Oceania Healthcare Ltd. · NZX:OCA
Oceania Healthcare — FY2026 Earnings Presentation
44 slides from Oceania Healthcare's earnings presentation, May 22, 2026
Slide 1: Focused delivery – Investor Presentation FY26
Slide 2: Overview
Overview 1. Sales Performance 2. Business Excellence 3. Capital Management ✓ Record sales volumes: FY26 up ✓ Record care profitability: Care ✓ Portfolio balanced: 7 sites divested at 16% to 603 units, 27% yoy increase Underlying EBITDA per occupied bed1 or around carrying value, for $51.1m in 2H26 $
Slide 3: Financial Summary
Financial Summary Oceania delivered a record underlying result in a subdued residential housing market and tough economic conditions Financial Highlights – twelve months to 31 March 2026 Total Comprehensive Record Sales Proforma Underlying Operating Income Volume EBITDA1 Free Cash Flow $75.0m 603 un
Slide 4: Sales Performance
Sales Performance
Slide 5: Sales Performance by Key Site
1. Sales Performance 2. Business Excellence 3. Capital Management Sales Performance by Key Site Franklin Meadowbank The Helier 80% ILU Sold1 65% Sold1 and Occupied 74% ILU Sold1 31 ILU units opened in 40 Dementia units 78 ILU units opened across January 2026 opened in June 2025 May - September 2023
Slide 6: New Sales
1. Sales Performance 2. Business Excellence 3. Capital Management New Sales 250 New sale volumes and development margin % 37.6% 35.5% 40.0% A record of 201 new sales in the period, meaningfully reducing 201 35.0% 31.1% levels of unsold development stock 200 184 184 29.9% 30.0% 28.0% 157 66 93 25.0%
Slide 7: Development Stock
1. Sales Performance 2. Business Excellence 3. Capital Management Development Stock The sell down of development stock has released net capital of $115m since March 2025 Unsold development stock movement from FY25 to FY26 • The value of unsold development stock declined from $342m at FY25 to $227m1
Slide 8: Resales
1. Sales Performance 2. Business Excellence 3. Capital Management Resales Resale volumes and resale margin % 450 25.0% Resales activity remained robust, led by consistent growth 21.5% 402 24.0% 21.2% 21.2% 23.0% in care suite volumes and pricing 400 20.3% 22.0% 21.0% 350 20.0% 17.5% 19.0% 18.0% 300
Slide 9: Business Excellence
Business Excellence
Slide 10: Care Profitability
1. Sales Performance 2. Business Excellence 3. Capital Management Care Profitability Underlying EBITDA per bed including capital gains and resales gains increased 40% to $27.2k in FY26 up from $19.4k per bed in FY25, reflecting the sell down of care suite stock during the year Occupancy (12 month ro
Slide 11: Right Sizing the Business
1. Sales Performance 2. Business Excellence 3. Capital Management Right Sizing the Business Significant progress has been achieved with more to come throughout FY27 Progress delivered First strategic cycle completed FY27 cost and cash savings One full rotation has been completed and the learnings ha
Slide 12: Free Cash Flow from Operations
1. Sales Performance 2. Business Excellence 3. Capital Management Free Cash Flow from Operations FY26 saw a significant improvement in Free Cash flow from Operations with a return to positive free cash expected for FY27 Free cash flow from operations, NZ$m FY26 FY25 • Interest on core debt: Interest
Slide 13: Capital Management
Capital Management
Slide 14: Divestments
1. Sales Performance 2. Business Excellence 3. Capital Management Divestments In depth site by site analysis guided divestment decisions with a number of assets sold to unlock value and enable sharp strategic focus FY26 divestments executed - $51m of divestment proceeds Woburn Te Mana Ohinemuri Whit
Slide 15: Normalised Underlying Earnings
1. Sales Performance 2. Business Excellence 3. Capital Management Normalised Underlying Earnings FY26 saw sustained earnings improvement in the continuing business In April 2025 the Wesley Institute of Nursing Education was closed. This Care Earnings function contributed $4.7m to underlying EBITDA i
Slide 16: Balance Sheet Management
1. Sales Performance 2. Business Excellence 3. Capital Management Balance Sheet Management Net debt and gearing have reduced significantly to $507m and 30.1% respectively Split of funding NZ$m Debt facilities Facility limit Drawn Headroom General / corporate $185.0m $50.0m $135.0m Retail bonds 450 B
Slide 17: Development
Development
Slide 18: Development Returns
Development Returns The Helier at 74% sell down, nearing development recovery and Franklin stage 1 at 80% sell down, ahead of expectation Franklin (Consented) Franklin Village Total Villas / Apartments 164 • Stage 1 was completed and opened in January 2026 Total Care / Dementia 81 • Pre-sales were 4
Slide 19: Development activity
Development activity1 On track to complete 81 units across 3 sites in FY27, generating full recovery of development cost from sell down FY27 Development Delivery – 81 units 2H27 Franklin (stage 2) - 28 ILU Elmwood - Auckland - 30 ILU Bream Bay - 23 ILU New villas – completed in Conversion of villas
Slide 20: Development Pipeline – Landbank of ~1,270 units
Development Pipeline – Landbank of ~1,270 units The development pipeline has been reviewed to assess timing of deliveries Site Units1 Type Planning Consented Construction Complete Franklin, Auckland Stage 1 31 Villas Stages 2 28 Villas Stages 3-5, 8 111 Villas Stages 6-7 43 | 81 Apartments | Care El
Slide 21: Looking forward
Looking forward
Slide 22: Well balanced and diversified portfolio
Well balanced and diversified portfolio We will continue to enhance our portfolio and are well placed to respond to market trends Overview Net Tangible Assets: $1.2bn - Sites: 30, Units; 3,937 • Early portfolio-wide view of capital allocation, supported by successful divestments have enhanced our po
Slide 23: Strategic objectives
Strategic objectives Against a backdrop of geopolitical pressures, a subdued property market, and construction cost inflation, our strategic objectives aim to maintain momentum and drive long term success FY27 FY27-FY28 FY28 & beyond ❑ Further sell down unsold and bought- ❑ Resume dividend payments
Slide 24: Summary
Summary • Clear execution against FY26 strategic priorities • Record sales momentum and improved care profitability • Significant debt reduction and stronger free cash flow trajectory • Well balanced portfolio that we will continue to enhance • Clear priorities and disciplined capital allocation for
Slide 25: Q&A
Q&A @ OCEANIA Believe in Better
Slide 26: Thank you
Thank you @ OCEANIA Beli etter ieve in B
Slide 27: Appendices
Appendices 01 Income Statement 02 Underlying earnings 03 Proforma underlying earnings 04 Balance Sheet 05 Cash flow 06 Resales cash flow and capital expenditure 07 Care Business 08 Retirement village business 09 Portfolio summary 10 Future development outlook 11 Reconciliation of development pipelin
Slide 28: Income statement
01 Income statement Key valuation assumptions remained largely consistent from FY25 except for minor changes to incoming prices across all typologies Summary of income statement NZ$m FY26 FY25 Var FY24 Drivers FY26 FY25 Operating revenue 267.1 260.6 6.6 265.5 Investment Property Change in fair value
Slide 29: Underlying earnings
02 Underlying earnings Underlying EBITDA of $97.4m for the full year period ended 31 March 2026, a 13% increase on FY25 Reconciliation of underlying adjustments NZ$m FY26 FY25 Var FY24 Reported Net profit after tax 0.1 30.4 (30.3) 31.5 less: Change in fair value of investment property and In FY25 Oc
Slide 30: Proforma and Normalised underlying earnings
03 Proforma and Normalised underlying earnings Normalised underlying earnings for FY26 of $92.7m. Adjustments include normalising for the impact of divesting 7 sites from our ongoing operations, as well as for the closure of the Wesley Institute of Nursing Education in April 2025 Over the last 18 mo
Slide 31: Balance sheet
04 Balance sheet Total assets increased by $135.4m from 31 March 2025. Net adjusted value is $1.53 per share as at 31 March 2026 Balance sheet Net adjusted value (“NAV”) NZ$m FY26 FY25 NZ$m FY26 FY25 Assets PP&E (incl WIP) 884.1 828.5 Cash 16.6 7.6 IP & ROU Assets (incl WIP) 2,031.7 1,981.4 Trade re
Slide 32: Cash flow
05 Cash flow Operating cash flow of $169m for the 12 months to FY26 compared to $110m in FY25 Statement of cash flows Net cash flows from operating activities NZ$m FY26 FY25 Var NZ$m Receipts from customers 198.3 201.0 (2.7) Payments to suppliers and employees (250.4) (266.0) 15.8 Receipts from new
Slide 33: Reconciliation of resales cash flow and capital expenditure
06 Reconciliation of resales cash flow and capital expenditure Growth in resales cash flows as portfolio matures and resells at higher price points Reconciliation of resales cash flow Breakdown of Capital Expenditure NZ$m FY26 FY25 NZ$m FY26 FY25 Acquisitions - 8.7 336.2 294.5 Receipts from New ORAs
Slide 34: Care business
07 Care business Underlying EBITDA per occupied bed increased by 40% from FY25 NZ$m FY26 FY25 Var Daily care fees 179.8 174.1 5.7 200 30% PAC revenue 8.4 7.5 0.9 25.2% 180 Care suite DMF 20.0 17.9 2.1 25% Other revenue 1.8 1.6 0.2 160 19.0% Total operating revenue ($m) 210.0 201.1 8.9 18.7% 140 20%
Slide 35: Retirement village business
08 Retirement village business Total Retirement Village Underlying EBITDA increased by $4.3m and village sales volumes increased by 83 units NZ$m FY26 FY25 VAR Village Underlying EBITDA (NZ$m) Villa and Apartment DMF 44.2 39.5 4.7 Retirement village service fees 11.5 10.8 0.7 Other revenue 3.0 3.3 (
Slide 36: Portfolio summary
09 Portfolio summary As at 31 March 2026 Villa/ Site Care beds Care suites Total Villa/ Apartment Site Care beds Care suites Total Apartment NORTH ISLAND SOUTH ISLAND Bream Bay 83 83 Marina Cove 32 32 Eden 67 89 156 Green Gables 61 40 101 Lady Allum 12 101 116 229 Stoke 105 105 Meadowbank 104 193 29
Slide 37: Future development outlook
10 Future development outlook We have 1,270 units in the development pipeline that comprise a mix of care suites and independent units that are geographically spread Current & future portfolio composition1 Existing portfolio 898 Care beds Care suites ILUs Total 1,924 Care 698 RV units Beds Standard
Slide 38: Reconciliation of development pipeline
11 Reconciliation of development pipeline Movements in gross pipeline since FY25 63 Units 16 Units (31) Units 156 Units (40) Units (53) Units (125) Units 1,284 Units 1,270 Units FY2025 Add: Elmwood Add: Waterford Add: The Helier Less: Franklin Completed Less: Meadowbank Less: divestments of Other ne
Slide 39: Our Strategic Framework
12 Our Strategic Framework This framework brings everything together - connecting purpose, pillars and performance Our Purpose Supporting and empowering people to live well as they age Strategic Objectives Customer Choice Service Expansion Future Development Strategic Initiatives Connected Care Insp
Slide 40: Sustainability
13 Sustainability Supporting and empowering people to live well as they age 1. The Care Resident Wellbeing Target aims to achieve continuous improvement by FY2027 in an aggregate wellbeing measure for eligible long-term care residents. The measure applies to care residents assessed through Oceania’s
Slide 41: Sustainability continued
13 Sustainability continued Supporting and empowering people to live well as they age 1. Construction waste diversion refers to the proportion of construction waste generated from Oceania’s new development projects that is diverted from landfill through reuse, recycling, repurposing or other recover
Slide 42: Definition of Underlying NPAT
14 Definition of Underlying NPAT Underlying net profit after tax ("Underlying Profit") point that the ORA contract becomes unconditional and has either ‘cooled off’ or where the resident is in occupation at balance date. Underlying Profit and Underlying EBITDA are non-GAAP measures of financial perf
Slide 43: Glossary
15 Glossary IPO Care Suite Initial Public Offering (of shares in Oceania). A room or studio certified for the provision of care by the Ministry of Health which has been licensed under an ORA. NPAT Net Profit After Tax DMF Deferred Management Fees, charged under an ORA, of a maximum of 30% of the Occ
Slide 44: Important notice and disclaimer
16 Important notice and disclaimer This presentation has been prepared solely by Oceania Healthcare Limited ("Oceania"). You including the merits and risks involved. Investors should consult their own legal, tax and/or must read this disclaimer before making any use of this presentation and the acco