Vital Healthcare Property Trust · NZX:VHP
Vital Healthcare Property Trust — H1 2026 Earnings Presentation
37 slides from Vital Healthcare Property Trust's earnings presentation, Feb 19, 2026
Slide 1: HY26 Interim Results Presentation
HY26 Interim Results Presentation Positioned for the future 19 FEBRUARY 2026 Wakefield Hospital, Wellington
Slide 2: Contents and Presenters
Contents Sector fundamentals 3 HY26 Highlights 4 Financial results and capital management 7 Presenters Portfolio 13 Developments 16 Chris Adams CHIEF EXECUTIVE OFFICER Positioned for the future 22 Appendices 24 Michael Groth CHIEF FINANCIAL OFFICER All amounts are in NZD unless otherwise shown VITAL
Slide 3: Fundamentals strong, Vital and operating partners well positioned
Fundamentals strong, Vital and operating partners well positioned Tailwinds for Healthcare Investing Vital’s unique offering Strength of Vital’s key operating partners 1 Demographics – ageing and growing population Only specialist Improved operator healthcare landlord margins listed on NZX 2 Growth
Slide 4: HY26 Highlights
HY26 Highlights Boulcott Hospital, Wellington
Slide 5: HY26 operational highlights
HY26 operational highlights NON-CORE ASSET SALES AND DEVELOPMENTS HAVE FURTHER ENHANCED THE QUALITY OF THE PORTFOLIO 9.75cpu 50.0% FOREC AS T A N N UA L DIS TRI BUTION H O S P I TA L O P E R AT O R RENT/E B I T D A R N O W AT V I TA L' S B E N C H M A R K $97.9m 99.0% occupancy A S S E T S A L E S O
Slide 6: Internalisation now implemented
Internalisation now implemented Successfully completed Financial Enhanced governance framework on 31 December 2025 � Pro-forma AFFO and value accretive1 � Single accountable governance model � Full value of Vital’s growth opportunity retained, � Vital Board has complete oversight of removing acquisi
Slide 7: Financial results and capital management
Financial results and capital management GenesisCare Integrated Cancer and Health Centre, Sydney
Slide 8: Strong net property income and AFFO growth
Strong net property income and AFFO growth HY26 HY25 (%) C HA N GE NET PROPERT Y INCOME GROW TH Net property income Corporate expenses 77,814 (2,273) 74,308 (2,984) 4.7% (23.8%) 4.7% Management fees (8,884) (8,888) 0.0% A F F O ( C P U ) G R O W T H / PAYO U T R A T I O Strategic and internalisation
Slide 9: 4.0% NPI like-for-like growth due to leasing and rent reviews
4.0% NPI like-for-like growth due to leasing and rent reviews Rent Reviews and Leasing Activity Up $2.8m versus HY25 due to rent reviews and improvements in portfolio occupancy N E T P R O P ER T Y IN C O M E B R ID GE Income from developments ($M) Includes projects rentalised as 4.7% growth (incl.
Slide 10: Solid balance sheet maintained, gearing reduced
Solid balance sheet maintained, gearing reduced 5.49% WACR � Tightened 5bps versus H Y26 FY25 (%)C HA N GE 30 June 2025 Investment properties1 3,354,524 3,211,860 4.4% � 36% of stabilised properties by value, independently valued Other assets 108,506 36,232 Large Bank debt 1,373,480 1,368,449 0.4% 3
Slide 11: Vital's debt is supported by income which is transparent, long dated and defensive
Vital's debt is supported by income which is transparent, long dated and defensive BANK FACILITIES HY26 FY25 GEA R I N G - T R UST D EED I NT E R E ST COVE R Debt to gross assets (Trust Deed) 39.7% 42.1% Bank loan to value ratio – actual Bank loan to value ratio – covenant 42.3% 55.0% 43.6% 55.0% 39
Slide 12: Interest rate costs substantially hedged to help manage risk
Interest rate costs substantially hedged to help manage risk 3.45% 3.49% HE DG E D AT 31 DE CE MB E R 2025 3.52% 85% at 3.52% 3.55% 85% 78% HE DG E D AT 30 JUNE 2026 Hedged Hedged 69% Hedged 4.37% 42% 78% at 3.45% Hedged 0.00% HEDGED AT 30 JUNE 2027 3% Hedged 0% Hedged HY26 FY26 FY27 FY28 FY29 FY30
Slide 13: Portfolio
Portfolio Ormiston Hospital, Auckland
Slide 14: Vital's tenants include some of the largest healthcare operators across New Zealand and Australia
Vital's tenants include some of the largest healthcare operators across New Zealand and Australia CPI aligned leases support income growth G EO G RAP H IC D IV ERS IFIC ATIO N (BY VALUE) MA J O R T E NANTS % OF 99.0% ~73% of leases have fixed or CPI rent reviews with ~26% of leases PO RT FO LIO INCO
Slide 15: Asset management continues to achieve results
Asset management Market rent reviews accounting for 8% of continues to achieve results Vital's total income were completed during HY26, resulting in an overall increase of During HY26, over 23,500 square metres were leased, extended or renewed through active 1.4% with no reductions recorded. asset m
Slide 16: Developments
Developments Endoscopy Auckland (Kipling Ave), Auckland
Slide 17: Development strategy
Development strategy Strategy Achievements Current focus Continue to develop through Three developments completed Vital has shovel ready projects the cycle to enhance in HY26 and RDX completed across New Zealand and Australia Vital’s portfolio, support post balance date. which can commence once mark
Slide 18: Committed development pipeline
Committed development pipeline $257.9m1 Committed developments $63.7m1 Remaining to be spent 1 Includes activation of Coomera Health Campus Stage 1 Endoscopy Auckland (Kipling Ave), Auckland VITAL HEALTHCARE PROPERTY TRUST | INTERIM RESULTS HY26 | 18
Slide 19: RDX, Gold Coast
RDX, Gold Coast Practical A$134.2m 26 Completion Total cost excl. land achieved in February 2026 Premium Precinct Asset � State-of-the-art 6 Star Green Star design rated facility; features include all electric building powered by renewable energy, reduced embodied carbon and EV charging � Located ad
Slide 20: Coomera Health Precinct Stage 1
Coomera Health Precinct Stage 1 A$46.6m 27 Mid-2027 Total cost excl land forecast practical completion Premium Precinct Asset � Strategically located within the Coomera growth corridor, opposite Queensland Health’s planned ~AU$2.3bn, 600-bed Coomera Public Hospital (forecast completion 2031). � Stag
Slide 21: Developments completed during HY26
Developments completed during HY26 Wakefield Hospital - Stage 2a / Level 5 Ward Boulcott Hospital Expansion Endoscopy Auckland (22-24 Kipling Ave) Asset Type Hospital (Acute) Asset Type Hospital (Acute) Asset Type Ambulatory Care Total Cost Stage 2a - $91.5m Total Cost $24.8m Total Cost $32.2m Level
Slide 22: Positioned for the future
Positioned for the future Ka pū te ruha, ka hao te rangatahi As the old net wanes, another is remade Avive Clinic, Mornington Peninsula
Slide 23: Outlook and guidance
Outlook and guidance Sector tailwinds and Guidance Vital's unique offering Strategic focus FY26 distribution Unit Holders benefit from a low risk portfolio: high Successful implementation of separation Disciplined focus on the balance sheet guidance of 9.75cpu income security, high occupancy, long W
Slide 24: Appendices
Appendices Ormiston Hospital, Auckland
Slide 25: Sustainability
Sustainability Green Star First Tenant relationships strengthened Endoscopy Auckland (Kipling Ave) was recently awarded a 5 During the half year, a range of portfolio- Star Green Star Design rating under the NZGBC Green Star wide initiatives took place including a Design and As Built v1.0, becoming
Slide 26: Committed developments – New Zealand and Australia
Committed developments – New Zealand and Australia developments enhance earnings growth and improve asset quality ALL VALUES SHOWN IN $M DESCRIPTION OF WORKS DEVELOPMENT LAND SPEND COST TO FORECAST FORECAST STATUS COST1 VALUE TO DATE COMPLETE NET RETURN COMPLETION DATE Australia GCHKP - RDX (QLD) 9
Slide 27: Adjusted funds from operations (AFFO) prudent payout ratio retained
Adjusted funds from operations (AFFO) prudent payout ratio retained HY26 HY25 (%) C HA N GE Operating profit before tax and other income Add/(deduct): (172,072) 36,475 Large 13.7% Current tax expense (5,194) (9,920) (47.6%) A F F O ( C P U ) G R OW T H Strategic transaction expenses 213,939 2,862 La
Slide 28: Net tangible assets reduction led by equity raise and internalisation payment
Net tangible assets reduction led by equity raise and internalisation payment NTA P E R UNIT BRIDG E (HY26) N E T TA N G I B L E ASS E T S P E R U N I T D OW N 23 C E N T S TO $2.34 $2.70 $0.10 ($0.07) $2.60 ($0.23) $0.02 $0.05 $2.50 $2.47 N TA P E R U N I T I M PAC T E D BY: $2.40 � $33.9m unrealis
Slide 29: Strong CPI linked healthcare portfolio and cap rate stabilisation
Strong CPI linked healthcare portfolio and cap rate stabilisation TOTA L P O RTFO LIO VA LU E BRI DGE (H Y26) ($M) WAC R – P O R T F O L I O +161 3,355 T I G H T E N E D 5 B AS I S P O I N T S 3,350 3,250 +40 +40 (98) 5.49% 3,212 +0 3,150 WAC R – A U ST R A L I A T I G H T E N E D 7 B AS I S P O I N
Slide 30: Vital maintains long-term outperformance vs benchmark on a total return basis
Vital maintains long-term outperformance vs benchmark on a total return1 basis TOTAL RETURN 1 TO 31 DECEMBER 2025 1YR 5YR (P.A.) 10YR (P.A.) SINCE 2004 (P.A.) 2 VHP 14.7% (5.6%) 4.8% 9.5% S&P/NZX All Real Estate Index 12.7% (1.6%) 4.9% 7.0% Vital’s performance vs NZX REIT 2.0% (4.0%) (0.1%) 2.5% V H
Slide 31: ~$3.4bn portfolio of healthcare real estate
~$3.4bn portfolio of healthcare real estate comprising 33 investment properties and ~2,000 licensed beds CLICK ON ONE O F THE UNDERLINED PROPERTIES TO SEE A FLY-THROUGH OF THAT PROPERT Y Western Australia (2) Queensland (2) Abbotsford Private Hospital New South Wales (6) Auckland (5) Belmont Private
Slide 32: Low risk lease expiry profile supports sustainable, predictable and defensive cash flows
Low risk lease expiry profile supports sustainable, predictable and defensive cash flows 10.0% 1.83% Percentage of portfolio (by income) 7.5% 10-year average annual lease expiry (as % of total portfolio income) 5.0% CY26 EXPIRIES 1.83% 2.5% Total potential expiries of $1.67m or 1.0% of 0.0% annual r
Slide 33: Rent reviews undertaken in HY26
Rent reviews undertaken in HY26 C OMP LE T E D R E N T R E V IE W S D U R ING T H E H Y26 RES ULTED IN AN UP LIFT IN FAC E RENTS O F 2.6% Jun-25 Rent p.a Dec-25 Rent p.a Increase Annualised Growth # (NZD) (NZD) (NZD) (Constant Currency) Rent reviews have been completed Australia AUS 40 20,236,493 20
Slide 34: 5 Year trends highlight portfolio strength
5 Year trends highlight portfolio strength and continue to long-term performance O C C UPANC Y WALE 100% 20 99.2% 98.6% 99.0% 98.8% 98.9% 19.0 99% 19 18.7 18.5 18.2 98.0% 98% 18 17.6 17.8 YEARS 97% 17 Long-term track record of maintaining 96% ~99.0% occupancy 16 95% 15 2021 2022 2023 2024 2025 HY26
Slide 35: Glossary
Glossary AFFO Adjusted Funds From Operations is an alternate measure used for assessing distributable income. Essentially adjusts net profit after tax for non-cash/non-recurring items (i.e. NDI) then makes adjustments for items such as maintenance capex. Cap Rate Capitalisation Rate. Generally calcu
Slide 36: Disclaimer
Disclaimer This document has been prepared by Vital Healthcare Properties Management Limited (the Manager) as manager of the Vital Healthcare Property Trust (the Trust). This document provides general information only and is not intended as investment, legal, tax, financial product or financial advi
Slide 37: Thank you
Thank you www.vhpt.co.nz Endoscopy Auckland (Kipling Ave), Auckland
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