Summerset Group Holdings Limited · NZX:SUM
Summerset — H1 2026 Earnings Presentation
48 slides from Summerset's earnings presentation, Jun 30, 2026
Slide 1: Bringing the best of life – 1H26 Results presentation
Bringing the best of life 1H26 Results presentation Summerset Group Holdings Ltd For the six months ended 30 June 2026 $103.4m $14.41 $9.8b $31.0m Underlying profit NTA per share Total assets CFEO Summerset builds, owns and operates retirement villages and aged care centres across New Zealand and Au
Slide 2: Summerset overview
Summerset Blenheim (Marlborough, New Zealand) Summerset overview DIVERSIFIED PORTFOLIO THROUGHOUT NEW ZEALAND AND AUSTRALIA Our residents Our people Our villages 10,000+ 3,300+ 9,154 Residents Team members Portfolio (units) 1H25: 9,100+ 1H25: 3,100+ 1H25: 8,304 91% 8.1 95% Resident satisfaction scor
Slide 3: Welcome
Welcome AGENDA 01 1H26 INVESTOR HIGHLIGHTS 02 VILLAGE DEVELOPMENT 03 SALES PERFORMANCE 04 FINANCIAL PERFORMANCE 05 FY26 GUIDANCE 06 QUESTIONS 07 APPENDIX HALF YEAR REPORT 2026 3
Slide 4: 1H26 investor highlights
Serviced Apartment, Summerset Waikanae (Kāpiti Coast, New Zealand) 01. 1H26 investor highlights Scott Scoullar, Chief Executive Officer
Slide 5: Delivering on our priorities
Delivering on our priorities IMPROVING OPERATING RETURNS SUPPORT THE BUSINESS IN DELIVERING RESILIENT GROWTH, NEW TARGETS ANNOUNCED TO DRIVE PERFORMANCE THROUGH FY27 Key messages Strengthening operating Strong business performance in challenging market, operating returns growing quickly performance
Slide 6: 1H26 highlights
1H26 highlights IMPROVING OPERATING PERFORMANCE IN CHALLENGING MARKET CONDITIONS DEMONSTRATES STRONG BUSINESS FUNDAMENTALS FOCUSED ON POSITIVE RETURNS FOR SHAREHOLDERS 1H26 financial highlights $84.1m $103.4m 13.4% Strengthening operating performance Annuity EBITDA Underlying profit * Operating marg
Slide 7: 1H26 highlights
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 Mountain View, finalist at RV A S ustaina bility Awards 1H26 highlights • Named New Zealand’s most Trusted Brand – Aged Care & Retirement Villages 2
Slide 8: FY27 targets
FY27 targets IMPROVING OPERATING PERFORMANCE AND CLEAR TARGETS SUPPORT A DISCIPLINED APPROACH TO GROWTH, WITH ONGOING RESILIENCE EMBEDDED IN THE BUSINESS Value creation initiatives FY27 Targets* 1 Strengthening operating performance Operating targets ✓ Deferred management fees lifted to 30% for all
Slide 9: Initiative one - Strengthening operating performance
Initiative one - Strengthening operating performance GROWING EARNINGS AND IMPROVING OPERATING LEVERAGE TO CONTINUE AS STRATEGIC INITIATIVES DRIVE PERFORMANCE AND LIFT SHAREHOLDER RETURNS Growth in earnings to continue What we have delivered Annuity EBITDA $84.1m • Summerset is committed to actions t
Slide 10: Initiative one - Strengthening operating performance
Initiative one - Strengthening operating performance CORPORATE COST DISCIPLINE LIFTING OPERATING RETURNS, FURTHER SCOPE TO DRIVE EFFICIENCIES OVER THE MEDIUM - TERM Overhead efficiency What we have delivered Corporate overheads per unit (rolling 12m) $10.1k $9.2k $9.5k • Clear focus on overhead effi
Slide 11: Initiative two - Balance sheet optimisation
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 Construction FY26 FY27 Stable, more flexible delivery platform capex (CFDA) FY23 FY24 FY25 (forecast)
Slide 12: Initiative two - Balance sheet optimisation
Initiative two - Balance sheet optimisation 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 What we have delivered Value of closing new sale stock • While sales continue
Slide 13: Initiative three - Disciplined, consistent growth
Initiative three - Disciplined, consistent growth BALANCE SHEET RESILIENCE INCREASING, LONG - TERM GROWTH FLEXIBILITY STRENGTHENED IN LINE WITH UPDATES TO CAPITAL MANAGEMENT SETTINGS Balance sheet capacity Development optionality Future growth levers Funding Land bank Deliveries ▪ Strong funding rel
Slide 14: Village development
Main Building, Summerset Blenheim (Marlborough, New Zealand) 02. Village development Scott Scoullar, Chief Executive Officer
Slide 15: Development update
Development update 481 TOTAL UNITS DELIVERED ACROSS TEN SITES IN NEW ZEALAND AND AUSTRALIA, INCLUDING MAIN BUILDINGS AT WAIKANAE AND WHANGĀREI 1H26 unit Retirement units (ORA) Care units (ORA) Total Unit delivery delivery Villas Apartments Serviced Memory care Care Care Care beds units apartments ap
Slide 16: Development returns
Development returns EASILY STAGEABLE, PREDOMINANTLY BROADACRE VILLAGE DEVELOPMENT, DRIVING STRONG RETURNS – A 15.2% CASH MARGIN ACHIEVED ON VILLAGES COMPLETED BETWEEN 2018 AND 2025 Forecast capital % Forecast net Forecast NTA Development cash flow Village investment* Complete cash position* at compl
Slide 17: Development returns
Development returns BUSINESS WELL PLACED - NO CORE DEBT AND GOOD LEVELS OF STOCK TO MEET DEMAND Development asset backing New Zealand - Net debt to underlying assets $280m excess assets $205m excess assets • Summerset has no core debt, with development assets $1,775m $1,711m exceeding net debt by $2
Slide 18: Development returns
Development returns DIVERSIFIED DEVELOPMENT PIPELINE OF 28 SITES WITH 18 UNDER CONSTRUCTION, CONTINUES TO PROVIDE FLEXIBILITY AND RESILIENCE FOR PRICING AND SETTLEMENT VOLUMES HALF YEAR REPORT 2026 18
Slide 19: Sales performance
Care Room, Summerset Cranbourne North (Melbourne, Victoria) 03. Sales performance Scott Scoullar, Chief Executive Officer
Slide 20: New sales
New sales TOTAL NEW SALES GROSS PROCEEDS UP 14% TO $281.9M, ON 398 NEW SALES IN 1H26 – AVERAGE GROSS PROCEEDS OF $708K PER UNIT New sales of Occupation Rights New sales 1H26 1H25 Variance FY25 Gross proceeds ($m) 281.9 247.6 14% 557.7 • 398 new sales of Occupation Rights, up 12% on the 354 settled i
Slide 21: Development margin
Development margin UNIT DEVELOPMENT MARGINS OF 20%, IN LINE WITH MEDIUM - TERM GUIDANCE - MOVEMENT FROM FY25 PREVIOUSLY SIGNALLED AND ALIGNED TO SHIFT IN MIX TO CARE BASED PRODUCTS New sales development margin Realised development margin $90m 100% • Movement from 1H25, due to mix changes with four m
Slide 22: Care bed conversions
Care bed conversions POSITIVE UPTAKE OF CARE SOLD UNDER OCCUPATION RIGHT AGREEMENT CONTINUES Care suites Care bed Care Occupation Rights Conversion new sales Total and beds conversions Settlements 62 60 122 • Transition to selling care under Occupation Right is progressing Gross proceeds ($m) 20.3 1
Slide 23: New sale stock
New sale stock 181 NEW SALE UNITS UNDER CONTRACT, LIFT IN CLOSING STOCK DRIVEN BY 481 UNIT DELIVERIES IN THE HALF New Zealand Australia Group Closing new sale stock New sale stock 1H26 FY25 1H26 FY25 1H26 FY25 Contracted 159 190 22 13 181 203 • Summerset delivered 481 total units in 1H26, including
Slide 24: Resales
Resales GROSS PROCEEDS OF $245.0M ON 415 RESALES - UP 24% FROM 1H25, ALL UNIT TYPES SEEING AN INCREASE IN SETTLEMENT VOLUMES IN THE PERIOD Resales of Occupation Rights Resales 1H26 1H25 Variance FY25 Gross proceeds ($m) 245.0 198.1 24% 439.7 • Resales continue to grow, setting a strong platform for
Slide 25: Resale stock
Resale stock 220 RESALE UNITS UNDER CONTRACT WITH UNCONTRACTED RESALE STOCK NOW ONLY 2.2% OF PORTFOLIO, SETTING STRONG PLATFORM FOR RESALES CASH FLOW ACROSS 2H26 New Zealand Australia Group Closing re sale stock Resale stock 1H26 FY25 1H26 FY25 1H26 FY25 Contracted 219 178 1 - 220 178 • Uncontracted
Slide 26: Embedded value
Embedded value EMBEDDED VALUE NOW ESTIMATED AT $2.0B, AT AN AVERAGE OF $236K PER UNIT, UP 9% ON 1H25 Embedded resales value Embedded value $2,000m • Total embedded value now estimated at $2.0b, up 9% from $1.8b at 1H25 $1,800m • Embedded value comprised of: $1,600m $762m $845m $701m • $1.15b resale
Slide 27: Financial performance
04. Financial performance Margaret Warrington, Chief Financial Officer
Slide 28: 1H26 financial highlights
1H26 financial highlights IMPROVING OPERATING PERFORMANCE A KEY HIGHLIGHT THAT DEMONSTRATES STRONG BUSINESS FUNDAMENTALS FOCUSED ON POSITIVE RETURNS FOR SHAREHOLDERS 1H26 financial highlights $171.4m $84.1m Strengthening operating performance Net profit after tax Annuity EBITDA $103.4m Underlying pr
Slide 29: Reported IFRS profit
Reported IFRS profit NET PROFIT AFTER TAX OF $171.4M WITH TOTAL REVENUE GROWTH OF 16%, AHEAD OF GROWTH IN TOTAL EXPENSES IFRS profit NZ$m 1H26 1H25* Variance FY25 Total revenue 200.3 173.0 16% 361.8 • Net profit after tax of $171.4m with total revenue of $200.3m, up Reversal of impairment - 1.9 (100
Slide 30: Underlying profit
Underlying profit EXECUTION OF STRATEGY TRANSLATING TO STRONG FINANCIAL PERFORMANCE AND GROWING ANNUITY EARNINGS – MOVEMENT IN DEVELOPMENT MARGIN IN LINE WITH CHANGE IN UNIT MIX Business profitability NZ$m 1H26 1H25 Variance FY25 Care fees 80.6 70.9 14% 148.3 • Significant lift in operating performa
Slide 31: Operating expenses
Operating expenses KEY GROWTH IN COST BASE RELATED TO INCREASE IN PORTFOLIO SIZE Group expenses NZ$m 1H26 1H25 Variance FY25 Gross operating expenses 197.5 184.5 7% 379.1 • Gross operating expenses up 7% to $197.5m, compared to total Capitalised to projects (25.0) (25.3) (1%) (50.5) revenue growth o
Slide 32: Cash flow
Cash flow GROWING CASH FLOW FROM EXISTING OPERATIONS OF $31.0M, EXPECT THIS TO CONTINUE TO IMPROVE AS VILLAGES MATURE SUPPORTED BY AN ESTIMATED $2.0B OF EMBEDDED RESALE VALUE CFEO and CFDA NZ$m 1H26 1H25 Variance FY25 Net receipts from resales 79.4 63.6 25% 145.4 Refurb of units sold under Occupatio
Slide 33: Cash flow
Cash flow CASH FLOW FROM EXISTING OPERATIONS OF $54.5M IN COMPLETED VILLAGES Completed Developing Completed and developing village cash flow NZ$m Total villages villages* Net receipts from resales 76.0 3.3 79.4 • Summerset’s completed villages generated $54.5m of cash flow Refurb of units sold under
Slide 34: Balance sheet
Balance sheet BALANCE SHEET RESILIENCE REMAINS KEY DRIVER OF BUSINESS DECISIONS Balance sheet and retained earnings NZ$m 1H26 1H25* Variance FY25 Investment property 8,625 7,735 12% 8,199 • Total assets now $9.8b, up 14% on 1H25, driven by portfolio Other assets 1,214 931 30% 1,095 growth and the un
Slide 35: Borrowings and covenants
Borrowings and covenants STRONG FUNDING LINES AND ROBUST HEADROOM IN PLACE, REMAIN COMPLIANT WITH ALL LENDING COVENANTS AND OBLIGATIONS Borrowings NZ$m 1H26 1H25 Movement FY25 Drawn debt 2,072 1,861 11% 1,966 • Total debt facilities of $2.6b, including $600m of retail bonds on Total debt facilities
Slide 36: Capital management framework
Capital management framework GUIDING PRINCIPLES TO SUSTAINABLY GROW THE BUSINESS Guiding principles • Grow the business by delivering sustainable expansion opportunities in New Zealand and Australia , that produce competitive returns for shareholders 1H26 in review • Retain flexibility in our growth
Slide 37: Dividend policy review
Dividend policy review DIVIDEND POLICY UPDATED TO BE BASED ON 20% TO 60% OF CASH FLOW FROM EXISTING OPERATIONS, IN LINE WITH SECTOR PARTICIPANTS AND CAPITAL MANAGEMENT FRAMEWORK Distribution review now complete Dividend policy 100% • During 1H26, the Board completed a review of the dividend 90% poli
Slide 38: Interim dividend
Interim dividend DECLARED 1H26 INTERIM DIVIDEND OF 3.8 CENTS PER SHARE Distributions • The Board has declared an unimputed interim dividend of 3.8 cents per share • This represents a payout for 1H26 of approximately $9.3m, being 30% of cash flow from existing operations • The dividend reinvestment p
Slide 39: FY26 Guidance
Summerset Blenheim (Marlborough, New Zealand) 05. FY26 Guidance Scott Scoullar, Chief Executive Officer
Slide 40: FY26 Guidance
FY26 Guidance IMPROVING OPERATING PERFORMANCE AND FOCUS ON COST MANAGEMENT WILL DELIVER GROWTH IN CASH FLOW, WITH DELIVERIES ON TRACK TO BE BETWEEN 700 AND 800 TOTAL UNITS FY26 Guidance* • Summerset expects a continued lift in Operating targets operating performance in 2H26 • This will be supported
Slide 41: Questions
Summerset Questions
Slide 42: Disclaimer
Disclaimer ▪ This presentation may contain projections or forward looking statements regarding a variety of items. Such forward looking statements are based upon current expectations and involve risks and uncertainties ▪ Actual results may differ materially from those stated in any forward looking s
Slide 43: Appendix
Summerset Blenheim (Marlborough, New Zealand) 07. Appendix Key terms
Slide 44: Key terms
Key terms SUMMERSET KEY TERMS Adjusted EBIT is EBIT less fair value movement of investment property and other assets, less deferred management fees (calculated under Adjusted EBIT NZ GAAP), plus net cash from resales, plus development margin, less/plus other one off adjustments Adjusted EBITDA Adjus
Slide 45: Key terms
Key terms SUMMERSET KEY TERMS Corporate overhead function Support costs relating to wages and other costs for operations, property, sales and marketing, development and other general administrative Australian business costs relating to the Australian business (e.g. travel, training, etc) Compliance
Slide 46: Key terms
Key terms SUMMERSET KEY TERMS Villages that are not yet complete and that have units delivered in the current year - not all units, the care centre and common facilities have Developing villages been completed and delivered. At 1H26, villages include: Blenheim, Boulcott, Cambridge, Chirnside Park, C
Slide 47: Key terms
Key terms SUMMERSET KEY TERMS The contractual right allowing a resident to occupy a retirement village or care unit in exchange for an upfront payment, as per the Retirement Occupation Right Agreement (ORA) Villages Act 2003 (NZ) and Retirement Villages Act 1986 (Vic). Residents do not own the under
Slide 48: Ngā mihi
Ngā mihi MORE INFORMATION: 48 FOR Margaret Warrington Chief Financial Officer margaret.warrington @summerset.co.nz 021 558 262 Stephen Richards GM Strategy stephen.richards @summerset.co.nz 021 023 96585 Summerset Milldale (Auckland, New Zealand)
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