Vital Healthcare Property Trust · NZX:VHP
Vital Healthcare Property Trust — FY2026 Earnings Presentation
36 slides from Vital Healthcare Property Trust's earnings presentation, Aug 13, 2026
Slide 1: FY26 Annual Results Presentation
FY26 Annual Results Presentation Essential Healthcare Infrastructure 13 AUGUST 2026 Endoscopy Auckland, Auckland
Slide 2: Contents and Presenters
Contents Presenters Building a Stronger Vital 3 Why Invest in Vital? 4 FY26 Highlights 5 Chris Adams Financial Results and Capital Management 7 CHIEF EXECUTIVE OFFICER Portfolio 13 Developments 17 Outlook and Guidance 21 Michael Groth Appendices 23 CHIEF FINANCIAL OFFICER All values in this presenta
Slide 3: Building a Stronger Vital
Building a Stronger Vital A fully aligned business Unrivalled trans-Tasman capability Positioned to deliver long-term Unit � Internally managed � Only specialist trans-Tasman focused, NZX-listed Holder returns � Enhanced governance owner of healthcare infrastructure � Removed variable third-party ma
Slide 4: Why Invest in Vital?
Why Invest in Vital? Vital has delivered on internalisation and offers investors a combination of attractive, non-discretionary healthcare income and a pipeline of future opportunities Superior long-term earnings Favourable sector fundamentals 18.1 years WALE, significantly longer than our NZX Defen
Slide 5: FY26 Highlights
FY26 Highlights Playford Health Hub, SA
Slide 6: FY26 Highlights
FY26 Highlights Operational performance highlights the essential nature of healthcare infrastructure and execution of the development pipeline for long-term Unit Holder value 4.1% $1.4b 4.3 years 97.2% increase in of debt facilities weighted average debt portfolio occupancy like-for-like net refinan
Slide 7: Financial Results and Capital Management
Financial Results and Capital Management Ormiston Hospital, Auckland
Slide 8: Strong net property income and AFFO growth
Strong net property income and AFFO growth FY26 FY25 (%) C HA N GE Net property income 162,217 148,834 9.0% NET PROPERT Y INCOME GROW TH Net fee and other income 1,287 - - General & administrative expense (20,355) (23,204) 12.3% 9.0% Realised transaction gains / (losses) on FX derivatives (1,489) (1
Slide 9: 4.1% like-for-like NPI growth due to strong leasing and rent reviews
4.1% like-for-like NPI growth due to strong leasing and rent reviews INCO M E FR OM C OM P L E TE D N E T P R O P ER T Y I N C O M E B R I D GE DEVELOPM E N TS ($M) +9.0% G R OW T H ( I N C L . F X ) / +5.0 % ( E XC L . F X ) 6 projects contributed to $6.1m of additional income since FY25 180 162.2
Slide 10: Balance sheet flexibility with disciplined capital management
Balance sheet flexibility with disciplined capital management 5.54% WACR � Nil movement vs. 30 June 2025 � 85% of stabilised properties (by F Y26 FY25 (%) C HA N GE value) independently valued Investment properties1 3,521,615 3,211,860 9.6% in FY26 Other assets 95,053 36,232 162.3% Bank debt 1,433,3
Slide 11: Vital's debt is supported by income which is transparent, long dated and defensive
Vital's debt is supported by income which is transparent, long dated and defensive D EBT M ATURIT Y P RO FILE – 30 J UNE 2026 ($M) GEAR I N G 1 INTE R E ST C OV E R $800 39.6% 2.7x $700 $600 $500 (FY25: 42.1%) (FY25: 3.0x) $400 $300 W EIG HT E D AVE R AGE TOTA L D E BT A B L E TO BE $200 DEBT MAT UR
Slide 12: Interest rate costs substantially hedged to help manage risk
Interest rate costs substantially hedged to help manage risk 3.49% 3.45% H E D G E D AT 3.58% 3 0 J U N E 2 0 26 80% at 3.45% 4.01% 80% 72% H E D G E D AT 30 J U N E 2027 Hedged 55% 72% at 3.49% Hedged Hedged H E D G E D AT 30 J U N E 2028 11% Hedged 55% at 3.58% FY26 FY27 FY28 FY29 Contracted hedgi
Slide 13: Portfolio
Portfolio Wakefield Hospital, Wellington
Slide 14: Vital's tenants are some of the largest healthcare operators across NZ and Australia
Vital's tenants are some of the largest healthcare operators across New Zealand and Australia M A J OR T E N AN TS % O F PO R T F O L IO INC O ME G EO G RAP H IC D IV ERS IFIC ATIO N � Aurora Healthcare 17.5% � Burnside 3.0% (BY VALUE) 97.2% PO R T F O LI O � Healthe Care 17.3% � GenesisCare 2.5% O
Slide 15: Highly visible, non-discretionary income
Highly visible, non-discretionary income During FY26, over 27,600sqm was leased, 10.0% extended or renewed Percentage of portfolio (by income) 7.5% through active asset 5.0% management 90.0% 2.5% 80.0% 1.98% >80% Percentage of portfolio (by income) 70.0% 0.0% FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34
Slide 16: Sustainability achievements
Sustainability achievements Two developments completed in FY26 achieved Two developments targeting 5 Star Green Green Star 'Design & As Built' certification Star rating commenced in FY26 MACART HUR HEALT H PRECIN C T – STAGE 2 Registered for 5 Star Green Star rating END O S C O P Y R DX, QLD AUC K L
Slide 17: Developments
Developments Coomera Health Campus, QLD (Artist's impression)
Slide 18: Development update
Development update 3 $58.1m DEVELOPM E N TS D E V E LO PME NT COMP LE T E D SPE ND (F Y26) $247.4m $187.7m DEVELOPM E N TS R E MA INING TO COMM I T T E D B E SPE NT 6.3% AVERAGE FOR E C AST FULLY LE AS E D Endoscopy Auckland, Auckland DEVELOPM E N T YI E L D VITAL HEALTHCARE PROPERTY TRUST | FY26 An
Slide 19: Committed Developments
Committed Developments Disciplined healthcare infrastructure delivery, in the best locations Artist's impression Artist's impression Coomera Health Campus - Stage 1 Macarthur Health Precinct - Stage 2 A$47.5m 1,2 � Located in one of Australia's fastest growing regions and adjacent to the under con
Slide 20: Developments completed during FY26
Developments completed during FY26 Boulcott Hospital Expansion Endoscopy Auckland RDX Asset Type Hospital (Acute) Ambulatory Care Life Science Total Cost1 $24.8m $32.2m A$134.2m Net Project Yield ~6.0% ~5.4% ~5.6% Completion Date July 2025 September 20252 February 2026 Description This complex refur
Slide 21: Outlook and Guidance
Outlook and Guidance RDX (Gold Coast Health & Knowledge Precinct), QLD
Slide 22: Outlook and Guidance
Outlook and Guidance Our priorities for FY27 are clear Execute our development pipeline, including key projects at Coomera Health Campus and Macarthur Health Precinct, for long-term Unit Holder returns Continue to deliver on development leasing (including RDX) to achieve stabilised building occupanc
Slide 23: Appendices
Appendices GenesisCare Integrated Cancer & Health Centre, NSW
Slide 24: 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 A U ST R A L I A Macarthur Hea
Slide 25: Adjusted funds from operations (AFFO)
Adjusted funds from operations (AFFO) FY26 (PROF ORMA) FY26 FY25 (%) C HA N GE Operating profit before tax and other income (127,248) (127,248) 77,438 N.M.2 Add/(deduct): Current tax expense Current tax on strategic and internalisation expenses (12,489) 214,653 (7,933) 214,653 (15,546) 2,848 49.0% N
Slide 26: Net tangible assets reduction led by equity raise and internalisation payment
Net tangible assets reduction led by equity raise and internalisation payment NTA P ER UNIT BRIDG E (FY26) N E T TA N G I B L E $2.80 ASS E T S P E R U N I T $2.70 D OW N 6 C E N T S TO $2.60 $2.41 $2.50 $2.47 ($0.32) $0.18 $2.41 $2.40 N TA P E R U N I T I M PAC T E D BY: $2.30 Internalisation payme
Slide 27: Strong CPI linked healthcare portfolio income and capitalisation rate stabilisation
Strong CPI linked healthcare portfolio income and capitalisation rate stabilisation TOTAL POR T FOLI O VA LU E B R ID G E (F Y26) WAC R – P O R T F O L I O ($M) N I L M OV E M E N T 5.54% 3,650 3,550 +266 3,521 3,450 +60 (97) WAC R – A U ST R A L I A 3,350 +80 NZ$m N I L M OV E M E N T 3,250 3,212 +
Slide 28: Vital maintains long-term outperformance vs. benchmark on a total return basis
Vital maintains long-term outperformance vs. benchmark on a total return1 basis TO TA L R E T U R N 1 TO 3 0 J U N E 2026 6 MONTHS 1 Y R ( P. A .) 5 Y R ( P. A .) 10 Y R ( P. A .) S I N C E 2 0 04 ( P. A . ) 2 ( P O ST I N T E R N A L I S AT I O N ) VHP (5.0%) 3.4% (5.3%) 2.4% 9.1% S&P/NZX All Equit
Slide 29: ~$3.5b portfolio of healthcare real estate
~$3.5b portfolio of healthcare real estate comprising 34 C L I C K O N O N E OF investment properties and ~2,000 licensed beds THE UNDERLINED P R O P E R T I E S TO S E E A F LY- T H R O U G H OF T H AT P R O P E R T Y W E ST E R N A U ST R A L I A ( 2 ) Q U E E N S L A N D ( 3) N E W S O U T H WA L
Slide 30: Rent reviews undertaken in FY26
Rent reviews undertaken in FY26 C OMP LE T E D R E N T R E V IE W S D U R ING F Y26 R E SU LTED IN AN UP LIFT IN FAC E RENTS O F 3.2% J U N - 25 R E N T P. A J U N - 26 R E N T P. A I N C R E AS E A N N U A L I S E D G R OW T H # (NZD) (NZD) (NZD) ( CO N STA N T C U R R E N C Y ) Australia 96 100,32
Slide 31: Rent review profile in FY26
Rent Review Breakdown Rent review profile in FY26 B R E A K D OW N OF P O R T F O L I O C P I R E V I E WS R E NT REV IEW BREAK D O WN F O R T H E Y E A R E N D E D 3 0 J U N E 2026 TYPE % Market Review CPI - Un-Capped 20.3% (25.6%) FY27 rent review profile: CPI - 2.5% Cap 3.5% 14.5% Fixed CPI - 3%
Slide 32: 97.2% portfolio occupancy
5 year trends highlight portfolio resilience, long-term performance and earnings visibility O C C UPANC Y WALE 100% 20 99.2% 98.8% 98.9% 98.6% 98.0% 19 18.7 98% 97.2% 18.5 18.2 18.1 Long-term track record of maintaining 96% 18 17.6 17.8 market-leading portfolio metrics YEARS 94% 17 97.2% portfolio o
Slide 33: Management expense ratio following internalisation
Management expense ratio following internalisation Six-month operating cost base from 1 January to 30 June 2026, annualised1 M A N AG E M E N T E X P E N S E R AT I O S I X M O N T H S TO 30 J U N E 2026 $000 S Management expenses General & administrative expenses 9,199 Less: costs recovered from No
Slide 34: 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 calc
Slide 35: 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 36: Thank you
Thank you Macarthur Health Precinct - Stage 2, NSW (Artist's impression)
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