Summerset Group Holdings Limited · NZX:SUM
Summerset — H1 2026 Earnings Presentation
30 slides from Summerset's earnings presentation, Jun 30, 2026
Slide 1: Supplementary information
Summerset Blenheim (Marlborough, New Zealand) Supplementary information Additional information that was previously supplied within results presentation document 1H26 Results presentation Summerset Group Holdings Ltd For the six months ended 30 June 2026 NZX: SUM | ASX: SNZ
Slide 2: 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 3: Supplementary information contents
1H26 results presentation SUPPLEMENTARY INFORMATION CONTENTS 01 PORTFOLIO AND FUTURE DEVELOPMENT 02 DEVELOPMENT PROGRESS 03 KEY STATISTICS 04 NEW AND RESALE SETTLEMENTS 05 HISTORICAL TRENDS 06 UNDERLYING PROFIT, CFEO AND RESALES CASH FLOW 07 RESTATED COMPARATIVE INFORMATION 08 INVESTMENT PROPERTY AN
Slide 4: Portfolio as at 30 June 2026
Portfolio as at 30 June 2026 9,154 TOTAL UNITS INCLUDING 7,458 RETIREMENT UNITS AND 1,696 CARE UNITS Existing portfolio - as at 30 June 2026 Retirement units (ORA) Care units (ORA) Total units and Serviced Memory care Care Care Care beds Village Villas Apartments care beds apartments apartments suit
Slide 5: Portfolio as at 30 June 2026
Portfolio as at 30 June 2026 9,154 TOTAL UNITS INCLUDING 7,458 RETIREMENT UNITS AND 1,696 CARE UNITS Existing portfolio - as at 30 June 2026 Retirement units (ORA) Care units (ORA) Total units and Serviced Memory care Care Care Care beds Village Villas Apartments care beds apartments apartments suit
Slide 6: Future development
Future development LARGEST NEW ZEALAND LAND BANK FOR A RETIREMENT VILLAGE OPERATOR Land bank – as at 30 June 2026 Retirement units (ORA) Care units (ORA) Total units Serviced Memory care Care Care Care beds Village Villas Apartments and beds apartments apartments suites beds (non-ORA) Whangārei 49 -
Slide 7: Future development
Future development LARGEST NEW ZEALAND LAND BANK FOR A RETIREMENT VILLAGE OPERATOR Land bank – as at 30 June 2026 Retirement units (ORA) Care units (ORA) Total units Serviced Memory care Care Care Care beds Village Villas Apartments and beds apartments apartments suites beds (non-ORA) Prebbleton 103
Slide 8: Development progress
Development progress NEW ZEALAND DEVELOPMENT PROGRESS Summerset Half Moon Bay (Auckland) Summerset St Johns (Auckland) Once Complete: 232 Apartments | 17 Serviced Apartments | 46 Care Units Once Complete: 17 Villas | 224 Apartments | 36 Serviced Apartments | 68 Care Units HALF YEAR REPORT 2026 8
Slide 9: Development progress
Development progress NEW ZEALAND DEVELOPMENT PROGRESS Summerset Milldale (Auckland) Summerset Mount Denby (Whangārei) Once Complete: 133 Villas | 36 Apartments | 56 Serviced Apartments | 60 Care Units Once Complete: 217 Villas | 56 Serviced Apartments | 60 Care Units Summerset Cambridge (Waikato) Su
Slide 10: Development progress
Development progress NEW ZEALAND DEVELOPMENT PROGRESS Summerset Prebbleton (Canterbury) Summerset Waikanae (Kāpiti Coast, Wellington) Once Complete: 221 Villas | 56 Serviced Apartments | 60 Care Units Once Complete: 257 Villas | 56 Serviced Apartments | 60 Care Units Summerset Boulcott (Lower Hutt)
Slide 11: Development progress
Development progress NEW ZEALAND DEVELOPMENT PROGRESS Summerset Richmond Ranges (Tasman District) Summerset Kelvin Grove (Palmerston North) Once Complete: 266 Villas | 56 Serviced Apartments | 63 Care Units Once Complete: 253 Villas | 20 Serviced Apartments | 29 Care Units Summerset Masterton (Waira
Slide 12: Development progress
Development progress AUSTRALIAN DEVELOPMENT PROGRESS Summerset Torquay (Victoria) Summerset Cranbourne North (Melbourne) Once Complete: 215 Villas | 34 Serviced Apartments | 72 Care Units Once Complete: 161 Villas | 33 Serviced Apartments | 72 Care Units Summerset Oakleigh South (Melbourne) Summerse
Slide 13: Key statistics
Key statistics SUMMARY OF MOVEMENTS IN VILLAGES AND AGED CARE 1H26 2H25 1H25 1H26 2H25 1H25 Villages Retirement living occupancy Open 39 39 38 Occupied 6,431 6,192 5,926 Completed villages 27 25 25 Resale stock 351 343 340 Developing villages 12 14 13 Occupancy (%) 95% 95% 95% Under active construct
Slide 14: New and resale settlements
New and resale settlements SUMMARY OF MOVEMENTS IN VILLAGES AND AGED CARE Settlements Development margin Gross proceeds Development margin Gross proceeds per unit New sales 1H26 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 1H25 # # $m $m $m $m % % $000 $000 Villas 150 169 38.2 48.9 133.2 143.6 28.7% 34.1
Slide 15: 1H26 Earnings breakdown
1H26 Earnings breakdown COMPLETED VILLAGES PERFORMING WELL, GENERATING UNDERLYING PROFIT OF $90.5M, WITH AN OPERATING MARGIN OF 21.6% - NEW ZEALAND OPERATING MARGIN OF 15.5% Completed Developing New NZ$m Total NZ$m Australia Total villages villages Zealand Care fees 68.0 12.6 80.6 Care fees 80.0 0.6
Slide 16: Historical trends
Historical trends HISTORICAL TRENDS ACROSS OPERATIONAL AND FINANCIAL METRICS Half year results 1H26 2H25 1H25 2H24 1H24 2H23 1H23 2H22 1H22 2H21 1H21 2H20 1H20 New sales of Occupation Rights 398 451 354 298 290 319 241 248 289 238 302 276 128 Operational Resales of Occupation Rights 415 417 338 352
Slide 17: Key funding metrics
Key funding metrics HISTORICAL TRENDS ACROSS OPERATIONAL AND FINANCIAL METRICS NZ$m 1H26 FY25 1H25 Funding maturity profile NZD bank loans 916.1 900.4 762.9 AUD bank loans (NZD) 555.6 465.9 373.6 $1,000m NZD retail bonds 600.0 600.0 725.0 Drawn interest bearing debt at face value 2,072 1,966 1,861 $
Slide 18: 1H26 underlying profit and free cash flow
1H26 underlying profit and free cash flow RECONCILIATION OF UNDERLYING PROFIT TO REPORTED NET PROFIT AFTER TAX AND FREE CASH FLOW NZ$m 1H26 1H25 Variance FY25 Net profit after tax (IFRS) 171.4 89.4 92% 259.7 Less fair value movement of investment property and other assets** (191.1) (85.6) 123% (264.
Slide 19: 1H26 resales cash flow
1H26 resales cash flow RECONCILIATION OF NET RESALES RECEIPTS WITHIN CASH FLOW FROM EXISTING OPERATIONS NZ$m 1H26 1H25 Variance FY25 Receipts for residents' loans - resales 226.1 193.1 17% 408.6 Repayments for residents' loans - resales (146.7) (129.6) 13% (263.1) Net resales cash flow 79.4 63.6 25%
Slide 20: Restated comparative information
Restated comparative information FAIR VALUE OF INVESTMENT PROPERTY AND ACCOUNTING POLICY FOR TRANSFERRING RESIDENTS 1H25 Fair value of investment property NZ$m 1H25 Opening balance Amendment reported reported amendment (adjusted) • At FY25, Summerset reviewed the treatment of long-term Income Statem
Slide 21: Investment property valuations
Investment property valuations INVESTMENT PROPERTY AND OTHER ASSET VALUATIONS – KEY ASSUMPTIONS Fair value movement of investment property Valuation Gain/(loss) Key valuation assumptions Discount Growth rate Growth rate Growth rate Growth rate Growth rate Village Location NZ$m NZ$m rate Yr 1 Yr 2 Yr
Slide 22: Investment property valuations
Investment property valuations INVESTMENT PROPERTY AND OTHER ASSET VALUATIONS – KEY ASSUMPTIONS Fair value movement of investment property Valuation Gain/(loss) Key valuation assumptions Discount Growth rate Growth rate Growth rate Growth rate Growth rate Village Location NZ$m NZ$m rate Yr 1 Yr 2 Yr
Slide 23: Care centre valuations
Care centre valuations CARE CENTRE VALUATIONS – KEY ASSUMPTIONS Value of care facilities Total care Valuation Gain/(loss) Non-ORA Key ORA valuation assumptions Village Location units NZ$m NZ$m Capitalisation Discount Growth rate Growth rate Growth rate Growth rate Growth rate rate rate Yr 1 Yr 2 Yr
Slide 24: Care centre valuations
Care centre valuations CARE CENTRE VALUATIONS – KEY ASSUMPTIONS Value of care facilities Total care Valuation Gain/(loss) Non-ORA Key ORA valuation assumptions units Capitalisation Discount Growth rate Growth rate Growth rate Growth rate Growth rate Village Location NZ$m NZ$m rate rate Yr 1 Yr 2 Yr
Slide 25: Sales price relativity
Sales price relativity CONTINUE TO REGULARLY REVIEW RESIDENTIAL PROPERTY MARKET CONDITIONS AND UPDATE UNIT PRICES, PRICING IN LINE WITH MARKET EXPECTATIONS Auckland sales price relativity Sales price relativity vs median house price $1.8m $1.2m $1.5m $1.3m $1.0m $1.0m $0.8m $0.8m $0.5m 2016 2017 201
Slide 26: 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 27: 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 28: 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 29: 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 30: Ngā mihi
Ngā mihi FO R MORE INFORMATION: 30 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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