Summerset Group Holdings Limited · NZX:SUM
Summerset — FY2025 Earnings Presentation
67 slides from Summerset's earnings presentation, 2026
Slide 1: Results presentation
Results presentation FOR THE YEAR ENDED 31 DECEMBER 2025 Summerset by the Dunes (Pāpāmoa Beach, New Zealand)
Slide 2: Welcome
Welcome AGENDA 01 WHO WE ARE 02 FY25 INVESTOR HIGHLIGHTS 03 SCORECARD AND OUTLOOK 04 DEVELOPMENT AND GROWTH 05 BUSINESS PERFORMANCE 06 FINANCIAL PERFORMANCE 07 QUESTIONS 08 APPENDIX FULL YEAR REPORT 2025 2
Slide 3: Who we are
Who we are ABOUT SUMMERSET Summerset builds, owns and operates integrated retirement villages We create vibrant, happy communities for residents and our people that delivers on our purpose – bringing the best of life to over 9,500 residents We are the fastest growing retirement village operator in N
Slide 4: Who we are
Who we are DIVERSIFIED PORTFOLIO THROUGHOUT NEW ZEALAND AND AUSTRALIA Financials Retirement Care People $234.2m 7,198 1,475 9,500+ Underlying profit Units in portfolio Units in portfolio Residents $13.75 5,499 1,173 3,200+ NTA per share Units in land bank Units in land bank Team members $9.2b 95% 94
Slide 5: FY25 Investor highlights
Independent villa, Summerset Rangiora (Canterbury, New Zealand) 02. FY25 Investor highlights
Slide 6: FY25 Investor highlights
FY25 Investor highlights STRATEGY EXECUTION DELIVERS RECORD UNDERLYING PROFIT OF $234.2M, UP 13% ON FY24, 1,560 TOTAL SETTLEMENTS AND 693 UNITS DELIVERED ACROSS NEW ZEALAND AND AUSTRALIA $259.7m Net profit after tax $32.3m Cash flow from $234.2m Underlying profit FY24 $332.0m* existing operations FY
Slide 7: FY25 Investor highlights
FY25 Investor highlights STRATEGY EXECUTION DELIVERS RECORD UNDERLYING PROFIT OF $234.2M, UP 13% ON FY24, 1,560 TOTAL SETTLEMENTS AND 693 UNITS DELIVERED ACROSS NEW ZEALAND AND AUSTRALIA Record underlying profit of $ 234 .2m, up 13% on FY 24 Total assets now $ 9 .2b, up 15% on FY 24 , total equity o
Slide 8: Progress against our strategy
Progress against our strategy SUMMERSET BUILDS, OWNS AND OPERATES INTEGRATED RETIREMENT VILLAGES, CREATING VIBRANT, HAPPY COMMUNITIES FOR RESIDENTS AND OUR PEOPLE THAT DELIVERS ON OUR PURPOSE Our strategic goals are underpinned by our desire to bring increased wellbeing to our customers and our peop
Slide 9: Progress against our strategy
Progress against our strategy SUMMERSET BUILDS, OWNS AND OPERATES INTEGRATED RETIREMENT VILLAGES, CREATING VIBRANT, HAPPY COMMUNITIES FOR RESIDENTS AND OUR PEOPLE THAT DELIVERS ON OUR PURPOSE Our strategic goals are underpinned by our desire to bring increased wellbeing to our customers and our peop
Slide 10: Progress against our strategy
Progress against our strategy SUMMERSET BUILDS, OWNS AND OPERATES INTEGRATED RETIREMENT VILLAGES, CREATING VIBRANT, HAPPY COMMUNITIES FOR RESIDENTS AND OUR PEOPLE THAT DELIVERS ON OUR PURPOSE Our strategic goals are underpinned by our desire to bring increased wellbeing to our customers and our peop
Slide 11: Scorecard and outlook
03. Scorecard and outlook
Slide 12: FY25 Scorecard
FY25 Scorecard SUCCESSFULLY ACHIEVED ALL TARGETS SET AT 1H25 1H25 objective What we have delivered Net debt growth to begin reducing • Net debt growth of 6% in 2H25 and in line with 1H25 guidance at Achieved significantly from 2H25 $1.96b. Expect forward track to match 1H25 disclosure • Gearing rati
Slide 13: FY26 Outlook
FY26 Outlook POSITIVE OUTLOOK FOR 2026 AS SALES MOMENTUM CONTINUES Business driver Outlook NTA growth • Sustainable and consistent growth to continue - villages under construction estimated to generate a total NTA uplift of approximately $12.00 per share once complete and sold down • Ongoing portfol
Slide 14: Why we are confident in delivering for shareholders
Why we are confident in delivering for shareholders CONSISTENT SALES BACKED BY STRONG DEMOGRAPHICS AND SUCCESSFUL TRACK RECORD OF DELIVERY Settlements continue to lift Committed sales pipeline sets strong platform for FY26 805 267 755 178 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY16 FY17 F
Slide 15: Development and growth
Summerset Cranbourne North (Melbourne, Victoria) 04. Development and growth
Slide 16: Future growth
Future growth A FOCUS ON SUSTAINABLE GROWTH, TARGETING A STABILISED BUILD RATE OF APPROXIMATELY 650 UNITS IN NEW ZEALAND AND 300 UNITS IN AUSTRALIA OVER THE MEDIUM TERM OUR STRATEGY Summerset Half Moon Bay (Auckland) • Summerset continues to focus on sustainably delivering and selling units at scale
Slide 17: Development returns
Development returns $240m+ $72.7m INTERNAL CONSTRUCTION MODEL ENABLES Projected net cash Cash profit from villages position completed in FY25 EARNINGS GROWTH AND VALUE CREATION Forecast capital Forecast net Forecast NTA Village % Complete investment cash position at completion • Summerset developmen
Slide 18: Net tangible assets
Net tangible assets Pathway to future NTA growth VALUE UNLOCKED AS NEW UNITS DELIVERED AND VILLAGE CASH FLOWS MATURE 77% increase in future portfolio 6,672 • Since FY16, Summerset has grown its portfolio from 3,576 units to 8,673 units – 10% annualised growth rate 10% annualised growth rate • Across
Slide 19: Australia update
Australia update Cranbourne North Main Building – Resident amenity TARGET AN ANNUAL BUILD RATE IN AUSTRALIA OF 300 UNITS PER ANNUM BY FY27 • Good progress made across all Australian villages and we continue to target a 300 unit per annum build rate by FY27 • Cranbourne North - Village centre, includ
Slide 20: Australia update
Australia update Key numbers Gross proceeds (NZ$m) FY25 14.3 FY24 8.2 Variance 75% FY23 - Units delivered 56 32 75% 10 SALES MOMENTUM LIFTING WITH LAUNCH OF Settlements 18 10 80% - ASSISTED LIVING UNITS AND SECOND VILLAGE Contracted stock 13 9 44% 2 Uncontracted stock 56 21 166% 8 • Australian settl
Slide 21: Australia update
Australia update Summerset Mornington, Victoria NEW SITE IN MORNINGTION TO FURTHER STRENGTHEN AUSTRALIAN PIPELINE • Summerset have lodged a Planning Permit with the Victorian Development Facilitation Panel for a new 6.39ha broadacre village in Mornington Victoria, approximately 65km southeast of Mel
Slide 22: Development progress
Development progress NEW ZEALAND AND AUSTRALIA DEVELOPMENT PROGRESS Summerset Mt Denby (Whangārei) Summerset Palms (Te Awa, Napier ) Summerset Milldale (Auckland) Summerset at Pohutukawa Place (New Plymouth) Summerset Cambridge (Waikato) Summerset by the Dunes (Tauranga) FULL YEAR REPORT 2025 22
Slide 23: Development progress
Development progress NEW ZEALAND AND AUSTRALIA DEVELOPMENT PROGRESS Summerset Kelvin Grove (Palmerston North) Summerset Waikanae (Kāpiti Coast , Wellington ) Summerset Boulcott (Lower Hutt) Summerset Richmond Ranges (Tasman District) Summerset Blenheim (Marlborough District) Summerset Rangiora (Waim
Slide 24: Development progress
Development progress NEW ZEALAND AND AUSTRALIA DEVELOPMENT PROGRESS Summerset Prebbleton (Canterbury) Summerset Cranbourne North (Melbourne) Summerset Torquay (Victoria) Summerset Chirnside Park (Melbourne) Summerset Oakleigh South (Melbourne) FULL YEAR REPORT 2025 24
Slide 25: Development pipeline
Development pipeline DIVERSIFIED DEVELOPMENT PIPELINE OF 28 SITES* NEW ZEALAND LAND BANK Design Consenting Construction Village open Final stages AUSTRALIA LAND BANK Design Consenting Construction Village open Final stages Bell Block, New Plymouth Cranbourne North, Melbourne Boulcott, Lower Hutt Chi
Slide 26: Business performance
Summerset Business performance
Slide 27: Unit delivery
Unit delivery 637 56 693 TOTAL UNITS DELIVERED ACROSS Units delivered in Units delivered in New Zealand Australia NEW ZEALAND AND AUSTRALIA • 637 units to be sold under Occupation Right delivered in FY25 Retirement units (ORA) Care units (ORA) Total New Zealand, across 15 villages and ten regions un
Slide 28: Development margin
Development margin 27.8% $154.9m DEVELOPMENT MARGIN OF 28%, AHEAD OF Development margin Realised margin LONG - TERM TARGET • Record realised development margin of $154.9m, up 31% Realised development margin from $118.4m in FY24 $160m $155m 100% • Development margin of 28%, in line with FY24 90% • Vi
Slide 29: New sales
New sales 805 $693k GROSS PROCEEDS UP 36%, WITH 805 NEW New sales of 37% Average gross 0% SALES IN FY25 Occupation Rights proceeds • A record 805 new sales of Occupation Rights, up 37% on New sales FY25 FY24 Variance FY23 the 588 settled in FY24 Gross proceeds ($m) 557.7 409.4 36% 384.0 • When care
Slide 30: Care bed conversions
Care bed conversions 125 $31.2m POSITIVE UPTAKE OF CARE SOLD UNDER New sales of Gross proceeds OCCUPATION RIGHT AGREEMENT IN FY25 Occupation Rights • In FY25, Summerset made the decision to move care beds, Care suites Care bed Conversion new sales Total previously sold under a premium accommodation
Slide 31: New sale stock
New sale stock 203 53% 203 DELIVERED NEW SALE UNITS UNDER Delivered units Decrease in uncontracted CONTRACT under contract New Zealand villa stock • Total new sale stock of 744 units, up from 702 at FY24 but New Zealand Australia Group New sale stock down from 755 at 1H25 FY25 FY24 FY25 FY24 FY25 FY
Slide 32: Resales
Resales 755 $104.5m RECORD GROSS PROCEEDS OF $439.7M Resales of 16% Realised resale 9% ACHIEVED IN FY25 Occupation Rights gain • Record 755 resales of Occupation Rights in FY25, up 16% Resales FY25 FY24 Variance FY23 from 650 in FY24 Gross proceeds ($m) 439.7 377.7 16% 318.6 • Realised resale gain o
Slide 33: Embedded value
Embedded value $1.9b $761.9m EMBEDDED VALUE NOW $1.9B, UP 11% ON Embedded value 11% Embedded DMF 17% FY24 • Total embedded value now $1.9b, up 11% from $1.7b at FY24 Embedded value • Embedded value comprised of: $2,000m • $1.16b resale gains $1,750m • $0.76b deferred management fees $762m $1,500m $6
Slide 34: Resale stock
Resale stock 178 2.7% Contracted resale Percentage of RECORD 178 RESALE UNITS UNDER CONTRACT stock uncontracted stock • Total resale stock of 386 units, up from 372 at FY24 Resales stock FY25 FY24 • Contracted resale stock of 178 units, up 9% on FY24, Contracted 178 164 providing the basis for stron
Slide 35: Financial performance
Summerset Finaneial performance
Slide 36: Reported profit
Reported profit $361.8m $259.7m NET PROFIT AFTER TAX OF $259.7M WITH Total revenue 13% Net profit after tax 22% TOTAL REVENUE GROWTH OF 13% NZ$m FY25 FY24* Variance FY23* • Net profit after tax of $259.7m with total revenue of Total revenue 361.8 319.9 13% 272.2 $361.8m, up from $319.9m in FY24 Reve
Slide 37: Underlying profit
Underlying profit $234.2m $137.6m EXECUTION OF STRATEGY TRANSLATING TO Underlying profit 13% Annuity EBITDA 3% STRONG FINANCIAL PERFORMANCE NZ$m FY25 FY24 Variance FY23 • Record care EBITDA of $18.8m, the uplift coming from our transition to care beds sold under Occupation Right Care fees 148.3 131.
Slide 38: Segment earnings
Segment earnings $145.3m $148.8m COMPLETED VILLAGES GENERATING POSITVE Annuity EBITDA from Underlying profit from Completed villages Completed villages FINANCIAL EARNINGS FOR SUMMERSET Completed Developing NZ$m Total • Underlying profit from completed villages of $148.8m, with villages villages $85.
Slide 39: Operating expenses
Operating expenses NZ$m Gross operating expenses Capitalised to projects FY25 379.1 (50.5) FY24 342.8 (60.4) Variance 11% (16%) FY23 306.2 (58.2) KEY GROWTH IN COST BASE RELATED TO Reported operating expenses 328.6 282.4 16% 248.0 INCREASE IN PORTFOLIO SIZE Care expenses 150.3 136.3 10% 115.2 Villag
Slide 40: Cash flows
Cash flows $32.3m $145.4m CASH FLOW FROM EXISTING OPERATIONS Cash flow from 18% Net resales cash flow 5% OF $32.3M existing operations NZ$m FY25 FY24 Variance FY23 • Cash flow from existing operations of $32.3m, up 18% on FY24 Net receipts from resales 145.4 138.2 5% 104.6 Refurb of units sold under
Slide 41: Cash flows
Cash flows $73.6m 5.3% CASH FLOW FROM EXISTING OPERATIONS OF CFEO from CFEO return on net assets $73.6M IN COMPLETED VILLAGES completed villages in mature villages Completed Developing NZ$m Total • Summerset’s completed villages generated $73.6m of cash villages villages flow from existing operation
Slide 42: Balance sheet
Balance sheet $9.2b $2.6b FY25 PERFORMANCE SUPPORTING A Total assets 15% Retained earnings 8% SUSTAINABLE BALANCE SHEET POSITION NZ$m FY25 FY24* Variance FY23* • Total assets now $9.2b, up 15% on FY24, driven by portfolio growth and the underlying value in our existing villages Investment property 8
Slide 43: Capital management framework
Capital management framework GUIDING PRINCIPLES TO SUSTAINABLY GROW THE BUSINNESS Guiding principles FY25 in review • Grow the business by delivering sustainable expansion opportunities in New Zealand and Australia , that produce competitive returns for shareholders • Retain flexibility in our growt
Slide 44: Funding
Funding $626.8m 37.1% STRONG FUNDING SUPPORT IN PLACE THAT Undrawn capacity Gearing ratio ENABLES SUSTAINABLE GROWTH Funding maturity profile • Total debt facilities of $2.6b, including $0.6b of retail bonds $1,000m on issue $800m • Total facility (incl. bonds) has an average tenor of 3.9 years $600
Slide 45: Covenants
Covenants 38.5% 6.43x COVENANTS CONTINUE TO STRENGTHEN IN Bank & bond LvR Interest cover ratio LINE WITH BUSINESS PERFORMANCE Covenants FY25 FY24 Variance • Summerset remains compliant with all lending covenants and obligations Gross debt at face value ($m) 1,966 1,709 15% Property value ($m) 5,106
Slide 46: Development assets
Development assets $2.3b $318.2m VALUE OF DEVELOPMENT ASSETS $318M Underlying development Excess assets ABOVE NET DEBT assets • Summerset has no core debt and our development assets – Net debt to underlying assets being the value of our land bank, development WIP and units $318m excess assets that h
Slide 47: Final dividend
Final dividend DECLARED FY25 FINAL DIVIDEND OF 13.2 CENTS PER SHARE Dividend payout per year $70m • The Board has declared an unimputed final dividend of 13.2 $57.2m $58.3m $59.2m cents per share $60m $51.6m $50m $42.5m • This represents a payout for FY25 of approximately $59.2m, $millions being 25.
Slide 48: Questions
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Slide 49: 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 50: Appendix
Summerset by the Dunes (Pāpāmoa Beach, New Zealand) 08. Appendix
Slide 51: Portfolio as at 31 December 2025
Portfolio as at 31 December 2025 8,673 TOTAL UNITS INCLUDING 7,198 RETIREMENT UNITS AND 1,475 CARE UNITS Existing portfolio - as at 31 December 2025 Retirement units (ORA) Care units (ORA) Total units and Serviced Memory care Care Care Care beds Village Villas Apartments care beds apartments apartme
Slide 52: Portfolio as at 31 December 2025
Portfolio as at 31 December 2025 8,673 TOTAL UNITS INCLUDING 7,198 RETIREMENT UNITS AND 1,475 CARE UNITS Existing portfolio - as at 31 December 2025 Retirement units (ORA) Care units (ORA) Total units and Serviced Memory care Care Care Care beds Village Villas Apartments care beds apartments apartme
Slide 53: Future development
Future development LARGEST NEW ZEALAND LAND BANK FOR A RETIREMENT VILLAGE OPERATOR Land bank – as at 31 December 2025 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
Slide 54: Future development
Future development LARGEST NEW ZEALAND LAND BANK FOR A RETIREMENT VILLAGE OPERATOR Land bank – as at 31 December 2025 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
Slide 55: Historical trends
Historical trends HISTORICAL TRENDS ACROSS OPERATIONAL AND FINANCIAL METRICS Full year results FY25 FY24* FY23* FY22 FY21 FY20 FY19 New sales of Occupation Rights 805 588 560 537 540 404 329 Operational Resales of Occupation Rights 755 650 543 470 438 381 323 Total sales 1,560 1,238 1,103 1,007 978
Slide 56: FY25 underlying profit and resales cash flow
FY25 underlying profit and resales cash flow RECONCILIATION OF UNDERLYING PROFIT TO REPORTED NET PROFIT AFTER TAX AND NET RESALES RECEIPTS WITHIN CASH FLOW FROM EXISTING OPERATIONS Reconciliation of Underlying profit to Reported net profit after tax NZ$m FY25 FY24 Variance FY23 Net profit after tax
Slide 57: Restated comparative information
Restated comparative information RESTATEMENT OF FAIR VALUE OF INVESTMENT PROPERTY • Summerset has reviewed its accounting and valuation FY24 Opening FY24 NZ$m balance Amendment treatment of long -term resident loans within the valuations reported amendment restated and the accounting gross -up calcu
Slide 58: Investment property valuations
Investment property valuations INVESTMENT PROPERTY AND OTHER ASSET VALUATIONS – KEY ASSUMPTIONS Fair value movement of investment property Valuation Gain/(loss) Key valuation assumptions Discount Growth rate Growth rate Growth rate Growth rate Growth rate Village Location NZ$m NZ$m rate Yr 1 Yr 2 Yr
Slide 59: Investment property valuations
Investment property valuations INVESTMENT PROPERTY AND OTHER ASSET VALUATIONS – KEY ASSUMPTIONS Fair value movement of investment property Valuation Gain/(loss) Key valuation assumptions Discount Growth rate Growth rate Growth rate Growth rate Growth rate Village Location NZ$m NZ$m rate Yr 1 Yr 2 Yr
Slide 60: Care centre valuations
Care centre valuations CARE CENTRE VALUATIONS – KEY ASSUMPTIONS Value of care facilities Total care Valuation Gain/(loss) Non-ORA Key ORA valuation assumptions Village Location units NZ$m NZ$m Capitalisation Discount Growth rate Growth rate Growth rate Growth rate Growth rate rate rate Yr 1 Yr 2 Yr
Slide 61: Care centre valuations
Care centre valuations CARE CENTRE VALUATIONS – KEY ASSUMPTIONS Value of care facilities Total care Valuation Gain/(loss) Non-ORA Key ORA valuation assumptions Village Location units NZ$m NZ$m Capitalisation Discount Growth rate Growth rate Growth rate Growth rate Growth rate rate rate Yr 1 Yr 2 Yr
Slide 62: Sales price relativity
Sales price relativity CONTINUE TO REGULARLY REVIEW RESIDENTIAL PROPERTY MARKET CONDITIONS AND UPDATE UNIT PRICES, PRICING IN LINE WITH MARKET EXPECTATIONS WITH RECORD SALES ACHIEVED Auckland sales price relativity Sales price relativity vs median house price $1.7m $1.2m $1.5m $1.3m $1.0m $1.1m $0.9
Slide 63: Customer profile and occupancy
Customer profile and occupancy OCCUPANCY, TENURE AND RESIDENT DEMOGRAPHIC STATISTICS Occupancy – retirement villages Occupancy – established care centres 100% 100% 80% 80% 60% 60% 96% 95% 95% 94% 95% 97% 93% 93% 94% 94% 40% 40% 20% 20% - - FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Average en
Slide 64: Key terms
Key terms SUMMERSET KEY TERMS Non-GAAP financial measure used by Summerset to monitor financial performance and determine dividend distributions. Calculated by making the following adjustments to IFRS net profit after tax: removing fair value movement on investment properties, removing any impairmen
Slide 65: Key terms
Key terms SUMMERSET KEY TERMS Corporate overhead function Support costs relating to the Operations team including wages for Group Operations Managers, Operations and Property support staff, Operations consulting costs for operational reviews and projects, licenses, internal audit costs and other gen
Slide 66: Key terms
Key terms SUMMERSET KEY TERMS Any retirement or care unit sold under an Occupation Right. This includes villas, apartments, serviced apartments, memory care apartments and ORA unit care suites Retirement unit Villa, apartment or serviced apartment sold under ORA Care unit Memory care apartment, care
Slide 67: Ngā mihi
Ng ā mihi 67 FOR MORE INFORMATION: 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)
Summerset Group Holdings — FY2025 Earnings Presentation on 6ix