Financial Results for the Year Ended 31 December 2025

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz

NZX & ASX RELEASE

27 February 2026

SUMMERSET POSTS $234.2M FULL YEAR UNDERLYING PROFIT

Retirement village operator Summerset Group Holdings Limited today announced a record full
year underlying profit for the year ending 31 December 2025 of NZ$234.2 million, up 13% on
FY24 primarily due to a positive sales performance and continual growth in the company’s
portfolio. IFRS net profit after tax was down to $259.7 million with the change largely driven by
the impact of lower median house prices on revaluations of the company’s portfolio over the
year.
Summerset CEO Scott Scoullar said the company’s long-term strategy continues to deliver
results with Summerset achieving underlying profit growth, meeting its building targets,
achieving healthy sales results (given the property market conditions in 2025), maintaining high
resident satisfaction and staff engagement, and hitting significant milestones in its Australian
growth strategy.
“We’ve continued to achieve despite another year where the business environment and property
market has been subdued. Summerset has lifted the value of the company by $1.32 per share to
have a Net Tangible Assets (NTA) per share of $13.75, and we are proud to be very focused on
growth” Mr Scoullar said.
The company sold 1,560 homes (805 new sales and 755 resales) under ORA during 2025 (up
26% on FY24) – Summerset’s highest new sales year to date.
• Underlying profit for FY25 of NZ$234.2m, up 13% on FY24
• IFRS net profit $259.7m down 22% on FY24
• Total revenue of NZ$361.8m up 13% on FY24
• Total assets of NZ$9.2b, up 15% on FY24
• 1,560 total sales of occupation rights, up 26% on FY24
• 693 new homes delivered under occupation right agreement (ORA) (637 in New Zealand
and 56 in Australia)
• Land bank total of 5,499 retirement homes and 1,173 care homes across NZ and
Australia
• Uncontracted NZ stock decreased 7% compared to 1H25
• Development margin of 27.8%
• Final dividend of NZ13.2 cents per share
• Village and care resident satisfaction 91% and 89% respectively
• Staff retention 84% up 3% on FY24


• F

Mr Scoullar said the company has worked hard to deliver sales at its focus villages, Summerset
Boulcott (Lower Hutt) and Summerset St Johns (Auckland) with these villages both in the top
three highest new sales villages of the year.
“Boulcott and St Johns are unique villages for us, due to the land and style of build we delivered
large numbers of new homes at once. Selling these down has been a priority this year and we’re
pleased to see both villages performing well.”
Selling Care rooms under Occupational Rights Agreements (ORAs) helped Summerset to
improve its care profitability significantly, care EBITDA was $18.8m for FY25 up from $2.7m the
year before.
“While care ORA sales have been strong this year, we’ve been pleased to see sales of our
independent homes continue to grow strongly as well. With Care ORAs excluded, new sales
were 680, up 16% from the 588 new sales achieved in FY24.”
The company’s strong sales performance was heavily supported by its strong brand presence,
with quarterly independent research showing that Summerset has continued to hold the number
one position for consideration amongst its core audience - a position held since April 2025.
“This means that Summerset is not only top of mind for our audience, but also a brand of choice
when making the decision to move into a retirement village community.”

Mr Scoullar said the company has also remained focused on delivering for residents with
continued high satisfaction scores (91% for villages and 89% for care) and has seen more
external acknowledgement of their work.
Summerset received a number of awards including winning the Corporate ESG category at the
Institute of Financial Professionals New Zealand (INFINZ) 2025 Awards, Summerset St Johns
earning an Excellence award at the New Zealand Property Council awards in the Retirement
Living and Aged Care category and the company named a Customer Champion by the
Australian Financial Review.
Construction
Summerset met its forecast build target again, delivering 637 homes under ORA in New Zealand
and 56 in Australia. The company’s deliveries were consistent with guidance provided at its
FY24 results of between 600-650 homes in New Zealand and between 50-80 in Australia.
The company was building on 22 sites across New Zealand and Australia in 2025 and delivered
significant projects during the year including the village centre buildings at Cambridge (Waikato)
and Cranbourne North (Victoria, Australia), and the care centre and apartments at Boulcott.
Mr Scoullar said Summerset reported a development margin of 27.7% down from 28.9% in
FY24, driven by the company’s sales mix with a higher proportion of apartments and care suites
sold than previous years.
Continued progress in Australia
Mr Scoullar said the company continued its measured and deliberate growth plan in Australia
and Summerset is now seeing this work start to gain momentum.

“We delivered our first village centre building at Cranbourne North in Victoria, marking a key
milestone as we prepare to deliver aged care for the first time in Australia. At Chirnside Park, our
second Australian village, the first villas were completed in Q4 with strong early demand
resulting in half of the first stage sold in the first few weeks. Construction is now underway at two
further villages – Torquay and Oakleigh South.”
Summerset’s Australia team is now working through the necessary steps to operationalise the
village centre at Cranbourne North, including hiring and training staff, finalising accreditation for
our care services, and embedding any legislative requirements under the new Australian Aged
Care Act which came into force on 1 November 2025.
“We’re very excited to be bringing our full continuum-of-care to Australia. We expect to welcome
our first Assisted Living residents in Q1 of FY26 and to begin providing care from Q2.”
Summerset also announced they have lodged a Planning Permit with the Victorian Development
Facilitation Panel for a new village in Mornington, Victoria.

“We are hopeful of securing the consent this year which will include a retirement village, assisted
living apartments and aged care. We believe this opportunity will be a great addition to our
growing Australian portfolio.”
Mornington is situated approximately 65km southeast of Melbourne's CBD, and with its natural
beauty, lifestyle amenities and connectivity make it an excellent location. The area is renowned
for its coastal lifestyle, with pristine beaches, a vibrant café culture, boutique shopping, golf
courses and a number of award-winning wineries making it a sought after location for retirees.
Looking forward
“We continue to believe in our value proposition in both New Zealand and Australia going into
FY26. Even in constrained trading conditions we have continued to see extremely high demand,
record sales numbers and have continued to deliver on our expected build rate in both Australia
and New Zealand.
“We’ll continue to focus on prudently managing our strong balance sheet while growing and
embedding long-term cashflow from our villages and delivering for residents and shareholders.
We’re pleased to have reduced gearing and expect to see a further reduction in FY26.”
The Board has declared a final dividend of NZ13.2 cents per share, bringing the total dividend
payable for FY25 to NZ24.5 cents per share.


ENDS

For investor relations enquiries: For media enquiries:
Margaret Warrington Louise McDonald
Chief Financial Officer Senior Communications & Media Advisor
Investor.relations@summerset.co.nz louise.mcdonald@summerset.co.nz
+64 21 246 3793

ABOUT SUMMERSET

• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 40 villages completed or in development nationwide

• In addition, Summerset owns seven proposed sites at Belmont (Auckland), Rotorua (Bay
of Plenty), Mission Hills (Napier), Masterton (Wairarapa), Otaihanga (Kāpiti Coast),
Rolleston (Canterbury), and Mosgiel (Dunedin)
• Summerset also has four villages in development (Cranbourne North, Chirnside Park,
Torquay and Oakleigh South) and owns three other proposed sites in Victoria, Australia
(Craigieburn, Drysdale and Mernda)
• Summerset provides a range of living options and care services to more than 9,500
residents

---

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



Results for announcement to the market
Name of issuer Summerset Group Holdings Limited
Reporting Period 12 months to 31 December 2025
Previous Reporting Period 12 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$361,774 13.1%
Total Revenue $361,774 13.1%
Net profit/(loss) from
continuing operations
$259,720 (21.8%)
Total net profit/(loss) after tax $259,720 (21.8%)
Underlying profit * $234,153 13.5%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.132 per Ordinary Share
Imputed amount per Quoted
Equity Security
Not imputed
Record Date 13 March 2026
Dividend Payment Date 26 March 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$13.75 $12.43
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See also other attached documents (annual report, media
release, results presentation and distribution notice).
* Underlying profit is a non-GAAP measure and differs from
NZ IFRS profit for the period. Underlying profit does not have
a standardised meaning prescribed by GAAP and therefore may
not be comparable to similar financial information
presented by other entities. The Directors have provided an
underlying profit measure in addition to IFRS profit to assist
readers in determining the realised and unrealised
components of fair value movement of investment property,
impairment and tax expense in the Group’s income statement.
The measure is used internally in conjunction with other
measures to monitor performance and make investment
decisions. Underlying profit is a measure which the Group
uses consistently across reporting periods. Underlying profit is
used to determine the dividend pay-out to shareholders.

Authority for this announcement
Name of person

authorised
to make this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number 027 506 5562
Contact email address Robyn.heyman@summerset.co.nz
Date of release through MAP

27 February 2026

Audited financial statements accompany this announcement.

---

Distribution Notice




Section 1: Issuer information
Name of issuer Summerset Group Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SUM
ISIN (If unknown, check on NZX
website)
NZSUME0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies X
Record date 13/03/2026
Ex-Date (one business day before the
Record Date)
12/03/2026
Payment date (and allotment date for
DRP)
26/03/2026
Total monies associated with the
distribution
1

$31,991,655.03600000
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.13200000
Gross taxable amount
3
$0.13200000
Total cash distribution
4
$0.13200000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

NA
Imputation tax credits per financial
product
NA

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.

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

Resident Withholding Tax per
financial product
$0.04356000
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
16/03/2026 20/03/2026
Date strike price to be announced (if
not available at this time)
23/03/2026
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
TBA
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
16/03/2026
Section 5: Authority for this announcement
Name of person authorised to make
this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number +64 27 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP 27/02/2026

---

Results presentation
FOR THE YEAR ENDED 31 DECEMBER 2025
Summerset by the Dunes (Pāpāmoa Beach, New Zealand)

FULL YEAR REPORT 20252
AGENDA
Welcome
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 20253
ABOUT SUMMERSET
Who we are
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 New Zealand,
focusing on easily stageable, broad acre villages in diversified locations
Our existing portfolio has almost 7,200 retirement units and over 1,400 care
units, including 98 units in Australia
We have a consistent and sustainable approach to growing our business – we
have no core debt, our land bank has almost 5,500 retirement units, over
1,100 care units and includes expansion in Australia

4
FULL YEAR REPORT 2025
DIVERSIFIED PORTFOLIO THROUGHOUT NEW ZEALAND AND AUSTRALIA
FinancialsRetirementCarePeople
$234.2m
Underlying profit
7,198
Units in portfolio
1,475
Units in portfolio
9,500+
Residents
$13.75
NTA per share
5,499
Units in land bank
1,173
Units in land bank
3,200+
Team members
$9.2b
Total assets
95%
Occupancy
FY24: 94%
94%
Occupancy
FY24: 94%
84%
Staff retention
Who we are

02.
FY25 Investor highlights
Independent villa, Summerset Rangiora (Canterbury, New Zealand)

6FULL YEAR REPORT 2025
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
FY25 Investor highlights
$259.7m
Net profit after tax
FY24$332.0m*
$32.3m
Cash flow from
existing operations
FY24$27.2m
$234.2m
Underlying profit
FY24$206.4m
27.8%
Development margin
FY2428.9%
693
Total units delivered in New
Zealand and Australia
FY24729
2.7%
Uncontracted resale stock
FY243.0%
1,560
Sales of Occupation
Rights
FY241,238
$13.75
NTA per share
FY24$12.43*
6,672
New Zealand and Australia
land bank (including care)
FY247,543
* The fair value of investment property has been restated (refer to slide 57 for details)

7FULL YEAR REPORT 2025
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 FY24
Total assets now $9.2b, up 15% on FY24, total equity of $3.3b
and net tangible assets per share of $13.75, up 11% on FY24
Cash flow from existing operations of $32.3m, with Cash flow
from development activity reducing by 20% on FY24
Record realised development margin of $154.9m, up 31% and
realised resale gain of $104.5m, up 9% on FY24
1,560 total settlements, up 26% on FY24, comprising 680 new
sales, 125 care bed conversions and 755 resales
Closing new sale stock down 1% on 1H25 with resale stock now
only 2.7% of portfolio
Committed sales pipeline of 267 new and 178 resale units to
start FY26, up 25% on FY24
Strong occupancy of 95% for retirement villages and 94% for
care centres
Delivered a total of 637 units in New Zealand to be sold under
Occupation Right
Delivered 56 units in Australia including first ten villas at
Chirnside Park and the main building at Cranbourne North
Summerset Milldale (Auckland, New Zealand)

FULL YEAR REPORT 20258
SUMMERSET BUILDS, OWNS AND OPERATES INTEGRATED RETIREMENT VILLAGES, CREATING VIBRANT,
HAPPY COMMUNITIES FOR RESIDENTS AND OUR PEOPLE THAT DELIVERS ON OUR PURPOSE
Progress against our strategy
DELIVER NEW ZEALAND’S
BEST RETIREMENT VILLAGES
CREATE ATTRACTIVE NEW
PRODUCTS AND SERVICES
We create vibrant, connected communities with skilled, caring and
dedicated people right across New Zealand. We want to grow the
reach of our villages by making them available to more retirees in more
locations throughout New Zealand
To match our customers' expectations we strive to create new
products, amenities and services with a continuum of care at the heart
of our offering. Our products are tailored to the needs of individual
communities, but will always look to exceed the demands of customers
who may want more
FY25 progress
•Announced purchase of extension land at Pohutukawa Place in New Plymouth
•Delivered a further 120 apartments at St Johns along with the village courtyard
and bowling green – the village winning excellence at the NZ Property Council
Awards
•Main buildings delivered at Cambridge and Boulcott, and commenced
construction at Kelvin Grove in Palmerston North, first deliveries due in FY26
•Completed the successful Bell Block and Te Awa Villages, home to over 800
residents and returning a cash margin of 17.5%
•Named a Customer Champion by the Australian Financial Review and achieved
91% satisfaction with village residents and 89% with care residents
FY25 progress
•Demand remains high with 95% occupancy for our retirement villages and 94%
for care centres
•Ceiling hoists retrofitted to existing care centres and concierge service
commenced at St Johns
•Marketing team recognised at 2025 NZ Marketing awards for best use of data
•Summerset leads the New Zealand retirement market in overall brand
'consideration’ and 'first choice'brand metrics
•Masterplan design refresh phase one now underway – the project targeting
enhanced community design to bring the best of life
Our strategic goals are underpinned by our desire to bring increased
wellbeing to our customers and our people by harnessing the power
of innovation and weaving sustainability into our work

FULL YEAR REPORT 20259
SUMMERSET BUILDS, OWNS AND OPERATES INTEGRATED RETIREMENT VILLAGES, CREATING VIBRANT,
HAPPY COMMUNITIES FOR RESIDENTS AND OUR PEOPLE THAT DELIVERS ON OUR PURPOSE
Progress against our strategy
INVEST IN OUR PEOPLE
BE A GOOD CORPORATE CITIZEN
Summerset’s people are vital to its success.
We are committed to providing sustainable, meaningful career pathways
and opportunities. We are focused on the health, safety and the
wellbeing of our employees to ensure they can be at their best at work,
and at home
We are proud of our industry leading approach to sustainability, making
significant improvements in this space over the last five years. The is the
start of our journey – we will continue to focus on finding new
opportunities to better ourselves, utilise sustainable lending and meet our
growing disclosure obligations
FY25 progress
•Achieved record engagement scores of 8.3 out of ten and a net promoter score
of 52 - ranking Summerset in the top 5% of healthcare providers surveyed
•Delivered our Employee Value Proposition (EVP) “Together we bring villages to
life” to attract and retain great talent - voluntary turnover now 13.8%, down 6%
•Invested in leadership training, including our senior leaders forum and
leadership excellence programme to build sustainable, meaningful careers for
the long term
•Supported diversity and inclusion awareness events including Matariki, Te Wiki
o te Reo Māori, Pride Week and Mental Health Awareness Week
•Launched ‘Imagine’ campaign, aimed at encouraging diversity and
consideration on our construction sites
FY25 progress
•Winners of the Corporate ESG (Environment, Social and Governance) category
at the Institute of Financial Professionals New Zealand awards
•Scored ‘A’ in the Carbon Disclosure Project (CDP) framework, just 2% of
organisations who disclose achieve an A rating
•Added a further 1,500+ solar panels to our village centres and commenced a
pilot for residents to add solar panels to their independent homes
•Transitioned seven villages off gas in 2025. Now have a target to transition all
remaining villages off gas by 2028
•Diverted 5,624 tonnes of construction waste from landfill and moved to more
sustainable underground pipe products as part of our civil works programme
Our strategic goals are underpinned by our desire to bring increased
wellbeing to our customers and our people by harnessing the power
of innovation and weaving sustainability into our work

FULL YEAR REPORT 202510
SUMMERSET BUILDS, OWNS AND OPERATES INTEGRATED RETIREMENT VILLAGES, CREATING VIBRANT,
HAPPY COMMUNITIES FOR RESIDENTS AND OUR PEOPLE THAT DELIVERS ON OUR PURPOSE
Progress against our strategy
Our strategic goals are underpinned by our desire to bring increased
wellbeing to our customers and our people by harnessing the power
of innovation and weaving sustainability into our work
GROW IN AUSTRALIA
BE A MORE EFFICIENT AND
EFFECTIVE BUSINESS
Summerset is ambitious about its future in Australia. We are excited to be
taking our established brand of retirement village living into the Australian
market – we plan to deliver thriving communities, grow our team, and
expertise as we open villages in Victoria
Technology will provide significant opportunities to make us more
effective and efficient in how we deliver services to residents, without
losing the human touch and care that we are known for. It will be used
to make the lives of our residents simpler, giving them more time to enjoy
retirement
FY25 progress
•Delivered first Australian village centre at Cranbourne North including resident
amenities and assisted living apartments
•First units delivered at our second Australian village, Chirnside Park with 50% of
the 28 homes released for sale already presold
•Civils construction underway at Torquay and Oakleigh South, first independent
living units expected to be delivered at both villages in 2027
•Mernda site rezoning formally adopted by council with Drysdale and
Craigieburn consents progressing as expected
•Continue to look for high quality sites to add to pipeline, with a Queensland
specific land targeting specialist added to drive site acquisition efforts
FY25 progress
•Following a successful trial, now rolling out remote nursing service to all care
centres to add a further layer of support to onsite staff
•Piloted two AI solutions to assist our care staff, allowing them to manage the
delivery of care quicker, easier and more accurately
•Lumin platform now at 20 out of 39 villages, expect to be in all villages in FY26
•TM1 Planning Analytics embedded into the business, enabling an integrated
approach to financial reporting and delivering real-time management
information to enhance performance and decision-making
•Introduced robotic vacuum cleaners and lawn mowers to support the
efficiency and workload of our village teams

03.
Scorecard and outlook

FULL YEAR REPORT 202512
Net debt growth to begin reducing
significantly from 2H25
•Net debt growth of 6% in 2H25 and in line with 1H25 guidance at
$1.96b. Expect forward track to match 1H25 disclosure
Gearing to reduce from 1H25 onwards
•Gearing ratio of 37.1%, down from 37.2% at 1H25*. Continue to
expect this to reduce throughout FY26 based on current sales rates
2H25 expense growth to be lower than
1H25 movement
•Corporate overhead growth of $1.4m in 2H25, down from a $10.1m
increase in 1H25
Settlements in line with prior period
•Record settlements achieved in Q3 and Q4, sales contracting rates
continue to be strong, providing an excellent platform for FY26
Between 600 and 650 NZ deliveries and
50 to 80 in Australia
•Delivered 637 units to be sold under ORA in New Zealand and 56 in
Australia
First units at Chirnside Park delivered
•Delivered ten units at Chirnside Park, over 50% of stage one units
released in November now presold
Main building at Cranbourne North
complete
•Construction of assisted living apartments and rec spaces
complete, first residents to move into the main building in Q1 2026
Construction to commence at Oakleigh
South
•Construction commenced in Q4 2025
SUCCESSFULLY ACHIEVED ALL TARGETS SET AT 1H25
FY25 Scorecard
1H25 objective
What we have delivered
Achieved
Achieved
Achieved
Achieved
Achieved
Achieved
Achieved
* The fair value of investment property has been restated (refer to slide 57 for details)
Achieved

FULL YEAR REPORT 202513
•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 portfolio optimisation - including improvements to care EBITDA, unit pricing (in line with demand) and
occupancy will further drive growth in NTA across the wider portfolio
•FY26 New Zealand build rate guidance of 650 to 700 units to be sold under Occupation Right with an
Australian build rate of approximately 100 to 150 units, including 72 care beds at Cranbourne North
•Target a stabilised medium term build rate of approximately 650 units in New Zealand and 300 in Australia
from 2027 onwards (allowing for some variation relating to timing of main building deliveries)
•The business continues to actively look for new, primarily broadacre, sites to add to our land bank
•Expect net debt to remain at the bottom of our target range of $2.0b to $2.5b across FY26 and beyond
•Gearing to track down during FY26 based on current market conditions and sales rates continuing
•Care EBITDA increased to $18.8m in FY25. Expect this to lift further in FY26 as more units convert to ORA and
main buildings are delivered. Target an average care EBITDA per bed of $20k to $25k over the medium term
•Further uplift in profitability expected with deferred management fees on care units increasing to 27.5% from 1
January 2026, no plan to adjust independent living units at this stage
•FY25 operating margin of 16.0% in completed villages. The business will see additional cost in FY26 with new
main building deliveries and portfolio growth – operating margins are expected to improve over the medium
term as developing villages sell down, care EBITDA improves and broader inflation pressures ease
•Review of cost base to be undertaken in FY26 to ensure support services and core expenditure is aligned with
the needs of a growing business of our size, and focused on investment to deliver efficiencies
•Q1 2026 sales ahead of same period in FY25, expect a lift in Q1 settlements for both new sales and resales
relative to Q1 2025
POSITIVE OUTLOOK FOR 2026 AS SALES MOMENTUM CONTINUES
FY26 Outlook
Business driver
Outlook
Deliveries and land bank
NTA growth
Net debt and gearing
Care profitability
Operating margin
Sales

FULL YEAR REPORT 202514
$1.96b
1H232H231H242H241H252H251H262H261H272H27
37.2%
37.1%
28%
33%
38%
1H232H231H242H241H252H251H262H261H272H27
Target range
CONSISTENT SALES BACKED BY STRONG DEMOGRAPHICS AND SUCCESSFUL TRACK RECORD OF DELIVERY
Why we are confident in delivering for shareholders
Settlements continue to lift
Committed sales pipeline sets strong platform for FY26
Settlement growth: FY25 total settlements up 26% on FY24 with consistent growth seen since FY23.
Total settlements have almost doubled over the last five years
Net debt: Net debt growth expected to slow significantly, after moderating in the second half of
2025, based on current sales rates and spend to date on key commercial projects that will be
delivered across FY26
Gearing forecast to track down Net debt growth in line with medium term forecast
Gearing outlook: Based on current forecasts we reaffirm our expectations that 1H25 was peak
gearing, as sales contracts in place settle and capex spend on main buildings reduces across 2026
Note – 1H23 to 1H25 closing value of investment property restated (refer to slide 57 for details)
Sales contracts: Committed sales pipeline continues to lift, with total committed sales pipeline now
25% above FY24 and at highest ever level, providing a strong platform for FY26
Target debt band of $2.0b to $2.5b
755
805
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
ResaleNew sale
178
267
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
ResaleNew sale (inc presales)

04.
Development and growth
Summerset Cranbourne North (Melbourne, Victoria)

16FULL YEAR REPORT 2025
OUR STRATEGY
•Summerset continues to focus on sustainably delivering and
selling units at scale
•In New Zealand, Summerset operates a fully integrated
development and construction business that focuses on a
primarily broadacre development strategy, with geographical
and product diversification at its core
•The business owns the largest landbank in the New Zealand
retirement village sector and targets a sustainable New
Zealand build rate of approximately 650 units per annum over
the medium term
•In Australia, Summerset continues to take a considered and
measured approach – targeting a medium term build rate of
approximately 300 units per annum from 2027 onwards
•Four Australian villages now under construction and
performing well. Further opportunity to lift development
returns as we bring construction and procurement under
the same in-house model already in place in New Zealand
•Our approach generates financial returns through both the
development and ongoing operations of villages once
complete – these ongoing returns grow as villages mature
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
Summerset Half Moon Bay (Auckland)
Summerset St Johns (Auckland)

17FULL YEAR REPORT 2025
Development returns
INTERNAL CONSTRUCTION MODEL ENABLES
EARNINGS GROWTH AND VALUE CREATION
•Summerset developments produce positive net cash flows
(net cash position) upon completion at a portfolio level, this
means they carry no debt at the end of construction and
after first sell down
•All feasibility expense and revenue inputs are updated
regularly as part of our internal development management
processes and are uninflated
•Villages currently under development are expected to return
over $240m in positive net cash profits on completion
•Bell Block and Te Awa villages completed during the year,
returning a combined cash profit of $72.7m at an average of
$105k per ORA unit
•Projected net cash position has increased over $20m since
1H25, primarily due to pricing movements at Waikanae and
Prebbleton partially offset by adjustments to serviced
apartments at Whangarei when these units were released
•Across both New Zealand and Australia our villages under
construction are estimated to generate a total NTA uplift of
approximately $12.00 per share once complete and sold
down (excluding Bell Block and Te Awa, now complete)
•Of this, approximately $2.50 has been delivered to date,
with a further $9.50 to be generated as these villages
are built out
$240m+
Projected net cash
position
$72.7m
Cash profit from villages
completed in FY25
* Seven units moved from main village to extension land feasibility
Village
Forecast capital
investment
% Complete
Forecast net
cash position
Forecast NTA
at completion
Cranbourne North$225m - $250m56%($20m) - ($10m)$100m - $125m
Half Moon Bay$450m - $475m23%($20m) - ($10m)$300m - $325m
Whangārei$225m - $250m86%($20m) - ($10m)$100m - $125m
Milldale$225m - $250m62%($10m) - $0m$150m - $175m
Chirnside Park$250m - $275m20%$0m - $10m$150m - $175m
Kelvin Grove$200m - $225m16%$0m - $10m$100m - $125m
Oakleigh South$175m - $200m9%$0m - $10m$75m - $100m
Rangiora$200m - $225m18%$0m - $10m$125m - $150m
Blenheim$175m - $200m40%$10m - $20m$100m - $125m
Cambridge$275m - $300m73%$10m - $20m$150m - $175m
Torquay$325m - $350m5%$10m - $20m$200m - $225m
Boulcott$325m - $350m69%$20m - $30m$200m - $225m
Prebbleton$200m - $225m56%$20m - $30m$125m - $150m
Richmond$175m - $200m91%$30m - $40m$125m - $150m
Waikanae$275m - $300m61%$30m - $40m$175m - $200m
Pāpāmoa Beach$175m - $200m95%$40m - $50m$125m - $150m
St Johns$500m - $525m86%$90m - $100m$350m - $375m
Total all villages$4.5b+$240m+$2.9b+
Village
Year
complete
ORA
units
Non-ORA
units
Project cash
profit
Cash
margin
Completed villages2018 to 20242,500367$229.9m14.6%
Bell Block*2025331-$36.9m18.9%
Te Awa2025360-$35.8m16.3%
Total3,191367$302.6m15.2%

18FULL YEAR REPORT 2025
3,576
8,6738,673
6,672
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25Land bank
complete
Existing unitsLand bank
$2.50
$13.75
$1
$3
$5
$7
$9
$11
$13
$15
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net tangible assets
VALUE UNLOCKED AS NEW UNITS DELIVERED
AND VILLAGE CASH FLOWS MATURE
•Since FY16, Summerset has grown its portfolio from 3,576
units to 8,673 units – 10% annualised growth rate
•Across the same period, NTA per share has lifted 6x from
$2.50 to $13.75
•Summerset’s current land bank enables the business to
almost double in size as it is built out, enabling strong future
growth in NTA
•There are three primary drivers of NTA growth – new units
being delivered, the maturing of the existing portfolio and
unit pricing
•Summerset will continue to see an uplift in NTA from these
drivers as it executes on its sustainable growth strategy, and
its existing villages mature
•Completed villages benefit from uplift in NTA as prices
lift in line with demand (Summerset lifted prices by 2.7%
in FY25 vs residential property market increasing 0.8%),
and the existing portfolio matures
•Developing villages will additionally benefit from new
units being delivered
6X NTA
growth
Performance to DateLandbank
Summerset net tangible assets per share
10% annualised
growth rate
77% increase in
future portfolio
Pathway to future NTA growth

FULL YEAR REPORT 202519
-
50
100
150
200
250
300
350
-
100
200
300
400
500
600
700
800
FY23FY24FY25FY26FY27
Deliveries (units)
Portfolio (units)
Cranbourne NorthChirnside ParkOakleigh SouthTorquayDeliveries
•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, including assisted living
apartments, wellness hub, café, pool, lounge, library and
theatre now delivered
•Chirnside Park - Completed civil works with first ten units
handed over. Balance of Stage One on track for completion
mid 2026, aligned to the village opening
•Construction of main building and stage two villas to
commence shortly
•Torquay - Infrastructure and enabling works now complete
with civil works underway. Construction of first villas to
start in 2H26, targeting these to be first units that adopt
internal construction development management
•Oakleigh South - Basement excavation works complete, all
construction on track for first deliveries in FY27*
•Net cash position on completion is forecast to be
approximately breakeven, these villages expected to add
over $550m in NTA on completion and first sell down
•Expect an average development margin from these four
villages of approximately 8% to 10%
TARGET AN ANNUAL BUILD RATE IN AUSTRALIA OF
300 UNITS PER ANNUM BY FY27
Australia update
Australian portfolio forecast
Cranbourne North Main Building – Resident amenity
* Subject to weather and other unknown disruptions outside of Summerset’s control

FULL YEAR REPORT 202520
-
10
20
30
40
50
60
70
80
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
202420252026
•Australian settlement rates continue to lift with 18 achieved
in FY25, up 80% on the prior 12 months
•Gross proceeds of $14.3m, up from $8.2m in FY24
•Stage one villas at Chirnside Park and assisted living
apartments at Cranbourne North released for sale in Q426
•Achieving over 1.5 sales contracts per week since Q425,
significantly ahead of prior quarterly sales rates
•Expect the recent lift in sales velocity to continue through
1H26 in line with the demand seen for newly available units
and a care sales campaign commencing from February
•Chirnside Park has now sold 17 of the 28 homes released
for sale (over 60%)
•First main building residents at Cranbourne North move
in during Q1, official opening scheduled for 1 May 2026
•Closing stock of 69 units with 43 of these delivered in late
December. Excluding these, only 26 units not occupied
•FY25 total operating expenses of $5.2m, up from $1.9m in
FY24 as the business invested in support functions primarily
related to the establishment of our Australian care business,
and a growing portfolio
SALES MOMENTUM LIFTING WITH LAUNCH OF
ASSISTED LIVING UNITS AND SECOND VILLAGE
Australia update
Cumulative sales contracts
NZ$mFY25FY24VarianceFY23
Village expenses1.40.7100%0.2
Australian business5.21.9174%1.0
Reported operating expenses6.62.6154%1.2
Key numbersFY25FY24VarianceFY23
Gross proceeds (NZ$m)14.38.275%-
Units delivered563275%10
Settlements181080%-
Contracted stock13944%2
Uncontracted stock5621166%8
Total closing stock*6930130%10
* 43 units delivered in December 2025 (ten at Chirnside Park and 33 at Cranbourne North)

FULL YEAR REPORT 202521
•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 Melbourne's CBD
•Mornington's natural beauty, lifestyle amenities, and
connectivity make it an excellent location for Summerset
•The area is renowned for its coastal lifestyle, with pristine
beaches, a vibrant café culture, boutique shopping, golf
courses and a number of award-winning wineries that make
it a sought-after location for retirees
•The catchment has a median house price of $1.3m and
excellent demographics
•Current population aged over 75 years is strong with
over 10,500 residents, lifting to almost 12,000 by 2029
•Penetration rates within the catchment are low with limited
comparable continuum of care villages in the area
•Summerset’s application outlines our intention to build a
fully integrated retirement village and aged care centre
with approximately 159 independent living units and a 73
bed aged care centre
NEW SITE IN MORNINGTION TO FURTHER
STRENGTHEN AUSTRALIAN PIPELINE
Australia update
Summerset Mornington, Victoria
Summerset Drysdale, Victoria
Summerset Torquay, Victoria
Summerset Craigieburn, Melbourne
Summerset Mernda, Melbourne
Summerset Chirnside Park, Melbourne
Summerset Oakleigh South, Melbourne
Summerset Cranbourne North, Melbourne
Summerset Mornington, Victoria
CBD
Artist render of proposed village

22FULL YEAR REPORT 2025
Development progress
NEW ZEALAND AND AUSTRALIA DEVELOPMENT PROGRESS
Summerset Mt Denby (Whangārei)
Summerset Milldale (Auckland)
Summerset by the Dunes (Tauranga)
Summerset at Pohutukawa Place (New Plymouth)
Summerset Cambridge (Waikato)
Summerset Palms (Te Awa, Napier)

23FULL YEAR REPORT 2025
Development progress
NEW ZEALAND AND AUSTRALIA DEVELOPMENT PROGRESS
Summerset Kelvin Grove (Palmerston North)
Summerset Boulcott (Lower Hutt)
Summerset Rangiora (Waimakariri District)
Summerset Richmond Ranges (Tasman District)
Summerset Blenheim (Marlborough District)
Summerset Waikanae (Kāpiti Coast,Wellington)

24FULL YEAR REPORT 2025
Development progress
NEW ZEALAND AND AUSTRALIA DEVELOPMENT PROGRESS
Summerset Prebbleton (Canterbury)
Summerset Torquay (Victoria)
Summerset Oakleigh South (Melbourne)
Summerset Cranbourne North (Melbourne)
Summerset Chirnside Park (Melbourne)

25FULL YEAR REPORT 2025
Development pipeline
DIVERSIFIED DEVELOPMENT PIPELINE OF 28 SITES*
*Excludes care centre upgrade at Levin
NEW ZEALAND LAND BANK
DesignConsentingConstructionVillage openFinal stages
Bell Block, New Plymouth
Boulcott, Lower Hutt
Cambridge, Waikato
Pāpāmoa Beach, Tauranga
Richmond, Tasman
St Johns, Auckland
Blenheim, Marlborough
Milldale, Auckland
Prebbleton, Canterbury
Rangiora, Canterbury
Waikanae, Kāpiti
Whangārei, Northland
Half Moon Bay, Auckland
Kelvin Grove, Palmerston North
Fairy Springs, Rotorua
Landsdowne, Masterton
Mission Hills, Napier
Mosgiel, Dunedin
Rolleston, Canterbury
Belmont, Auckland
Otaihanga, Kāpiti
AUSTRALIA LAND BANK
DesignConsentingConstructionVillage openFinal stages
Cranbourne North, Melbourne
Chirnside Park, Melbourne
Oakleigh South, Melbourne
Torquay, Victoria
Craigieburn, Melbourne
Drysdale, Victoria
Mernda, Melbourne

05.
Business performance

FULL YEAR REPORT 202527
•637 units to be sold under Occupation Right delivered in
New Zealand, across 15 villages and ten regions
•Delivered 56 units to be sold under Occupation Right in
Australia, bringing the total Australian portfolio to 98
units
•120 apartments delivered at St Johns in late 2025, over
90% of units now delivered
•Rangiora village opened with the delivery of 24 villas and
care centre upgrades completed at Havelock North and
Trentham
•Kelvin Grove and Chirnside Park villages to open to
residents in FY26
•Based on current market conditions we expect an FY26
build rate as follows:
•New Zealand build rate of approximately 650 to 700
units, all to be sold under Occupation Right
Agreement
•Australian build rate of approximately 100 to 150 units,
including 72 care beds at Cranbourne North
693 TOTAL UNITS DELIVERED ACROSS
NEW ZEALAND AND AUSTRALIA
Unit delivery
63756
Units delivered in
New Zealand
Units delivered in
Australia
FY25
unit delivery
Retirement units (ORA)Care units (ORA)
Total
units
VillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Care beds
(non-ORA)
Bell Block28 ------28
Blenheim22 ------22
Boulcott15 62 22 -24 --123
Cambridge24 -56 20 31 9 -140
Havelock North----30 4 -34
Milldale25 ------25
Pāpāmoa Beach9 ------9
Prebbleton6 ------6
Rangiora24 ------24
Richmond3 ------3
St Johns-120 -----120
Te Awa22 ------22
Trentham----30 4 -34
Waikanae36 ------36
Whangārei11 ------11
Total NZ225 182 78 20 115 17 -637
Chirnside Park10 ------10
Cranbourne North13 -33 ----46
Total Australia23 -33 ----56
Total Group248 182 111 20 115 17 -693

28FULL YEAR REPORT 2025
Development margin
DEVELOPMENT MARGIN OF 28%, AHEAD OF
LONG-TERM TARGET
•Record realised development margin of $154.9m, up 31%
from $118.4m in FY24
•Development margin of 28%, in line with FY24
•Villa margins of 33%, down from the 36% achieved in FY24
•Apartment margins of 25%, slightly down from the 29%
achieved in FY24, but above historic averages
•Average margin of 18% on serviced apartments, memory
care apartments and care suites, up from 9% in FY24
•Care suites and beds comprised 33% of new sales, up from
16% in FY24, driven by the successful transition to care under
ORA
•St Johns and Pāpāmoa Beach achieved strong margins,
largely offsetting the impact of a change in overall sales mix
•Unit margins continue to track above medium term guidance
of 20% to 25%
•Expect FY26 development margin to track more in line
with medium term guidance of 20% to 25% with
settlement mix forecast to contain a higher proportion of
lower margin care units
27.8%
Development margin
$154.9m
Realised margin
Realised development margin
$61m
$48m
$79m
$105m
$121m
$118m
$155m
28%
20%
23%
30%
32%
29%
28%
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
$160m
FY19FY20FY21FY22FY23FY24FY25
Realised development margin ($m)Development margin (%)

29FULL YEAR REPORT 2025
-
50
100
150
200
250
300
FY19FY20FY21FY22FY23FY24FY25Feb-26
Contracts on new units deliveredPresale contracts
New sales
GROSS PROCEEDS UP 36%, WITH 805 NEW
SALES IN FY25
•A record 805 new sales of Occupation Rights, up 37% on
the 588 settled in FY24
•When care bed conversions are excluded, achieved a
record 680 new sales of Occupation Rights, up 16%
•Record gross proceeds of $557.7m, up 36% on FY24, with
average gross proceeds of $693k per unit
•Best performing villages were Boulcott (80 new sales),
Pāpāmoa Beach (76 new sales) and St Johns (72 new sales)
•Settled 18 villas at Cranbourne North, bringing total
Australian units settled to date to 28 villas
•Eight regions secured at least 40 settlements each with the
top five performing villages spread across four regions in
New Zealand
•Committed new sales pipeline now at 267 units, up 40% on
FY24 setting the business up well to start FY26
805
New sales of
Occupation Rights
$693k
Average gross
proceeds
Committed new sales pipeline
Definitions:
Care bed conversions: Defined as the first sale of beds under Occupation Right at a village with a care
centre where beds were previously occupied under a premium accommodation charge
Care suites and beds: Relates to care suites and beds sold under Occupation Right at our newer care
centres – in FY25 this was Avonhead, Bell Block, Boulcott, Havelock North, Kenepuru, Pāpāmoa Beach,
Richmond, Rototuna, St Johns, Te Awa and Trentham (note – there are no beds available for sale at
Boulcott or St Johns)
37%0%
New salesFY25FY24VarianceFY23
Gross proceeds ($m)557.7409.436%384.0
Villas37031517%329
Apartments6231100%20
Serviced apartments81114(29%)132
Memory care apartments3033(9%)29
Care suites and beds1379544%50
Care bed conversions125---
Total Occupation Rights80558837%560

30FULL YEAR REPORT 2025
Care bed conversions
POSITIVE UPTAKE OF CARE SOLD UNDER
OCCUPATION RIGHT AGREEMENT IN FY25
•In FY25, Summerset made the decision to move care beds,
previously sold under a premium accommodation charge,
to being sold under Occupation Right
•586 care beds in mature villages have been identified for
conversion, 192 delivered in newer villages as care beds to
be sold under ORA, and the remaining 173 units to
permanently remain as beds offered on a premium charge
•Summerset’s target is to transition 75% of care beds to be
occupied under ORA, over time
•125 care bed conversions were settled during FY25, for
gross proceeds of $31.2m, or $250k per unit
•Realised development margin on these units was $7.1m,
with a development margin of 23%
•Additionally, of the 192 care beds within care suites and
beds, 30 settled during FY25
•Transition to selling care under Occupation Right is
progressing well, with care suites, beds and conversions
totalling
•262 new sale settlements, up 176% from FY24
•104 resale settlements, up 148% from FY24
125
New sales of
Occupation Rights
$31.2m
Gross proceeds
Definitions:
Care bed conversions: Defined as the first sale of beds under Occupation Right at a village with a care centre
where beds were previously occupied under a premium accommodation charge
Care suites and beds: Relates to care suites and beds sold under Occupation Right at our newer care centres – in
FY25 this was Avonhead, Bell Block, Boulcott, Havelock North, Kenepuru, Pāpāmoa Beach, Richmond, Rototuna, St
Johns, Te Awa and Trentham (note – there are no beds available for sale at Boulcott or St Johns)
Conversion new sales
Care suites
and beds
Care bed
conversions
Total
Settlements137125262
Gross proceeds ($m)48.631.279.8
Development margin ($m)10.77.117.8
Development margin (%)22%23%22%
Gross proceeds per unit ($000)355250305
Development margin per unit ($000)785668
Care bed conversionsUnits
Care beds within Care suites and beds192
Care beds available for conversion586
Total care beds to be sold under Occupation Right778
Increase in care beds available for conversion from 1H25 relates to minor changes to units sold under Occupation
Right at Levin and Whanganui

31FULL YEAR REPORT 2025
New sale stock
203 DELIVERED NEW SALE UNITS UNDER
CONTRACT
•Total new sale stock of 744 units, up from 702 at FY24 but
down from 755 at 1H25
•Total New Zealand stock decreased 6%, from 1H25 and
remains in line with FY24
•Uncontracted New Zealand villa stock down 53% from
FY24, due to strong sales and targeted deliveries
•Value of contracted new sale stock increased to $209.8m,
in line with 1H25, with an additional $46.5m of units presold
•226 units delivered in New Zealand in Q4, predominantly
Cambridge main building and St Johns apartments
•Excluding St Johns and Cambridge, Summerset has less
than 200 units of uncontracted new sale stock in New
Zealand
•Australian stock includes the delivery of 10 villas and 33
assisted living apartments in December
•First residents to move in to Cranbourne North main
building during Q1 2026
203
Delivered units
under contract
53%
Decrease in uncontracted
New Zealand villa stock
New sale stock
New ZealandAustraliaGroup
FY25FY24FY25FY24FY25FY24
Contracted190146139203155
Uncontracted4855265621541547
Total new sales stock6756726930744702
Contracted947812910687
Uncontracted1262702421150291
Villas2203483630256378
Contracted5024--5024
Uncontracted16872--16872
Apartments21896--21896
Contracted22261-2326
Uncontracted10610532-138105
Serviced apartments12813133-161131
Contracted48--48
Uncontracted3237--3237
Memory care apartments3645--3645
Contracted810--810
Uncontracted5342--5342
Care suites and beds6152--6152
Contracted12---12-
Care beds conversions12---12-

32FULL YEAR REPORT 2025
-
50
100
150
200
FY19FY20FY21FY22FY23FY24FY25Feb-25
Resales
RECORD GROSS PROCEEDS OF $439.7M
ACHIEVED IN FY25
•Record 755 resales of Occupation Rights in FY25, up 16%
from 650 in FY24
•Realised resale gain of $104.5m, up 9% from FY24, with a
margin of 24%, in line with FY24
•Realised DMF of $60.6m, up 16% on FY24, with villas
contributing $35.2m
•Average gross proceeds per resale of $582k, in line with the
$581k achieved in FY24
•Average villa resale price of $786k, up from $767k in FY24
•Unit pricing continues to be reviewed on a monthly basis,
achieved a 2.7% increase in resale portfolio pricing across
FY25 (3.3% excluding Auckland)
•Committed resales pipeline of 178 units at FY25, up 9% on
FY24 – this has increased to 211 units in February 2026
755
Resales of
Occupation Rights
$104.5m
Realised resale
gain
Committed resales pipeline
9%
ResalesFY25FY24VarianceFY23
Gross proceeds ($m)439.7377.716%318.6
Realised resale gains ($m)104.595.99%88.1
Realised resale gains (%)24%25%(6%)28%
DMF realisation ($m)60.652.316%41.5
Villas32228812%238
Apartments4655(16%)55
Serviced apartments2332292%208
Memory care apartments503639%29
Care suites and beds10442148%13
Total Occupation Rights75565016%543
16%
-
50
100
150
200
250
FY19FY20FY21FY22FY23FY24FY25Feb-26

FULL YEAR REPORT 202533
Embedded value
$1.9b$761.9m
Embedded valueEmbedded DMF
$483m
$557m
$967m
$1,016m
$1,066m
$1,088m
$1,161m
$270m
$327m
$397m
$473m
$554m
$650m
$762m
-
$250m
$500m
$750m
$1,000m
$1,250m
$1,500m
$1,750m
$2,000m
FY19FY20FY21FY22FY23FY24FY25
Realised gainDMF
Embedded value
EMBEDDED VALUE NOW $1.9B, UP 11% ON
FY24
•Total embedded value now $1.9b, up 11% from $1.7b at
FY24
•Embedded value comprised of:
•$1.16b resale gains
•$0.76b deferred management fees
•Embedded value of per unit $241k, including villas at $309k
per unit
•Record $165.1m of embedded value realised during FY25,
up 11% from $148.2m in FY24
•Unrealised gain per unit of $146k, up from an average of
$138k achieved on the 755 resales in FY25
•Embedded value continues to increase with portfolio
growth, providing a platform for strong future resale cash
flows
Embedded valueFY25FY24VarianceFY23
DMF ($m)761.9650.417%554.3
Realised gain ($m)1,1611,0887%1,066
Embedded value ($m)1,9221,73911%1,620
17%11%

34FULL YEAR REPORT 2025
Resale stock
RECORD 178 RESALE UNITS UNDER CONTRACT
•Total resale stock of 386 units, up from 372 at FY24
•Contracted resale stock of 178 units, up 9% on FY24,
providing the basis for strong resale cash flows in FY26
•Uncontracted resale stock in line with FY24, now only 2.7%
of portfolio
•Record 786 units vacated in FY25, up 9% on FY24
•While market conditions remained challenging in FY25, the
business achieved a strong resale conversion rate of 96%
•Demand remains strong for our villages, with almost 1,600
on our waitlists across the portfolio
178
Contracted resale
stock
2.7%
Percentage of
uncontracted stock
Percentage of uncontracted stock calculated off all units sold under Occupation Right Agreement
All resale stock is in New Zealand. There have been no vacated units in Australia
Resales stockFY25FY24
Contracted178164
Uncontracted208208
Total resales stock386372
Contracted96104
Uncontracted102117
Villas198221
Contracted1714
Uncontracted2820
Apartments4534
Contracted4538
Uncontracted5556
Serviced apartments10094
Contracted85
Uncontracted1010
Memory care apartments1815
Contracted123
Uncontracted135
Care suites and beds258

06.
Financial performance

36FULL YEAR REPORT 2025
NZ$mFY25FY24*VarianceFY23*
Total revenue361.8319.913%
272.2
Reversal of impairment1.9--
-
Fair value movement of investment
property and other assets
264.5364.7(27%)
413.5
Total income628.1684.6(8%)
685.7
Total expenses354.9310.414%
263.8
Net finance costs32.026.422%
27.5
Net profit before tax241.1347.9(31%)
394.4
Tax expense / (credit)(18.6)15.9(217%)
(13.8)
Net profit after tax259.7332.0(22%)
408.3
Reported profit
NET PROFIT AFTER TAX OF $259.7M WITH
TOTAL REVENUE GROWTH OF 13%
•Net profit after tax of $259.7m with total revenue of
$361.8m, up from $319.9m in FY24
•Fair value movement of investment property and other
assets of $264.5m. Key movements:
•New units delivered of $78.7m with a further $54.8m
relating to the reversal of valuers’ stock discount
assumptions
•Uplift in retirement unit pricing of $78.8m
•Expense analysis provided on slide 39
•Tax credit of $18.6m, down from a tax expense of $15.9m in
FY24. Comparative period was an expense due to a change
in New Zealand’s tax rules removing depreciation for ‘non-
residential’ buildings in New Zealand
$361.8m
Total revenue
$259.7m
Net profit after tax
13%22%
* Fair value movement of investment property and other assets has been restated (refer to slide 57 for details)
FV movement of investment property and other assets
$264.5m
$78.7m
$78.8m
$54.8m
$36.9m
$24.7m
-
$50m
$100m
$150m
$200m
$250m
$300m
Value of
retirement
units built
Retirement
unit pricing
Reversal of
valuers'
stock
discount
assumptions
Growth rate
assumptions
Discount
rate
assumptions
Movement
in land
bank
OtherFair value
movement
FY25
$10.5m
$1.0m

37FULL YEAR REPORT 2025
Underlying profit
EXECUTION OF STRATEGY TRANSLATING TO
STRONG FINANCIAL PERFORMANCE
•Record care EBITDA of $18.8m, the uplift coming from our
transition to care beds sold under Occupation Right
Agreement, with deferred management fees up $10.3m on
FY24
•Deferred management fee percentage on care units
increased to 27.5% from 1 January 2026, no plan to adjust
independent living units at this stage
•As outlined at 1H25, we expect these changes to care will
improve EBITDA per bed to an average of between $20k and
$25k per annum over the medium term
•Record village EBITDA of $202.3m, up 5% on FY24, with
portfolio growth driving increases in deferred management
fees and realised gain on resales
•Finance costs increased in line with the completion of stages
at St Johns and other developing sites
$234.2m
Underlying profit
$137.6m
Annuity EBITDA
13%3%
Definition:
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not
have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The Directors have provided an underlying profit measure in addition to
IFRS profit to assist readers in determining the realised and unrealised components of fair value movement of
investment property and other assets, impairment and tax expense in the Group’s income statement. The
measure is used internally in conjunction with other measures to monitor performance and make investment
decisions and has been audited by PwC. Underlying profit is a measure which the Group uses consistently across
reporting periods. Underlying profit is used to determine the dividend payout to shareholders.
NZ$mFY25FY24VarianceFY23
Care fees148.3131.413%109.6
Deferred management fees17.57.2142%4.7
Realised gain on resales3.40.4760%0.2
Care operating expenses(150.3)(136.3)10%(115.2)
Care EBITDA18.82.7592%(0.6)
Village services71.161.516%52.8
Deferred management fees119.7114.25%99.8
Realised gain on resales101.195.56%87.9
Village operating expenses(89.7)(78.0)15%(66.7)
Village EBITDA202.3193.25%173.8
Interest and other revenue5.25.5(7%)5.4
Corporate overheads(88.6)(68.1)30%(66.1)
Annuity EBITDA137.6133.43%112.5
Realised development margin154.9118.431%121.2
Underlying EBITDA292.5251.816%233.7
Depreciation and amortisation(26.3)(19.1)38%(15.8)
Finance costs(32.0)(26.4)22%(27.5)
Underlying profit234.2206.413%190.3
Refurbishment costs(25.7)(16.9)52%(11.6)
Profit after refurbishment costs208.4189.510%178.8

38FULL YEAR REPORT 2025
Segment earnings
COMPLETED VILLAGES GENERATING POSITVE
FINANCIAL EARNINGS FOR SUMMERSET
•Underlying profit from completed villages of $148.8m, with
$85.4m from developing villages
•Care EBITDA per bed in completed villages of $13k, continue
to expect this to lift units transition to being sold under
Occupation Right
•Operating margin in completed villages of 16.0%, compared
to 7.8% across all villages
•Significant opportunity for group operating margin to lift in
the medium term due to:
•Developing villages completing and selling down – lifting
care and village fees, and deferred management fees
•Care transition to Occupation Right lifting care EBITDA
across both completed and developing villages
•Lower cost escalation as inflation pressures ease across
the economy
$145.3m
Annuity EBITDA from
Completed villages
$148.8m
Underlying profit from
Completed villages
Definitions:
Operating Margin: Care fees and village services, deferred management fees less care and village
operating expenses, less corporate overheads
Completed villages: Villages where final deliveries were before the current financial year. Villages
include Aotea, Avonhead, Casebrook, Dunedin, Ellerslie, Hamilton, Hastings, Havelock North,
Hobsonville, Karaka, Katikati, Kenepuru, Levin, Manukau, Napier, Nelson, New Plymouth,
Palmerston North, Paraparaumu, Rototuna, Taupō, Trentham, Warkworth, Whanganui, Wigram
Developing villages: All other open villages, includes: Bell Block, Blenheim, Boulcott, Cambridge,
Cranbourne North, Milldale, Pāpāmoa Beach, Prebbleton, Rangiora, Richmond, St Johns, Te Awa,
Waikanae, Whangārei
NZ$m
Completed
villages
Developing
villages
Total
Care fees121.326.9148.3
Deferred management fees9.08.517.5
Realised gain on resales2.70.73.4
Care operating expenses
(118.9)(31.4)(150.3)
Care EBITDA14.14.718.8
Village services54.616.571.1
Deferred management fees80.239.6119.7
Realised gain on resales97.93.2101.1
Village operating expenses
(65.1)(24.6)(89.7)
Village EBITDA167.634.7202.3
Interest and other revenue2.22.95.2
Head office expenditure (post capitalisation)
(38.6)(50.0)(88.6)
Annuity EBITDA145.3(7.7)137.6
Realised development margin17.3137.6154.9
Underlying EBITDA162.6129.9292.5
Depreciation and amortisation
(13.8)(12.5)(26.3)
Finance costs
-(32.0)(32.0)
Underlying profit148.885.4234.2
Refurbishment costs(25.0)(0.7)(25.7)
Profit after refurbishment costs123.784.7208.4
Operating revenue (excl. resale gain)265.191.5356.6
Operating expenses(222.6)(106.0)(328.6)
Operating margin ($)42.5(14.5)28.0
Operating margin (%)16.0%(15.9%)7.8%

39FULL YEAR REPORT 2025
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
$160m
FY19FY20FY21FY22FY23FY24FY25
Capitalised to projectsReported operating expenses
NZ$mFY25FY24VarianceFY23
Gross operating expenses379.1342.811%306.2
Capitalised to projects(50.5)(60.4)(16%)(58.2)
Reported operating expenses328.6282.416%248.0
Care expenses150.3136.310%115.2
Village expenses89.778.015%66.7
Corporate overheads88.668.130%66.1
Reported operating expenses328.6282.416%248.0
FY25 Corporate overheadsOperating expensesVillage apportionment
NZ$m
Gross
expenses
Reported
expenses
CompletedDeveloping
Operations
11.510.06.73.4
Sales and Marketing
25.524.812.911.9
Development & Construction
30.32.0-2.0
Australian business
11.25.2-5.2
Technology
14.912.35.07.3
Corporate functions
38.026.614.512.1
Compliance
2.92.91.21.7
Share Plan Option Costs4.74.72.32.5
Total corporate overheads139.188.642.246.4
Total group expenses379.1328.6226.2102.4
Operating expenses
KEY GROWTH IN COST BASE RELATED TO
INCREASE IN PORTFOLIO SIZE
Total corporate overheads
No care or village expenses are capitalised to projects
•Gross operating expenses up 11% to $379.1m, compared to
total revenue growth of 13%
•Village and care cost growth primarily reflects wage and
core cost inflation, alongside portfolio growth
•Corporate overheads of $88.6 million, up from $68.1m in
FY24. Approximately half of this growth ($9.9m) reflects
changes in capitalisation rates – these do not impact gross
expenditure and reflect the annualised impact of
capitalisation changes outlined at 1H25
•The remaining $10.7m increase relates to targeted
investment in capability and technology, with the business
maintaining discipline across discretionary spend. Key
movements were:
•$2.3 million on wage inflation, vacancies filled and new
roles within corporate functions
•$2.1 million on technology costs related to higher
licensing and cybersecurity spend as well as platform
investments in Lumin and workforce rostering systems
•$3.3 million of Australian business investment to
support operational readiness
•Review of cost base to be undertaken in FY26 to ensure
support services and core expenditure is aligned with the
needs of a growing business of our size, and focused on
investment to deliver efficiencies

FULL YEAR REPORT 202540
•Cash flow from existing operations of $32.3m, up 18% on
FY24
•Village cash flows of $87.6m, up 6% on FY24
•Care bed conversions embedding well, contributing
$14.4m of cash flows in FY25
•Payments to village suppliers and employees
increased in advance of village and care fees at our
developing villages, as they filled
•Net receipts from resales of $145.4m, up 5% on FY24
•Realised resale gains and DMF realisation, up 9% and
16%, respectively
•Net buybacks increased $1.5m, with transfers and
other cash movements increasing $18.2m
•Cash outflow from development activity of $237.5m,
down 20% from FY24 and 25% from FY23
•Cash flow from resident funding of $471.5m, up 26% on
FY24, as new sales lifted 16% in the period (excluding
care bed conversions)
•Net development capex increased 6%, significantly below
the 26% growth in cash flow from resident funding
CASH FLOW FROM EXISTING OPERATIONS
OF $32.3M
Cash flows
$32.3m$145.4m
Cash flow from
existing operations
Net resales cash flow
18%
5%
NZ$mFY25FY24VarianceFY23
Net receipts from resales145.4138.25%104.6
Refurb of units sold under Occupation Right(21.1)(15.0)41%(11.6)
Sales and marketing on resales(12.2)(10.6)15%(10.0)
Net cash flow from resales112.1112.6(0%)83.0
Village and care fees220.0194.713%165.3
Village suppliers and employees(238.4)(202.1)18%(179.3)
Net cash from village operations(18.5)(7.4)149%(13.9)
Receipts for care bed conversions14.4---
Refurb of village facilities(11.1)(10.2)8%(7.9)
Other village capex(9.4)(12.0)(22%)(8.6)
Village cash flows87.683.06%52.5
Head office suppliers and employees(53.5)(52.3)2%(33.2)
Head office capex and leases(2.8)(4.5)(38%)(4.9)
Interest received1.01.1(12%)1.7
Cash flow from existing operations (CFEO)32.327.218%16.2
NZ$mFY25FY24VarianceFY23
New sale settlements of Occupation Rights488.0388.026%362.7
Sales and marketing on new sales(16.5)(13.8)19%(13.8)
Cash flow from resident funding471.5374.226%349.0
Land acquisitions (net)(57.9)(19.7)193%(56.5)
Construction capex(493.9)(490.8)1%(466.8)
Non-village expenses capitalised to projects(50.5)(60.4)(16%)(58.2)
Other village capex(5.4)(4.3)27%(3.7)
Capitalised interest(72.9)(69.2)5%(52.8)
Finance costs(28.3)(26.1)9%(28.4)
Net development capex(709.0)(670.5)6%(666.4)
Cash flow from development activity (CFDA)(237.5)(296.3)(20%)(317.5)

41FULL YEAR REPORT 2025
Cash flows
CASH FLOW FROM EXISTING OPERATIONS OF
$73.6M IN COMPLETED VILLAGES
•Summerset’s completed villages generated $73.6m of cash
flow from existing operations in FY25
•Completed villages include our most mature villages, being
those villages completed before 2018
•These villages generated a cash yield of 5.3% incl. corporate
overheads (6.7% exclusive) in FY25 and demonstrate a clear
pathway to higher CFEO across the medium term as the
balance of the portfolio matures
•Three factors will drive a lift in CFEO over the medium term:
•Size – Summersets completed villages are much smaller
in size, averaging 238 units compared to 340 units in
developing villages. Larger villages generate higher
operating leverage with village costs split over more
units, and higher turnover driving stronger net cash flow
from resales
•Price - Average sales price in developing villages is $102k
(13%) above completed villages – this drives higher net
cash flow from resales as units rollover
•Normalisation of resales working capital movements in
line with an improving residential property market
•We expect, over the medium term that, at a minimum, all
villages will align to the cash returns we see today in villages
completed before 2018 (mature villages)
$73.6m
CFEO from
completed villages
5.3%
CFEO return on net assets
in mature villages
Definitions:
Return on net assets is cash flow from existing operations divided by the average net assets (being operators
interest on investment property and the value of property, plant and equipment) over the preceding 12 month
period
NZ$m
Completed
villages
Developing
villages
Total
Net receipts from resales137.57.9145.4
Refurb of units sold under ORA(20.6)(0.5)(21.1)
Sales and marketing on resales(9.6)(2.6)(12.2)
Net cash flow from resales107.34.8112.1
Village and care fees176.643.4220.0
Village suppliers and employees(182.7)(55.7)(238.4)
Net cash from village operations(6.1)(12.3)(18.5)
Receipts for care bed conversions14.4-14.4
Refurb of village facilities(9.8)(1.2)(11.1)
Other village capex(8.5)(0.9)(9.4)
Village cash flows97.3(9.7)87.6
Head office suppliers and employees(23.3)(30.2)(53.5)
Head office capex and leases(1.2)(1.6)(2.8)
Interest received0.80.11.0
Cash flow from existing operations73.6(41.3)32.3
Number of villages (#)251439
Portfolio (#)5,9392,7348,673
Average Unit price ($)$781k$883k$801k
Return on net assets
Completed
villages
Developing
villages
Total
Villages completed pre 2018 (mature villages)5.3%-5.3%
Villages completed 2018 to 20252.4%-2.4%
Villages currently under development-(4.8%)(4.8%)
Return on net assets (incl. corporate overheads)3.4%(4.8%)1.1%

42FULL YEAR REPORT 2025
$7,329m
$7,304m
$8,199m
($24.9m)
$622.5m
$264.5m
Balance sheet
FY25 PERFORMANCE SUPPORTING A
SUSTAINABLE BALANCE SHEET POSITION
•Total assets now $9.2b, up 15% on FY24, driven by portfolio
growth and the underlying value in our existing villages
•Investment property valuation of $8.2b, up 12% on FY24
•Retained earnings are now $2.6b, up 8% on FY24
•Other assets includes buildings, primarily care centres which
were valued as at 31 December 2025
•Net tangible assets per share now $13.75, up 11%
•Prior period value of investment property has been restated
for FY23 and FY24 due to an error identified within the
revaluation movement - with the valuation not correctly
accounting for resident long-term loans
•Total impact on FY24 value of investment property of
$24.9m (less that 0.5% of the total value of investment
property)
•Full reconciliation of the changes is provided in the
appendix on slide 57
$9.2b
Total assets
$2.6b
Retained earnings
15%8%
Definitions:
Face value of bank loans and retail bonds - excludes capitalised and amortised transaction costs for loans and
borrowing, and fair value movement on hedged borrowings
Net assets includes share capital, reserves, and retained earnings
NZ$mFY25FY24*VarianceFY23*
Investment property8,1997,30412%6,377
Other assets1,036737.340%547.6
Total assets9,2358,04115%6,925
Residents’ loans3,3362,88116%2,507
Face value of bank loans & bonds1,9661,70915%1,399
Other liabilities604.7506.519%433.3
Total liabilities5,9075,09716%4,339
Net assets3,3282,94513%2,585
Embedded value1,9221,73911%1,620
NTA (cents per share)1,3751,24311%1,102
Retained earnings2,5972,3968%2,139
Investment property carrying value
FY24 balance
(reported)
Restatement
FY24 balance
(restated)
Additions
Fair value
movement
FY25
balance
* The fair value of investment property has been restated (refer to slide 57 for details)

43FULL YEAR REPORT 2025
Capital management framework
GUIDING PRINCIPLES TO SUSTAINABLY GROW THE BUSINNESS
FY25 in review
Guiding principles
•Grow the business by delivering sustainable expansion opportunities in New Zealand and Australia, that
produce competitive returns for shareholders
•Retain flexibility in our growth plans – ensure we can adapt our growth objectives as conditions allow
Investment decisions
•Summerset developments deliver positive net cash flows (net cash position) on completion
•Focus on diversification of location and broadacre investment, ensuring the business carries no core debt
•New investments must meet all internal hurdle rates (including development margin, net funding position, IRR,
population and penetration thresholds) on an individual and portfolio basis
•Disciplined approach to maintaining and improving existing asset base, ensuring its attractiveness to future
residents
Balance sheet management
•Prudent approach to balance sheet management, retain gearing ratio within a target operating range of 30% to
40%
•Actively manage our stock levels, while still growing in Australia and moderating build rates as appropriate
•Expect a maximum debt band of $2.0b to $2.5b over the short to medium term, no change from FY24
Distributions
•Ordinary dividend payout range to 20% to 50% of underlying profit
•Used to deliver long-term financial health, while giving its investors an appropriate return on their investment
•Australia and NZ villages in construction
forecast to be over $240m in positive net cash
profits on completion and first sell down
•Land bank appropriately spread across 12 NZ
regions, plus diversifying into Australia (VIC and
QLD)
•New refurbishment standards in place, care
centre upgrades well advanced
•Retirement village occupancy of 95%, along with
care occupancy at 94%
•Net debt of $1,960m with a gearing ratio of 37.1%
•Total debt facilities of $2.6b with undrawn
capacity of $626.8m
•Development assets exceed the value of net debt
by $318.2m, or 16%
•Target a stabilised medium term build rate of
approximately 650 units in New Zealand and 300
in Australia from 2027 onwards
•Final dividend of 13.2 cents per share, which is
25.3% of underlying profit
•This represents a payout for FY25 of
approximately $59.2m (before DRP)

44FULL YEAR REPORT 2025
$1,074m
$1,307m
$1,399m
$1,548m
$1,709m
$1,861m
$1,966m
32.4%
35.7%
34.9%
36.4%
36.6%
37.2%
37.1%
-
10%
20%
30%
40%
-
$500m
$1,000m
$1,500m
$2,000m
$2,500m
2H221H232H231H242H241H252H25
Face value of bank loans and retail bondsGearing ratio (%)
Funding
STRONG FUNDING SUPPORT IN PLACE THAT
ENABLES SUSTAINABLE GROWTH
•Total debt facilities of $2.6b, including $0.6b of retail bonds
on issue
•Total facility (incl. bonds) has an average tenor of 3.9
years
•Bank facility has undrawn capacity of $626.8m with a
gearing ratio of 37.1% (comfortably within our target band of
30% to 40%)
•As previously signalled, based on current forecasts we
expect gearing to reduce across FY26
•Summerset proactively manages hedging levels - as at 31
December 2025, 63% of total debt was hedged at fixed
interest rates
•The weighted average interest rate for FY25 was 5.4%
(incl. line fees)
•The business remains within all financial covenants. Refer to
slide 45 for further details
$626.8m
Undrawn capacity
37.1%
Gearing ratio
Gross borrowings and gearing
Definitions:
Face value of bank loans and retail bonds - excludes capitalised and amortised transaction costs for
loans and borrowing, and fair value movement on hedged borrowings
Gearing ratio calculation (net debt / net debt plus book equity) differs from the Summerset Group’s
bank and bond LVR covenant (total debt of the Summerset Group / property value of the Summerset
Group)
-
$200m
$400m
$600m
$800m
$1,000m
FY26FY27FY28FY29FY30FY31
Bank facilityNZ bonds
Funding maturity profile
* The fair value of investment property has been restated (refer to slide 57 for details)

45FULL YEAR REPORT 2025
Covenants
COVENANTS CONTINUE TO STRENGTHEN IN
LINE WITH BUSINESS PERFORMANCE
•Summerset remains compliant with all lending covenants
and obligations
•Loan to value ratio of 38.5%, relative to a 50% limit
•Interest cover ratio of 6.43x, almost four times the covenant
limit of 1.75x
38.5%
Bank & bond LvR
6.43x
Interest cover ratio
Interest cover ratioFY25FY24Variance
Adjusted EBITDA ($m)211.8182.616%
Interest expense ($m)33.045.9(28%)
Interest cover ratio6.43x3.98x61%
Covenant limit1.75x1.75x
Definitions:
Property value is calculated as the valuation amount of all properties that have been externally valued, plus the
cost of all properties not externally valued, plus 50% of the costs incurred to date on developments that are not
complete, net of residents’ loans
Loan to value ratio is the gross borrowings at face value divided by property value
Adjusted EBIT is EBIT less fair value movement of investment property and other assets, less deferred
management fees (calculated under NZ GAAP), plus net cash from resales, plus development margin, less/plus
other one off adjustments
Adjusted EBITDA is Adjusted EBIT plus amortisation and depreciation
Interest expense is the total interest and line fee costs prior to capitalisation of any interest and line fees,
excluding any interest and line fees incurred in relation to development tranches of bank debt facilities
Interest cover ratio is Adjusted EBITDA divided by interest expense, calculated on a 12-month rolling basis
CovenantsFY25FY24Variance
Gross debt at face value ($m)1,9661,70915%
Property value ($m)5,1064,49614%
Loan to value ratio38.5%38.0%1%
Covenant limit50.0%50.0%

46FULL YEAR REPORT 2025
$545.5m
$588.2m
$786.6m
$876.8m
$683.0m
$813.4m
-
$500m
$1,000m
$1,500m
$2,000m
$2,500m
Net debt
FY24
Underlying assets
FY24
Net debt
FY25
Underlying assets
FY25
Net debtUndeveloped landDevelopment WIPUnsold new stock
$318m excess assets
Development assets
VALUE OF DEVELOPMENT ASSETS $318M
ABOVE NET DEBT
•Summerset has no core debt and our development assets –
being the value of our land bank, development WIP and units
that have been delivered but not settled significantly
exceeds the debt we have used to hold them
•At 31 December 2025, net debt was $1.96b and the value of
development assets exceeded the value of net debt by
$318.2m, or 16%
•Development assets comprise:
•$588.2m relating to undeveloped land, being the fair
value of our Australia and New Zealand land bank
•$876.8m for development WIP at cost (villages under
construction) - $46.5m of units under construction
presold
•$813.4m from unsold new sale stock, which is all
delivered new sale stock that is yet to settle
•$209.8m of delivered new stock was contracted and
awaiting settlement at 31 December 2025, up from
$157.4m at FY24
•Excess assets of $318.2m is also conservative as it excludes
any margin on development WIP or undeveloped land,
which is realised on delivery
$2.3b
Underlying development
assets
$318.2m
Excess assets
Net debt to underlying assets
$1,697m
$2,015m
$1,960m
$2,278m
Definitions:
•Net debt is the face value of drawn bank loans and retail bonds less cash and cash equivalents. Excludes
capitalised and amortised transaction costs for loans and borrowing, and fair value movement on hedged
borrowings
•Gearing ratio calculation (net debt / net debt plus book equity) differs from the Summerset Group’s bank and
bond LVR covenant (total debt of the Summerset Group / property value of the Summerset Group)
$318m excess assets

47FULL YEAR REPORT 2025
$10.4m
$11.1m
$9.8m
$12.2m
$17.7m
$17.4m
$18.5m
$9.2m
$8.2m
$13.9m
$15.9m
$16.5m
$16.1m
$14.0m
$32.0m
$29.7m
$42.5m
$51.6m
$57.2m
$58.3m
$59.2m
-
$10m
$20m
$30m
$40m
$50m
$60m
$70m
FY19FY20FY21FY22FY23FY24FY25
$millions
1H cash dividend2H cash dividendGross dividend payout
Final dividend
DECLARED FY25 FINAL DIVIDEND OF 13.2
CENTS PER SHARE
•The Board has declared an unimputed final dividend of 13.2
cents per share
•This represents a payout for FY25 of approximately $59.2m,
being 25.3% of underlying profit
•The dividend reinvestment plan (DRP) will apply to this
dividend enabling shareholders to take shares in lieu of the
cash dividend
•A discount of 2% will be applied when determining the price
per share of shares issued under the DRP
•The final dividend will be paid on Thursday 26 March
2026.The record date for final determination of entitlements
to the dividend is Friday 13 March 2026
•The Board has adopted a three year review cycle for the
Company’s Dividend Policy. In line with this cycle, the policy
will be reviewed during FY26 to ensure continued alignment
with Summerset’s capital management framework and long
term growth strategy
Dividends per share
Dividend payout per year
6.4
6.0
9.9
10.7
11.311.311.3
7.7
7.0
8.6
11.6
13.213.213.2
-
5
10
15
20
25
30
FY19FY20FY21FY22FY23FY24FY25
Cents per share
InterimFinal

07.
Questions

49FULL YEAR REPORT 2025
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 statement based on a number of important
factors and risks
▪Although management may indicate and believe the assumptions underlying the forward looking statements are
reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the
results contemplated in the forward looking statements will be realised
▪Furthermore, while all reasonable care has been taken in compiling this presentation, Summerset accepts no responsibility
for any errors or omissions
▪This presentation does not constitute investment advice

08.
Appendix
Summerset by the Dunes (Pāpāmoa Beach, New Zealand)

51FULL YEAR REPORT 2025
Portfolio as at 31 December 2025
8,673 TOTAL UNITS INCLUDING 7,198 RETIREMENT UNITS AND 1,475 CARE UNITS
* Care centre upgrade in progress
Existing portfolio - as at 31 December 2025
Retirement units (ORA)Care units (ORA)
Total units and
care beds
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Care beds
(non-ORA)
Whangārei156 ------156
Northland156 ------156
Ellerslie38 218 55 -2 54 4 371
Hobsonville163 73 52 --44 8 340
Karaka182 -59 --42 8 291
Manukau89 67 27 --53 1 237
Milldale77 ------77
St Johns-212 36 19 49 --316
Warkworth202 2 44 --37 4 289
Auckland751 572 273 19 51 230 25 1,921
Cambridge104 -56 20 31 9 -220
Hamilton183 -50 --47 2 282
Rototuna188 -56 20 7 36 -307
Taupō94 34 18 ----146
Waikato569 34 180 40 38 92 2 955
Katikati156 -30 --21 6 213
Pāpāmoa Beach194 -56 20 19 21 -310
Bay of Plenty350 -86 20 19 42 6 523
Hastings146 5 -----151
Havelock North94 28 --30 4 -156
Napier94 26 20 --45 3 188
Te Awa241 -56 20 15 28 -360
Hawke's Bay575 59 76 20 45 77 3 855
Bell Block215 -56 20 19 21 -331
New Plymouth108 -36 -4 46 6 200
Taranaki323 -92 20 23 67 6 531
Levin*64 22 -10 -10 -106
Palmerston North90 12 ---9 35 146
Whanganui70 18 12 --7 30 137
Manawatū-Whanganui224 52 12 10 -26 65 389

52FULL YEAR REPORT 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
care beds
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Care beds
(non-ORA)
Aotea96 33 38 ----167
Boulcott29 82 57 15 24 --207
Kenepuru112 48 76 20 27 26 -309
Paraparaumu92 22 ---1 43 158
Trentham231 12 40 -30 4 -317
Waikanae89 ------89
Wellington-Kāpiti-Wairarapa649 197 211 35 81 31 43 1,247
Nelson214 -55 --52 7 328
Richmond228 -56 20 17 26 -347
Nelson-Tasman442 -111 20 17 78 7 675
Blenheim85 ------85
Marlborough85 ------85
Avonhead165 -79 20 17 26 -307
Casebrook270 -56 20 -43 -389
Prebbleton114 ------114
Rangiora24 ------24
Wigram159 -53 --39 10 261
Canterbury732 -188 40 17 108 10 1,095
Dunedin61 20 20 --36 6 143
Otago61 20 20 --6 107
Total NZ4,9179341,249224 2917871738,575
Chirnside Park10 ------10
Cranbourne North55 -33 ----88
Total Australia65 -33 ----98
Total NZ and Australia4,982 934 1,282 224 291 787 173 8,673

53FULL YEAR REPORT 2025
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
and beds
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Care beds
(non-ORA)
Whangārei61-6020279-177
Northland 61-6020279-177
Belmont17459-2146--300
Half Moon Bay-232172026--295
Milldale56366020279-208
St Johns1112-----23
Auckland2413397761999-826
Cambridge156------156
Waikato156------156
Pāpāmoa Beach17------17
Rotorua270-20-218-319
Bay of Plenty287-20-218-336
Mission Hills263---278-298
Hawke's Bay263---278-298
Bell Block69------69
Taranaki69------69
Kelvin Grove253-20-218-302
Manawatū-Whanganui253-20-218-302
Boulcott6927-----96
Levin7---155-27
Masterton253---218-282
Otaihanga247-4020237-337
Waikanae168-6020279-284
Wellington-Kāpiti-Wairarapa74427100408629-1,026
Richmond38------38
Nelson-Tasman38------38
Blenheim153-20-218-202
Marlborough153-20-218-202

54FULL YEAR REPORT 2025
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
and beds
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Care beds
(non-ORA)
Prebbleton107-6020279-223
Rangiora236-4020237-326
Rolleston259-20-237-309
Canterbury602-120407323-858
Mosgiel279-20-218-328
Otago279-20-218-328
Total NZ3,146366437161396110-4,616
Land bank – as at 31 December 2025
Retirement units (ORA)Care units (ORA)
Total units
and beds
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Care beds
(RAD/DAP)
Chirnside Park175-28---80283
Craigieburn267-34---72373
Cranbourne North106-----72178
Drysdale277-34---72383
Mernda260-20---72352
Oakleigh South5050----66166
Torquay215-34---72321
Total Australia1,35050150---506 2,056
Total NZ and Australia4,4964165871613961105066,672

55FULL YEAR REPORT 2025
Full year resultsFY25FY24*FY23*FY22FY21FY20FY19
Operational
New sales of Occupation Rights805588560537540404329
Resales of Occupation Rights755650543470438381323
Total sales1,5601,2381,1031,007978785652
New units delivered693729692651671413354
Retirement units in portfolio7,1986,6716,0875,5184,9304,3854,076
Care units in portfolio1,4751,2991,2841,1611,098972868
Financial (NZ$m)
Care fees148.3131.4109.696.284.875.168.3
Deferred management fees17.57.24.73.31.2--
Realised gain on resales3.40.40.20.60.20.2-
Care operating expenses(150.3)(136.3)(115.2)(100.5)(82.9)(68.4)(57.0)
Care EBITDA18.82.7(0.6)(0.4)3.47.011.3
Village services71.161.552.845.739.333.930.6
Deferred management fees119.7114.299.889.074.060.852.5
Realised gain on resales101.195.587.969.659.745.836.9
Village operating expenses(89.7)(78.0)(66.7)(57.9)(46.6)(41.3)(34.3)
Village EBITDA202.3193.2173.8146.4126.499.285.7
Interest and other revenue5.25.55.44.86.02.72.6
Head office expenditure (post capitalisation)(88.6)(68.1)(66.1)(53.7)(49.5)(37.2)(31.2)
Annuity EBITDA137.6133.4112.597.186.2171.768.4
Realised development margin154.9118.4121.2104.978.548.261.0
Underlying EBITDA292.5251.8233.7202.0164.7119.9129.4
Depreciation and amortisation(26.3)(19.1)(15.8)(13.6)(11.6)(8.1)(7.8)
Finance costs(32.0)(26.4)(27.5)(17.0)(12.0)(13.5)(15.4)
Underlying profit234.2206.4190.3171.4141.198.3106.2
Refurbishment costs(25.7)(16.9)(11.6)(7.5)(5.5)(5.5)(3.9)
Profit after refurbishment costs208.4189.5178.8163.9135.692.8102.2
Operating cash flow548.2443.2398.2369.2383.4266.8237.9
Total assets9,2358,0416,9255,8404,9243,8933,338
Total equity3,3282,9452,5852,1932,1931,9251,355
EPS (cents) (IFRS profit)108.1141.3175.4116.7238.2102.378.6
NTA (cents)1,3751,2431,102944836594502
Historical trends
HISTORICAL TRENDS ACROSS OPERATIONAL AND FINANCIAL METRICS
Definitions:
▪New units delivered includes all retirement units and care units
▪Retirement units include villas, apartments and serviced apartments
▪Care units include memory care apartments, care suites and care beds
▪Underlying profit differs from NZ IFRS reported profit after tax. The measure has been audited by PwC. Refer to slide 56 for a reconciliation between the two measures, and note 2 of the financial statements for detail on the
components of underlying profit
* The fair value of investment property has been restated (refer to slide 57 for details)

56FULL YEAR REPORT 2025
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
Definition:
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the realised and unrealised components of fair value movement of
investment property, impairment and tax expense in the Group’s income statement. The measure is used internally in conjunction with other measures to monitor performance and make investment decisions and has been
audited by PwC. Underlying profit is a measure which the Group uses consistently across reporting periods. Underlying profit is used to determine the dividend payout to shareholders.
Reconciliation of Underlying profit to Reported net profit after tax NZ$mFY25FY24VarianceFY23
Net profit after tax (IFRS)259.7339.8(24%)408.3
Less fair value movement of investment property and other assets(264.5)(372.6)(29%)(413.5)
(Less)/add (impairment reversal)/impairment of assets and other non-cash items(1.9)8.8(121%)-
Add realised gains on resales104.595.99%88.1
Add realised development margin154.9118.431%121.2
(Less)/add deferred tax (credit)/expense(18.6)15.9(217%)(13.8)
Underlying profit234.2206.413%190.3
Net resales receipts NZ$mFY25FY24VarianceFY23
Receipts for residents' loans - resales408.6358.614%295.8
Repayments for residents' loans - resales(263.1)(220.4)19%(191.2)
Net resales cash flow145.4138.25%104.6
Comprising:
Realised resale gains104.595.99%88.1
DMF realisation60.652.316%41.5
Buybacks - net(1.5)(0.8)88%(2.8)
Transfers and other cash movements(18.2)(9.2)98%(22.2)
Net resales receipts145.4138.25%104.6
Market value of repurchased stock is $35.3m (FY24: $41.7m)

57FULL YEAR REPORT 2025
Restated comparative information
RESTATEMENT OF FAIR VALUE OF INVESTMENT PROPERTY
•Summerset has reviewed its accounting and valuation
treatment of long-term resident loans within the valuations
and the accounting gross-up calculation applied to
investment property
•As a result, it was concluded that the gross-up calculation
should be updated to include long-term resident loans to
ensure compliance with the requirements of NZ IAS 40
•This change in treatment has resulted in the recognition and
correction of prior periods relating to FY24 and FY23
•Total impact on FY24 value of investment property
was $24.9m and FY23 of $17.1m
•In accordance with IFRS requirements we have restated the
prior periods in the statement of financial position and
income statement
NZ$m
FY24
reported
Opening
balance
amendment
Amendment
FY24
restated
Income Statement
Fair value movement of investment
property and other assets
372.6-(7.9)364.7
Profit for period339.8-(7.9)332.0
Net transfer to shareholders equity339.8-(7.9)332.0
Statement of Financial Position
Investment property7,329(17.1)(7.9)7,304
Net change to total assets 8,066(17.1)(7.9)8,041
Retained earnings2,421(17.1)(7.9)2,396
Net change to total equity 2,969(17.1)(7.9)2,945
NZ$m
FY23
reported
Amendment
FY23
restated
Income Statement
Fair value movement of investment
property and other assets
430.6(17.1)413.5
Profit for period425.3(17.1)408.3
Net transfer to shareholders equity425.3(17.1)408.3
Statement of Financial Position
Investment property6,394(17.1)6,377
Net change to total assets 6,942(17.1)6,925
Retained earnings2,139(17.1)2,121
Net change to total equity 2,602(17.1)2,585

58FULL YEAR REPORT 2025
Investment property valuations
INVESTMENT PROPERTY AND OTHER ASSET VALUATIONS – KEY ASSUMPTIONS
Note: Value of non-land capital work in progress not represented in the above table
Fair value movement of investment propertyValuationGain/(loss)Key valuation assumptions
VillageLocationNZ$mNZ$m
Discount
rate
Growth rate
Yr 1
Growth rate
Yr 2
Growth rate
Yr 3
Growth rate
Yr 4
Growth rate
Yr 5+
Summerset by the ParkManukau185.70.213.50%2.50%2.75%3.00%3.25%3.50%
Summerset by the LakeTaupō111.04.214.50%3.00%3.00%3.00%3.25%3.50%
Summerset in the BayNapier117.24.313.75%2.50%2.75%3.00%3.25%3.50%
Summerset in the OrchardHastings121.65.014.25%2.75%3.00%3.00%3.25%3.50%
Summerset in the VinesHavelock North98.83.914.00%2.75%3.00%3.00%3.25%3.50%
Summerset in the River CityWhanganui54.92.414.75%3.00%3.00%3.00%3.25%3.50%
Summerset on SummerhillPalmerston North80.55.914.25%2.75%3.00%3.00%3.25%3.50%
Summerset by the RangesLevin50.03.914.50%2.50%2.75%3.00%3.25%3.50%
Summerset on the CoastParaparaumu95.32.414.25%2.50%2.75%3.00%3.25%3.50%
Summerset at AoteaAotea147.97.014.00%3.00%3.00%3.00%3.25%3.50%
Summerset in the SunNelson202.94.913.50%2.75%3.00%3.00%3.25%3.50%
Summerset at BishopscourtDunedin80.35.814.00%3.00%3.00%3.00%3.25%3.50%
Summerset down the LaneHamilton162.31.314.00%2.50%3.00%3.00%3.25%3.50%
Summerset Mountain ViewNew Plymouth111.08.514.25%2.75%3.00%3.00%3.25%3.50%
Summerset FallsWarkworth239.2(0.5)14.00%2.00%2.50%2.75%3.00%3.50%
Summerset at Heritage ParkEllerslie398.66.114.00%2.00%2.50%3.00%3.25%3.50%
Summerset at KarakaKaraka240.47.413.50%2.75%3.00%3.00%3.25%3.50%
Summerset at WigramWigram169.66.813.75%2.50%2.75%3.00%3.25%3.50%
Summerset at the CourseTrentham244.218.414.00%2.00%2.50%2.75%3.00%3.50%
Summerset by the SeaKatikati143.20.314.25%2.50%3.00%3.00%3.25%3.50%
Summerset RototunaRototuna219.05.413.75%2.00%2.50%2.75%3.00%3.50%
Summerset at AvonheadAvonhead220.08.213.75%2.00%2.50%2.75%3.00%3.50%
Summerset at Monterey ParkHobsonville371.93.613.50%2.00%2.50%2.75%3.00%3.50%
Summerset on the LandingKenepuru252.91.113.75%2.00%2.50%2.75%3.00%3.50%
Summerset on CavendishCasebrook285.412.813.75%2.00%2.50%2.75%3.00%3.50%
Summerset PalmsTe Awa289.717.814.00%2.00%2.50%2.75%3.00%3.50%
Summerset at Pohutukawa PlaceBell Block250.621.014.00%2.00%2.50%2.75%3.00%3.50%
Total for completed villages4,944168.3

59FULL YEAR REPORT 2025
Investment property valuations
INVESTMENT PROPERTY AND OTHER ASSET VALUATIONS – KEY ASSUMPTIONS
Note: Value of non-land capital work in progress not represented in the above table
Fair value movement of investment propertyValuationGain/(loss)Key valuation assumptions
VillageLocationNZ$mNZ$m
Discount
rate
Growth rate
Yr 1
Growth rate
Yr 2
Growth rate
Yr 3
Growth rate
Yr 4
Growth rate
Yr 5+
Summerset Richmond RangesRichmond240.11.913.75%2.50%2.75%3.00%3.50%3.50%
Summerset by the DunesPāpāmoa Beach239.313.814.00%2.25%2.50%3.00%3.50%3.50%
Summerset Mount DenbyWhangārei144.45.915.00%2.00%2.50%2.75%3.00%3.50%
Summerset CambridgeCambridge123.014.814.75%2.50%2.50%3.00%3.25%3.50%
Summerset PrebbletonPrebbleton114.810.515.00%2.00%2.50%2.75%3.00%3.50%
Summerset BlenheimBlenheim83.112.515.75%2.00%2.50%2.75%3.00%3.50%
Summerset MilldaleMilldale112.59.515.50%2.00%2.50%2.75%3.00%3.50%
Summerset BoulcottBoulcott225.018.814.75%2.00%2.50%2.75%3.00%3.50%
Summerset WaikanaeWaikanae121.622.015.50%2.00%2.50%2.75%3.00%3.50%
Summerset St JohnsSt Johns505.913.015.50%0.00%1.00%2.50%3.00%3.50%
Summerset RangioraRangiora32.35.116.00%2.00%2.50%2.75%3.00%3.50%
Summerset Half Moon BayHalf Moon Bay35.4(1.9)n/an/an/an/an/an/a
Summerset Kelvin GroveKelvin Grove19.4(1.1)n/an/an/an/an/an/a
Summerset Cranbourne NorthMelbourne - Cranbourne North71.8(1.9)14.00%3.00%3.00%3.00%3.00%3.00%
Summerset Chirnside ParkMelbourne - Chirnside Park57.21.1n/an/an/an/an/an/a
Summerset TorquayMelbourne - Torquay74.5(6.8)n/an/an/an/an/an/a
Summerset Oakleigh SouthMelbourne - Oakleigh South38.8(4.8)n/an/an/an/an/an/a
Total for villages in development2,239112.6
Total for proposed villages316.3(16.5)
Total for all villages7,499264.5

60FULL YEAR REPORT 2025
Care centre valuations
CARE CENTRE VALUATIONS – KEY ASSUMPTIONS
* Includes memory care only, remaining care centre under upgrade
Note: value of non-land capital work in progress not represented in the above table
Value of care facilities
Total care
ValuationGain/(loss)Non-ORAKey ORA valuation assumptions
VillageLocation
units
NZ$mNZ$m
Capitalisation
rate
Discount
rate
Growth rate
Yr 1
Growth rate
Yr 2
Growth rate
Yr 3
Growth rate
Yr 4
Growth rate
Yr 5+
Summerset by the ParkManukau5422.27.212.75%13.50%2.00%2.25%2.50%3.00%3.00%
Summerset in the BayNapier4813.76.713.75%13.75%2.00%2.25%2.50%3.00%3.00%
Summerset in the River CityWhanganui373.81.115.00%14.75%2.00%2.25%2.50%2.75%3.00%
Summerset on SummerhillPalmerston North446.12.214.50%14.25%2.00%2.25%2.50%2.75%3.00%
Summerset by the RangesLevin206.9(0.1)13.50%14.50%2.00%2.25%2.75%3.00%3.00%
Summerset on the CoastParaparaumu444.40.014.00%14.25%2.00%2.25%2.50%3.00%3.00%
Summerset in the SunNelson5919.29.213.50%13.50%2.00%2.25%2.50%2.75%3.00%
Summerset at BishopscourtDunedin4213.97.613.50%14.00%2.00%2.00%2.50%2.75%3.00%
Summerset down the LaneHamilton4915.78.113.00%14.00%2.00%2.25%2.50%2.75%3.00%
Summerset Mountain ViewNew Plymouth5617.78.113.50%14.25%2.00%2.25%2.50%2.75%3.00%
Summerset FallsWarkworth4115.28.213.50%14.00%1.00%2.00%2.50%3.00%3.50%
Summerset at KarakaKaraka5021.56.012.75%13.50%2.00%2.50%2.50%2.75%3.00%
Summerset at WigramWigram4915.97.413.00%13.75%2.00%2.25%2.50%2.75%3.00%
Summerset by the SeaKatikati278.53.914.00%14.25%2.00%2.25%2.50%2.75%3.00%
Summerset at Heritage ParkEllerslie6026.47.312.75%14.00%2.00%2.25%2.50%3.00%3.00%
Summerset at Monterey ParkHobsonville5224.79.312.50%13.50%1.00%2.00%2.50%3.00%3.50%
Summerset RototunaRototuna6337.87.312.75%13.75%1.00%2.00%2.50%3.00%3.50%
Summerset on CavendishCasebrook6337.511.512.50%13.75%1.00%2.00%2.50%3.00%3.50%
Summerset Richmond RangesRichmond6332.44.113.00%13.75%2.00%2.25%2.75%3.00%3.00%
Summerset at AvonheadAvonhead6338.69.312.50%13.75%1.00%2.00%2.50%3.00%3.50%
Summerset PalmsTe Awa6336.02.112.50%14.00%1.00%2.00%2.50%3.00%3.50%
Summerset Pohutukawa PlaceBell Block6038.05.412.75%14.00%1.00%2.00%2.50%3.00%3.50%
Summerset on the LandingKenepuru7348.36.812.50%13.75%1.00%2.00%2.50%3.00%3.50%
Summerset by the DunesPāpāmoa Beach6036.33.513.00%14.00%2.00%2.25%2.50%2.75%3.00%
Summerset BoulcottBoulcott3929.310.612.50%14.75%1.00%2.00%2.50%3.00%3.50%
Summerset St JohnsSt Johns6872.48.811.00%15.50%1.00%2.00%2.50%3.00%3.50%
Total for existing care facilities1,347642.3161.7

61FULL YEAR REPORT 2025
Care centre valuations
CARE CENTRE VALUATIONS – KEY ASSUMPTIONS
Note: value of non-land capital work in progress not represented in the above table
Value of care facilities
Total care
ValuationGain/(loss)Non-ORAKey ORA valuation assumptions
VillageLocation
units
NZ$mNZ$m
Capitalisation
rate
Discount
rate
Growth rate
Yr 1
Growth rate
Yr 2
Growth rate
Yr 3
Growth rate
Yr 4
Growth rate
Yr 5+
Summerset in the VinesHavelock North3416.34.413.00%14.00%2.50%2.50%2.75%2.75%3.00%
Summerset at the CourseTrentham3418.87.713.00%14.00%1.00%2.00%2.50%3.00%3.50%
Total for new care facilities6835.112.2
Total for all care facilities1,415677.4173.9

62FULL YEAR REPORT 2025
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
Rest of NZ sales price relativity
Sales price relativity vs median house price
SUM Two bed independentResidential House Prices - Median to 75
th
Percentile range
Auckland
NZ main centres
Regional NZ
REINZ median house priceSUM % of median
93%
46%
29%
102%
58%
38%
103%
60%
35%
-
$0.2m
$0.4m
$0.6m
$0.8m
$1.0m
$1.2m
REINZ Two bed
ILU
Serviced
apartment
Care
suite
REINZ Two bed
ILU
Serviced
apartment
Care
suite
REINZ Two bed
ILU
Serviced
apartment
Care
suite
$0.5m
$0.7m
$0.9m
$1.1m
$1.3m
$1.5m
$1.7m
2016201720182019202020212022202320242025
$0.3m
$0.4m
$0.5m
$0.6m
$0.7m
$0.8m
$0.9m
$1.0m
$1.1m
2016201720182019202020212022202320242025

63FULL YEAR REPORT 2025
Customer profile and occupancy
OCCUPANCY, TENURE AND RESIDENT DEMOGRAPHIC STATISTICS
Occupancy – retirement villages
Occupancy – established care centres
Average tenure (years)
Average entry age of residents (years)
97%
93%
93%
94%
94%
-
20%
40%
60%
80%
100%
FY21FY22FY23FY24FY25
96%
95%95%
94%
95%
-
20%
40%
60%
80%
100%
FY21FY22FY23FY24FY25
78.978.9
78.5
79.8
78.8
79.4
85.1
85.2
84.3
85.5
85.5
85.8
60.0
65.0
70.0
75.0
80.0
85.0
90.0
FY23FY24FY25
VillasApartmentsServiced and memory care apartmentsCare suites
7.1
6.7
7.0
5.3
4.7
5.8
2.5
2.4
2.6
1.0
0.7
0.9
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
FY23FY24FY25
VillasApartmentsServiced and memory care apartmentsCare suites

64FULL YEAR REPORT 2025
Key terms
SUMMERSET KEY TERMS
Underlying profit
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 impairment,
removing non-operating one-off items, adding back realised gains from resales, adding back realised development margin from new sales,
removing deferred taxation component of taxation expense so only the current tax expense is reflected
Annuity EBITDA
EBITDA from care and village operations with adjustments for interest income, other revenue and head office expenditure. It excludes any
earnings from development
Care EBITDA
Care fees from providing care (e.g. rest home and hospital care), deferred management fees from care units and realised resale gain from care
units less costs of operating the care centres. This excludes any allocation of head office cost
Village EBITDA
Village services revenue (e.g. weekly fees), deferred management fees from retirement units and realised resale gain from retirement units less
costs of operating retirement villages. This excludes any allocation of head office cost
Cash flow from existing operations
(CFEO)
Non-GAAP financial measure used by Summerset to monitor financial performance. Includes net cash flows from resales (net receipts from
resales, refurbishment costs and sales and marketing costs related to resales), net cash flows from village operations (village and care fees plus
payments to village suppliers and employees), other village cash flows (receipts for care bed conversions, refurbishment costs and other village
capex) plus cash flows relating to the existing business within head office suppliers and employees, head office capex and interest received
Cash flow from development activity
(CFDA)
Non-GAAP financial measure used by Summerset to monitor financial performance. Includes resident receipts from new sales of occupation
rights, sales and marketing costs relating to the first time sale of units and net development capex (incl. land, construction capex, capitalised
non-village expenses relating to development, other village capex, capitalised interest and finance costs)
Development margin
This is calculated using the first ORA sales receipt for the applicable unit, less the cost for developing the applicable unit sold under ORA. Costs
incorporate the land cost, share of infrastructure costs, direct costs, share of other costs (e.g. landscaping), management fees and interest
costs. The development margin excludes recreation and administration facility costs and care centre costs (for non-ORA units)
Project cash profit
The final cash return from developing a village. This incorporates the land cost, independent living unit (ILU) costs, recreation and administration
facility costs, care centre costs, management fees (incl. a share of corporate overheads), interest costs and the first-time sales proceeds for all
units sold under Occupation Right
Cash margin from village
development
The project cash profit from a village development divided by gross new sales receipt from first sell down
Developing villages
Villages that are not yet complete and that have units delivered in the current year - not all units, the care centre and common facilities have
been completed and delivered. At FY25, villages includes: Bell Block, Blenheim, Cambridge, Cranbourne North, Lower Hutt, Milldale, Pāpāmoa
Beach, Prebbleton, Rangiora, Richmond, St Johns, Te Awa, Waikanae, Whangārei
Completed villages
Villages where all units, the care centre and common facilities have been completed and delivered prior to the current year. At FY25, villages
include Aotea, Avonhead, Casebrook, Dunedin, Ellerslie, Hamilton, Hastings, Havelock North, Hobsonville, Karaka, Katikati, Kenepuru, Levin,
Manukau, Napier, Nelson, New Plymouth, Palmerston North, Paraparaumu, Rototuna, Taupō, Trentham, Whanganui, Warkworth, Wigram
Realised resale gain
The difference in resale unit sales price between the incoming resident and the previous resident. This excludes DMF (shown separately) and
forms part of underlying profit and annuity EBITDA

65FULL YEAR REPORT 2025
Key terms
SUMMERSET KEY TERMS
Corporate overhead function
Operations
Support costs relating to the Operations team including wages for Group Operations Managers, Operations and Property support staff,
consulting costs for operational reviews and projects, licenses, internal audit costs and other general administrative costs e.g. travel, training,
etc)
Sales and marketing
Support costs relating to village sales managers, Group Sales Managers, head office sales and marketing support wages. Local and national
advertising costs and other general administrative costs relating to sales and marketing functions (e.g. travel, training, etc)
Development and construction
Support costs relating to all design, development and construction head office costs. Primarily wages, system costs and other general
administrative costs relating to development and construction (e.g. travel, training, etc)
Australian business
Support costs relating to wages and other costs for operations, property, sales and marketing, development and other general administrative
costs relating to the Australian business (e.g. travel, training, etc)
Technology
General IT operating expenditure including wages for Group Technology staff, software costs, hardware costs and licence fees (for all villages
and corporate functions). Also contains project related costs such as consultancy, contractors, etc, and other general administrative costs
relating to Group Technology (e.g. travel, training, etc)
Corporate functions
Support costs relating to wages in Finance, Strategy, People and Culture, Management, and Sustainability. Also contains license costs for
financial systems, consulting costs as required for reviews and projects and other general administrative costs relating to Corporate
functions(e.g. travel, training, etc)
ComplianceGeneral compliance costs including directors Fees, listing/ registry fees, all audit fees etc
Share plan option costCosts associated with Summerset’s employee share scheme and executive LTI costs
Deferred management fees
This is the fee charged by Summerset to residents in our villages under their ORA (the standard rate is 25% of the ORA price).The calculated
DMF which is applicable in each case is deducted from the amount repaid to the outgoing resident upon resale of the unit. The fee is in
consideration for the right to accommodation and the use of communal facilities over the entire length of a resident's stay
Embedded value
Non-GAAP measure that reflects the balance of DMF accrued by the resident and the resale gain (being the difference between the price paid
by the last resident and the price that would be paid by an incoming resident across the portfolio) at reporting date
Net tangible assets per shareTotal assets, less intangible assets, less total liabilities, divided by number of shares outstanding at the end of the period

66FULL YEAR REPORT 2025
Key terms
SUMMERSET KEY TERMS
ORA unit
Any retirement or care unit sold under an Occupation Right. This includes villas, apartments, serviced apartments, memory care apartments and
care suites
Retirement unitVilla, apartment or serviced apartment sold under ORA
Care unitMemory care apartment, care suite or care bed either sold under ORA or available on a daily charge
Care bed conversion
Defined as the sale of beds under Occupation Right at a village with a care centre where beds were previously occupied under a premium
accommodation charge. Used for stock, settlement, portfolio and land bank information
Care suites and beds
Relates to care suites and beds sold under Occupation Right at our newer care centres – in FY25 this was Avonhead, Bell Block, Boulcott,
Havelock North, Kenepuru, Pāpāmoa Beach, Richmond, Rototuna, St Johns, Te Awa and Trentham (note – there are no beds available for sale
at Boulcott or St Johns). Used for stock, settlement, portfolio and land bank information
Face value of bank loans
and retail bonds
Face value of bank debt and retail bonds excludes capitalised and amortised transaction costs for loans and borrowing, and fair value movement
on hedged borrowings
Gearing ratioGearing ratio is calculated as net debt divided by net debt plus book equity
Property value
Property value is calculated as the valuation amount of all properties that have been externally valued, plus the cost of all properties not
externally valued, plus 50% of the costs incurred to date on developments that are not complete, net of residents’ loans
Loan to value ratioLoan to value ratio is the gross borrowings at face value divided by property value
Adjusted EBIT
Adjusted EBIT is EBIT less fair value movement of investment property and other assets, less deferred management fees (calculated under NZ
GAAP), plus net cash from resales, plus development margin, less/plus other one off adjustments
Adjusted EBITDAAdjusted EBITDA is Adjusted EBIT plus amortisation and depreciation
Interest expense
Interest expense is the total interest and line fee costs prior to capitalisation of any interest and line fees, excluding any interest and line fees
incurred in relation to development tranches of bank debt facilities
Interest cover ratio
Interest cover ratio is Adjusted EBITDA divided by interest expense, calculated on a 12-month rolling basis

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
Ngā mihi
FOR MORE INFORMATION:
67
Summerset Milldale (Auckland, New Zealand)

---

A nnual
Report
2025

ABOUT THIS REPORT
This Annual Report of
Summerset Group Holdings
Limited (Summerset) is
prepared in accordance with
New Zealand equivalents
to International Financial
Reporting Standards (NZ
IFRS), the NZX Listing Rules
and Corporate Governance
Code, the ASX Listing Rules
(as relevant for foreign exempt
listings) and the Companies
Act 1993.
It covers all our business
operations for the year ended
31 December 2025 and was
released on 27 February 2026.
We are aligning our reporting
to the International Integrated
Reporting Framework
to improve the way we
communicate and improve
transparency.
We will continue to build
on this approach.

Cover: Neil Spedding (left) and Errol Gill (right) celebrating
Father’s Day at Summerset Mountain View
Inside cover: Summerset Cranbourne North, Victoria, Australia

0 2

Contents
Highlights04
Snapshot
04
2025 highlights
06
Chair and CEO’s report08
Summerset strategy
18
Our people and community20
Our villages28
Portfolio growth
36
Our pipeline
38
Delivering on sustainability40
Our performance46
Five-year summary50
Financial statements51
Governance93
Board of Directors106
Executive Leadership Team108
Remuneration110
Disclosures120
Directory131
Company information134
Glossary of terms136
0 3

Annual Report 2025
Snapshot
Our people
9,500+
Residents
3,200+
Staff members
91%
Village resident
satisfaction
 
Our care
89%
Care resident
satisfaction
1,475
Care units
(which includes beds)
in portfolio
1,173
Care units
(which includes beds)
in land bank
Our portfolio
7,198
Retirement units
$9.2b
Total assets
FY24 $8.0b*
693
Units delivered to be sold
under ORA
FY24 676
5,499
Retirement units
in land bank
44
Villages completed or
under development
10
Greenfield sites
Our performance
$259.7m
Net profit after tax
FY24 $332.0m*
$234.2m
Underlying profit
FY24 $206.4m
$548.2m
Operating cash flow
FY24 $443.2m
$13.75
NTA per share
FY24 $12.43*
1,560
Sales of Occupation Right
Agreements (ORA)
FY24 1,238
27.8%
Development margin
FY24 28.9%
*The fair value movement of
investment property has been
restated (refer Page 62)
0 4

H I G H L I G H T S
0 5

2025
Highlights
FEB
MAR
FEBRUARY
Margaret Warrington joins Summerset as
Chief Financial Officer
We opened our care centre at Summerset Boulcott
MARCH
We celebrated Frontliner Day – Summerset recognises the
hard work and dedication of our village staff with gifts and
messages from residents







MAY
We recognised our people with our annual
Applause Awards in Auckland
Summerset celebrated the delivery of fully
refurbished care centres at our Havelock North
and Trentham villages
JUNE
We launched our EVP “Together we bring villages
to life” with our staff
MAY
JUN
FEB
Annual Report 2025
0 6

JULY
Summerset St Johns recognised with an “Excellence” at
NZ Property Council Awards
AUGUST
Record Half Year results announced
SEPTEMBER
Summerset’s Construction Procurement team won the
“Best Procurement Transformation & Change Program
at the Chartered Institute of Procurement Awards
First residents moved into our fifth Canterbury village –
Summerset Rangiora
OCTOBER
Summerset by the Lake (Taupō) and Summerset at the
Course (Trentham) celebrate 25 years
Sod-turning event for Summerset Oakleigh South – our
fourth Australian village
Summerset named as a Customer Champion by the
Australian Financial Review
NOVEMBER
Delivery of 120 new apartments at
Summerset St Johns
DECEMBER
Delivery of Cranbourne North and Cambridge
village centre buildings
First villas delivered at our second Australian
village, Chirnside Park
Summerset recognised again as a Sustainability
leader by Forsyth Barr in their Carbon & ESG
ratings from NZX-listed companies. We were
recognised as the third best company on the NZX
JUL
DEC
SEP
NOV
AUG
OCT
H I G H L I G H T S
0 7

Annual Report 2025
Chair and CEO’s
report
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
Welcome to Summerset’s annual
report for the 12 months ended
31 December 2025.
We are pleased to have
delivered another strong result for
our shareholders and residents
in a year where the wider
business environment continued to
pose challenges.
While there are signs of optimism as
we move into FY26, the New Zealand
economy and the property market
have been, and remain, sluggish.
Despite this we have continued to
stick to our fundamental principles
of developing vibrant, primarily
broadacre, villages in appealing
locations while being disciplined in
managing our build rate and costs.
Our long-term strategy continues to
deliver results and we've maintained
a prudent balance sheet. This
year, underlying profit grew again,
we met our build rate guidance,
delivered record sales, maintained
high resident satisfaction and staff
engagement, and made significant
progress in Australia.
Our staff's hard work over the
year has been recognised externally.
We received a number of awards
including winning the Corporate
ESG (Environment, Social and
Governance) category at the
Institute of Financial Professionals
New Zealand (INFINZ) 2025 Awards.
Summerset St Johns (Auckland)
received an Excellence award at
the New Zealand Property Council
awards in the Retirement Living and
Aged Care category, and we were
named a Customer Champion by
the Australian Financial Review. Also,
for the seventh consecutive year, we
were named Highly Commended by
Reader’s Digest as a Trusted Brand in
the Retirement Village category.
Business performance
Our underlying profit for the year was
$234.2m, up 13% on FY24, reflecting
our strong sales performance during
the year. Our IFRS net profit for
FY25 was $259.7m – down 22% on
FY24, driven by revaluations of our
portfolio over the year.
Despite a continued
challenging economic
environment we
achieved 1,560 sales
(805 new sales and 755
resales), a 26% increase
on FY24, our highest
new sales year to date
We have continued to see strong
momentum at our focus villages,
Boulcott (Lower Hutt) and St Johns,
which were our first and third best
performing new sales villages for
the year.
Selling care rooms under
Occupation Right Agreements
(ORAs) has helped us to improve
our care profitability significantly,
and the move to ORAs is now a
well-accepted part of our offering by
residents and future residents. Care
EBITDA was $18.8m for FY25, up from
$2.7m the year before. We're pleased
0 8

C H A I R A N D C E O ’ S R E P O R T
to see this lift but this remains a
modest return and we'll continue to
work to improve profitability in this
area. Care EBITDA per bed in our
completed villages is approximately
$13k currently, but with changes
to our care DMF, which came into
place this year, and more rooms
converting to Care ORA we continue
to target an average $20-25k over
the medium term.
Care ORA sales have been strong
this year, but we’ve been pleased to
see sales of our independent homes
continue to grow solidly as well. With
care ORAs excluded, new sales were
680, up 16% from the 588 new sales
achieved in FY24.
Our operating cash flows of $548.2m
have increased 24% from last year
and the value of our total assets
are now $9.2b, up 15% on 2024,
largely as a result of the retirement
homes we built in New Zealand
and Australia and revaluation gains
across our portfolio.
We have lifted the value of the
company by $1.32 per share in the
last year to have a Net Tangible
Assets (NTA) per share of $13.75.
Since 2016 our portfolio has grown
from 3,576 units to 8,673, and in
the same period NTA per share
has increased from $2.50 to $13.75.
Our current land bank gives us the
opportunity to almost double our
size as we build and enables strong
future growth in our NTA.
We are pleased with the business’s
continued growth and prospects,
and the Board has declared a
final dividend of 13.2 cents per
share (cps), payable on 26 March
2026. Combined with our interim
dividend of 11.3 cps, shareholders
have received 24.5 cps for the FY25,
consistent with FY24.
The Board has adopted a
formal three-year review cycle
for the Company’s Dividend
Policy. In line with this cycle,
the policy will be reviewed
during FY26 to ensure continued
alignment with Summerset’s capital
management framework and long-
term growth strategy.
Areas of focus
At our half-year results
announcement we signalled three
key focus areas we have committed
to provide further updates on. These
were our operating costs, progress in
Australia and our debt tracking.
We have significantly reduced the
pace of cost growth. In 2H25 our
operating expenses growth was
$10.2m – down from $14m in the
first half of the year. We expect to
see some growth in overheads as our
village footprint grows in both New
Zealand and Australia, but we are
committed to carefully scrutinising
all our costs and finding efficiencies.
In Australia we’ve continued our
measured and deliberate growth
plan and we’re now seeing this
work start to gain momentum. We
delivered our first village centre
building at Cranbourne North in
Victoria, which is where we will
deliver aged care for the first time
in Australia. The first villas at our
second Australian village, Chirnside
Park were delivered in Q4, with
strong pre-sales seeing half of the
first stage sold in the first few weeks.
Construction has also begun at
two other villages – Torquay and
Oakleigh South.
Our total debt of $1.97b remains
below our target debt band of $2–
2.5b and we have undrawn debt
capacity of $627m as well as strong
lender support. Our gearing ratio is
37.1%, down slightly on the first half of
the year and within our target band
of 30–40%.
With the delivery of a number of
village centre buildings in FY25,
and more in FY26, we expect
Summerset’s aggregate net debt
growth to continue to reduce as
we won’t be funding as many
large commercial builds as we have
Summerset Rangiora welcomed its first residents in September
0 9

Annual Report 2025
undertaken in FY25. With significant
projects at St Johns, Boulcott and
Cranbourne North scheduled to
complete in the current year, these
should also start to deliver sales.
New Zealand construction
and development
Following a number of significant
land purchases in 2024 we reviewed
multiple new potential options and
continue to pursue some excellent
opportunities, but we’ve not made
any new village site purchases.
We are committed to remaining
disciplined on our metrics and our
strict investment criteria.
During FY25 we continued to
look at where adjacent land could
provide opportunities to extend
popular villages. During the year
we purchased 2.6 neighbouring
hectares at our Summerset
Pohutukawa Place (Bell Block, New
Plymouth) village which will allow us
to add approximately 70 homes and
some new amenities for residents.
We’ve also applied for, and received,
resource consent for a new village
extension at Summerset Waikanae
on land that we had previously
planned to sell.
Outside of extensions we continue
to focus on consenting our land
bank and moving through the
various approvals and processes
required to bring these villages
to construction. For example in
October we completed the rezoning
of our Mosgiel village land from
rural to residential, then received all
resource consents for that village.
We’ve settled the land for our
proposed village in Belmont,
Auckland and received resource
consent for our Rotorua village.
We lodged resource consent
applications for our Mission Hills
(Napier) village together with
our extensions to Boulcott and
Blenheim villages.
Our New Zealand construction team
worked across 18 villages during
the year, including completing
construction at our Te Awa (Napier)
village and delivering refurbished
care centres at our Havelock North
and Trentham (Upper Hutt) villages.
The team also delivered major
builds at St Johns (120 apartments),
Boulcott (123 new homes including
the care centre) and the village
centre at Summerset Cambridge.
This work saw us
meet our forecast New
Zealand build rate
of 600–650 homes,
delivering 637 homes
under ORA.
A healthy total portfolio
development margin in FY25 of
27.8% (in line with FY24) was
delivered, well above our long-term
aim of 20–25%.
We currently have five other village
centre buildings under construction
which are on track for delivery over
the next 12 months. Our Whangārei
and Waikanae village centres are
due to be delivered early FY26
with Milldale (Auckland), Prebbleton
(Canterbury) and Blenheim's new
buildings due to welcome residents
either late FY26 or in the first half of
FY27. We will also complete the last
of our care centre refurbishments at
our Levin village in FY26.
Summerset Half Moon Bay
(Auckland) is progressing well, and
civil works have been completed
at our Kelvin Grove (Palmerston
North) site, where first deliveries are
expected late FY26. 
We will continue to flex our build rate
as market conditions dictate, and in
FY26 we expect to build between
650–700 homes in New Zealand. We
are keeping our build rate relatively
flat in the coming year as we seek
to prudently manage our stock
numbers and focus on selling down
what we have. Other than Half Moon
Bay we have no highly intensive
infrastructure spends planned and
we expect to return to a more
business-as-usual cadence of village
centre building delivery by late FY26
and into FY27.
While we have a high number of
village centres coming online in
FY26 and early FY27, we expect
our total portfolio development
margin to track more within our long-
term guidance as these buildings
contain care and apartment suites
which have a lower development
margin than our villas and other
independent living options.
Sales
We were pleased to achieve another
solid sales number in FY25 with 1,560
homes sold under ORA.
New Zealand’s prolonged economic
slowdown has continued to create
a challenging environment for
our sales team to operate in,
but the strength of our offering
has continued to appeal to our
core audience.
The benefit of the diversity of
our village portfolio was again
evident over the last year with
our five highest performing new
sales villages, Boulcott, Pāpāmoa,
St Johns, Bell Block and Waikanae,
spread throughout New Zealand.
We've worked hard to reduce our
uncontracted stock also, with our
resale stock down to 2.7%, compared
to 3% at FY24, and New Zealand
new sale stock in line with the same
time last year – a very pleasing result
in a difficult property market. We
also decreased our uncontracted
New Zealand villa stock by 53% due
to strong sales and targeting our
deliveries where there’s demand.
Our reduction in new sales stock is
despite more than 226 units being
delivered in Q4 (primarily at St
Johns and the village centre at our
Cambridge village). For FY26 we will
1 0

C H A I R A N D C E O ’ S R E P O R T
be focused on selling down key
villages St Johns and Boulcott and
bringing residents into our new care
centres at Cambridge, Waikanae
and Whangārei.
Australia
Completing our first village centre at
Cranbourne North in December was
a major milestone for our Australian
side of the business, and we’re
excited to bring our continuum-of-
care offering to older Australians
in FY26.
As well as a care centre, the
new building includes assisted
living apartments and our
village amenities including indoor
pool, library, café, wellness hub
and theatre.
Our team are working through the
necessary steps to operationalise
the village centre including
hiring and training staff, finalising
accreditation for our care services,
and embedding any legislative
requirements under the new
Australian Aged Care Act which
came into force on 1 November
2025. We expect to welcome our first
assisted living residents in Q1 of FY26
and to begin providing care from Q2.
We achieved our
forecast delivery of 50–
80 homes in Australia,
delivering 56 homes
this year. This includes
the first 10 villas at
our second Australian
village, Chirnside Park.
Until the delivery of its new village
centre building, Cranbourne North
has had low numbers of stock to
sell. During FY26 our focus will
be to continue building our brand
and selling the available homes at
Cranbourne North, and settling our
pre-sold villas at Chirnside Park.
Demand has been strong and since
we opened pre-sales on 28 villas
at Chirnside Park in November 60%
have pre-sold already.
Due to the design of Chirnside
Park, and the construction phases
involved, we will deliver another
15 homes in Q2 before inviting
residents to move in. This will
allow our residents to have
the best experience in their
new home without construction
impacting them.
We’ve had a number of sales events
at our Chirnside Park show suite and
we’ve been very pleased with the
demand we’ve seen from our target
audience so far.
We’ve commenced construction at
two other villages in Victoria also.
Our village centre building and
independent living apartments at
Oakleigh South are well underway
with the village’s first deliveries on
track for FY27, and civil works are now
progressing at Torquay where we
expect construction of the village’s
first villas to start in the second half
of FY26.
We're pleased with the outlook for
these villages and we collectively
forecast to recover the full cost to
build them once they are complete
and sold down. We expect to build
100–150 homes in Australia in FY26,
and we're targeting a build rate of
approximately 300 units per annum
by the end of FY27.
In late FY25 we also lodged a
Planning Permit with the Victorian
Development Facilitation Panel for a
new village in Mornington Victoria.
We are hopeful of securing the
consent this year which will include
a retirement village, assisted living
apartments and aged care. We
believe this opportunity will be
Drop In Day at our Summerset Chirnside Park, Australia sales suite
1 1

Annual Report 2025
a great addition to our growing
Australian portfolio.
Resident satisfaction
As we grow, we’ve ensured that
we don’t lose sight of our mission
to bring the best of life to our
residents. This includes the activities
and experiences we offer, the
appearance of our villages, our food
services, care services and more.
We’ve continued to update and
evolve our resident experiences
throughout FY25 across a
number of key areas based on
resident feedback.
We gather resident feedback in a
number of ways, through resident
surveys (which we do three times a
year), at village manager meetings,
and in the interactions our staff
have with residents and their families
every day.
Our most recent satisfaction results
from October 2025 were 91% for
village residents and 89% for care
residents. As indicated at HY25 we
have moved to our tougher internal
measure of resident satisfaction
based on residents marking us on a
scale of 1 to 5 having told us they are
either very satisfied (5) or satisfied
(4). We’ll keep working to increase
these scores.
Our people
Investing in our people remains a
core part of our ten-year strategy
and we continued to make strong
progress in FY25.
Career development and job
opportunities are central to our
approach, ensuring people can
grow their careers with us.
Our retention rate remained
exceptionally high at 84%, reflecting
the positive environment we create
in our villages, construction sites
and offices.
To support retention and clearly
communicate what we offer as an
employer of choice, we launched our
Employee Value Proposition (EVP)
this year. Our EVP is our ‘promise’
to staff: what they can expect from
us, and what they contribute to
creating a great workplace and
meaningful career.
Our EVP, “Together we bring villages
to life” is built on four 'promises'
– Belonging, Impact, Inclusion and
Growth. No matter their role, every
team member plays a part in
bringing our villages to life from the
moment we buy land through to
operational excellence.
We also continue to celebrate our
people and the work they do.
Our annual Applause Awards is a
gala event recognising outstanding
contributions across all parts of
the business. In Q4 we received
more than 2,000 nominations for the
FY25 awards, which will be held in
May 2026.
We conduct three all-staff
engagement surveys each year to
understand what we're doing well
as an employer and where we
can improve. In our most recent
survey, we achieved an engagement
score of 8.3 out of 10, placing
us in the top 25 percent of
New Zealand healthcare providers
using the same engagement
survey. We also measure our
Employee Net Promoter Score
(eNPS) which reflects whether
staff would recommend us as an
employer. Our score of 51 ranks us
in the top 5% of healthcare providers
surveyed in New Zealand.
Care and funding
Summerset’s commitment to
investing in and providing high-
quality aged care was best
demonstrated by the care facilities
we opened or completed in FY25,
as well as proudly having achieved
a four-year certification for our St
Johns care centre.
We opened two fully refurbished
care centres at our 25+ year-old
Havelock North and Trentham
villages this year, providing large new
care rooms to meet the needs of
our residents today and into the
future. Following their reopening
these care centres have 75% and 97%
occupancy respectively.
We’ve completed new care centres
at our Cambridge and Cranbourne
North villages, which will be up and
running in FY26. We also plan to
deliver and open care centres at
Whangārei and Waikanae in FY26,
as well as a fully refurbished care
centre at our Levin village during that
year too. Our Prebbleton, Milldale
and Blenheim villages are all due to
open their care centres in FY27.
In FY26 we are expanding our
Summerset telenursing team, which
we call the National Clinical Service
(NCS), to all of our New Zealand
care centres. The NCS is a team of
experienced registered nurses (RNs),
who are there to offer guidance and
support to our clinical teams on the
ground. The NCS provides an extra
layer of support when caring for
residents and does not replace in-
person nursing.
We’ve been clear that we will
continue to invest in care but our
focus will remain on our village
residents and meeting their future
care needs while the care funding
model remains inadequate. While we
have significantly increased our care
profitability, funding still remains an
issue and limits our offering of care
to people not already residing in
our villages.
We were pleased that the New
Zealand government is making
positive steps to addressing care
funding. They announced the
formation of an Aged Care Advisory
Group in October of 2025 to bring
aged care experts from around the
country together to advise on a
more sustainable funding model.
The Advisory Group is expected
to report back to government in
June 2026.
We are optimistic this will
produce a better outcome for
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older New Zealanders which will
provide appropriate care alongside
adequate funding to allow operators,
big and small, to continue to provide
the necessary services.
Regulation
The New Zealand government
announced in December that they
are planning to make changes to
the Retirement Villages Act in 2026.
The proposed changes, due to go
into an Amendment Bill later in
2026, include ceasing weekly fees
after a resident vacates their home,
preventing operators from charging
for the maintenance of their chattels,
interest to be paid after six months if
a home remains unsold and, most
significantly, retirement villages
must buy-back units if they're not
sold after 12 months.
Summerset's practices already align
with the proposed changes. We
don’t charge for the maintenance
or repairs of chattels we own, our
weekly fees stop as soon as a
resident leaves the village and we
already pay interest to a resident,
or their estate, if their home is
unsold after six months. Though not
a contractual obligation we typically
also repurchase in the rare cases
where a home hasn’t sold within
12 months.
The vast majority of our resale
homes sell within four to five
months, so we don't expect a
legislative change to impact us. We
are, however, concerned what this
change could do to small villages
who provide for different older
customers – this type of mandate
could put a large financial strain on
these smaller organisations putting
more pressure on the total system.
We will continue to engage with
the government and officials and
intend to submit when the Bill goes
to Parliament.
In Australia the new Aged Care Act
came into force in November 2025
– our Australian operations team has
been working throughout FY25 to
ensure we can meet the needs of
the new Act and we’re confident we
will deliver. We feel we’re well placed
to benefit from the Act’s changes
and can meet the new standards
from day one of our care operations
being introduced.
Technology
Aritifical Intelligence (AI) and how it
can make us more efficient has been
a focus for us in FY25. During the
year we commenced a pilot of two
AI solutions – a medical transcription
tool used in many GP practices, and
an AI-powered assistant.
The pilots will allow us to assess
if these tools help our RNs
complete administrative tasks more
quickly and easily, while maintaining
accuracy and quality, and freeing
them up to focus more on residents.
Sustainability
In previous years we have focused
on embedding sustainability, which
we believe we’ve done right across
the business. Now our focus is on
delivering on our sustainability goals
and delivering results.
During 2025 Summerset
accelerated transitioning villages off
gas, continued to expand renewable
energy generation, and continued
to set new benchmarks in waste
minimisation with our construction
waste avoidance programme.
Our achievements have been
recognised with industry awards,
and our buildings are being
celebrated for sustainable design.
As ESG expectations evolve, we
are prioritising energy security,
resilience, and strategic coherence
– ensuring our sustainability
journey delivers real outcomes for
our residents, our business, and
our future.
Summerset’s sustainability initiatives
and milestones this year to reduce
Summerset in the Sun, Richmond residents' annual Waste to Waist show
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Annual Report 2025
our carbon footprint and improve
our resilience include:
•installing more than 1,500
solar panels
•diverting 5,624 tonnes of
construction waste from landfill
•major construction typologies
all now have embodied-carbon
baselines to drive smarter, lower-
carbon material choices and we
have standardised the use of
reduced-carbon concrete for all
future builds
•meeting all three of our
sustainability-linked lending
performance targets again
•remain on track to meet our
near-term science-based target
of a 49% reduction in Scope 1&2
emissions intensity per sqm by
2028 (against 2022 base year).
Our sustainability work was
recognised again externally. We won
the Corporate ESG category at
the INFINZ 2025 Awards, and our
Boulcott village was named a finalist
in the Wellington Regional Business
Excellence awards in the Excellence
in Sustainability and Environmental
Practices category.
Beyond awards, we were pleased
to be recognised by Forsyth Barr
again in their fourth Carbon and ESG
Ratings for NZX-listed companies.
They rated us third, up from tenth
last year and they again judged us
as a "leader" based on their criteria.
Also, the Carbon Disclosure Project
(CDP), an internationally recognised
disclosure framework that measures
businesses' competency against
a wide range of climate change
measures, has marked us an A
this year. Being an A List company
signals global leadership in climate
disclosure and action – noting just
2% of organisations who disclose
achieve an A rating.
Further information is available
in the Sustainability section
of this report (page 41) and
in our Sustainability Review
and Climate-related Disclosures
FY25 report on the Summerset
website at www.summerset.co.nz/
investorcentre/esg-reporting/.
Executive and Board changes
During FY25 we announced the
creation of a new Chief Sales and
Marketing Officer role. To date our
sales and marketing functions have
been separate teams who have
worked collaboratively to deliver our
excellent sales results and grow
our brand.
However, our Chief Sales Officer,
Fay French, has decided to take
a step back from the Executive
Leadership Team (ELT), but stay
with the business, following a recent
health diagnosis and Kay Brodie, our
Chief Marketing Officer, is planning
to retire later in 2026. With the
departure of these two successful
and respected members from our
ELT we have decided a single unified
role will be even better positioned
to respond to market dynamics,
streamline campaign execution, and
accelerate decision-making.
David Martin joined Summerset
in January 2026 as the Chief
Sales and Marketing Transformation
Lead. David brings extensive
leadership experience across the
retirement, property, and real
estate sectors. Most recently
at Metlifecare, he led the
integration of sales and marketing
functions, delivered a significant
commercial transformation, and
oversaw a research-led rebrand
that strengthened brand awareness
and preference.
David will use his experience to lead
the formation of this new integrated
team to deliver even stronger results
for the business.
On our Board of Directors our Future
Director, Andrea Scown’s, term with
us ended on 31 May 2025. We want
to thank Andrea for the skills and
different perspectives she brought
to our Board during her time. We look
forward to seeing her Board career
develop in the future.
Looking forward
We continue to believe in our value
proposition in both New Zealand and
Australia going into FY26. Even in
constrained trading conditions we
have continued to see extremely
high demand and record sales
numbers, and we have continued to
deliver on our expected build rate in
both Australia and New Zealand.
We’ll continue to focus on prudently
managing our balance sheet
while growing and embedding
long-term cashflow from our
villages, and delivering for residents
and shareholders.
Finally, on behalf of the Summerset
Board and management, we’d like
to thank our investors, residents and
partners for your commitment to,
and belief in, Summerset’s goals and
future. We’d also like to thank our
Summerset team and their families
for another successful year.
Mark Verbiest
 Chair
Scott Scoullar
Chief Executive Officer
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