GXH: Annual Shareholders’ Meeting: Speeches & Presentation

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Green Cross Health (NZX: GXH)
Annual Shareholders’ Meeting, Thursday, 31 July 2025 at 2.30pm.

Chair & Group CEO Speeches
Kim Ellis, Chair
Good afternoon.

The result for the year was a welcome up-turn from the trend of the previous two
years. Both divisions contributed to the lift in performance, notwithstanding the
continuing headwinds in pharmacy retail. These reflect low levels of consumer
confidence as much as competitive pressure. Rachael in her address will cover off
the initiatives being undertaken across the business.

Cash flows are healthy; the balance sheet is strong; and dividends continue to flow.
And the Board is looking forward to the year ahead.

Before I pass over to Rachael I need to advise the following:

Carolyn has shared with me for some time her concern at the extent of her
governance responsibilities particularly since her recent appointment to the ANZ
Bank Board. She finally announced today at the Board meeting that she would need
to reluctantly resign from GXH, effective as soon as we can find a suitable
replacement.

Carolyn has served the company well over eight years and the Board is grateful for
her dedication as chair of the audit committee. We will immediately commence a
search for Carolyn's replacement.

Rachael Newfield, Group CEO
Slides 6-20:
Good afternoon everyone. Let’s begin with a review of the group results for the
year. On the left side you can see Revenue grew 4% year-on-year. Prior year
acquisitions and one medical acquisition this year were the largest contributors to
the increase, along with growth in dispensary, although that was partially offset by
a drop in retail revenue. As you can see on the right-hand side of this page, this
translated into an improvement in profitability, with Operating Profit growing $6.9m
year-on-year, up to $38.7m.

Similarly Net Profit After Tax Attributable to Shareholders lifted year-on-year to
$16.0m or 11.1 cents per share. Dividends paid in the year were 4.5 cents per share,
with the Board also declaring a final dividend of 2.75 cents per share which was paid
after year end.

On the next page we see the gearing ratio. It’s come down year-on-year to 11.9%.
At balance date the company had undrawn facilities of $42.0m and a positive cash

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position of $1.8m. The cash flow for the year (shown on the right-hand side graph)
grew to $52.6m. While it was a quieter year for acquisitions as we chose to focus
on the existing portfolio, there were two investments – one in each of Medical and
Pharmacy. The programme of site refurbishments continued in both Medical and
Pharmacy along with ongoing investment in technology, which I’ll talk more about
soon.

So now let’s look at each of the divisions – Pharmacy, then Medical. You can see in
the top chart that Pharmacy Revenue grew 2%. While retail conditions were
challenging, dispensary performance was strong with same store script volumes
growing 4% year-on-year. And in the bottom chart you can see the growth in
Pharmacy Operating Profit of $2.2m as a result of this Revenue growth, supported
by cost control measures.

We were very pleased to launch our new Care & Advice Health Hub brand in the
year. This will allow us to offer a consistent set of services to customers, and
capitalise on the increasing demand for health services across the New Zealand
population. Our target is to have Health Hubs rolled out within 200 of our stores
by the end of this year. On the right of this slide you can see various service
statistics – again, this demonstrates that the provision of additional pharmacy
services is a key growth strategy for the division.

And it was also a busy year on the beauty side of the Pharmacy business. We
launched our Beauty by Life concept store in Newmarket. This is part of ensuring
we’re refreshing our instore image and product offer to appeal to a wider range of
customers. The offer includes the provision of selected beauty services in store.
Further roll-outs are planned for the coming year.

During the year the division has been working on enhancing the customer journey,
across multiple channels. The Living Rewards programme is fundamental to the
offer, with members spending 50% more than non-members in year. We continued
to invest in technology, including improving the Life Pharmacy website in the year.
As well as nationwide delivery, a number of stores now offer a click and collect
option. We now have 149 stores signed up to provide on-demand delivery for
customers across New Zealand – this is all part of making sure we’re accessible to
customers across a variety of channels.

Looking ahead, the coming year will see us expand our Health Hubs across New
Zealand so our pharmacies can provide increased access to services for all New
Zealanders. While the retail market is still challenging, we are constantly hunting
for new brands to make sure we’re differentiating our offer vs. the competition.
The customer experience remains key, including utilising the strength of our
loyalty programme of over 2 million members. We are advocating for pharmacists
to be able to provide additional services; with the ever-increasing demands on the
New Zealand health care system and because pharmacies throughout New Zealand
are so accessible, it makes sense for Government to extend their ability to provide
services. And a focus on cost control in the coming year is a given.

Moving now to Medical, you can see that Revenue once again lifted, this year by
9%. The full year impact of acquisitions was a large driver in this. And Medical

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Operating Profit also grew, on the back of both the acquisitions and success of
operational improvement initiatives. The division ended the year with 65 medical
centres, representing New Zealand’s largest enrolled patient base.

In this chart you can see the outcomes from the operational improvement
initiatives with employee costs now at 72% of Revenue for the year, and EBIT
margins lifted to 12.7%. We have commenced rolling out a team-based model of
care to increase accessibility for our patients, ensuring the person with the best
suited skill-set is able to look after our patients in a timely manner.

And this year the company invested in substantial upgrades at both Baymed and
Kerikeri, adding capacity and enhancing the clinical and patient environment. The
rebranding programme progressed with 45 centres now operating under The
Doctors brand. Our digital interactions with patients on The Doctors App grew,
with over 120,000 patients now registered on our app and using it regularly. We
have also invested further in telehealth as demand for this mode of care continues
to grow. Our strategy has been primarily to support the existing patient base with
over 16,000 virtual consults completed in year.

The year ahead will again be a busy one. The roll-out of the team-based model of
care is progressing. We have been advocating for some time for improved funding
arrangements and with the Government’s recent announcement of applications
opening for new Primary Healthcare Organisations, Green Cross Health has
submitted an application to establish its own PHO. We are investing in technology
to increase patient access to care and enhance operational efficiency. An ethos of
operational improvement is well-embedded in the team and this will continue, as
will ongoing management of productivity and costs in the year ahead.

To end, here’s an overview of the company at year end. We closed the year with
328 pharmacies, split across the Unichem and Life brands. The Living Rewards
loyalty programme has over two million members. In Medical the division has 65
centres and 416,500 enrolled patients. In line with the roll-out of the team-based
model of care, you can see our staffing mix is evolving. As well as 409 nurses and
407 doctors, we now have 27 nurse practitioners and 39 health improvement
practitioners.



Contact:
Kalpana Goundar
kalpana.goundar@gxh.co.nz

Rachael Newfield
rachael.newfield@gxh.co.nz

About Green Cross Health
Green Cross Health (NZX: GXH) is a trusted New Zealand primary healthcare provider
with multidisciplinary healthcare teams with the purpose of working together to

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support healthier communities. Green Cross Health is focused on creating
sustainable healthcare solutions with positive outcomes and experiences.
New Zealand owned and operated, Green Cross Health operates under branded
groups Unichem, Life Pharmacy and The Doctors medical centres, to provide
support, care and advice to diverse New Zealand communities.
Green Cross Health provides convenient access to professional healthcare with 328
Unichem and Life Pharmacies covering almost every New Zealand community, as
well as 65 medical centres caring for 416,500 enrolled patients.

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GXH Annual Shareholders’ Presentation31 July 2025Pg 1
Annual
Shareholders’
Meeting
31 July 2025

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 2
Kim Ellis
Independent Chair

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 3
•Any eligible shareholder/proxy attending the meeting remotely
is able to ask a question.
•Select the Q&A tab and type your question into the box at the bottom
of
the screen and press ‘Send’.
Questions Process
*Note: If you have signed in as a guest, you will not be able to ask questions or vote at the meeting

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 4
Introductions
Carolyn Steele
Independent Director
Craig Brockliss
Non-Executive Director
John Bolland
Non-Executive Director
Peter Merton
Non-Executive Director
Ken Orr
Independent Director
Andrew Bagnall
Non-Executive Director
Management
Board
Members
Rachael Newfield
Group CEO
Kalpana Goundar
CFO/Company Secretary

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 5
Agenda
Chair’s address
Group CEO’s address
Resolutions and voting
General Q&A

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 6
Rachael Newfield
Group CEO’s Address

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 7
Group Revenue and Operating Profit
•Revenue of $523.8m, up 4%
•FY25 Revenue increase a result of
annuali
sing prior year acquisitions and one
FY25 acquisition in Medical, along with
strong dispensary performance in Pharmacy
partially offsetting retail decline
•Operating Profit of $38.7m
•Operating Profit increase driven by top line
grow
th and operational improvements in both
divisions
478.1
493.6
503.9
523.8
FY22FY23FY24FY25
GXH Operating Revenue From Continuing
Operations ($m)
FY22FY23FY24FY25
48.5
34.3
31.8
38.7
FY22FY23FY24FY25
FY22FY23FY24FY25
GXH Operating Revenue From Continuing Operations ($m)
GXH Operating Profit From Continuing Operations ($m)

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 8
Group NPAT, EPS & Dividend
• Net Profit After Tax Attributable to Shareholders
grew to $16.0m
• EPS at 11.1 cps
• Final FY25 dividend of 2.75cps declared –
pay
ment date 23 June 2025
Based on dividends paid during the financial year
20.2
15.0
12.0
16.0
FY22FY23FY24FY25
GXH NPAT Attributable to Shareholders* ($m)
FY22FY23FY24FY25
6.5
7.0
34.0
4.5
FY22FY23FY24FY25
Dividends Per Share (cps)
FY22FY23FY24FY25
14.1
10.5
8.4
11.1
FY22FY23FY24FY25
GXH NPAT Attributable to Shareholders* (cps)
FY22FY23FY24FY25
*From Continuing Operations

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 9
Working Capital and Operating Cashflow
•Gearing ratio of 11.9% as at 31 March 2025
•Undrawn debt facilities of $42.0m as at 31 March 2025
•Net cash position of $1.8m as at 31 March 2025
•Financing ratios:
–Debt / Pre IFRS16 EBITDA –
0.7x
–Operating Profit / Interest –
18x
•Operating Cash Flow of $52.6m
E
nabling:
•Investment of $7.3m including two equity investments
(one pharmacy, one medical centre), site refurbishments
and investment in technology
•Debt repayment of $12.1m
12.3%
10.4%
17.3%
11.9%
FY22FY23FY24FY25
GXH Gearing Ratio (debt / debt + equity)
FY22FY23FY24FY25
65.8
45.9
46.0
52.6
FY22FY23FY24FY25
GXH Operating Cash Flow ($m)
FY22FY23FY24FY25

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 10
Divisional
Performance &
Plans

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 11
367.1
360.4
363.6
370.4
FY22FY23FY24FY25
Pharmacy Operating Revenue ($m)
Pharmacy Performance
FY22FY23FY24FY25
•Revenue up 2% to $370.4m with strong
performance in dispensary, partially offset by
retail decline
•Operating Profit up to $21.5m driven by top
line growth and store optimisation completed
in prior period
•Total scripts items grew 4% on a same
store basis
•38 million script items dispensed
35.9
21.1
19.3
21.5
FY22FY23FY24FY25
Pharmacy Operating Profit ($m)
FY22FY23FY24
FY25

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 12
Care & Advice Health Hub
Launch of the Care & Advice Health Hub within Unichem & Life pharmacies
positioned to support New Zealand’s growing demand for essential health
services
Branding and consistency in services aims to raise consumer awareness of
the clinical services pharmacists can deliver
Continued increase in the range of services offered in pharmacies, with
ranging of complementary pharmacy health and wellness products
On track to achieve 200 Care & Advice Health Hub branded stores by the
end of the year
326,000 vaccinations
administered across
the network
11 core clinical
services available
in all Care & Advice
Health Hubs
77,000 service
bookings made
online
41% increase in
non-flu vaccinations

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 13
Modernising the Life brand instore experience with the
launch of the first ‘Beauty by Life’ concept at the Life
Newmarket store
Targeting further stores to be upgraded by the end of
the year
Enhancing the beauty and wellness product offering by
introducing new ranges and products to broaden appeal
to a wider market
Implementing beauty services in selected stores to
support the refreshed and extended product offer
Investment in Beauty

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 14
Improving Customer Journey
Living Rewards membership grew to over
2.09 million members, with members
spending 50% more than non-members
Continuing to evolve and modernise
marketing messaging, with increased social
media activity including interactive content
to create ongoing customer engagement
Winner of Out Of Home Media Association
Aotearoa Marketing Awards for ‘Best use of
technology in delivering a digital billboards
campaign with real-time purchases’
Enhancing the
product range with
new and exclusive
brands including own
brand pharmacy
essentials
Targeted offers for
products and
services through the
Living Rewards
programme
Website upgraded to
improve functionality,
including ability for
customers to check
stock availability
Click & Collect now
available at 27 Life
stores with 5,000
products collected
since launch late last
year
149 stores now
enabled to provide
on-demand delivery
for customers
nationwide

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 15
Pharmacy Future Focus
Retail
disciplines
Differentiated brands
and products with
professional instore
experience
Customer
experience
Clinical
services
Cost
focus
Expand clinical
services through Care
& Advice Health Hubs
to support revenue
growth
Improving customer
accessibility &
recognising customer
loyalty
Network scale
& leadership
Leveraging our trusted
brands & advocating for
extended pharmacist
scope of practice
Workforce
productivity, margin
management &
occupancy cost
control

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 16
Medical Performance
16.0
16.2
15.0
19.5
FY22FY23FY24FY25
Medical Operating Profit ($m)
111.0
133.2
140.3
153.4
FY22FY23FY24FY25
Medical Operating Revenue ($m)
Revenue up 9% to $153.4m primarily
due to full year impact of FY24
acquisitions and one FY25 acquisition
Operating Profit up to $19.5m driven
by acquisition and operational
improvement
416,500 enrolled patients at 31
March 2025
Ownership in 65 medical centres at
31 March 2025
FY22FY23FY24
FY25
FY22FY23FY24
FY25

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 17
Focus on Operational Performance
•Focus on operational efficiency, including
through utilisation of technology, has
improved employee costs to 72% of Revenue
•Continuing to advocate for improved funding
arr
angements to ensure more resources
reach frontline general practice
•Roll-out of team-bas
ed model of care
underway, building clinical capacity to provide
patients timely access to care
0%
2%
4%
6%
8%
10%
12%
14%
16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
EBIT %
Cost %
Operational Efficiency
Employee costs %Other costs %EBIT %
FY22
FY24
FY23
FY25

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 18
Investment and Innovation
•Baymed and Kerikeri practices underwent major
refurbishments adding capacity to care for more
patients, in an upgraded clinical environment
•The Doctors rebranding programme continued
w
ith 45 centres now operating under the brand
•Over 120,000 r
egistered users on The Doctors
App booking an average of 20,000 appointments
per month
•More than 16,000 consults on
the rebranded
Doctors Online telehealth service, supporting the
existing network with locum services along with
providing convenient access to care for casual
and enrolled patients

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 19
Medical Future Focus
Innovative
care model
Direct
funding
High quality patient care
delivered through a
team-based approach
Calling for improved
funding arrangements
to allow more
resources to reach the
frontline
Technology
Utilising data and
systems to increase
patient access while
improving efficiencies
Operations
improvement
Continuous
improvement in
operating model and
clinical environment
Cost
& margin
Workforce
productivity & margin
management

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 20
Our Purpose: Working together to support healthier communities.
We are passionately committed to the health and wellness of New Zealand, and to providing the best support,
care and advice to our communities. This is our promise.
Company Overview

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 21
Questions

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 22
Resolutions &
Voting

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 23
•Resolutions will be put forward once voting is declared open
by the Chair. Once the voting has opened, the resolution and
voting options will appear.
•To vote, simply select your voting direction from the options shown on
s
creen. You can vote for all resolutions at once, or by each resolution.
•Your vote has been cast when the green tick appears. To change your vote,
s
elect ‘Change Your Vote’.
Voting
*Note: If you have signed in as a guest, you will not be able to ask questions or vote at the meeting

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 24
Resolution 1: Re-election of Kim Ellis
Resolution 2: Re-election of John Bolland
Resolution 3: Re-election of Craig Brockliss
Resolutions
1
2
3
4
5
Resolution 4: Directors’ fee pool
Resolution 5: Fix the remuneration of the Auditor for the ensuing year

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 25
Resolution 1
That Kim Ellis be re-elected as a
Director of the Company
Kim Ellis
Independent Chair
Re-election

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 26
Resolution 2
John Bolland
Non-Executive Director
Re-election
That John Bolland be re-elected
as a Director of the Company

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 27
Resolution 3
Craig Brockliss
Non-Executive Director
Re-election
That Craig Brockliss be re-elected
as a Director of the Company

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 28
Resolution 4
That the Directors’ fee pool be increased by $100,000
from $500,000 to $600,000 per annum with effect from
1 April 2025

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 29
Resolution 5
To authorise the Directors to fix
the remuneration of the Auditor
for the ensuing year

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 30
Questions

GXH Annual Shareholders’ Presentation 31 July 2025 Pg 31
Disclaimer
The information in this presentation was prepared by Green Cross Health Limited (GXH) with due care and attention. However, the
information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy,
completeness or reliability of the information. In addition, neither GXH nor any of its subsidiaries, directors, employees, shareholders nor any
other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)
arising from this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect GXH current expectations, based on what it thinks
are reasonable assumptions. GXH gives no warranty or representation as to its future financial performance or any future matter. Except as
required by law or NZX listing rules, GXH is not obliged to update this presentation after its release, even if things change materially. This
presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a
solicitation of an offer to buy GXH securities and may not be relied upon in connection with any purchase of GXH securities.
This presentation contains a number of non-GAAP financial measures, including Operating Revenue and Operating Profit. As they are not
defined by GAAP or IFRS, GXH calculation of these measures may differ from similarly titled measures presented by other companies and
they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with
GAAP. Although GXH believes they provide useful information in measuring the financial performance and condition of GXH business,
readers are cautioned not to place undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the consolidated financial statements for the period
ended 31 March 2025.