Third Age Health Releases FY25 Preliminary Unaudited Result

FY25 Results Update: Third Age Health Services
Dear Shareholders,
It’s been nearly three years since I took on the role of Chairman. In that time, we moved
quickly to orient our strategy around a small number of simple ideas and to take them
seriously.
That meant focusing on delighting customers, running a lean organisation grounded in
Kaizen (aka Lean), and being frugal. It also meant aligning incentives, for example through
implementing a profit-sharing plan for key employees and considering both opportunity
cost and hurdle rates when allocating capital. All with a view to maximising the average
annual rate of increase in intrinsic value per share over time.
That said, not everything has gone smoothly. I've made some mistakes, mostly from saying
yes to a few things I should have said no to. In hindsight, those decisions diverted focus,
consumed time, and created distractions that didn’t serve our goals. While the costs aren’t
always visible in the financials, they are very real. It’s a reminder of the importance of
maintaining a high bar, filtering harder, and being highly selective in how we allocate time,
attention, and capital.

We are applying these learnings as we refine our approach to future opportunities, with the
aim of ensuring that we build not just momentum and sustainability but also protect the
culture we are working hard to build. A key part of that is ensuring that any future partners
share our values.
Financial Performance
FY25 was another year of solid overall performance. Net profit after tax rose by 79.2% to
$2,478k, while underlying NPATA increased by 69.0% to $2,886k, reflecting operating
leverage and improved efficiency across the group.
We completed the acquisition of Hub Aged Care in April 2024, extending our footprint in
the Lower North Island. This business has performed ahead of expectations and has been
successfully integrated. Combined with strong organic growth, this has driven meaningful
gains in revenue and operating scale across our ARC business.

Our community general practices also showed encouraging signs of progress. While not all
practices are yet operating at full potential, refinements to the operating model, improved
leadership, and better systems and processes are beginning to translate into improved
profitability. Nevertheless, a meaningful amount of work remains to be done to improve
the operational and financial performance of several practices.
Overall, the financial results for FY25 reflect our efforts to run a more efficient organisation
capable of creating and compounding customer value sustainably over many years.
Capital Allocation
Our approach to capital allocation is simple. We aim to evaluate each opportunity against
the best alternatives available at the time, prioritising those that clear our hurdle rate and
where each dollar retained has a reasonable probability of creating at least a dollar of
market value over a rolling five-year period, rather than pursuing growth for its own sake.
During the year, we allocated capital to investments in our digital clinical portal and AI
trials, which are enhancing the customer experience and improving operational efficiency
positioning us to grow market share over time.
We also repaid $790k of high-cost debt primarily related to the Hub Aged Care (HAC)
acquisition, reducing our interest burden by around $75k p.a. based on borrowing rates at
the time of discharge of the HAC loan. Similarly, our modest on-market share buyback,
repurchasing 0.50% of shares, was executed when our stock traded below our assessment
of per-share value and in the context of a lower likelihood that higher-return acquisition
opportunities would materialise. We also continued to pay a quarterly dividend.
While we continue to work on sourcing acquisitions within primary care, as previously
mentioned, we are also casting the net wider and are open to purchasing other businesses
provided they share similar commercial characteristics to our ARC business.
Specifically, we are drawn to businesses with recurring and predictable revenue,
favourable long-term demand tailwinds, a small but essential role within a larger value
chain, a demonstrated ability to generate free cash flow and earn returns on tangible
capital in line with our expectations, and potential to serve as a platform for selective
consolidation.

Outlook
We continue to see opportunities to improve how we operate and serve our customers.
Every part of the business, from our ARC footprint to our general practices, has room to
grow, while also becoming more productive and efficient at creating customer value. Our
management team, led by Tony Wai, is making considerable efforts to deliver this.
While we are cautiously optimistic that FY26 will build on the progress made in FY25, after
several years of strong financial performance, we expect organic growth in both revenue
and earnings to be much more modest going forward.
Thank You
I've previously mentioned our intention to work on broadening the shareholder base. I’m
pleased to report that these efforts have begun to bear fruit. We’ve welcomed several new
shareholders this year who share our focus on building a durable business that creates
meaningful value over the coming decades.
I want to thank Tony and the wider team for their continued efforts to improve how we
operate and serve our customers. I’m also grateful to our customers and partners for the
trust they place in us every day.
Finally, thank you to all our shareholders for entrusting us with your capital. We are grateful
for your continued support.
Sincerely,


John Fernandes
Chairman

From the CEO

Dear Shareholders,

FY25 was a year of strong delivery across the business. We expanded our reach, improved
operational performance and made meaningful progress on key strategic initiatives that
support scalable, high-quality care.
Impact at Scale
In April 2024, we acquired a majority interest in Hub Aged Care, strengthening our
presence in the Lower North Island. This was followed by onboarding a new ARC facility in
Northland, expanding our footprint as a national provider. These additions have increased
our service coverage and brought more consistency to how we operate across regions. As
a result, Third Age Health now holds an estimated 17% share of the medical services
market for residents in ARC facilities across New Zealand
1
.
We also launched our proprietary digital clinical portal, live in 13 facilities at the end of
March. The platform streamlines clinical workflows and improves access to real-time
information, allowing our clinicians to spend more time with patients and less on
administration. Early feedback from users has been encouraging and we continue to invest
in further development of the platform to support better outcomes and operational
efficiency.
Alongside the portal, we continued to explore technology that enhances care delivery. AI
transcription has been introduced in our general practices to reduce clinical
documentation load and virtual care solutions have been expanded to improve after-hours
and remote access for ARC residents.
We have also created what we anticipate will become the primary care quality standard in
aged care, (“Elder Care Standards”), a pivotal achievement in our commitment to
excellence.


1
Based on actual enrolment to 31 March 2025 and our latest estimates of ARC occupancy across New
Zealand according to the Te Whatu Ora ARC Funding / Service Assessment report (January 2024).

Building on Commitment
FY25 saw further embedding of the “Third Age Health Way of Working,” our Kaizen-based
business system. This supported streamlined onboarding of new facilities and clinicians,
improved client engagement, and enhanced after-hours service delivery across ARC.
Workforce development continues to be a priority. In March 2025, our Nurse Practitioner
Development Programme celebrated its first graduate, an important step in building long-
term clinical capacity. We also supported transitions from enrolled nurse to registered
nurse roles and created pathways for early-career doctors to join our network.
We were also proud to launch the Navigating Wellness guidebook for older adults in New
Zealand. Made available nationally in both digital and print, the guide aims to help older
people and their families take a more active role in their health and wellbeing particularly
in rural and underserved areas.
Operational Performance
Our ARC business continues to grow steadily, underpinned by strong demand and the
consistent delivery of care. Including Hub Aged Care, ARC-related enrolled patients grew
to 5,371 and revenue rose 42% to $11.75 million for the year ended 31 March 2025. A range
of breakthrough projects, process improvements and digital tooling have helped improve
how we deliver care at scale.
In community general practice, we saw positive financial momentum. Despite a 1.3%
decline in enrolled patients to 20,350, general practice revenue rose 7% to $7,329k, with a
substantial increase in profitability, driven by process improvements and clearer
accountability across teams. The decline in the number of enrolled patients is a concern
especially given the growing demand for general practice services. We are working to
stabilise our enrolled patient base with appropriate urgency, and then grow it, as we
continue to bring further capacity improvements and focus on attracting new patients to
our clinics.

Sector Outlook
Primary care sector workforce shortages, funding constraints, and increasing
administrative demands continue to place pressure on providers across the system. While
these challenges are not new, their impact is intensifying, and we do not expect them to
ease in the short term.
In aged residential care, delays in admissions, rising patient acuity, and increased turnover
among facility staff all present ongoing challenges. However, these dynamics also reflect
rising demand for the structured, coordinated primary medical care that our business is
built to deliver. In community general practice, pressure on capacity continues to grow,
reinforcing the importance of efficient models of care and strong clinical leadership.
We remain focused on adapting to this evolving environment, supporting our people,
investing in systems that improve productivity, and maintaining the quality and reliability of
care. The fundamentals driving demand for our services remain intact, and we are
confident that by continuing to execute well, we can grow sustainably while creating value
for our clients, clinicians, and shareholders.
I want to thank our clinicians and operational teams for their continued commitment, and
our Board for their ongoing support and guidance. I also want to acknowledge our
customers and partners and thank our shareholders for your trust. We remain focused on
delivering consistent, high-quality care while building a resilient, scalable, and durable
organisation.
Thank you for your continued trust and support.

Sincerely,


Tony Wai
CEO

---

1
Based on actual enrolment to 31 March 2025 and our latest estimates of ARC occupancy across New Zealand according to the Te
Whatu Ora ARC Funding / Service Assessment report (January 2024).
2
Underlying NPATA (Net Profit After Tax before Amortisation) is adjusted for non-cash amortisation charges arising as a result of
purchase accounting rules.
3
PCP refers to prior comparable period i.e. FY24.
4
Underlying NPBTA is adjusted for non-cash amortisation charges arising as a result of purchase accounting rules and amortisation
of software.


Third Age Health delivers 2H underlying NPATA
1
of $1,525k up 12.0% on
1H, and FY25 underlying NPATA
1
of $2,886k up 69.0% on FY24

FY25 Business Highlights
Third Age Health (TAH) is New Zealand’s leading provider of quality health care services for older
people; supporting those living in care homes, hospital level care, secure dementia units, retirement
villages and in their own homes. TAH currently provide services to 90 Aged Residential Care (ARC)
facilities throughout the country, including some of the largest aged care providers in New Zealand.
In addition, Third Age Health has a family of general practices providing quality primary healthcare
for local communities.
• Growth: TAH has significantly expanded its national footprint and market share in FY25.
o increased the number ARC patients we provide care to an estimated 17%
1
of ARC
population across NZ and
o Grew our combined enrolled patient population across both ARC and general
practice by 3%.
o Our core Aged Care business NPATA
2
grew by 51%, while General Practice grew by
135% over PCP
3
.
• Clinical Team and People: We had 112 clinicians work with us during FY25, a 29% increase
from the prior year, with the number of clinicians across both ARC and GP settings making up
72% of the overall Third Age Health team (74%, FY24).

Financial Highlights (unaudited)
$'000
H1 H2 % change FY25 FY24 YOY % change`
Revenue 9,413 9,668 +2.7% 19,081 15,151 +25.9%
Underlying EBIT 2,053 2,216 +7.9% 4,269 2,606 +63.8%
EBIT Margin 21.8% 22.9% +1.1% 22.4% 17.2% +5.2%
Underlying NPBTA
4
1,858 2,050 +10.3% 3,908 2,251 +73.6%
Underlying NPBTA
4
% 19.7% 21.2% +1.5% 20.5% 14.9% +5.6%
Underlying NPATA
2
1,361 1,525 +12.0% 2,886 1,708 +69.0%
Underlying NPATA
2
% 14.5% 15.8% +1.3% 15.1% 11.3% +3.8%







Statutory NPAT
1,154 1,324 +14.7%
2,478
1,383 +79.2%
Statutory NPAT%
12.3% 13.7% +1.4%
13.0%
9.1% +3.9%
Diluted Earnings Per Share
10.25 13.65 +33.2%
23.90
13.99 +70.8%
Ordinary Dividends Per Share (cents) 6.83 7.88 +15.4%
14.71
10.07 +46.1%
Return on Equity (TTM)
59.1% 63.7% +4.6%
63.7%
46.8% +16.9%
Return on Capital Employed (TTM)
43.1% 43.3% +0.2%
43.3%
35.5% +7.8%

1
Based on actual enrolment to 31 March 2025 and our latest estimates of ARC occupancy across New Zealand according to the Te
Whatu Ora ARC Funding / Service Assessment report (January 2024).
2
Underlying NPATA (Net Profit After Tax before Amortisation) is adjusted for non-cash amortisation charges arising as a result of
purchase accounting rules.
3
PCP refers to prior comparable period i.e. FY24.
4
Underlying NPBTA is adjusted for non-cash amortisation charges arising as a result of purchase accounting rules and amortisation
of software.

Financial Performance
• Revenue of $ 19.081m (+$3.9m up 26%): Revenue growth was significant in ARC (+$3.5m)
and moderate in General Practice (+0.4m). There were no new acquisitions of general
practices during the year. However, Hub Aged Care Limited was acquired adding $1.2m to the
ARC segment of revenue in FY25. The main driver of revenue growth in General Practice was
service increases based on further capacity improvement. In ARC, the main driver was the
number of ARC facilities serviced.
• Underlying NPATA
2
of $2,886k up 69.0% from FY24: underlying NPATA
2
is adjusted for non-
cash amortisation charges arising from purchase accounting rules. NPATA
2
growth was
significant in both ARC of 50.7% to $2.01m and in General Practice of 135% to +$0.87m.
• Cashflow: Cash and cash equivalents increased to $2,594k in FY25 (FY24: $1,695k). This
signifies an improved liquidity position, attributed to positive cash flows from operating
activities of $3,701k for FY25 (FY24: $2,677k).
• Debt: Repayment of debt amounted to $790k in FY25 (FY24: $999k)
Dividends paid in FY25
A fully imputed final dividend of 3.98 cents per share has been declared for FY25, in line with the
dividend policy. Combined with the 3.90 cents per share in Q3 FY25, the 3.55 cents per share paid
for Q2 FY25 and 3.28 cents per share for Q1 FY25, this brings total dividends declared for the year to
date to 14.71 cents per share.
Dividend Declaration
We are pleased to announce a fully imputed dividend per share, in line with our dividend policy, of
3.98 cents per share.

The board of directors of Third Age Health Services Limited has approved the release of this document
to the market.

About Third Age Health (NZX:TAH)
Third Age Health is New Zealand’s only specialised provider of general practice health care services for
older people living in retirement villages, private hospitals, secure dementia units as well as in
communities across New Zealand. A dedicated Third Age Health clinical team provides onsite clinics,
rostered rounds and after hours on-call healthcare services aimed at supporting the health and
wellbeing of older people to improve quality of life. As well as providing clinical services for 90 aged
care facilities throughout New Zealand, Third Age Health owns several general practices providing
quality primary healthcare to people of all ages.
www.thirdagehealth.co.nz

---

Third Age Health Services Limited
Unaudited consolidated statement of profit or loss and other comprehensive income
For the year ended 31 March 2025



2025 2024

$000 $000
Revenue 19,081 15,151
Cost of services (9,181) (7,535)
Gross profit 9,900 7,616



Other income 58 85



Employees and contractors (3,302) (3,042)
Professional and consulting fees (523) (437)
Other expenses (1,455) (1,226)
Operational expenses (5,280) (4,705)






EBITDA 4,678 2,996



Amortisation and depreciation (841) (715)
Finance costs (337) (355)



Profit before income tax 3,500 1,926



Income tax expense (1,022) (543)



Profit for the period

2,478 1,383



Other comprehensive income

- -



Total comprehensive income for the period

2,478 1,383



Profit and total comprehensive income attributable to:

Shareholders of the parent

2,386 1,400
Non-controlling interests 92 (17)



Profit for the year 2,478 1,383



Earnings per share

Basic earnings per share (cents)

23.90 13.99
Diluted earnings per share (cents)

23.90 13.99





These Consolidated Financial Statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited
Unaudited consolidated statement of changes in equity
For the year ended 31 March 2025





Share
Capital
Share
Based
Payments
Reserve
Retained
earnings
Non-
controll
ing
Interest Total

$000 $000 $000 $000 $000
Balance at 1 April 2023 596 645 1,330 (27) 2,544
Prior period error - - (40) - (40)
Revised balance at 1 April 2023 596 645 1,290 (27) 2,504

Profit for the year - - 1,400 (17) 1,383
Total comprehensive income for the year - - 1,400 (17) 1,383



Dividend - - (986) - (986)
Tax credit on share based payments - - - - -
Deferred tax credit on share based payments - - - - -
Share based payments - 12 - - 12
Balance at 31 March 2024 596 657 1,704 (44) 2,913



Balance at 1 April 2024 596 657 1,704 (44) 2,913
Profit for the year - - 2,386 92 2,478
Total comprehensive income for the year - - 2,386 92 2,478




Dividend - - (1,351) (116) (1,467)
Share buyback (111) - - - (111)
Transfer - (634) 634 - -
Share based payments

- 8 - - 8
Impact of other transactions with NCI - - - 146 146
Balance at 31 March 2025

485 31 3,373 78 3,967

















These Consolidated Financial Statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited
Unaudited consolidated statement of financial position
For the year ended 31 March 2025



2025 2024
$000 $000
Current assets


Cash and cash equivalents
2,594 1,695
Trade and other receivables
1,059 775
Other assets
104 81
Accrued revenue
40 319
Total current assets
3,797 2,870




Non-current assets



Property, plant and equipment
189 123
Right-of-use-assets
2,181 2,514
Intangible assets
4,773 4,191
Financial assets
20 20
Total non-current assets
7,163 6,848




Total assets
10,960 9,718




Current liabilities



Trade and other payables
1,887 1,594
Employee benefits
432 336
Provisions
22 22
Current tax liabilities
648 346
Bank Loan - current
59 1,342
Lease liabilities
330 306
Total current liabilities
3,378 3,946



Non current liabilities



Bank loan 1,091 -
Other payables 1 1
Lease liabilities 2,094 2,399
Deferred tax liability 429 459
Total non current liabilities
3,615 2,859



Total liabilities 6,993 6,805



Net assets
3,967 2,913
Equity



Share capital
485 596
Share based payment reserve
31 657
Retained earnings
3,373 1,704
Equity attributable to the Parent
3,889 2,957




Non-Controlling Interests
78 (44)



Total Equity

3,967 2,913

These Consolidated Financial Statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited
Unaudited consolidated statement of cash flows
For the year ended 31 March 2025




2025 2024

$000 $000
Cash flows from operating activities

Receipts from customers 19,199 15,097
Payments to suppliers and employees (14,332) (11,624)
Interest received 43 38
Interest paid (331) (372)
Income taxes paid (878) (462)
Net cash flows provided by operating activities 3,701 2,677




Cash flows from investing activities

Payments purchase for property, plant and equipment (114) (17)
Investment in developing intangible assets (38) (132)
Acquisition of business (572) -
Net cash flows used in investing activities (724) (149)




Cash flows from financing activities

Shares acquired (111) -
Loan repayments on bank borrowings (790) (999)
Loan receivable repayments - 80
Payment of lease liabilities (308) (283)
Dividend paid (1,351) (986)
Dividend paid to NCI (116)
Proceeds from borrowings 598 -
Net cash flows (used in) / provided by financing activities

(2,078) (2,188)



Net increase in cash and cash equivalents

899 340



Cash and cash equivalents at the beginning of the period

1,695 1,355
Cash and cash equivalents at the end of the period

2,594 1,695












These Consolidated Financial Statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited
Notes to the Unaudited Consolidated Financial Statements
For the year ended 31 March 2025

1. Reporting entity
These Consolidated Financial Statements are for Third Age Health Services Limited and its subsidiaries (the “Group”). The
Parent is incorporated and domiciled in New Zealand and registered under the Companies Act 1993. The parent’s shares
are publicly traded on the New Zealand Stock Exchange (NZX) and are listed on the main board of the NZX. The principal
trading activity of the Group is the provision of medical services to the aged care sector. Those companies included in the
Group are disclosed in note 9.
2. Statement of accounting policies

Accounting policies remain consistent with the prior year ended 31 March 2024 financial statements.
3. Net tangible assets

The Group has net tangible assets as at 31 March 2025 of (3.8) cents per share (2024: net tangible assets (8.8)
cents per share). The movement in net tangible assets is the results of changes in the Statement of Financial Position
composition owing to the repayment of borrowings in the year and increase in cash at bank.
4. Segment information

4.1. Products and services from which reportable segments derive their revenue

The Group's reportable segments are as follows:
• Aged medical residential care services, being the provision of medical care services to the aged care sector.
• General practice medical services, being the provision of primary care services to the community.

Third Age Health Services Limited
Notes to the Unaudited Consolidated Financial Statements
For the year ended 31 March 2025


4.2. Segment revenues and results

The following is an analysis of the Group’s revenue and results from operations by reportable segment:

Segment revenue 2025 2024

$000 $000
Aged medical care services 11,752 8,283
General practice medical services 7,329 6,868
Total for continuing operations 19,081 15,151

Segment profit before tax 2025 2024

$000 $000
Aged medical care services 2,816 1,833
General practice medical services 684 93
Total for continuing operations 3,500 1,926


Segment profit includes the following items:

For the year ended 31 March 2024 Aged care General practice

medical services medical services

$000 $000
EBITDA 1,839 1,157
Depreciation (6) (384)
Amortisation of intangibles - (325)
Interest expense on leases - (204)
Interest on bank Loan - (151)
Profit before tax 1,833 93

Add back: Loan impairment - -
Profit before tax from underlying core operations 1,833 93

Income tax expense (496) (47)
Profit for the period 1,337 46

Third Age Health Services Limited
Notes to the Unaudited Consolidated Financial Statements
For the year ended 31 March 2025


For the year ended 31 March 2025 Aged care General practice
medical services medical services
$000 $000
EBITDA 2,968 1,710
Depreciation (21) (388)
Amortisation of intangibles (105) (327)
Interest expense on leases - (186)
Interest on bank Loan (26) (125)
Profit before tax 2,816 684

Add back: Loan impairment - -
Profit before tax from underlying core operations 2,816 684

Income tax expense (895) (127)
Profit for the period 1,921 557


EBITDA represents profit before tax excluding amounts for depreciation and amortisation expenses, interest expenses and
interest income.


4.3. Segment assets and liabilities

Segment assets 2025 2024

$000 $000
Aged medical care services incl support functions 4,091 2,638
General practice medical services 8,416 8,281
Total segment assets 12,507 10,919



Intercompany elimination (1,547) (1,201)
Total segment assets 10,960 9,718


Segment liabilities
2025
2024

$000 $000
Aged medical care services incl support functions 3,200 1,461
General practice medical services
5,340 6,545
Total segment liabilities
8,540 8,006



Intercompany elimination (1,547) (1,201)
Total segment liabilities
6,993 6,805

Third Age Health Services Limited
Notes to the Unaudited Consolidated Financial Statements
For the year ended 31 March 2025

5. Costs of employees and contractors includes:


2025
2024


$000 $000
Salaries and wages

2,664 2,513
Short term incentives

279 197
Defined contribution (KiwiSaver)

131 121
Share based payments expense

13 12
Employee benefit expense

3,087 2,843




Contractors

215 199


3,302 3,042
The above excludes clinical employee and contractor costs.

6. Finance costs


2025
2024

$000 $000
Interest expense on leases 186 204
Interest on bank Loan 151 151

337 355
7. Amortisation and depreciation

2025
2024

$000 $000
Depreciation on right of use assets 362 360
Depreciation on plant, property and equipment 47 30
Amortisation of acquired intangibles 408 316
Amortisation of software 24 9

841 715
8. Share Capital

Ordinary shares
All ordinary shares rank equally with one vote attached to each fully paid share. Total issued share capital is 9,954,491
ordinary shares (2024: 10,004,149).



Authorised


Issued Total issued and fully


Share Capital

paid shares


$000 $000 000's
Balance at 1 April 2024


596 596 10,004
Shares repurchased

(111) - (50)
Shares issued


- - -
Share issue transaction costs


- - -
Balance at 31 March 2025


485 9,954

Third Age Health Services Limited
Notes to the Unaudited Consolidated Financial Statements
For the year ended 31 March 2025




Authorised


Issued Total issued and fully


Share Capital paid shares


$000 $000 000's
Balance at 1 April 2023


596 596 10,004
Shares issued


- - -
Share issue transaction costs

- - -
Balance at 31 March 2024


596 596 10,004
9. Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the shareholders of the parent by the weighted
average number of ordinary shares outstanding during the financial year, excluding treasury shares.

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account
the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the
weighted average number of ordinary shares that would have been outstanding assuming the conversion of all dilutive
potential ordinary shares.

Reconciliation of earnings used in calculating earnings per share

2025
2024

$000 $000
Net profit attributable to the ordinary shareholders of the
parent
2,386 1,400
Earnings used in the calculation of basic earnings per share 2,386 1,400

Weighted average number of shares used as the denominator

2025
2024

Shares Shares

000's 000's
Weighted average number of ordinary shares used as the
denominator in calculating basic earnings per share
9,985 10,004


Adjustments for calculation of diluted earnings per share:

Employee share options - -



2025 2024
Shares Shares
000's 000's



Weighted average number of ordinary shares and potential
ordinary shares used as the denominator in calculating diluted
earnings per share
9,985 10,004


Share options issued under ESOP plans are considered as antidilutive.

Third Age Health Services Limited
Notes to the Unaudited Consolidated Financial Statements
For the year ended 31 March 2025

10. Dividends

Dividends declared and paid during the year ended 31 March
2025:
Cents per share $000
Interim dividend Q3 3.90 388
Interim dividend Q2 3.55 355
Interim dividend Q1 3.28 328
Final dividend for the year ended 31 March 2024 2.80 280

13.53
1,351

Dividends declared and paid during the year ended 31 March
2024:
Cents per share $000
Interim dividend Q3 3.31 332
Interim dividend Q2 2.34 234
Interim dividend Q1 1.62 162
Final dividend for the year ended 31 March 2023 2.58 258

9.85
986
11. Business Combinations

11.1. Group composition

The parent entity is Third Age Health Services Limited, a company incorporated in New Zealand. The Group had the
following subsidiaries as of 31 March 2025. The current reporting period includes results from two new subsidiaries that
were not part of the group for the same period last year.
Subsidiary name
Country of
incorporation
Ownership
2025
Ownership
2024
Hawkes Bay Wellness Centre Limited New Zealand
100% 100%
Belmont Medical Centre Limited New Zealand
100% 100%
Ponsonby Medical (Third Age Health) Limited New Zealand
100% 100%
Third Age Employee Share Purchase Plan Trust New Zealand
- 100%
Devonport Family Medicine (Third Age Health) Limited New Zealand
100% 100%
EastMed St Heliers Limited New Zealand
67% 67%
Hub Aged Care limited (acquired 1 April 2024) New Zealand
70%
-

On 9
th
August 2024, the Company sold its 10% share back to Phoenix Health Hub Limited for the nominal value of $1. The
Company had not invested any funds in Phoenix Health Hub and it was held at nil fair value as at 31 March 2024.

On 17th February 2025 the Third Age Employee Share Purchase Plan Trust was wound up, as the share purchase plan was
no longer active. The remaining equity balance of the Third Age Employee Share Purchase Plan Trust has been transferred
to retained earnings.

11.2. Acquisition

On 1 April 2024 the Company acquired a 70% share of Hub Aged Care Limited, a Wellington based aged residential care
provider. The acquisition supports the Company’s growth strategy in the Lower North Island region, an essential part of
expanding our national coverage and continuing to develop the model of healthcare for older people.

Third Age Health Services Limited
Notes to the Unaudited Consolidated Financial Statements
For the year ended 31 March 2025

The complete results of the Hub Aged Care Limited since acquisition are included in these Consolidated Financial
Statements for the period ended 31 March 2025, contributing $1,626k to Group revenues and $523k to Group EBITDA.
Details of the fair value of identifiable assets and liabilities, acquired purchase consideration and goodwill are as follows:


Hub Aged Care

$000
Cash settlement 1 April 2024 598
Cash settlement 31 May 2024 26
Contingent consideration (1 April 2024) at Fair Value 118
Total fair value of consideration transferred 742
Fair value of NCI on acquisition 135

Current assets

Cash and receivables 52
Trade receivables 122

Non-current assets

Property, plant and equipment 2
Intangible Assets (excluding goodwill) 551
Total assets acquired 727

Current liabilities

Trade and other liabilities (13)
Accrued expenses (66)
GST & Income Tax (43)

Non-current liabilities

Deferred tax liability on intangibles (154)
Total Liabilities acquired (276)
Total net assets acquired 451
Goodwill 427


The total nominal consideration transferred or to be transferred to the vendors is as follows:
• $598,000 in cash paid on 1 April 2024.
• $26,090 in cash paid on 31 May 2024 as a working capital adjustment being 50% of current assets less current
liabilities at acquisition date per the sale and purchase agreement.
• $130,000 in deferred contingent consideration considered payable on 1 April 2025, if certain conditions are met
(discussed below).

The $130,000 in total deferred contingent consideration ($65,000 each) is payable to two of the vendors if the following
conditions are met:
o The patient numbers after 12 months are the same or greater than the forecast confirmed and agreed by
the parties.
o Net profit is maintained or greater for the 12 months post completion.

The fair value of the deferred consideration under IFRS 13 has been calculated using net present value at the incremental
borrowing rate of 10.3%. No risk portion calculation is deemed necessary. The fair value of the $130,000 deferred

Third Age Health Services Limited
Notes to the Unaudited Consolidated Financial Statements
For the year ended 31 March 2025

contingent consideration is $117,860. The difference of $12,140 is recorded as a monthly interest expense until payable
on 1 April 2025.
The total fair value of all consideration is $741,950.
The $598,000 cash paid was fully financed through an ANZ loan Facility at 10.3%. The working capital adjustment was
settled through available cash at bank.

The expenses relating to the acquisition of Hub Aged Care are the following:

• $17,200 in legal fees incurred in the 2024 financial year. These have been included in the profit and loss in the
2025 financial year.
• $12,140 in interest costs from discounting the contingent consideration payable 01 April 2025 to fair value at
acquisition date.

At acquisition date the company held trade receivables with a book and fair value of $122,091. All contracted cash flows
were expected to be collected on all receivables and no bad debts were recorded.

An assessment of goodwill is tested for impairment annually, or more frequently when there is an indication that the unit
may be impaired. The goodwill recognised will not be deductible for tax purposes.
Goodwill arises on the acquisition of subsidiaries. Goodwill represents the excess of the purchase consideration over the
fair value of the net identifiable tangible and intangible assets at the time of acquisition. Management has used its past
established experience of sales growth and synergistic savings to determine their expectations for the future. The goodwill
incorporates the expected synergies from local knowledge and contacts with our national know-how and proven best
practice. Deferred tax liability of 28% on intangible assets is calculated at the time of acquisition, the minority interest
portion is considered as immaterial.

The NCI has been valued based on the Fair Value of the NCI portion of identifiable net assets
The value of the NCI is based on the fair value of net identifiable assets acquired based on the portion of net identifiable
assets owned by the NCI.
With this method, we have included the intangibles recognised on consolidation which cannot be recognised in the
separate financial statements (PHO Contract and Patient Enrolled Register). The total NCI of $135,016 is made up on the
following:
• 30% of the book value of all the net balance sheet assets as at 31 March 2024 (30% of $53,758)
• 30% of the enrolled service users (beds under care) (30% of $466,898)
• 30% of the PHO contract (30% of $83,515)
• 30% of deferred tax liability on intangibles (30% of ($154,115))

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)



Results for announcement to the market
Name of issuer Third Age Health Services Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$19,081 25.9%
Total Revenue $19,081 25.9%
Net profit/(loss) from
continuing operations
$2,478 79.2%
Total net profit/(loss) $2,478 79.2%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03981410
Imputed amount per Quoted
Equity Security
$0.01548326
Record Date 9 June 2025
Dividend Payment Date 26 June 2025
Current period Prior comparable period
31 March 2024
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
-$0.038 -$0.088
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For a detailed commentary on the performance for the period
please refer to the attached market announcement and
Preliminary Report. The NTA is negative due to a large
proportion of our assets being intangible assets, notably goodwill
from acquisitions which are excluded in calculated tangible
assets. Further impacted by IFRS16 adjustments for RoU
assets and lease liabilities combined with a bank loan facility
drawn to fund acquisitions, increasing total liabilities. The
movement in our NTA from 31 March 24 relates to principal
repayments of the bank loan as well as an increase in cash and
cash equivalents.
Authority for this announcement
Name of person

authorised
to make this announcement
Tony Wai – CEO
Contact person for this
announcement
Tony Wai

Contact phone number 021 739 199
Contact email address tonyw@thirdagehealth.co.nz
Date of release through MAP

30 May 2025

Unaudited financial statements accompany this announcement.

---

Distribution Notice



Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Third Age Health Services Limited
Financial product name/description Third Age Health Services Limited Ordinary Shares
NZX ticker code TAH
ISIN (If unknown, check on NZX
website)
NZTAHE0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 9 June 2025
Ex-Date (one business day before the
Record Date)
6 June 2025
Payment date (and allotment date for
DRP)
26 June 2025
Total monies associated with the
distribution
1

$396,329.10

Source of distribution (for example,
retained earnings)
Retained earnings
Currency New Zealand Dollars
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.05529736
Gross taxable amount
3
$0.05529736
Total cash distribution
4
$0.03981410
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount N/A
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.01548326
Resident Withholding Tax per
financial product
$0.00276487
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
n/a
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Secion 5: Authority for this announcement
Name of person

authorised to make
this announcement
Geraldine Bromley
Contact person for this
announcement
Geraldine Bromley
Contact phone number
022 127 5598
Contact email address geraldineb@thirdagehealth.co.nz
Date of release through MAP

30/05/2025





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.