites with
private ensuites designed to feel
welcoming, warm and connected.
Memory care services continued
through the rebuild period, and the
village has also added seven new
independent living cottages next to
the care centre.
This is a practical example of the
way we continue to invest in care
capacity, community resilience and
resident experience while managing
capital carefully.
Care and resident experience
Care remains a core part of
Summerset’s continuum-of-care
model. We are continuing to
prioritise care occupancy, resident
experience, workforce capability,
care ORA uptake, operating
efficiency and overall profitability.
The opening of new village centre
buildings supports this by adding
serviced apartments, memory care,
care suites and shared amenities in
villages where demand is continuing
to develop. It also helps residents
see a clear pathway through
Summerset Cranbourne North village centre officially opened in May 2026
1 2

C H A I R A N D C E O R E P O R T S
independent living, assisted living
and care as their needs change.
Care ORAs have become an
important part of our model. They
provide residents and families with
greater certainty and, in many cases,
allow residents to use the equity
from their villa or apartment to
support their move into care.
This aligns with the broader
continuum-of-care promise and
helps residents remain within a
community they know.
We are continuing to refine the
operating model for care, with an
emphasis on improving occupancy,
efficiency and care EBITDA per bed
over time, while ensuring quality and
resident wellbeing remain central.
Care profitability has continued to
improve as the care ORA model
becomes embedded, with EBITDA
per bed at around $21.2k over
the past 12 months, moving within
Summerset’s medium-term target of
$20k to $25k per bed.
Australia
Our Australian expansion will
continue as planned and remains
a significant long-term growth
opportunity. Our first care centre
at Cranbourne North is open and
operating, Chirnside Park opened in
August, and Oakleigh South remains
on track for its FY27 opening.
Across the pipeline, we are
applying clear criteria to site
selection, development sequencing
and capital allocation.
The opening of Cranbourne North’s
village centre was an important
milestone and our first Australian
proof point for the integrated
Summerset model. Early sales
of assisted living apartments at
Cranbourne North are encouraging,
providing useful insights as we
build brand awareness, deepen
local understanding of our offer
and refine our approach to future
Australian sites.
Our first residents at Chirnside
Park moved in during August,
with more residents expected to
join the village in the coming
months. Interest has continued to
build, and the early sales response
provides further confidence in
the staged development of our
Australian platform.
Our approach in Australia remains
measured. We will continue to
prove the model, learn from early
operations and stage investment
carefully, deploying capital where
it can create the strongest long-
term value.
This discipline informed the decision
to sell our Craigieburn site in
Victoria during the half, with
settlement expected in Q4 of this
year. Following a review of the
project’s economics and the best
use of capital across the portfolio,
Craigieburn no longer met our
financial and non-financial criteria.
While we had confidence in the
concept and location when the land
was acquired, the project economics
changed, and selling the site was
the most sensible step in the
current environment.
The sale does not change our
confidence in Australia. It reflects
the disciplined approach we will
continue to apply as we build
the platform and pursue long-
term returns. We will continue to
review sites against financial returns,
strategic fit, market conditions and
non-financial criteria, and recycle
capital where a site no longer meets
those thresholds.
Second-half priorities
For the second half, our priorities
are clear: converting sales and
settlements, managing stock
and operating costs carefully,
maintaining deliveries within our
expected group build guidance,
improving care performance,
engaging constructively on
regulation, advocating for
sustainable healthcare funding and
maintaining momentum in Australia.
Looking ahead to FY27 we have clear
targets to guide our progress. By
the end of 2027 we are targeting
net debt below $1.9b and gearing
at 33%. Our target debt range has
reduced to $1.75-2.25b. We’re also
targeting CFEO of $70-90m and
Care EBITDA of $20-25k per bed.
These targets give us a clear focus
to deliver value for shareholders,
at the same time we will maintain
our resident experience and ensure
we’re providing the experiences and
opportunities they value.
The long-term fundamentals for
Summerset remain strong. The
population of older people in New
Zealand and Australia continues to
grow, and residents are looking
for security, connection, quality
housing and access to care as
their needs change. Our job is
to keep executing well, manage
capital carefully and ensure our
villages continue to deliver the
resident experience that has earned
Summerset its reputation.
I would like to thank our residents
and their families for the trust
they place in us, our staff for
the commitment they bring every
day, and our shareholders for
their continued support as we
grow Summerset's returns for the
long term.
Scott Scoullar
Chief Executive Officer
27 August 2026
1 3

Half Year Report 2026
Half Year
Financial
Highlights
1H20261H2025% ChangeFY2025
Net profit before tax (NZ IFRS) ($000)
179,08572,045148.6%241,118
Net profit after tax (NZ IFRS) ($000)
171,43989,44491.7%259,720
Underlying profit ($000)
1
103,445106,608-3.0%234,153
Total assets ($000)9,839,5758,665,84913.5%9,294,216
Net tangible assets (cents per share)1,441.331,292.3811.5%1,375.36
Net operating cash flow ($000)
279,901228,69522.4%548,176
1 Underlying profit differs from NZ IFRS profit for the period
1H20261H2025% ChangeFY2025
New sales of Occupation Rights
39835412.4%805
Resales of Occupation Rights
41533822.8%755
Realised development margin ($000)56,38172,886-22.6%154,858
Realised gains on resales ($000)56,42449,13914.8%104,502
New Occupation Right units delivered40933422.5%693
Non-GAAP Underlying Profit
$0001H20261H2025% ChangeFY2025
Profit for the period
1
171,43989,44491.7%259,720
Less fair value movement of investment property and
other assets
1
(191,110)(85,587)123.3%(264,450)
Add/(less) impairment of assets/(impairment reversal) and
other non-cash items
1
2,665(1,875)-242.1%(1,875)
Add realised gain on resales56,42449,13914.8%104,502
Add realised development margin56,38172,886-22.6%154,858
Add/(less) deferred tax expense/(credit)
1
7,646(17,399)-143.9%(18,602)
Underlying profit103,445106,608-3.0%234,153
1 Figure has been extracted from the financial statements
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer to Note 2 of the financial statements for
definitions of the components of underlying profit.
1 4

Financial
statements
1 5

Half Year Report 2026
Consolidated Income Statement
For the six months ended 30 June 2026
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1
NOTE$000
$000
$000
Care fees and village services121,509106,357223,616
Deferred management fees78,51466,168137,245
Other income228503913
Total revenue200,251173,028361,774
Reversal of impairment5-1,8751,875
Fair value movement of investment property and other assets6191,11085,587264,450
Total income391,361260,490628,099
Operating expenses
3(172,955)(159,206)(328,632)
Depreciation and amortisation5(16,673)(12,422)(26,311)
Impairment loss5(2,256)--
Total expenses(191,884)(171,628)(354,943)
Operating profit before finance costs199,47788,862273,156
Finance costs(20,392)(16,817)(32,038)
Profit before income tax179,08572,045241,118
Income tax (expense)/credit
4(7,646)17,39918,602
Profit for the period171,43989,444259,720
Basic earnings per share (cents)1070.6437.39108.12
Diluted earnings per share (cents)1070.4637.30107.86
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
The accompanying notes form part of these financial statements.
1 6

Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2026
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1
NOTE$000
$000
$000
Profit for the period171,43989,444259,720
Fair value movement of interest rate swaps4,193(6,917)1,558
Tax on items of other comprehensive income4(1,262)2,074(432)
(Loss)/gain on translation of foreign currency operations(9,499)1,535(8,500)
Other comprehensive loss that will be reclassified
subsequently to profit or loss for the period net of tax
(6,568)(3,308)(7,374)
Net gain on revaluation of property, plant and equipment
548,02685,890172,043
Tax on items of other comprehensive income4(13,447)(24,049)(48,172)
Other comprehensive income that will not be
reclassified subsequently to profit or loss for the period
net of tax
34,57961,841123,871
Total comprehensive income for the period199,450147,977376,217
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
The accompanying notes form part of these financial statements.
1 7

Half Year Report 2026
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2026
SHARE
CAPITAL
HEDGING
RESERVE
REVALUATION
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
$000$000$000$000$000$000
As at 1 January
2025 (restated)
1
395,189(7,923)163,753(2,369)2,395,8862,944,536
Profit for the period (restated)
1
----89,44489,444
Other comprehensive income
for the period (restated)
1
-(4,843)61,8411,535-58,533
Total comprehensive income
for the period (restated)
1
-(4,843)61,8411,53589,444147,977
Dividends paid----(31,632)(31,632)
Shares issued
48,078----48,078
Employee share plan
option cost
1,863----1,863
As at 30 June 2025
(unaudited) (restated)
1
445,130(12,766)225,594(834)2,453,6983,110,822
Profit for the period----170,276170,276
Other comprehensive income
for the period
-5,96962,030(10,035)-57,964
Total comprehensive income
for the period
-5,96962,030(10,035)170,276228,240
Dividends paid----(27,237)(27,237)
Shares issued14,261----14,261
Employee share plan
option cost
1,776----1,776
As at 31 December
2025 (audited)
461,167(6,797)287,624(10,869)2,596,7373,327,862
Profit for the period----171,439171,439
Other comprehensive income
for the period
-2,93134,579(9,499)-28,011
Total comprehensive income
for the period
-2,93134,579(9,499)171,439199,450
Dividends paid----(31,995)(31,995)
Shares issued14,163----14,163
Employee share plan
option cost
1,717----1,717
As at 30 June
2026 (unaudited)
477,047(3,866)322,203(20,368)2,736,1813,511,197
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
The accompanying notes form part of these financial statements.
1 8

Consolidated Statement of Financial Position
As at 30 June 2026
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1,2
RESTATED
2
NOTE$000
$000$000
Assets
Cash and cash equivalents14,09917,6606,046
Trade and other receivables116,18597,508106,826
Interest rate swaps17,34117,51920,530
Other assets58,37227,50027,000
Property, plant and equipment5999,688762,200925,319
Intangible assets1,8023,8012,998
Investment property
68,625,4407,734,8548,199,173
Investments
6,6484,8076,324
Total assets9,839,5758,665,8499,294,216
Liabilities
Trade and other payables178,666210,099197,271
Employee benefits
35,49232,66032,053
Revenue received in advance
265,146228,619247,499
Interest rate swaps
11,86021,67015,937
Residents’ loans
73,646,4883,122,7103,407,908
Interest-bearing loans and borrowings82,074,8311,866,8001,971,366
Lease liability5,70410,3676,742
Deferred tax liability4110,19162,10287,578
Total liabilities6,328,3785,555,0275,966,354
Net assets3,511,1973,110,8223,327,862
Equity
Share capital477,047445,130461,167
Reserves297,969211,994269,958
Retained earnings2,736,1812,453,6982,596,737
Total equity attributable to shareholders
3,511,1973,110,8223,327,862
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
2 The timing of derecognition of residents' loans for transferring residents has been restated as detailed in Note 1 comparative information.
The accompanying notes form part of these financial statements.
Authorised for issue on 26 August 2026 on behalf of the Board
Mark Verbiest
Director and Chair of the Board
Fiona Oliver
Director and Chair of the Audit and Risk Committee
1 9

Half Year Report 2026
Consolidated Statement of Cash Flows
For the six months ended 30 June 2026
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
$000$000$000
Cash flows from operating activities
Receipts from residents:
- care fees and village services119,311105,853219,985
- residents' loans - refundable accommodation deposits729--
- residents' loans - new occupation right agreements247,574213,060502,403
- residents' loans - resale receipts of occupation right agreements226,050193,130408,551
Residents' loans - repayments of occupation right agreements(146,693)(129,555)(263,127)
Interest received302562986
Payments to suppliers and employees
(167,372)(154,355)(320,622)
Net cash flow from operating activities279,901228,695548,176
Cash flows to investing activities
Sale of investment property1,339--
Payments for investment property:
- land
(45,400)(17,587)(57,906)
- construction of retirement units and village facilities
(172,097)(206,142)(409,845)
- refurbishment of retirement units and village facilities
(14,232)(13,426)(31,838)
Payments for property, plant and equipment:
- construction of care centres
1
(39,290)(67,619)(134,605)
- refurbishment of care centres(905)(48)(364)
- other
(12,536)(6,784)(12,546)
Payments for intangible assets
-(342)(114)
Capitalised interest paid
(31,867)(34,317)(72,939)
Acquisition of long-term investments-(1,102)(2,219)
Net cash flow to investing activities
(314,988)(347,367)(722,376)
1 Included in the construction of care centres is $3.2 million relating to care centre upgrades. (Jun 2025: $8.3 million, Dec 2025: $15.3 million).
The accompanying notes form part of these financial statements.
2 0

Consolidated Statement of Cash Flows (continued)
For the six months ended 30 June 2026
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
$000$000$000
Cash flows from financing activities
Net proceeds from borrowings80,49510,625207,058
Proceeds from issue of retail bonds-150,000150,000
Repayment of retail bonds--(125,000)
Interest paid on borrowings(18,061)(16,150)(28,327)
Payments in relation to lease liabilities(1,205)(1,445)(2,686)
Dividends paid(18,080)(18,546)(32,584)
Net cash flow from financing activities43,149124,484168,461
Net increase/(decrease) in cash and cash equivalents
8,0625,812(5,739)
Cash and cash equivalents at beginning of period
6,04611,70511,705
Effects of exchange rate changes on cash and cash equivalents(9)14380
Cash and cash equivalents at end of period14,09917,6606,046
The accompanying notes form part of these financial statements.
2 1

Half Year Report 2026
Consolidated Reconciliation of Operating Results and Operating
Cash Flows
For the six months ended 30 June 2026
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1,2
RESTATED
2
$000
$000$000
Profit for the period171,43989,444259,720
Adjustments for:
Depreciation and amortisation16,67312,42226,311
Impairment loss/(reversal of impairment)2,256(1,875)(1,875)
Fair value movement of investment property and other assets
(191,110)(85,587)(264,450)
Finance costs paid
20,39216,81732,038
Income tax expense
7,646(17,399)(18,602)
Deferred management fees amortisation
(78,514)(66,168)(137,245)
Employee share plan option cost
2,4172,0114,725
Other non-cash items468133(1,446)
(219,772)(139,646)(360,544)
Movements in working capital
Decrease/(increase) in trade and other receivables
2,0632,008(8,887)
Increase/(decrease) in employee benefits
3,649(1,305)(2,485)
(Decrease)/increase in trade and other payables(12,276)(1,183)5,438
Increase in residents’ loans net of non-cash amortisation334,798279,377654,934
328,234278,897649,000
Net cash flow from operating activities
279,901228,695548,176
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
2 The timing of derecognition of residents' loans for transferring residents has been restated as detailed in Note 1 comparative information.
The accompanying notes form part of these financial statements.
2 2

Consolidated
notes to the
financial
statements
For the six months ended 30 June 2026
1. General information
The consolidated interim financial statements presented for the six months ended 30 June 2026 are for Summerset Group Holdings
Limited (the "Company”) and its subsidiaries (collectively referred to as the "Group”). The Group develops, owns and operates
integrated retirement villages.
Summerset Group Holdings Limited is registered in New Zealand under the Companies Act 1993 and is an FMC Reporting Entity for
the purposes of the Financial Markets Conduct Act 2013. The Company is listed on the New Zealand Stock Exchange (NZX), being
the Company’s primary exchange, and is listed on the Australian Securities Exchange (ASX) as a foreign exempt listing.
The consolidated interim financial statements have been prepared in accordance with generally accepted accounting practice in
New Zealand (NZ GAAP), except for Note 2: Non-GAAP underlying profit, which is presented in addition to NZ GAAP compliant
information. The statements comply with NZ IAS 34 –
Interim Financial Reporting and IAS 34 – Interim Financial Reporting, and are
prepared in accordance with the Financial Markets Conduct Act 2013.
The consolidated interim financial statements for the six months ended 30 June 2026 are unaudited and have been the subject of
review by the auditor, pursuant to NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor
of the Entity, issued by the External Reporting Board. They are presented in New Zealand dollars, which is the Company's and its
New Zealand and Cook Islands subsidiaries' functional currency. The functional currency of the Company's Australian subsidiaries is
Australian dollars. All financial information has been rounded to the nearest thousand, unless otherwise stated. Certain comparative
information has been updated to conform with the current year’s presentation.
These consolidated interim financial statements have been prepared on a going concern basis, which requires the Board to have
reasonable grounds to believe that the Group will be able to pay its debts as and when they become due.
Subsidiaries are fully consolidated at the date on which the Group obtains control, and continue to be consolidated until the date
when such control ceases. The financial statements are prepared for the same reporting period as the Company, using consistent
accounting policies. All intra-group transactions and balances arising within the Group are eliminated in full. All subsidiary companies
are 100% owned and incorporated in New Zealand, Australia or Cook Islands with a balance date of 31 December. During the period,
the Group established a wholly owned captive insurance subsidiary incorporated in the Cook Islands. The subsidiary's activities and
financial impact were not material to the Group's interim financial statements.
These consolidated interim financial statements have been prepared using the same accounting policies, significant judgements and
estimates as, and should be read in conjunction with, the Group’s financial statements for the year ended 31 December 2025, except
for the accounting policy change described in the comparative information section below.
Segment reporting
The Group operates in one industry, being the provision of integrated retirement villages. Management has exercised judgement
in determining that the Group’s operating activities form a single reportable segment, based on the similarity of services across all
villages, the type of customer, and the regulatory environment. The chief operating decision makers, the Chief Executive Officer and
the Board, regularly review the operating results of the Group as a whole for the purpose of assessing performance and allocating
2 3

Half Year Report 2026
Consolidated notes to the financial statements (continued)
resources. The measures considered most relevant and used to assess performance are the consolidated income statement,
consolidated statement of financial position and underlying profit, with a reconciliation between non-GAAP underlying profit and NZ
IFRS profit provided in Note 2.
The Group continues to proceed with its expansion into Australia with seven sites purchased to date. At 30 June 2026, non-current
assets
1
in New Zealand totalled $8,969.7 million (Jun 2025: $8,006.5 million, Dec 2025: $8,560.9 million), and in Australia totalled
$657.2 million (Jun 2025: $494.4 million, Dec 2025: $566.6 million).
Health New Zealand - Te Whatu Ora is a major source of revenue for the Group, as the Group derives care fee revenue in respect
of eligible government subsidised aged care residents. Fees earned from Health New Zealand - Te Whatu Ora for the period ended
30 June 2026 amounted to $33.7 million (Jun 2025: $28.7 million, Dec 2025: $60.7 million). No other customers individually contribute
a significant proportion of the Group revenue.
Comparative information
a)
The Group has updated comparative information to reflect the restatement of investment property fair value movements. At
30 June 2025, the investment property valuations did not correctly account for loans to residents in accordance with NZ IAS 40
Investment Property, which has reduced the residents’ loans liability within the calculation of investment property. As a result,
the comparative information has been restated to correct the overstatement of investment property and fair value gains. The
adjustment had no effect on cash flows and banking covenants.
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
REPORTED
OPENING
BALANCE
ADJUSTMENT
(1 JANUARY
2025)
1
ADJUSTMENT
(30 JUNE
2025)
RESTATED
$000$000$000$000
Income Statement
Fair value movement of investment property and
other assets
123,320-(37,733)85,587
Profit for the period
127,177-(37,733)89,444
Statement of Comprehensive Income
Gain/(loss) on translation of foreign currency operations
1,519-161,535
Other comprehensive income
(3,324)-16(3,308)
Net transfer to shareholders equity185,694-(37,717)147,977
Statement of Financial Position
Investment property7,797,502(24,931)(37,717)7,734,854
Net change to total assets
8,679,300(24,931)(37,717)8,616,652
Retained earnings2,516,362(24,931)(37,733)2,453,698
Foreign currency translation reserve(850)-16(834)
Net change to total equity attributable to shareholders
3,173,470(24,931)(37,717)3,110,822
Basic earnings per share (cents)
53.16
-(15.77)37.39
Diluted earnings per share (cents)
53.04
-(15.74)37.30
1 The correction also impacted the years ended 31 December 2023 and 31 December 2024 and has been reflected in the opening balances at 1 January 2025.
1Non-current assets include property, plant and equipment, investment property and intangible assets.
2 4

b)The Group has updated comparative information to reflect a change in accounting policy relating to the timing of
derecognition of residents' loans for transferring residents (residents transferring between units). Previously, for transferring
residents, residents' loans were derecognised when a resident transferred to their new unit. Under the revised policy,
derecognition occurs upon settlement of a new occupation right agreement for the resident's previous unit. This change in
accounting policy results in more reliable and relevant information by applying a consistent approach to the derecognition of
residents' loans for transferring and non-transferring residents. As a result, the comparative information has been restated to
reflect the impact on residents' loans, trade and other payables and trade and other receivables.
12 MONTHS
DEC 2025
AUDITED
12 MONTHS
DEC 2025
AUDITED
REPORTED
OPENING
BALANCE
ADJUSTMENT
(1 JANUARY
2025)
1
ADJUSTMENT
(31
DECEMBER
2025)
RESTATED
$000
$000
$000$000
Statement of Financial Position
Trade and other receivables
47,48040,44418,902
106,826
Net change to total assets9,234,87040,44418,9029,294,216
Trade and other payables
209,777(5,129)(7,377)
197,271
Residents’ loans
3,336,05645,573
26,2793,407,908
Net change to total liabilities5,907,00840,44418,9025,966,354
1 The accounting policy update has been reflected in the opening balances at 1 January 2025
6 MONTHS
JUN 2025
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
REPORTED
(INCLUDING
ADJUSTMENTS)
OPENING
BALANCE
ADJUSTMENT
(1 JANAURY
2025)
1
ADJUSTMENT
(30 JUNE
2025)
RESTATED
$000$000$000$000
Statement of Financial Position
Trade and other receivables
48,31140,4448,753
97,508
Net change to total assets8,616,65240,4448,7538,665,849
Trade and other payables219,413(5,129)(4,185)
210,099
Residents’ loans3,064,19945,573
12,9383,122,710
Net change to total liabilities
5,505,83040,4448,7535,555,027
1 The accounting policy update has been reflected in the opening balances at 1 January 2025
The Group has also updated comparative information to reflect a restatement to separately disclose long term residents' loans within
the Residents' Loans Note 7 (previously included within ‘Deferred management fees and other receivables’).
2 5

Half Year Report 2026
Consolidated notes to the financial statements (continued)
2. Non-GAAP underlying profit
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1
Ref$000
$000
$000
Profit for the period171,43989,444259,720
Less fair value movement of investment property and
other assets
a)
(191,110)(85,587)(264,450)
Add/(less) impairment of assets/(impairment reversal) and
other non-cash items
b)
2,665(1,875)(1,875)
Add realised gain on resalesc)56,42449,139104,502
Add realised development margind)56,38172,886154,858
Add/(less) deferred tax expense/(credit)e)7,646(17,399)(18,602)
Underlying profit103,445106,608234,153
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised
meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.
The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the impact of
fair value movements, realised gains associated with development and resales activity, impairment and tax expense in the Group’s
income statement. The measure is used internally in conjunction with other measures to monitor performance and make investment
decisions. Underlying profit is a measure that the Group uses consistently across reporting periods.
This statement presented is for the Group, prepared in accordance with the Basis of preparation: underlying profit described below.
Basis of preparation: underlying
profit
Underlying profit is determined by taking profit for the period determined under NZ IFRS, adjusted for the impact of the following:
a)Less fair value movement of investment property and other assets: reversal of investment property valuation changes recorded
in NZ IFRS profit for the period, which comprise both realised and non-realised valuation movements. This is reversed and
replaced with realised development margin and realised resale gains during the period, effectively removing the unrealised
component of the fair value movement of investment property.
b)Add/(less) impairment of assets/(impairment reversal) and other non-cash items: remove the impact of non-operating one-off
items and non-cash care centre valuation changes recorded in NZ IFRS profit for the period. Care centres are valued
semi-annually, with fair value gains flowing through to the revaluation reserve unless the gain offsets a previous impairment
to fair value that was recorded in NZ IFRS profit. Where there is any impairment of a care centre, or reversal of a previous
impairment that impacts NZ IFRS profit for the period, this is eliminated for the purposes of determining underlying profit.
c)Add realised gain on resales: add the realised gains across all resales of occupation rights during the period. The realised gain
for each resale is determined to be the difference between the licence price for the previous occupation right for a unit and
the occupation right resold for that same unit during the period, with recognition point being the settlement of the resold unit.
Realised resale gains exclude deferred management fees and refurbishment costs.
d)Add realised development margin: add realised development margin across all new sales of occupation rights during the
period, with the recognition point being the cash settlement. Realised development margin is the margin earned on the first
time sale of an occupation right following the development of a unit. The margin for each new sale is determined to be the
licence price for the occupation right, less the cost of developing that unit.
Components of the cost of developing units include directly attributable construction costs and a proportionate share of the
following costs:
◦Infrastructure costs
◦Land cost on the basis of the purchase price of the land
◦Interest during the build period
◦Head office costs directly related to the construction of units
All costs above include non-recoverable GST.
2 6

Development margin excludes the costs of developing common areas within the retirement village (including a share of the
proportionate costs listed above). This is because these areas are assets that support the sale of occupation rights for not just
the new sale, but for all subsequent resales. It also excludes the costs of developing care centres.
Where costs are apportioned across more than one asset, the apportionment methodology is determined by considering the
nature of the cost, which is then largely allocated using one of two main cost drivers, gross floor area for costs attributed to a
particular construction stage or footprint area for costs attributable to the whole village. For sites with numerous multi-storey
buildings, gross floor area is substituted for footprint for those shared costs where it is deemed a more appropriate mechanism
for apportionment between assets.
Where a unit not previously sold under occupation right agreement is converted to a unit sold under occupation right
agreement, realised development margin recognised on the new sale of these units includes the following costs:
◦Conversion costs
◦A fair value apportionment reflecting the value of the property immediately prior to conversion 
e)Add/(less) deferred tax expense/(credit): reversal of the impact of deferred taxation.
Underlying profit does not include any adjustments for abnormal items or fair value movements on financial instruments that are
included in NZ IFRS profit for the period.
3. Operating expenses
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
$000$000$000
Employee expenses
109,37499,509205,429
Property-related expenses
19,58016,95736,219
Repairs and maintenance expenses6,1215,99013,258
Other operating expenses37,88036,75073,726
Total operating expenses172,955159,206328,632
4. Income tax
Tax expense comprises current and deferred tax, calculated using the tax rate enacted or substantively enacted at balance date and
any adjustment to tax payable in respect of prior years. Tax expense is recognised in the income statement, except when it relates to
items recognised directly in the statement of comprehensive income, in which case the tax expense is recognised in the statement
of comprehensive income.
Deferred tax expense is recognised in respect of temporary differences between the carrying amounts of assets and liabilities in
the financial statements and the amounts used for taxation purposes. A deferred tax asset is recognised only to the extent that it is
probable it will be utilised. Temporary differences arising on the initial recognition of assets or liabilities that affect neither accounting
nor taxable profit are not provided for, unless they arise from a business combination or a transaction that gives rise to equal taxable
and deductible temporary differences.
NZ IAS 12, Income Taxes provides that there is a rebuttable presumption that investment property measured at fair value under NZ
IAS 40, Investment Properties is recovered through sale. This presumption is rebutted if:
•The investment property is depreciable (e.g. buildings and land under a lease); and
•The investment property is held within a business model whose objective is to consume substantially all of the economic benefits
embodied in the investment property over time, rather than through sale.
2 7

Half Year Report 2026
Consolidated notes to the financial statements (continued)
The Group considers that the recovery through sale presumption for the manner of recovery of investment property is appropriate,
consistent with its business model objective to ensure any portfolio decisions are accretive to the overall value of the business, either
through use or sale.
The Group recognises a deferred tax asset on tax losses only to the extent that it offsets existing deferred tax liabilities in the
relevant jurisdiction.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
a) Income tax recognised in the income statement
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to the origination and reversal of
temporary differences
7,646(17,399)(18,602)
Total tax expense/(credit) reported in income statement7,646(17,399)(18,602)
The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the
financial statements as follows:
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1
$000
%
$000
%
$000
%
Profit before income tax179,08572,045241,118
Income tax using the corporate tax rate50,14428.0%20,17328.0%67,51328.0%
Capitalised interest(9,143)(5.1%)(9,901)(13.7%)(20,458)(8.5%)
Other non-deductible expenses3,5912.0%3,1114.3%6,5702.7%
Non-assessable investment
property revaluations
(54,620)(30.5%)(27,863)(38.7%)(80,540)(33.4%)
Other
12,616
2
7.1%(2,919)(4.1%)8,7213.6%
Prior period adjustments
5,0582.8%-0.0%(408)(0.2%)
Total income tax expense/(credit)
7,6464.3%(17,399)(24.2%)(18,602)(7.8%)
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
2 Included in other is the utilisation of the investment boost for the first time and significant property, plant and equipment capitalised.
The Group tax losses are as follows:
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
$000$000$000
Tax losses available
1,079,121858,454951,410
Tax effected
303,556241,268267,436
Unrecognised tax losses
19,00915,07914,110
2 8

(b) Amounts charged or credited to other comprehensive income
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
$000$000$000
Tax expense comprises:
Net gain on revaluation of property, plant and equipment13,44724,04948,172
Fair value movement of interest rate swaps1,262(2,074)432
Total tax expense reported in statement of comprehensive income14,70921,97548,604
(c) Amounts charged or credited directly to equity
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to employee share option plans
258126176
Total tax expense reported directly in equity258126176
(d) Imputation credit account
There were no imputation credits received or paid during the half year and the balance at 30 June 2026 is nil (Jun 2025 and Dec
2025: nil).
(e) Deferred tax
Movement in the deferred tax balance comprises:
BALANCE
1 JAN 2026
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
30 JUN 2026
UNAUDITED
$000$000$000$000$000
Property, plant and equipment
145,25913,564-13,447172,270
Investment property
74,1647,376--81,540
Revenue in advance127,48615,614--143,100
Interest rate swaps(2,622)--1,262(1,360)
Income tax losses not yet utilised(253,326)(31,221)--(284,547)
Right of use asset1,699(142)--1,557
Lease liability(1,970)164--(1,806)
Other items(3,112)2,291258-(563)
Net deferred tax liability
87,5787,64625814,709110,191
* Other comprehensive income
2 9

Half Year Report 2026
Consolidated notes to the financial statements (continued)
BALANCE
1 JAN 2025
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
30 JUN 2025
UNAUDITED
$000$000$000$000$000
Property, plant and equipment97,725(9,255)-24,049112,519
Investment property65,1514,078--69,229
Revenue in advance104,01011,288--115,298
Interest rate swaps(3,054)--(2,074)(5,128)
Income tax losses not yet utilised(201,157)(25,032)--(226,189)
Right of use asset3,206(460)--2,746
Lease liability(3,758)488--(3,270)
Other items(4,723)1,494126-(3,103)
Net deferred tax liability57,400(17,399)12621,97562,102
BALANCE
1 JAN 2025
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
31 DEC 2025
AUDITED
$000$000$000$000$000
Property, plant and equipment
97,725(638)-48,172145,259
Investment property
65,1519,013--74,164
Revenue in advance104,01023,476--127,486
Interest rate swaps(3,054)--432(2,622)
Income tax losses not yet utilised(201,157)(52,169)--(253,326)
Right of use asset
3,206(1,507)--1,699
Lease liability
(3,758)1,788--(1,970)
Other items
(4,723)1,435176-(3,112)
Net deferred tax liability57,400(18,602)17648,60487,578
* Other comprehensive income
3 0

5. Property, plant and equipment
BUILDINGS
AND LAND
$000
MOTOR
VEHICLES
$000
PLANT AND
EQUIPMENT
$000
FURNITURE
AND
FITTINGS
$000
RIGHT OF
USE ASSETS
$000
TOTAL
$000
Cost
Balance at 1 January 2025553,09410,51748,72712,13518,585643,058
Additions71,3471,3095,972809-79,437
Disposals-(142)--(1,131)(1,273)
Transfer4,359-318-(318)4,359
Reversal of impairment
through profit or loss
1,875----1,875
Net revaluations
through other
comprehensive income
78,862----78,862
Balance at 30 June
2025 (unaudited)
709,53711,68455,01712,94417,136806,318
Additions82,8865564,04638610887,982
Disposals-(296)--(108)(404)
Transfer3,965-156-(156)3,965
Remeasurements----(1,698)(1,698)
Net revaluations
through other
comprehensive income
77,853----77,853
Balance at 31 December
2025 (audited)
874,24111,94459,21913,33015,282974,016
Additions24,4911,4898,5372,154-36,671
Disposals-(104)(7)(13)-(124)
Transfer
8,110----8,110
Impairment through
profit or loss
(2,256)----(2,256)
Net revaluations
through other
comprehensive income
37,102----37,102
Balance at 30 June
2026 (unaudited)
941,68813,32967,74915,47115,2821,053,519
3 1

Half Year Report 2026
Consolidated notes to the financial statements (continued)
BUILDINGS
AND LAND
$000
MOTOR
VEHICLES
$000
PLANT AND
EQUIPMENT
$000
FURNITURE
AND
FITTINGS
$000
RIGHT OF
USE ASSETS
$000
TOTAL
$000
Accumulated
depreciation
Balance at 1 January 2025-2,46920,8907,9788,90840,245
Depreciation charge for
the year
7,0284062,7565841,03711,811
Disposals-(109)--(801)(910)
Transfer--221-(221)-
Net revaluations
through other
comprehensive income
(7,028)----(7,028)
Balance at 30 June
2025 (unaudited)
-2,76623,8678,5628,92344,118
Depreciation charge for
the year
8,3004473,00961190013,267
Disposals
-(282)--(106)(388)
Transfer
--107-(107)-
Net revaluations
through other
comprehensive income
(8,300)----(8,300)
Balance at 31 December
2025 (audited)
-2,93126,9839,1739,61048,697
Depreciation charge for
the year
10,9244563,15669289216,120
Disposals
-(58)(1)(3)-(62)
Net revaluations
through other
comprehensive income
(10,924)----(10,924)
Balance at 30 June
2026 (unaudited)
-3,32930,1389,86210,50253,831
Carrying amounts
As at 30 June
2025 (unaudited)
709,5378,91831,1504,3828,213762,200
As at 31 December
2025 (audited)
874,2419,01332,2364,1575,672925,319
As at 30 June
2026 (unaudited)
941,68810,00037,6115,6094,780999,688
Buildings and land include $96.3 million of care centres under development carried at cost, due to the stage and nature of the
development fair value is unable to be reliably determined (Jun 2025: $128.4 million, Dec 2025: $211.1 million).
Right of use assets relate to the Group's leased office premises, car park spaces and plant and equipment.
Classification
between investment property and property, plant and equipment
On initial recognition, the Group performs an assessment to determine whether a unit type should be classified as investment
property or property, plant and equipment. The assessment is based on the significance of ancillary services provided to residents
who occupy accommodation under an occupation right agreement. For the purposes of this assessment, the Group considers
that portion of weekly fees that gives rise to a separate performance obligation for the Group, as ancillary services. In addition to a
3 2

quantitative assessment, the business model (being the provision of accommodation and/or care) is considered when determining
the classification of the property as either investment property or property, plant and equipment. Subsequent reclassification of unit
types between investment property or property, plant and equipment, occur only when there has been a change in use.
Revaluations
An independent valuation to determine the fair value of all assets related to care centres was carried out as at 30 June 2026 by
independent registered valuers CBRE Limited ("CBRE NZ"), Jones Lang LaSalle Limited ("JLL NZ") and Jones Lang LaSalle Australia Pty
Limited ("JLL AU"). Valuations are carried out semi-annually.
The Group is unable to reliably determine the fair value of care centres under development and therefore these are carried at cost.
CBRE NZ and JLL NZ determine the fair value of New Zealand care centres (excluding the cash flows associated with occupation right
agreements on care units) using an earnings-based multiple approach. The valuer then determines the portion of the valuation that
relates to land and buildings using a capitalisation of market rental income of a notional lease. Any residual balance after the valuer’s
determination of land and buildings and chattels is attributed to goodwill by the valuer. Any resulting goodwill is not recognised in
the financial statements.
JLL AU determine the fair value of Australian care centres (excluding the cash flows associated with refundable accommodation
deposits on care units) using an earnings-based multiple approach. The expected cash inflows arising from the sale of an assumed
number of refundable accommodation deposits are then added to the value of the care centre to derive the gross value.
Significant assumptions used in the most recent valuation are included in the table below:
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
Market value per care bed - New Zealand
$60,000 - $161,000$58,000 - $154,000$58,000 - $150,000
Market value per care bed - Australia
$212,000N/AN/A
Individual unit earning capitalisation rate -
New Zealand11.0% - 15.0%11.0% - 15.0%11.0% - 15.0%
Individual unit earning capitalisation rate - Australia
14.0%
N/AN/A
Revaluation of units under occupation right agreement held as property, plant and equipment
To assess the market value of the Group's interest in the units under occupation right agreement held as property, plant and
equipment, CBRE NZ and JLL NZ undertook a discounted cash flow analysis to derive a fair value. The valuer then apportions that
fair value on a gross basis in accordance with NZ IAS 16 to land and buildings and other assets, taking into account the fair value
attributable to resident loan balances under those occupation right agreements. The land and buildings value determined by the
valuer is recognised as property, plant and equipment. Goodwill, if any, is not recognised. Significant assumptions used by CBRE NZ
and JLL NZ are included in the table below:
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
Discount rate
13.5% - 15.5%13.5% - 15.5%13.5% - 15.5%
Growth rate
0.0% - 3.5%0.5% - 3.5%1.0% - 3.5%
Average entry age of residents
81 years - 95 years79 years - 96 years81 years - 95 years
Stabilised departing occupancy periods of units
2.9 years - 3.2 years2.9 years - 3.2 years2.9 years - 3.2 years
The fair value of units under occupation right agreement held as property, plant and equipment as at 30 June 2026 totalled
$619.0 million (Jun 2025: $414.5 million, Dec 2025: $494.2 million).
3 3

Half Year Report 2026
Consolidated notes to the financial statements (continued)
Sensitivity analysis to significant changes in unobservable inputs within Level 3 of the hierarchy
As the fair value of care centres is determined using inputs that are unobservable, the Group has categorised property, plant and
equipment 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 categorised within Level 3 of the fair value hierarchy of the
entity’s portfolio of care centres are the capitalisation rates applied to individual unit earnings and the market value per care bed. The
sensitivities of the significant assumptions are shown in the table below:
Adopted value
1
Capitalisation
rate +50 bp
Capitalisation
rate -50 bp
30 June 2026
Valuation ($000)234,682
Difference ($000)(9,251)10,015
Difference (%)
(3.9%)4.3%
30 June 2025
Valuation ($000)179,050
Difference ($000)(7,250)7,950
Difference (%)
(4.0%)4.4%
31 December 2025
Valuation ($000)
188,500
Difference ($000)
(7,500)8,100
Difference (%)
(4.0%)4.3%
1 Adopted value represents the capitalised net cash flow of the care centre adjusted to reflect an optimal operating position.
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy of the
entity’s portfolio of units under occupation right agreement, held as property, plant and equipment, are the discount rates and growth
rates. The sensitivities of the significant assumptions are shown in the table below:
Adopted
value
1
Discount rate
+50 bp
Discount rate
-50 bp
Growth rates
+50bp
Growth rates
-50bp
30 June 2026
Valuation ($000)
317,290
Difference ($000)
(12,712)13,80219,676(17,816)
Difference (%)
(4.0%)4.4%6.2%(5.6%)
30 June 2025
Valuation ($000)173,000
Difference ($000)(7,245)7,76511,645(10,640)
Difference (%)
(4.2%)4.5%6.7%(6.2%)
31 December 2025
Valuation ($000)244,580
Difference ($000)(9,540)10,60215,682(13,922)
Difference (%)
(3.9%)4.3%6.4%(5.7%)
1 The adopted value is the operator’s interest. The operator’s interest presented in this sensitivity differs from the fair value recognised for care units. The fair value, as determined
by the independent valuer, includes the operator’s interest, the value of unsold care units and the associated resident liabilities.
3 4

Other key components in determining the fair value of units under occupation right held as property, plant and equipment are the
average entry age of residents and the average occupancy of units. A significant decrease (increase) in the occupancy period of units
would result in a significantly higher (lower) fair value measurement, and a significant increase (decrease) in the average entry age
of residents would result in a significantly higher (lower) fair value measurement.
Cost model
If buildings and land were measured using the cost model, the carrying amounts would be as follows:
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
BUILDINGS
AND LAND
$000
BUILDINGS
AND LAND
$000
BUILDINGS
AND LAND
$000
Cost569,117449,665536,516
Accumulated depreciation and impairment losses(76,297)(57,073)(65,373)
Net carrying amount492,820392,592471,143
Security
At 30 June 2026, all care centres held by retirement villages registered under the Retirement Villages Act 2003 are subject to a
registered first mortgage in favour of the Statutory Supervisor.
6. Investment property
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1
$000$000$000
Balance at beginning of period
8,199,1737,303,8137,303,813
Additions261,224340,306647,778
Transfer to other assets(36,572)
2
--
Transfer to property, plant and equipment(8,110)(4,359)(8,324)
Disposals
(1,790)--
Fair value movement
196,31089,087268,649
Foreign exchange movement
15,2056,007(12,743)
Total investment property
8,625,4407,734,8548,199,173
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
2 Included in transfer to other assets is an asset held for sale of $36.6 million relating to Craigieburn land as it is expected to be sold within the next twelve months.
3 5

Half Year Report 2026
Consolidated notes to the financial statements (continued)
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1
$000
$000
$000
Development land measured at fair value631,828588,156644,175
Retirement villages measured at fair value
2
7,269,9826,541,8446,828,166
Retirement villages under development measured at cost723,630604,854726,832
Total investment property8,625,4407,734,8548,199,173
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
2 Included in retirement villages measured at fair value is nil relating to a village under development measured at fair value (Jun 2025: $202.5 million, Dec 2025: nil).
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1,2
RESTATED
2
$000
$000$000
Manager's net interest
4,885,0964,466,2374,684,034
Plus: revenue received in advance relating to investment property256,624223,174240,467
Plus: liability for residents' loans relating to investment property3,483,7203,045,4433,274,672
Total investment property8,625,4407,734,8548,199,173
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
2 The timing of derecognition of residents' loans for transferring residents has been restated as detailed in Note 1 comparative information.
The Group is unable to reliably determine the fair value of the non-land portion of retirement villages under development at 30 June
2026 and therefore these are carried at cost. This equates to $723.6 million of investment property (Jun 2025: $604.9 million,
Dec 2025: $726.8 million). The exception is St Johns at 30 June 2025, which was carried at fair value due to its advanced stage
of construction.
The fair value of investment property, including land, as at 30 June 2026 was determined by independent registered valuers CBRE
NZ, JLL NZ, CBRE Valuations Pty Limited ("CBRE AU") and JLL AU. The fair value of the Group’s investment property is determined on
a semi-annual basis, based on market values, being the estimated amount for which a property could be exchanged on the date of
the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had
each acted knowledgeably, prudently and without compulsion.
As required by NZ IAS 40 -
Investment Property, the fair value as determined by the independent registered valuer is adjusted for
assets and liabilities already recognised on the balance sheet which are also reflected in the discounted cash flow analysis.
To assess the fair value of the Group's interest in each New Zealand and Australia villages, CBRE NZ, JLL NZ and JLL AU have
undertaken a discounted cash flow analysis to derive a present value. The Group's development land has been valued by CBRE NZ,
JLL NZ, CBRE AU and JLL AU using the direct comparison approach.
At 30 June 2025, near completed stages of St Johns have been valued using the residual approach where a number of blocks
were valued as work in progress together with residual land. The value of the work in progress was calculated as the market value
of completed stock less selling expenses, and an allowance for profit and risk, holding costs, and costs to complete including a
contingent sum.
The valuers' conclusions are based on data and market sentiment as at the date of the valuation and a degree of caution should be
exercised when relying upon the valuation.
3 6

Significant assumptions used by the valuers in relation to the New Zealand and Australian investment property are included in the
table below:
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
Discount rate13.5% - 16.0%13.5% - 16.8%13.5% - 16.0%
Growth rate0.0% - 3.5%0.0% - 3.5%0.0% - 3.5%
Average entry age of residents73 years - 88 years73 years - 90 years73 years - 90 years
Stabilised departing occupancy periods of units3.9 years - 9.0 years4.0 years - 8.8 years3.8 years - 8.6 years
As the fair value of investment property is determined using inputs that are significant and unobservable, the Group has categorised
investment property as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value Measurement.
Sensitivity analysis to significant changes in unobservable inputs within Level 3 of the hierarchy
To assess the market value of the Group's interest in a retirement village, CBRE NZ, JLL NZ and JLL AU have undertaken a discounted
cash flow analysis to derive a present value.
The sensitivities of the significant assumptions are shown in the table below:
Adopted
value
1
Discount rate
+50 bp
Discount rate
-50 bp
Growth rates
+50bp
Growth rates
-50bp
30 June 2026
Valuation ($000)
2,944,196
Difference ($000)
(117,968)127,457181,132(165,400)
Difference (%)
(4.0%)4.3%6.2%(5.6%)
30 June 2025
Valuation ($000)2,462,352
Difference ($000)
(95,645)103,545156,439(142,825)
Difference (%)
(3.9%)4.2%6.4%(5.8%)
31 December 2025
Valuation ($000)
2,679,174
Difference ($000)
(104,351)112,480168,449(154,256)
Difference (%)
(3.9%)4.2%6.3%(5.8%)
1 Adopted value differs to figures in other notes. It is the value of completed units, net of related resident liability. The amount does not include unsold stock, work in progress
or development land.
Other key components in determining the fair value of investment property are the average entry age of residents and the average
occupancy of units. A significant decrease (increase) in the occupancy period of units would result in a significantly higher (lower) fair
value measurement, and a significant increase (decrease) in the average entry age of residents would result in a significantly higher
(lower) fair value measurement.
Security
At 30 June 2026, all investment property relating to registered retirement villages under the Retirement Villages Act 2003 are
subject to a registered first mortgage in favour of the Statutory Supervisor to secure the Group’s obligations to the occupation right
agreement holders.
3 7

Half Year Report 2026
Consolidated notes to the financial statements (continued)
7. Residents' loans
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1,2
RESTATED
1,2
$000
$000$000
Balance at beginning of period4,336,0203,677,6073,677,607
Net receipts for residents' loans - resales of occupation right agreements48,66234,836100,319
Receipts for residents' loans - new occupation right agreements283,668246,704558,094
Total gross occupation right agreements residents’ loans4,668,3503,959,1474,336,020
Deferred management fees and other receivables(880,450)(737,352)(807,977)
Loans to residents(142,142)(99,085)(120,135)
Total occupation right agreements residents’ loans3,645,7583,122,7103,407,908
Balance at beginning of period
---
Net receipts for residents' loans - refundable accommodation deposits
730--
Total gross refundable accommodation deposits residents’ loans730--
Total residents' loans3,646,4883,122,7103,407,908
1 The timing of derecognition of residents' loans for transferring residents has been restated as detailed in Note 1 comparative information.
2 We have restated to separately disclose the loans to residents and deferred management fees and other receivables. Previously these were disclosed net.
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1
RESTATED
1
$000$000$000
Village
Total gross residents’ loans
4,411,7773,813,866
4,130,139
Deferred management fees and other receivables(843,576)(703,120)(780,390)
Loans to residents(84,481)(65,303)(75,077)
Total village residents’ loans
3,483,7203,045,4433,274,672
Care
Total gross residents’ loans
257,303145,281
205,881
Deferred management fees and other receivables(36,874)(34,232)(27,587)
Loans to residents(57,661)(33,782)(45,058)
Total care residents’ loans
162,76877,267133,236
Total residents' loans3,646,4883,122,7103,407,908
1 The timing of derecognition of residents' loans for transferring residents has been restated as detailed in Note 1 comparative information.
3 8

8. Interest-bearing loans and borrowings
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
$000$000$000
Repayable within 12 months
Retail bond - SUM0204.20%-125,000-
Repayable after 12 months
Secured bank loansFloating1,471,7261,136,4751,366,226
Retail bond - SUM0302.30%150,000150,000150,000
Retail bond - SUM0406.59%175,000175,000175,000
Retail bond - SUM0506.43%125,000125,000125,000
Retail bond - SUM0605.70%150,000150,000150,000
Total loans and borrowings at face value2,071,7261,861,4751,966,226
Transaction costs for loans and borrowings capitalised:
Opening balance
(8,779)(7,780)(7,780)
Capitalised during the period-(1,775)(3,315)
Amortised during the period1,1761,1382,316
Closing balance
(7,603)(8,417)(8,779)
Total loans and borrowings at amortised cost2,064,1231,853,0581,957,447
Fair value adjustment on hedged borrowings
10,70813,74213,919
Carrying value of interest-bearing loans and borrowings2,074,8311,866,8001,971,366
Further interest rate and loan disclosures below:
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
Weighted average interest rate
1
5.0%5.6%5.4%
Percentage of interest-bearing loans and borrowings at fixed interest rates
59.1%63.3%62.6%
1 Weighted average interest rate includes margin, line fees and interest rate swaps.
3 9

Half Year Report 2026
Consolidated notes to the financial statements (continued)
The secured bank loan facility at 30 June 2026 has a limit of approximately $2,031.9 million (Jun 2025: $1,901.5 million, Dec 2025:
$1,993.0 million). This includes lending of the following:
CurrencyLending limitExpiration
NZD$500 millionNovember 2028
AUD$118 millionNovember 2028
NZD$320 millionNovember 2029
AUD$330 millionNovember 2029
NZD$355 millionNovember 2030
AUD$167 millionNovember 2030
NZD$60 millionNovember 2031
AUD$40 millionNovember 2031
The Group has four retail bonds listed on the NZDX:
IDAmountMaturity
SUM030$150 million21 September 2027
SUM040$175 million9 March 2029
SUM050$125 million8 March 2030
SUM060$150 million23 May 2031
Security
The banks loans and retail bonds rank equally with the Group’s other unsubordinated obligations and are secured by the following
securities held by a security trustee:
•a first-ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is not a registered retirement village under the Retirement Villages
Act 2003;
•a second-ranking registered mortgage over the land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is a registered retirement village under the Retirement Villages Act
2003 (behind a first-ranking registered mortgage in favour of the Statutory Supervisor);
•a first-ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
Australian-incorporated guaranteeing Group member;
•a General Security Deed, which secures all assets of the New Zealand- incorporated guaranteeing Group members, but in respect
of which the Statutory Supervisor has first rights to the proceeds of security enforcement against all assets of the registered
retirement villages to which the security trustee is entitled;
•a General Security Deed, which secures all assets of the Australian-incorporated guaranteeing Group members; and
•a Specific Security Deed in respect of each marketable security of Summerset Holdings (Australia) Pty Limited, held by
Summerset Holdings Limited.
9. Financial Instruments
Exposure to credit, market and liquidity risk arises in the normal course of the Group's business. The Board adopts policies for
managing each of these risks and there has been no material change to the policies during the period ended 30 June 2026.
Fair values
The carrying amounts shown in the balance sheet approximate the fair value of the financial instruments, with the exception of retail
bonds. The fair value of retail bonds is based on the price traded at on the NZX market as at balance date. The fair value of the retail
bonds is categorised as Level 1 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value Measurement. Three of the
four retail bonds SUM040, SUM050 and SUM060 are designated in fair value hedge relationships, which means that any change in
market interest rates results in a change in the fair value adjustment of that debt. The fair value of interest rate swaps is determined
using inputs from third parties that are observable, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Based on this,
4 0

the Company and Group have categorised these financial instruments as Level 2 under the fair value hierarchy in accordance with
NZ IFRS 13 – Fair Value Measurement.
10. Earnings per share and net tangible assets
Basic earnings per share
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1
Earnings ($000)171,43989,444259,720
Weighted average number of ordinary shares for the purpose of earnings
per share (in thousands)
242,701239,247240,216
Basic earnings per share (cents per share)70.6437.39108.12
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
Diluted earnings per share
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1
Earnings ($000)
171,43989,444259,720
Weighted average number of ordinary shares for the purpose of diluted
earnings per share (in thousands)
243,314239,771240,785
Diluted earnings per share (cents per share)70.4637.30107.86
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
Number of shares (in thousands)
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
Weighted average number of ordinary shares for the purpose of basic
earnings per share
242,701239,247240,216
Weighted average number of ordinary shares issued under employee
share plans
613524569
Weighted average number of ordinary shares for the purpose of diluted
earnings per share
243,314239,771240,785
At 30 June 2026, there were a total of 609,055 shares issued under employee share plans held by Summerset LTI Trustee Limited (Jun
2025: 520,938, Dec 2025: 615,806 shares).
4 1

Half Year Report 2026
Consolidated notes to the financial statements (continued)
Non-GAAP net tangible assets per share
6 MONTHS
JUN 2026
UNAUDITED
6 MONTHS
JUN 2025
UNAUDITED
12 MONTHS
DEC 2025
AUDITED
RESTATED
1
Net tangible assets ($000)3,509,3953,107,0213,324,864
Shares on issue at end of period (basic and in thousands)243,483240,410241,745
Net tangible assets per share (cents per share)1,441.331,292.381,375.36
1 The fair value of investment property has been restated as detailed in Note 1 comparative information.
Net tangible assets are calculated as the total assets of the Group less intangible assets and less total liabilities. This non-GAAP
measure is provided as it is commonly used for comparison between entities.
11. Dividends
On 26 March 2026 a dividend of 13.2 cents per ordinary share was paid to shareholders (2025: on 27 March 2025 a dividend of 13.2
cents per ordinary share was paid to shareholders and on 24 September 2025 a dividend of 11.3 cents per ordinary share was paid
to shareholders).
A dividend reinvestment plan applied to the dividend paid on 26 March 2026 and 1,470,575 ordinary shares were issued in relation
to the plan (2025: 1,169,966 ordinary shares were issued in relation to the plan for the 27 March 2025 dividend and 1,229,768 ordinary
shares were issued in relation to the plan for the 24 September 2025 dividend).
12. Commitments and contingencies
Guarantees
The Group has entered into a new bank guarantee arrangement for the benefit of the vendors of the proposed Mornington, Victoria
site. At 30 June 2026, the guarantee amounted to $33.5 million. The Group’s existing financial guarantees have not changed
significantly since 31 December 2025.
Capital commitments
At 30 June 2026, the Group had $95.6 million of capital commitments in relation to land and construction contracts (Jun 2025:
$101.9 million, Dec 2025: $49.5 million).
Contingent liabilities
There were no known material contingent liabilities at 30 June 2026 (Jun 2025 and Dec 2025: nil).
13. Subsequent events
On 26 August 2026, the Directors approved an interim dividend of $9.3 million, being 3.8 cents per share. The dividend record date
is 10 September 2026 with a payment date of 23 September 2026.
There have been no other events subsequent to 30 June 2026 that materially impact on the results reported.
4 2

Independent Auditor's review report
To the Shareholders of Summerset Group Holdings Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of Summerset Group Holdings Limited (the Company) and its
subsidiaries (the Group), which comprise the consolidated statement of financial position as at 30 June 2026, and the consolidated
income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the six months ended on that date, and selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim
financial statements of the Group do not present fairly, in all material respects, the financial position of the Group as at 30 June 2026,
and its financial performance and cash flows for the six months then ended, in accordance with International Accounting Standard 34
Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting
(NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial
Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described
in the Auditor’s responsibilities for the review of the consolidated interim 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 (PES 1), as applicable to audits and reviews of public interest entities. We have also fulfilled our other ethical
responsibilities in accordance with PES 1.
In addition to our role as auditor, our firm carries out other services for the Group in the areas of interim review of the consolidated
statement of underlying profit, and provision of training materials and access to an online resource platform covering generic
technical content. The provision of these other services has not impaired our independence. In addition, certain partners and
employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the business. The
firm has no other relationship with, or interests in, the Group.
Responsibilities of Directors for the consolidated interim
financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of these
consolidated interim financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors
determine is necessary to enable the preparation and fair presentation of the consolidated interim financial statements that are free
from material misstatement, whether due to fraud or error.
 
pwc.co.nz
PwC New Zealand, PwC Centre, 10 Waterloo Quay,
PO Box 243, Wellington 6140, New Zealand
+64 4 462 7000
4 3

Half Year Report 2026
Auditor’s responsibilities for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the consolidated interim
financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. The procedures performed in a review are substantially less than
those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently
does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on these
consolidated interim financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken so that we might state
those matters which we are required to state to them in our review report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s shareholders, as a body,
for our review procedures, for this report or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Richard Day.
For and on behalf of:
PricewaterhouseCoopers
26 August 2026
Wellington
4 4

4 5

Half Year Report 2026
Directory
New Zealand
Northland
Summerset Mount Denby
7 Par Lane, Tikipunga,
Whangārei 0112
Phone (09) 470 0280
Auckland
Summerset Falls
31 Mansel Drive,
Warkworth 0910
Phone (09) 425 1200
Summerset Milldale
Argent Lane, Milldale,
Wainui 0992
Phone (09) 304 1630
Summerset at Monterey Park
1 Squadron Drive, Hobsonville,
Auckland 0618
Phone (09) 951 8920
Summerset at Heritage Park
8 Harrison Road, Ellerslie,
Auckland 1060
Phone (09) 950 7960
Summerset by the Park
7 Flat Bush School Road,
Flat Bush 2019
Phone (09) 272 3950
Summerset at Karaka
49 Pararekau Road,
Karaka 2580
Phone (09) 951 8900
Summerset Half Moon Bay
25 Thurston Place, Half Moon Bay,
Auckland 2012
Phone (09) 306 1420
Summerset St Johns
188 St Johns Road, St Johns,
Auckland 1072
Phone (09) 950 7980
Summerset Shoal Bay
1
65 Hillary Crescent, Belmont,
Auckland 0622
Phone (09) 486 9140
Waikato – Taupō
Summerset down the Lane
206 Dixon Road,
Hamilton 3206
Phone (07) 843 0157
Summerset Rototuna
39 Kimbrae Drive,
Rototuna North 3210
Phone (07) 981 7820
Summerset by the Lake
2 Wharewaka Road, Wharewaka,
Taupō 3330
Phone (07) 343 5130
Summerset Cambridge
1 Mary Ann Drive,
Cambridge 3434
Phone (07) 839 9480
Bay of Plenty
Summerset by the Sea
181 Park Road,
Katikati 3129
Phone (07) 985 6890
Summerset by the Dunes
35 Manawa Road, Pāpāmoa Beach,
Tauranga 3118
Phone (07) 542 9080
Summerset Rotorua
1
171–193 Fairy Springs Road,
Rotorua 3010
Phone (07) 343 5130
Hawke’s Bay
Summerset in the Bay
79 Merlot Drive, Greenmeadows,
Napier 4112
Phone (06) 845 2840
Summerset in the Orchard
1228 Ada Street, Parkvale,
Hastings 4122
Phone (06) 974 1310
Summerset Palms
136 Eriksen Road, Te Awa
Napier 4110
Phone: (06) 833 5850
Summerset in the Vines
249 Te Mata Road,
Havelock North 4130
Phone (06) 877 1185
Summerset Mission Hills
1
11 Pakeke Drive, Poraiti
Napier 4112
Phone (06) 835 2580
Taranaki
Summerset Mountain View
35 Fernbrook Drive, Vogeltown,
New Plymouth 4310
Phone (06) 824 8900
Summerset at Pohutukawa Place
70 Pohutukawa Place, Bell Block,
New Plymouth 4312
Phone (06) 824 8530
Manawatū
– Whanganui
Summerset in the River City
40 Burton Avenue, Whanganui East,
Whanganui 4500
Phone (06) 343 3133
1
Proposed villages
4 6

Summerset on Summerhill
180 Ruapehu Drive, Fitzherbert,
Palmerston North 4410
Phone (06) 354 4964
Summerset Kelvin Grove
Stony Creek, Kelvin Grove,
Palmerston North 4470
Phone (06) 825 6530
Summerset by the Ranges
104 Liverpool Street,
Levin 5510
Phone (06) 367 0337
Wellington
Summerset Waikanae
28 Park Avenue,
Waikanae 5036
Phone (04) 293 0000
Summerset on the Coast
104 Realm Drive,
Paraparaumu 5032
Phone (04) 298 3540
Summerset on the Landing
1–3 Bluff Road, Kenepuru,
Porirua 5022
Phone (04) 230 6720
Summerset at Aotea
15 Aotea Drive, Aotea,
Porirua 5024
Phone (04) 235 0011
Summerset at the Course
20 Racecourse Road, Trentham,
Upper Hutt 5018
Phone (04) 527 2980
Summerset Lower Hutt
1 Boulcott Street,
Lower Hutt 5010
Phone (04) 568 1440
Summerset Cashmere Oaks
Cashmere Oaks Drive, Lansdowne,
Masterton 5871
Phone (06) 370 1790
Summerset Otaihanga
1
73 Ratanui Road,
Paraparaumu 5032
Phone (04) 296 4300
Nelson – Tasman
Summerset in the Sun
16 Sargeson Street, Stoke,
Nelson 7011
Phone (03) 538 0000
Summerset Richmond Ranges
1 Hill Street North, Richmond,
Tasman 7020
Phone (03) 744 3430
Marlborough
Summerset Blenheim
183 Old Renwick Road, Springlands,
Blenheim 7272
Phone (03) 520 6040
Canterbury
Summerset Rangiora
141 South Belt, Waimakariri,
Rangiora 7400
Phone (03) 364 1310
Summerset at Wigram
135 Awatea Road, Wigram,
Christchurch 8025
Phone (03) 741 0870
Summerset at Avonhead
120 Hawthornden Road, Avonhead,
Christchurch 8042
Phone (03) 357 3200
Summerset on Cavendish
147 Cavendish Road, Casebrook,
Christchurch 8051
Phone (03) 741 2330
Summerset Prebbleton
578 Springs Road,
Prebbleton 7604
Phone (03) 353 6310
Summerset Rolleston
1
153 Lincoln Rolleston Road
Rolleston 7678
Phone (03) 353 6980
Otago
Summerset at Bishopscourt
36 Shetland Street, Wakari,
Dunedin 9010
Phone (03) 950 3100
Summerset Mosgiel
1
51 Wingatui Road,
Mosgiel 9024
Phone (03) 474 3930
1Proposed villages
4 7

Half Year Report 2026
Australia
Victoria
Summerset Cranbourne North
98 Mannavue Boulevard,
Cranbourne North VIC 3977
Phone (03) 7068 5640
Summerset Chirnside Park
10 East Ridge Drive,
Chirnside Park VIC 3116
Phone (03) 8777 4242
Summerset Torquay
Grossmans Road and Briody Drive,
Torquay VIC 3228
Phone 1800 321 700
Summerset Oakleigh South
52 Golf Road,
Oakleigh South VIC 3167
Phone 1800 321 700
Summerset Mernda
1
305 Bridge Inn Road,
Mernda VIC 3754
Phone 1800 321 700
Summerset Drysdale
1
145 Central Road,
Drysdale VIC 3222
Phone 1800 321 700
Summerset Mornington
1
Mornington VIC 3931
Phone 1800 321 700
1
Proposed villages
4 8

4 9

11
Our
villages
Completed villages
In development
Proposed villages
Auckland Region
5
31
1
Northland
Waikato
31
11
Taranaki
Hawke’s Bay
41
Manawatū – Whanganui
Wellington Region
43
1
Marlborough
Canterbury
1
Otago
3
1
Bay of Plenty
111
11
Nelson – Tasman
1
1
1
32
Half Year Report 2026
5 0

Bay of Plenty
PORT
PHILLIP
BASS STRAIT
Greater
Geelong
Western
Melbourne
North Eastern
Melbourne
Eastern
Melbourne
Southern Melbourne
Frankston-Mornington
Bayside
Chirnside Park
Mornington
Cranbourne North
Oakleigh South
Mernda
MELBOURNE
Torquay
Drysdale
WESTERN
AUSTRALIA
Victoria
3
4
5 1

Half Year Report 2026
Company
Information
Registered offices
New Zealand
Level 27, Majestic Centre,
100 Willis Street
Wellington 6011,
PO Box 5187,
Wellington 6140
Phone: +64 4 894 7320
Email: reception@summerset.co.nz
www.summerset.co.nz
Australia
Deutsche Bank Place,
Level 4, 126 Phillip Street,
Sydney, NSW, 2000
Auditor
PwC
Solicitor
Russell McVeagh
Bankers
ANZ Bank New Zealand Limited
Australia and New Zealand Banking Group Limited
Bank of China (New Zealand) Limited
Bank of New Zealand
China Construction Bank (New Zealand Limited)
Commonwealth Bank of Australia
Industrial and Commercial Bank of China Limited
Metrics Credit Partners Diversified Australian Senior
Loan Fund
National Australia Bank Limited
Westpac New Zealand Limited
Westpac Banking Corporation 
Statutory Supervisor
Public Trust
Bond Supervisor
The New Zealand Guardian Trust
Company Limited
Share Registrar
MUFG Pension & Market Services,
PO Box 91976, Auckland 1142,
New Zealand
Phone: +64 9 375 5998
Email: enquiries.nz@cm.mpms.mufg.com
Directors
Mark Verbiest
Dr Marie Bismark
Stephen Bull
Venasio-Lorenzo Crawley
Fiona Oliver
Gráinne Troute
Dr Andrew Wong
Company Secretary
Robyn Heyman
5 2

5 3

Half Year Report 2026
Glossary of
Terms
TermDefinition
Broadacre siteA broadacre site refers to a large area of land which can be used for large scale projects. In Summerset’s
case, we typically select sites of 8–10 hectares where we can build 220–250 villas as well as a village
centre building with care centre.
Care bedA bed/room at Summerset that allows a resident to have rest home, hospital or dementia level care.
Care EBITDACare fees from providing care (e.g. rest home and hospital care), DMFs from care units and realised
resale gain from care units less costs of operating the care centres. This excludes any allocation of head
office cost.
Care suiteRest home, hospital or dementia level care rooms/apartments that are subject to an ORA with a DMF.
Care suites are typically larger than a standard care room.
Care centreThe area in a Summerset village where Summerset provides care to residents with a team of 24/7
registered nurses and caregivers. Rest home, hospital and dementia level care or other specialist care is
provided in the care centre (subject to availability).
Cash flow
from existing
operations (CFEO)
Non-GAAP financial measure used by Summerset to monitor financial performance. Includes net cash
flows from resales (net receipts from resales, refurbishment costs and sales and marketing costs related
to resales), net cash flows from village operations (village and care fees plus payments to village
suppliers and employees), other village cash flows (receipts for care bed conversions, refurbishment
costs and other village capex) plus cash flows relating to the existing business within head office
suppliers and employees, head office capex and interest received.
Completed villageVillages where all units, the care centre and common facilities have been completed and delivered.
Continuum-of-
care
The ongoing levels/progression of care offered by Summerset to our residents. Summerset's model is
to provide options for our residents should their health needs change. This means residents can move
from an independent home or apartment into care within the same village (subject to availability and
eligibility criteria).
Deferred
management
fee (DMF)
This is the fee charged by Summerset to residents in our villages under their ORA (the standard rate
is 25% (Australia) and 30% (NZ) of the ORA price, which accumulates over a five-year period). The
calculated DMF which is applicable in each case is deducted from the amount repaid to the outgoing
resident upon resale of the unit. The DMF is in consideration for the right to accommodation and the use
of communal facilities over the entire length of a resident's stay.
Developing villageThese are Summerset villages that have commenced construction or are still in the construction
phase. Some developing villages may be open to residents.
Development
margin
This is calculated using the first ORA sales receipt for the applicable unit, less the cost for developing
the applicable unit sold under ORA. Costs incorporate the land cost, share of infrastructure costs, direct
costs, share of other costs (e.g. landscaping), management fees and interest costs. The development
margin excludes recreation and administration facility costs and care centre costs (for non-ORA units).
FYRefers to Summerset's financial year (1 January–31 December).
HYRefers to Summerset's financial half year (1 January–30 June).
Hospital-level careThis refers to a higher level of care offered to residents in our care centres that provide nursing care 24
hours a day to residents who require full-time assistance.
Independent
resident
Residents who live in a Summerset village with minimal or no care or assistance required. Some
independent residents may have a services agreement, which provides additional support such as
personal services, meals, housekeeping or laundry, in addition to their ORA depending on their
individual circumstances.
5 4

TermDefinition
Land bankThis refers to land purchased by Summerset that it has available to build on and grow future or
ongoing developments.
Memory careThis refers to an increased level of care for residents with dementia.  Memory care has been developed
to enable people living with dementia to continue to lead active lives in a safe and homely environment.
Some villages have secure memory care centres for residents who require this level of care.
Net Tangible
Assets (NTA)
per share
This refers to Summerset’s total assets minus intangible assets and total liabilities divided by shares
on issue.
New villageA new village registered or being commissioned by Summerset.  A new village will often be under
construction, where brand new homes are being sold to new residents.
Occupation right
agreement (ORA)
This is the principal agreement that Summerset has with the majority of residents who occupy a home
in our villages.  An occupation right agreement within the meaning of the Retirement Villages Act
2003 (for villages in New Zealand) or a residence management contract within the meaning of the
Retirement Villages Act 1986 (Vic) (for villages in Australia) gives residents the right to live in a home at
their Summerset village, and outlines the terms and conditions of their residency.
Proposed villageA planned Summerset village where resource consent has not yet been granted and construction has
not yet started.
Realised
resale gain
The difference in resale unit sales price between the incoming resident and the previous resident. This
excludes DMF (shown separately) and forms part of underlying profit and annuity EBITDA.
Resale villageA completed Summerset village where all homes have been sold. A resale village typically would be
reselling homes under an ORA as residents leave.
ResidentAny person who lives at a Summerset village independently, in a serviced apartment or care room under
a contract with Summerset.
Rest home-
level care
An increased level of care offered to our residents with care provided to residents by our caregivers
with oversight of registered nurses. Depending on a resident's needs this can include daily personal care
and meals.
Serviced
apartment (NZ)/
Assisted living
apartment (AU)
An apartment in a Summerset village that requires the resident to hold an ORA and receive support
services as part of their living arrangement. The term Assisted living apartment is used in Australia for
Summerset apartments that include supported living services and are sold under an ORA.
Uncontracted
stock
Summerset retirement village homes that are for sale and not currently under a contract for occupation
or sale.
Underlying profitNon-GAAP financial measure used by Summerset to monitor financial performance and determine
dividend distributions. It is calculated by making the following adjustments to reported net profit after
tax: Removing the change in fair value in investment properties, removing any impairment, removing
non-operating one-off items, adding back realised gains from resales, adding back realised development
margin from new sales, removing the deferred taxation component of taxation expense so only the
current tax expense is reflected.
Village centreThis is sometimes referred to as the main building, and generally is the communal two- to three-storey
building in the village which can include the care centre, serviced apartments, staff offices and resident
amenities such as the libary, café, theatre and pool.
Weekly feesFees residents pay towards the costs of running the village, such as staffing, insurance, applicable
council rates, maintenance, landscaping and rubbish removal at their Summerset village.
5 5

Inside back cover: Summerset’s professional and dedicated staff provide a welcoming and supportive
environment to all village residents

The text of this document is printed on Royal Offset HB 100gsm FSC mix
paper from responsible sources, cover is 350gsm Satin FSC ® Mix board from
responsible sources printed using vegetable oil inks and manufactured under
a strict ISO14001 Environmental Management System.

summerset.co.nz
summerset.com.au

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Results for announcement to the market
Name of issuer Summerset Group Holdings Limited
Reporting Period 6 months to 30 June 2026
Previous Reporting Period 6 months to 30 June 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $200,251 15.7%
Total Revenue $200,251 15.7%
Net profit/(loss) from continuing operations $171,439 91.7%
Total net profit/(loss) $171,439 91.7%
Underlying profit $103,445 (3.0%)
Interim/Final Dividend
Amount per Quoted Equity Security $ 0.038 per Ordinary Share
Imputed amount per Quoted Equity
Security
Not imputed
Record Date Thursday, 10/09/2026
Dividend Payment Date Wednesday, 23/09/2026
Current period Prior comparable period
Net tangible assets per Quoted Equity
Security (in dollars and cents per security)
$14.41 $12.92
A brief explanation of any of the figures
above necessary to enable the figures to
be understood
See also other attached documents (half year
report, media release, results presentation and
distribution notice).
Authority for this announcement
Name of person

authorised to make this
announcement
Robyn Heyman
Contact person for this announcement Robyn Heyman
Contact phone number +64 27 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

Thursday, 27/08/2026

Unaudited financial statements accompany this announcement.

---

Template
Distribution Notice

Updated as at May 2026



Please note:
1) All cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)
2) All dates included are New Zealand business days

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Section 1: Issuer information
Name of issuer Summerset Group Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SUM
ISIN (If unknown, check on NZX
website)
NZSUME0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date Thursday, 10/09/2026
Ex-Date (one business day before the
Record Date)
Wednesday, 09/09/2026
Payment date (and allotment date for
DRP)
Wednesday, 23/09/2026
Total monies associated with the
distribution
1

$9,286,125.70200000
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.03800000
Gross taxable amount
3
$ 0.03800000
Total cash distribution
4
$ 0.03800000
Excluded amount (applicable to listed
PIEs)
$ 0.00000000
Supplementary distribution amount $ 0.00000000

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.

Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

% N/A
Imputation tax credits per financial
product
$ N/A
Resident Withholding Tax per
financial product
$ 0.01254000
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
Friday, 11/09/2026 Thursday, 17/09/2026
Date strike price to be announced (if
not available at this time)
Friday, 18/09/2026
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
$ TBA
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
Friday, 11/09/2026
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number +64 27 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

Thursday, 27/08/2026






5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.



6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Bringing the best of life
1H26 Results presentation
$103.4m
Underlying profit
$14.41
NTA per share
$9.8b
Total assets
$31.0m
CFEO
Summerset builds, owns and operates retirement villages and aged care
centres across New Zealand and Australia
NZX: SUM | ASX: SNZ
Summerset Group Holdings Ltd
For the six months ended 30 June 2026

2
HALF YEAR REPORT 2026
DIVERSIFIED PORTFOLIO THROUGHOUT NEW ZEALAND AND AUSTRALIA
Our residentsOur peopleOur villages
10,000+
Residents
1H25: 9,100+
3,300+
Team members
1H25: 3,100+
9,154
Portfolio (units)
1H25: 8,304
91%
Resident satisfaction score
1H25: 93%
8.1
Engagement score
1H25: 8.2
95%
Occupancy
1H25: 95%
82.4 years
Average entry age
1H25: 81.3
81%
Staff retention
1H25: 82%
6,021
Land bank
1H25: 7,124
Summerset overview
Summerset Blenheim (Marlborough, New Zealand)

HALF YEAR REPORT 2026
3
AGENDA
Welcome
01
1H26 INVESTOR HIGHLIGHTS
02
VILLAGE DEVELOPMENT
03
SALES PERFORMANCE
04
FINANCIAL PERFORMANCE
05
FY26 GUIDANCE
06
QUESTIONS
07
APPENDIX

01.
Serviced Apartment, Summerset Waikanae (Kāpiti Coast, New Zealand)
1H26 investor highlights
Scott Scoullar, Chief Executive Officer

HALF YEAR REPORT 2026
5
Strong business performance in challenging market, operating returns growing quickly
Sales up 17% on 1H25, lowest uncontracted resale stock since 1H22, CFEO up significantly to $31.0m (from $7.9m in 1H25)
Brand remains a key strength
Summerset is New Zealand’s strongest retirement village brand, named most trusted aged care and retirement village
brand by Reader’s Digest
Strong cost discipline delivered with further opportunity to drive efficiencies
$30m to $40m cost saving programme underway, corporate overheads per unit down 6% since FY25
Capital management settings updated to support business resilience
Targeting net debt below $1.9b and gearing of 33% by the end of 2027. Target debt range reduced to between $1.75b and
$2.25b
Key changes made to DMF and dividends to optimise shareholder returns
Carefully managed lift in DMF to 30% for NZ villages now in place, dividend policy updated to be 20% to 60% of CFEO
Summerset is New Zealand’s fastest growing RV developer
Disciplined approach to continue – incremental growth in deliveries reduced by 150 units per annum, now holding group
build rate at 600 to 700 homes per annum over medium-term
Australian expansion to continue as planned
Second village, Chirnside Park, opened in August, first care centre at Cranbourne North open. Third village, Oakleigh South,
on track for FY27 opening
Key messages
IMPROVING OPERATING RETURNS SUPPORT THE BUSINESS IN DELIVERING RESILIENT GROWTH,
NEW TARGETS ANNOUNCED TO DRIVE PERFORMANCE THROUGH FY27
Delivering on our priorities
Strengthening operating
performance
Balance sheet optimisation
Disciplined, consistent
growth

HALF YEAR REPORT 2026
6
1H26 financial highlights
IMPROVING OPERATING PERFORMANCE IN CHALLENGING MARKET CONDITIONS DEMONSTRATES
STRONG BUSINESS FUNDAMENTALS FOCUSED ON POSITIVE RETURNS FOR SHAREHOLDERS
1H26 highlights
Strengthening operating
performance
Balance sheet optimisation
Disciplined, consistent
growth
$84.1m$103.4m
13.4%
$31.0m $14.41
36.9%
481398415
Annuity EBITDA
Underlying profit* Operating margin
DeliveriesNew sales
Resales
CFEO*NTA per share
Gearing
1H25: $63.0m
1H25: $106.6m
1H25: 6.6%
1H25: 334
1H25: 3541H25: 338
1H25: $7.9m
1H25: $12.92**
1H25: 37.2%**
34%3%680bps
30bps
12%291%
44%12%23%
* Underlying profit and CFEO are classified as non-GAA P, meaning they do not adhe re to a stan dardised definition unde r GAA P. Non-GAA P measures are presented to assist investor s in unde rstand ing Summerset's performan ce. They
may not be comparable to simila r financial information presented by other entities. ** FV of investment prop erty for 1H25 has been restate d (see slide 20 of the supplementary information pack for details)

7
HALF YEAR REPORT 2026
1H26 highlights
SUMMERSET’S BRAND IS A CLEAR STRENGTH – VOTED NEW ZEALAND’S MOST TRUSTED AGED CARE
AND RETIREMENT VILLAGE BRAND 2026 BY READER’S DIGEST
1H26 highlights
•Named New Zealand’s most Trusted Brand – Aged Care &
Retirement Villages 2026 by Reader’s Digest
•Awarded silver from the Public Relations Institute of New
Zealand (PRINZ) for our Shared Promise (EVP) launch
•Summerset brand continues to lead consideration and
preference over competitors
•St Johns recognised for ‘Excellence in workmanship,
construction and innovation’ at the New Zealand Commercial
Project Awards 2026
•Opened four new main buildings in New Zealand and Australia
•Winner of the Residential Design Award at the 2026 NZ Timber
Design Awards for excellence in innovative timber design on
Milldale’s new main building
•Opened fully refurbished Care Centre at Summerset Levin
Main building , Cranbou rne No rth
Commu nica tion s, Silve r a t PRINZ A war ds
Main building op ening, Cra nbourn e North
Mountain View, finalist at RV A S ustaina bility Awards
St John s, Gold at NZ Commercial Project A war ds

HALF YEAR REPORT 2026
8
✓Deferred management fees lifted to 30% for all NZ units
✓Cost efficiency programme ongoing and FY26
corporate overheads expected to be flat year on year
Value creation initiatives
IMPROVING OPERATING PERFORMANCE AND CLEAR TARGETS SUPPORT A DISCIPLINED APPROACH
TO GROWTH, WITH ONGOING RESILIENCE EMBEDDED IN THE BUSINESS
FY27 targets
Strengthening operating performance
Balance sheet optimisation
Disciplined, consistent growth
1
2
3
✓Release cash from development assets through the sale
of delivered new sale stock
✓Holding group build rate at 600 to 700 units per annum
✓Divest non-core land or uneconomic sites
✓Reduce target net debt range to $1.75b to $2.25b
✓Align dividend policy to cash flow from existing
operations

FY27 Targets*
Operating targets
Balance sheet targets
Capital management targets
Group operating margin
Group deliveries
Gearing
Net debt
15% to 20%
FY25: 7.8%
Cash flow from existing operations
$70m to $90m
FY25: $32.3m
Care EBITDA per bed
$20k to $25k
FY25: $13.5k
$30m to $40m
savings
Cost out programme
600 to 700
per annum
-
Under $1.9b
-
* Pr ojection s based on current opera ting conditions th at may b e subje ct to change , and exclude abnor ma l items (if any)
33%
-FY25: 37.1%

HALF YEAR REPORT 2026
9
$7.9k
$18.7k
$21.2k
1H252H251H26
GROWING EARNINGS AND IMPROVING OPERATING LEVERAGE TO CONTINUE AS STRATEGIC
INITIATIVES DRIVE PERFORMANCE AND LIFT SHAREHOLDER RETURNS
Initiative one - Strengthening operating performance
What we have delivered
Annuity EBITDA
Growth in earnings to continue
•Summerset is committed to actions that improve portfolio
economics and operating returns under a wider range of
operating scenarios
•Our efforts have delivered Annuity EBITDA growth of 13.2%
CAGR over five years as the portfolio has matured and
occupancy lifted
•Targeting $30m-$40m in medium term savings with
c.$26m identified to date through efficiencies, structural
initiatives and procurement savings
•Operating margin continues to lift, now $26.7m, up from
$11.3m at 1H25
•Care EBITDA per bed has increased from $7.9k in 1H25 to
$21.2k in 1H26, now within target range of $20k to $25k
•Future uplift expected, primarily due to:
•Occupancy lifting in new villages
•DMF increased to 30% in New Zealand villages,
expected to generate c.$35m of additional cashflow
over the next five years
•FY26 corporate overheads to stay flat relative to FY25
Care EBITDA per bed*
Target range of $20k to $25k
* Care EBITDA pe r b ed equals annualised Care EBITDA divided by the avera ge opening an d closing care units
$11.3m
$16.7m
$26.7m
$49.1m
$55.4m
$56.4m
$2.5m
$2.6m
$1.0m
$63.0m
$74.7m
$84.1m
1H252H251H26
Operating marginRealised resale gainsInterest and other revenue

HALF YEAR REPORT 2026
10
7692959596798510285899910010991
Summerset
Initiative one - Strengthening operating performance
What we have delivered
External efficiency review comparators – NZ and Australia
Corporate overheads per unit (rolling 12m)
Overhead efficiency
•Clear focus on overhead efficiency in 1H26, contributing
to an overall lift in operating performance
•Corporate overheads per unit now $9.5k, having
reduced by 6% since FY25, or 7%* in real terms
•Actions completed to date have secured over $10m of
cost savings with c.$4.0m realised in FY26
•Independent benchmarking confirmed Summerset is
operating efficiently relative to peers, but additional
improvements can be achieved
•Future initiatives to align with top quartile will require
investment. Opportunities relating to digital
transformation, robotic automation and AI are in early
scoping phase
•Initiatives predominantly focus on non resident facing
opportunities - resident experience not to be impacted
Median 92
Top quartile 85
Less efficie nt
Healthcare
comparators
Property
comparators
Care focused
comparators
RV focused
comparators
CORPORATE COST DISCIPLINE LIFTING OPERATING RETURNS, FURTHER SCOPE TO DRIVE
EFFICIENCIES OVER THE MEDIUM-TERM
* Normalised for annual change in CPI (p er Sta ts NZ)
Provided by exter nal 3
rd
party consultants as part of a wider efficiency re view, u sing pu blicly available information
More efficient
$5.7k
$5.9k
$5.7k
$6.5k
$7.1k
$6.6k
$3.2k
$3.2k
$2.7k
$2.7k
$3.0k
$2.9k
$9.0k
$9.1k
$8.3k
$9.2k
$10.1k
$9.5k
2H231H242H241H252H251H26
Core corporate overheadsSales and marketing

HALF YEAR REPORT 2026
11
692
729
693
FY23FY24FY25FY26FY27FY28
Current delivery programmeFY25 disclosure
Initiative two - Balance sheet optimisation
DELIVERY PROGRAMME SET, SUMMERSET TO RETAIN POSITION AS FASTEST GROWING NZ
OPERATOR WITH DEEPER RESILIENCE AND MATURITY BUILT INTO BALANCE SHEET SETTINGS
Stable, more flexible delivery platform
•Peak construction capex period across FY23 and FY25
now complete (circa $470m to $500m per annum)
•Key contributors being St Johns and Boulcott villages,
and main buildings at Cambridge, Cranbourne North,
Waikanae, Whangārei, Blenheim, Prebbleton and
Milldale
•Forecast FY26 and FY27 capital expenditure expected to
be between $350m and $425m per annum across New
Zealand and Australia
•Incremental growth in deliveries reduced by 150 units per
annum, now holding group build rate steady at 600 to
700 homes per annum over medium-term
•Will remain the fastest-growing retirement village
operator in New Zealand, while balancing growth with
stronger cash generation and lower leverage
•Our land bank, existing development pipeline and funding
capacity provide optionality to accelerate growth again
when market conditions improve
Group build rate to remain between 600 and 700 per annum
* Pr ojection s based on current opera ting conditions th at may b e subje ct to change , and exclude abnor ma l items (if any)
Construction
capex (CFDA)
FY23FY24FY25
FY26 FY27
(forecast)(forecast)
Civils$85m$60m$65m$55m-$65m$55m-$65m
Villas$152m$130m$80m$105m-$120m$100m-$115m
Metro villages$146m$185m$90m$80m-$90m$70m-$90m
Main buildings$72m$92m$235m$130m-$140m$115m-$145m
Other$12m$24m$25mc.$15mc.$10m
Total$467m$491m$494m$375m - $425m$350m - $425m

HALF YEAR REPORT 2026
12
Initiative two - Balance sheet optimisation
What we have delivered
Value of closing new sale stock
STABILISED BUILD RATE WILL ALLOW FOR SELL THROUGH OF NEW SALE STOCK IN FUTURE
PERIODS, SPEED OF SALES WILL ACCELERATE AS MACROECONOMIC CONDITIONS IMPROVE
Cash release from stock
•While sales continue to be strong, Summerset’s delivery
programme and broader macroeconomic conditions
have driven an increase in the value of closing new sale
stock since FY23
•This lift primarily relates to high value units at St Johns and
Boulcott, and serviced apartments and care units within
the main buildings delivered over the past three years
•Holding future build rate steady provides the opportunity
to sell down this stock
•This will provide flexibility for debt reduction and
disciplined future capital investment decisions
•Opportunity to release between $300m and $350m in
value as stock reduces back to normalised levels
$427.0m
$459.8m
$683.0m
$710.1m
$813.4m
$792.0m
2H231H242H241H252H251H26
$300 m to $350m ca sh opp ortunity in new sale sto ck reduction

HALF YEAR REPORT 2026
13
Balance sheet capacity
BALANCE SHEET RESILIENCE INCREASING, LONG-TERM GROWTH FLEXIBILITY STRENGTHENED IN
LINE WITH UPDATES TO CAPITAL MANAGEMENT SETTINGS
Initiative three - Disciplined, consistent growth
Funding
Stock
Capital settings updated
Future growth leversDevelopment optionality
▪Strong funding relationships with
c.$560m of available capacity
▪Significant covenant headroom in place
▪Inventory sell-down supports cash
release
▪Dividend of 20% to 60% of CFEO
▪Target net debt range of $1.75b to $2.25b
Land bank
Development management
▪Large NZ and Australian pipeline - c.6,000
units in land bank
▪Broadacre land bank supports ability to
deliver to demand
▪Experienced in-house development
platform, delivering strong financial
returns, in New Zealand
▪Now implementing same approach in
Australia, starting in Torquay
Deliveries
Land acquisitions
Operating leverage
▪Consistent, sustainable growth with
flexibility to adapt to market conditions
▪Bring forward land acquisitions in NZ and
Australia
▪Improved operating leverage and returns
▪Technology improvements in early
scoping phase
High quality execution
Why we are confident
✓Growing recurring cash flow
✓Strong demographic tailwinds
✓Customer satisfaction and brand
✓Significant existing land bank
✓Proven execution capability
✓Improving balance sheet capacity

Main Building, Summerset Blenheim (Marlborough, New Zealand)
02.
Village development
Scott Scoullar, Chief Executive Officer