Oceania Healthcare Ltd. · NZX:OCA
Oceania Healthcare — 1HY26 Earnings Presentation
52 slides from Oceania Healthcare's earnings presentation, Nov 21, 2025
Slide 1: Interim Results 1HY26
Interim Results 1HY26 21 November 2025
Slide 2: Agenda
Agenda Topic Current Focus 2 Overview 3 Sales Performance 5 Business Excellence 13 Capital Management 17 Financials 22 Looking Forward 26 Appendices 30
Slide 3: Current Focus (FY26 - FY27 Priorities)
Current Focus (FY26 - FY27 Priorities) Our priority is to lay the strongest possible foundation for strategy execution 1. Sales Performance 2. Business Excellence 3. Capital Management Building a disciplined sales and Embedding optimisation initiatives Optimising capital structure to marketing funct
Slide 4: Overview
Overview 1. Sales Performance 2. Business Excellence 3. Capital Management Strong sales volumes: Cost savings realised: Gearing reduced: 5% increase on 1HY25 $4.0m realised during 1HY26, 34.8% gearing within target range of $13.2m on track to be realised during 30 – 35% The Helier: FY26 54.5% occupi
Slide 5: Financial Summary
Financial Summary Oceania delivered a solid underlying result despite a persistently challenging residential housing market and tough economic conditions Financial Highlights – six months to 30 September 2025 Total Comprehensive Proforma Underlying Total Sales Operating Income EBITDA1 Volume Cash Fl
Slide 6: Sales Performance
Sales Performance
Slide 7: The Helier, Auckland
1. Sales Performance 2. Business Excellence 3. Capital Management The Helier, Auckland Targeting full development cash recovery by 31 March 2026 • 13 settlements achieved since March 2025, with an additional seven units currently under application1 • Premium product offering is increasingly aligned
Slide 8: Franklin, Auckland
1. Sales Performance 2. Business Excellence 3. Capital Management Franklin, Auckland Solid start with 35.5% Stage 1 presales, driven by targeted marketing and early engagement. On track to open in January 2026 with Stage 2 forecast to commence in early FY27 Stage 1 statistics 31 Villas available 31
Slide 9: Meadowbank, Auckland
1. Sales Performance 2. Business Excellence 3. Capital Management Meadowbank, Auckland The final stage of the Meadowbank redevelopment was completed in 1HY26, occupancy has been tracking ahead of expectations 40 Dementia Suites Opened in June 2025 55%1 Occupancy achieved in first four months The dem
Slide 10: New Sales
1. Sales Performance 2. Business Excellence 3. Capital Management New Sales New sales volumes and development margin % A total of 91 new sales were achieved for the 89 91 period, despite persistent challenges in the residential 90 83 35.4% 40.0% 34.6% 34.4% housing market and broader economic headwi
Slide 11: Resales
1. Sales Performance 2. Business Excellence 3. Capital Management Resales Reales volumes and resale margin % 200 50.0% Resales activity remained robust, led by consistent care 172 180 180 169 45.0% suite volumes and an uplift in apartment sales 165 109 160 117 110 40.0% 113 140 35.0% 120 30.0% Resal
Slide 12: Development Stock
1. Sales Performance 2. Business Excellence 3. Capital Management Development Stock The sell down of development stock has released net capital of $40m since March 2025 Unsold development stock movement from FY25 to 1HY26 $’m $25m • The value of unsold development stock declined from $342m ($65m) $3
Slide 13: Development Programme – Landbank of ~1,000 gross units
1. Sales Performance 2. Business Excellence 3. Capital Management Development Programme – Landbank of ~1,000 gross units Optionality to support future development rate of 100-150 units per annum Site Gross Units Type Planning Consented Construction Final Stages Franklin, Auckland Stage 1 31 Villas S
Slide 14: Business Excellence
Business Excellence
Slide 15: Proforma Underlying EBITDA
Proforma Underlying EBITDA Over the past six months we have delivered significant and sustained improvements in the earnings of the continuing business Proforma Underlying EBITDA and NPAT 1 Proforma Proforma Care Earnings NZD’m 44 1HY26 1HY25 • Increased occupancy Aged care operations 12.1 8.4 • Ini
Slide 16: Driving Care Profitability
1. Sales Performance 2. Business Excellence 3. Capital Management Driving Care Profitability Care occupancy Care profitability per bed is up 40% half on half, demonstrating that our commitment to care quality 94.7% 90.3% 92.2% 91.6% 94.0% 91.9% and business excellence is delivering results • As lead
Slide 17: Right Sizing the Business
1. Sales Performance 2. Business Excellence 3. Capital Management Right Sizing the Business The centralised corporate function is right sized and primed for growth • Ongoing automation and simplification of processes are improving efficiency across the corporate office • Corporate office team right
Slide 18: Capital Management
Capital Management
Slide 19: Balance Sheet Management
1. Sales Performance 2. Business Excellence 3. Capital Management Balance Sheet Management Net debt and gearing have reduced to $609m and 34.8% respectively Debt facilities as at Drawn Facility limit Headroom 30 September 2025 amount Covenants met: ICR coverage of 2.5x compared to the covenant of 2.
Slide 20: Development Debt
1. Sales Performance 2. Business Excellence 3. Capital Management Development Debt The accelerated sell down of development stock is the largest lever to reduce debt, maintain gearing targets and support growth • Since the Initial Public Offering in 2017, total assets have increased through developm
Slide 21: Divestments
1. Sales Performance 2. Business Excellence 3. Capital Management Divestments In depth site by site analysis has guided divestment decisions, ensuring the right assets are released to unlock value and sharpen strategic focus 1HY26 & FY25 divestments executed - $35m capital released Woburn Totara Par
Slide 22: Free Cash Flow
1. Sales Performance 2. Business Excellence 3. Capital Management Free Cash Flow Oceania has updated its dividend policy to better align dividends with operating cash flows OCA’s dividend policy is to pay out between 40% and 60% of its Free Cash Flow from Operations. Free cash flow from operations,
Slide 23: Financials
Financials
Slide 24: Profit and Loss
Profit and Loss Total Comprehensive Income has increased by $28.6m, largely a result of revaluation gains $m 1HY26 1HY25 Var • Fair Value movements contributed $60.9m Operating revenue 131.6 132.6 (1.0) to Total Comprehensive Income and represents the impact of increased care and Operating expenses
Slide 25: Cash Flow
Cash Flow Cash flow from operating activities increased by 12.3% to $79.0m in 1HY26, primarily driven by a one off GST adjustment $m 1HY26 1HY25 Var Net operating cash flows broadly consistent: Receipts from residents for village and care fees 98.2 106.0 (7.8) • Net operating cash flow was up 12.3%
Slide 26: Balance Sheet
Balance Sheet The balance sheet has continued to strengthen, with total assets now exceeding $3.0b and NTA per share increasing 3.8% since FY25 $m 1HY26 FY25 Var • Total assets of more than $3.0b: Total Assets assets increased 3.4% from FY25 lifting Cash and trade receivables 121.9 126.1 (4.2) to ov
Slide 27: Looking forward
Looking forward
Slide 28: Measures of Success
Measures of Success Clear performance measures underpin our approach to delivering sustainable growth and attractive shareholder returns Measures of Success Target Results as at 1HY26 CARE OCCUPANCY Sustaining consistently high occupancy 94.7%1 40 units at Meadowbank completed 1HY26 BUILD RATE 100 t
Slide 29: The Remainder of FY26
DRAFT The Remainder of FY26 Sales Performance • Increasing sales cadence and reducing our unsold development and aged stock remains our key focus • The Helier – momentum with applications – targeting full development cash recovery by March 2026 • Franklin Stage 1 completed with presales above curren
Slide 30: Thank you
Thank you @ OCEANIA Belie etter iave in B ia CEANI
Slide 31: Appendices
Appendices 01 Underlying earnings 11 Portfolio summary 02 Income Statement 12 Future development outlook 03 Proforma underlying earnings 13 Development pipeline 04 Cashflow 14 Available Stock 05 Resales cash flow and capital expenditure 15 Reconciliation of portfolio movements 06 Care Business 16 Su
Slide 32: Underlying earnings
01 Underlying earnings Underlying EBITDA of $41.5m for the six month period ended 30 September 2025, a 7.5% increase on 1HY25 Reconciliation of underlying adjustments Segmental underlying NZDm 1HY26 1HY25 Var FY25 NZDm 1HY26 1HY25 Var FY25 Reported Net profit after tax 4.9 (17.1) 22.0 30.4 Aged care
Slide 33: Income statement
02 Income statement Key valuation assumptions remained largely consistent from FY25 except for minor changes to incoming prices across all typologies Summary of income statement Key IP and PP&E CBRE valuation assumption changes NZDm 1HY26 1HY25 Var FY25 Drivers 1HY26 FY25 Operating revenue 131.6 132
Slide 34: Proforma underlying earnings
03 Proforma underlying earnings Proforma underlying earnings for 1HY26 of $41.9m. Adjustments include normalising for the impact of divesting several 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 months to 30
Slide 35: Cash flow
04 Cash flow Operating cash flow of $79.0m for the 6 months to 1HY26 compared to $70.4m in 1HY25 Statement of cash flows Net cashflows from operating activities NZDm 1HY26 1HY25 Var FY25 NZDm Receipts from residents for village and care fees 98.2 106.0 (7.8) 201.0 Payments to suppliers and employees
Slide 36: Reconciliation of resales cash flow and capital expenditure
05 Reconciliation of resales cash flow and capital expenditure Growth in resales cash flows as Oceania’s portfolio matures and resells at higher price points Reconciliation of resales cash flow Breakdown of Capital Expenditure 1HY26 1HY25 NZ$m 1HY26 1HY25 NZD $m’s Receipts from New ORAs 156.8 168.1
Slide 37: Care business
06 Care business Care business increases by 45% from 1HY25 for EBITDA per bed NZDm 1HY26 1HY25 Var Revenue growth driven by stronger DMF and care fees Daily care fees 87.3 86.2 1.1 • Total aged care operating revenue increased +2.4m (+2%) to $103.3m. • PAC revenue also improved (+$0.5m), while other
Slide 38: Retirement village business
07 Retirement village business Total Retirement Village operating income increases by $1.5m Village Occupancy NZDm 1HY26 1HY25 VAR 83.7% Villa and Apartment DMF Retirement village service fees 21.9 5.8 20.7 5.3 1.2 0.5 from 82.7% in FY25 Other revenue 1.5 1.6 (0.1) 250 Average Tenure Total retiremen
Slide 39: CBRE embedded value and affordability ratio
08 CBRE embedded value and affordability ratio The embedded value in our portfolio has increased 12% since 1HY25 to $615.2m as at 1HY26 and will underpin the future realisation of cash flows from deferred management fees and resale gains Embedded Value NZDm 600 3,000 • Embedded value in Oceania’s po
Slide 40: Balance sheet
09 Balance sheet Total assets increased by $97m from 31 March 2025. Oceania’s net adjusted value is $1.50 per share as at 30 September 2025 Balance sheet Net adjusted value (“NAV”) NZ$m NZ$m 1HY26 FY25 1HY26 FY25 PP&E (inc WIP) 868.0 828.5 Assets IP & ROU Assets (incl WIP) 2,043.2 1,981.4 Cash and t
Slide 41: Future cash recycling
10 Future cash recycling Oceania’s debt is primarily development related, supported by current and future new sales stock, providing a clear path to debt repayment. In aggregate we have $102.1m of asset coverage to our current development related debt Development debt from completed (but not yet ful
Slide 42: Portfolio summary
11 Portfolio summary As at 30 September 2025 Site Region Care beds Care suites Village units Total Site Region Care beds Care suites Village units Total NORTH ISLAND SOUTH ISLAND Bream Bay Ruakaka - - 83 83 Marina Cove Picton 32 32 The Sands North Shore - 44 64 108 Green Gables Nelson 61 40 101 Lady
Slide 43: Future development outlook
12 Future development outlook We have 1,406 units in the development pipeline that we will take a measured and disciplined approach on when to execute Current & future portfolio composition1 Existing portfolio 1,028 Care beds Care suites ILUs Total 1,988 Care 1,325 RV units Beds Standard 26% 32% Nor
Slide 44: Development pipeline
13 Development pipeline Status as at 30 September 2025 Sites Stage Status ILUs Care suites Gross units Net units Stage 1 Under Construction 31 - 31 31 Franklin Stage 2-6 Consented 145 81 226 181 Stage 7 Planned 78 - 78 78 Stage 2 Consented 69 - 69 69 Lady Allum Stage 3 Consented 68 - 68 68 The BayVi
Slide 45: Available Stock
14 Available Stock Breakdown of available stock comparison of September 2025 to March 2025 As at Sept 2025 As at March 2025 As at Sept 2025 As at March 2025 Available Resale1 58 58 Available New 245 270 Under Application- Resale 15 14 Under Application- New 26 22 Total 73 72 Total 271 292 Available
Slide 46: Reconciliation of portfolio movements
15 Reconciliation of portfolio movements Changes in As at Changes Conversion Conversion New units Changes in As at New units pipeline – FY25 in existing of beds to of units to delivered pipeline – gross 1HY26 acquired decommissions capacity care suites care suites units added Existing Care beds 1,06
Slide 47: Summary of unit sales
16 Summary of unit sales New Sales 1HY22 1HY23 1HY24 1HY25 1HY26 Villa 13 0 5 0 0 Apartment 44 28 42 38 39 Care suite 44 33 36 51 52 Total 101 61 83 89 91 Average development margin 26.0% 34.6% 24.8% 36.2% 35.4% Resales 1HY22 1HY23 1HY24 1HY25 1HY26 Villa 27 28 35 35 35 Apartment 18 24 20 24 36 Care
Slide 48: Our Strategic Framework
17 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 49: Oceania Snapshot
18 Oceania Snapshot Oceania have experienced significant growth since IPO with a $2.1 billion increase in total assets 2017 1HY25 1HY26 Change v IPO IPO Substantial growth: Care units 52% 54% 52% 0% • Assets have risen to $3.0b from $0.9b at IPO Independent living units 48% 46% 48% 0% • NTA per shar
Slide 50: Definition of Underlying NPAT
19 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 51: Glossary
20 Glossary NPAT Care Suite Net Profit After Tax A room or studio certified for the provision of care by the Ministry of Health which has been licensed under an ORA. DMF ORA Deferred Management Fees, charged under an ORA, of a maximum of 30% of the Occupation Licence An occupation right agreement th
Slide 52: Important notice and disclaimer
21 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