Healthco Healthcare & Wellness Reit · ASX:HCW
Healthco Healthcare & Wellness Reit — H1 FY2026 Earnings Presentation
26 slides from Healthco Healthcare & Wellness Reit's earnings presentation, Feb 17, 2026
Slide 1: 1H FY26 Results Presentation
HealthCo Healthcare & Wellness REIT 1H FY26 Results Presentation 17 February 2026
Slide 2: Agenda
Agenda 01 02 03 04 05 06 Results Healthscope Portfolio Development Financial Outlook Overview Update Update Pipeline Results Christian Soberg Sid Sharma HCW HMC Capital Fund Manager Managing Director, Real Estate 2
Slide 3: Acknowledgement of Country
Acknowledgement of Country HealthCo acknowledges the Traditional Custodians of Country throughout Australia and celebrates their diverse culture and connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait
Slide 4: Results Overview
01 Results Overview 4 Morayfield Health Hub (Brisbane)
Slide 5: 1H FY26 Highlights
1H FY26 Highlights Strong portfolio performance while advancing the path to a resolution for the Healthscope situation Financials Capital management Portfolio Operations 2.2 cents 28.5% $1.4bn 100% FFO/unit Gearing1 Portfolio valuation Rent collection -2.0cpu vs 1H FY25 Below target range $26.8m $77
Slide 6: Healthscope Update
02 Healthscope Update 6 Nepean Private Hospital (Sydney)
Slide 7: Healthscope portfolio overview
Healthscope portfolio overview 100% of all rent due, up to and including Feb-26, has been paid Portfolio summary1 Portfolio overview2 Northpark (VIC) VRC (VIC) Pine Rivers (QLD) Knox (VIC) Independent valuation $1,387m HCW and 100% of UHF Portfolio cap rate 5.96% Geelong (VIC) Sydney Southwest (NSW)
Slide 8: Healthscope update
Healthscope update HCW is working to resolve the situation in a manner that is aligned with HCW’s key objective of providing continuity of service and care across all 11 hospitals HCW’s objectives Healthscope update The Landlords have executable agreements with alternative operators for all 11 hospi
Slide 9: Portfolio update
03 Portfolio update 9 Rouse Hill (Sydney)
Slide 10: Portfolio overview
Portfolio overview Diversified portfolio of private hospitals and health infrastructure assets with long lease expiry profile of 11.3 years Portfolio metrics Portfolio subsectors – income split and key tenants1,8 Number of properties1 21 65% 15% 9% 5% Portfolio valuation1 $1,370m Hospitals Primary &
Slide 11: Portfolio subsectors
Portfolio subsectors HCW’s portfolio provides exposure to healthcare subsectors that are underpinned by powerful megatrends Aged Care Nursing College and Health Hub Asset description Health Hub and Nursing College supporting Asset description Mater’s Springfield Hospital. This asset is a One of the
Slide 12: Portfolio metro locations
Portfolio metro locations 96% of the HCW portfolio is located in metro areas with strong population growth across Australia’s four largest capital cities1 Sydney2,3 Melbourne2,3 Brisbane and Gold Coast2,3 35% 33% 22% of portfolio of portfolio of portfolio Northpark Ringwood GC Ringwood Rouse Hill Me
Slide 13: Sustainability update
Sustainability update Continued progress with ESG initiatives that deliver a positive social impact Environment In line with HMC Group, the Real Estate platform is reviewing its sustainability strategy and objectives to align with the wider business evolution. We expect to provide more detail follow
Slide 14: Development Pipeline
04 Development Pipeline 14 Proxima (Gold Coast)
Slide 15: Development pipeline
Development pipeline HCW will only seek to unlock its ~$500m development pipeline1 once the Healthscope situation has been resolved and funding partners have been secured Rouse Hill (Sydney) Private Hospital Adjacent to the new $900m+ Public Hospital ~$150m 100% 6-7% Estimated capex HCW ownership Ta
Slide 16: Financial Results
05 Financial Results 16 Knox Private Hospital (Melbourne)
Slide 17: Earnings summary
Earnings summary 1H FY26 FFO of 2.2 cpu impacted by the suspension of distributions from UHF Earnings summary ($m) 1H FY25 1H FY261 Property NOI 29.4 26.8 FFO ▪ 1H FY26 FFO of 2.2 cpu affected by the non-declaration of UHF UHF distribution 10.0 - distributions Responsible entity fees (3.2) (2.8) Dis
Slide 18: Balance sheet
Balance sheet $1.4bn consolidated investment property portfolio with HCW NTA of $1.39/unit $m Jun-25 Dec-25 Investment Properties Cash and cash equivalents 40.5 52.5 ▪ Consolidated portfolio of $1.4bn6 as at Dec-25 Trade and other receivables 1.7 1.6 ▪ 70% of the portfolio independently valued, incl
Slide 19: Capital management
Capital management Gearing below the target range and compliant with all debt covenants Debt facilities summary ($m) Jun-251 Dec-25 Asset recycling update ▪ HCW settled on the sale of 5 GenesisCare facilities and Vitality Village Liquidity in 1H FY26 for aggregate proceeds of $77m Senior facilities
Slide 20: Outlook
06 Outlook 20 Sydney Southwest Private Hospital (Sydney)
Slide 21: FY26 outlook
FY26 outlook Key focus on resolving the Healthscope situation 1 Healthscope resolution ▪ HCW and UHF are working to resolve the Healthscope situation in a manner that is consistent with HCW’s key objectives − Continuity of services at all the hospitals − Ensuring that the portfolio is tenanted by we
Slide 22: Appendix: Additional information
Appendix Additional information 22 Campbelltown Private Hospital (Sydney)
Slide 23: Portfolio summary
Portfolio summary Diversified healthcare real estate portfolio with a total value of $1.4bn1 WALE Asset State Fair Value ($m) Cap Rate (%) Site Area (sqm) Occupancy3 (by income)2 Hospitals Camden NSW 98.0 5.25% 8,036 12.0 100% The Geelong Clinic VIC 38.5 6.50% 14,935 13.3 100% Northpark Private Hosp
Slide 24: Additional financial information
Additional financial information FFO reconciliation $m 1H FY25 1H FY26 Funds from operations (FFO) 23.5 12.3 FFO adjustments: Fair value movements - investment properties (11.3) (22.3) Fair value movements – derivatives (2.9) 0.7 Share of profit/(loss) of equity accounted investees 1.4 (15.8) Distri
Slide 25: Contacts
Contacts Investors and Analysts Media Christian Soberg Renee Jacob John Frey HCW HMC Capital Corporate communications Fund Manager Head of Investor Relations +61 450 417 712 +61 407 328 092 +61 411 361 361 christian.soberg@hmccapital.com.au renee.jacob@hmccapital.com.au john@brightoncomms.com.au Aut
Slide 26: Disclaimer
Disclaimer This presentation (Presentation) has been prepared by HCW Funds Management Limited (ABN 58 104 438 100, AFSL 239882) (Responsible Entity) as responsible entity of HealthCo Healthcare & Wellness REIT (652 057 639). Summary information This Presentation contains summary information about th
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