Slides
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July 2026 Annual Shareholders’ Meeting
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1 Agenda 1 Welcome 2 Annual Report and Financial Statements 3 Chair’s Address 4 CEO’s Address 5 Resolutions 6 Other Business
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2 Oceania's Board of Directors Oceania is governed by an experienced and independent Board that balances continuity with renewal, providing the leadership and oversight needed to guide transformation and progress the company’s strategy Continuing directors Alan Isaac Independent Director CNZM, BCA, FCA Gregory Tomlinson Independent Director AME Dame Kerry Prendergast Independent Director DNZM, CNZM, MBA (VUW), NZRN, NZM Rob Hamilton Independent Director BSc, BCom Standing at ASM Elizabeth Coutts Chair & Independent Director Re-election (Res 1) ONZM, BMS, FCA Sarah Ottrey Independent Director Election (Res 2) BCom, CFInstD Retiring at ASM Sally Evans Independent Director BHSc, MSc, FAICD, GAIST Board committees (Streamlined to four from 1 April 2026) Audit & Risk Chair: Alan Isaac People & Culture Chair: Rob Hamilton Clinical and Health & Safety Chair: Dame Kerry Prendergast Development Chair: Gregory Tomlinson Risk oversight merged into Audit & Risk; sustainability elevated to the full Board.
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3 Our executive team pairs long-standing operational and care expertise with the commercial capability to drive Oceania's next phase Oceania’s Executive Leadership Team Kathryn Waugh Chief Financial Officer Gareth Wright General Manager Property & Development Sarah Miller Chief Legal and Corporate Services Officer and Company Secretary Suzanne Dvorak Chief Executive Officer Fiona Cameron Chief Sales and Marketing Officer Shirley Ross Director of Clinical and Care Services Michelle Baker Chief Customer and Services Officer Hayden Brown General Manager Strategy Andrew Steele Chief People Officer
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4 How to vote Voting online • Resolutions are put forward once voting is declared open — the voting options will then appear • Select Vote, then choose your voting direction from the options shown on screen • Your vote has been cast when the green tick appears • To change your vote, select ‘Change your vote’ Voting in person • You should have received a voting paper on arrival — raise your hand if not • Tick ‘for’, ‘against’ or ‘abstain’ for each resolution when invited • Sign your paper and place it in a ballot box as you leave • Computershare will assist if you have any difficulty
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5 How to participate in this meeting (Q&A) Online questions • Select Q&A on your screen at any time during the meeting • Type your question into the box and press ‘Send’ • Your question is sent straight to the moderator • Q&A can also be used for help - a Computershare representative will respond directly to you In-person questions • Raise your hand and we will bring a microphone to you • Please state your name, and whether you are a shareholder or a proxy holder - and if so, the shareholder you represent
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6 Annual Report Contains the Financial Statements and Auditor's Report for the year ended 31 March 2026. Available on the Oceania website. Circulated May 2026 electronically or in hard copy to all shareholders on the register at the time of mailing. The Annual Report is considered read. Further Information Proxies A number of shareholders have appointed proxies to cast their vote. The Board's discretionary proxies will be advised after each resolution. Apologies An apology has been received from Alan Isaac. Are there any apologies that anyone would like to have recorded?
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Chair’s Address: Elizabeth Coutts 7 Waterford, Auckland
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8 Engaged teams deliver better care - and better care signals a healthy business Our residents and our people A strong culture and engaged workforce underpin consistent execution, drive sustainable performance and investor value 3,900+ residents 79.5% Care residents who maintained or improved wellbeing 70% Employee engagement vs 65% New Zealand healthcare benchmark ~2,200 team members +33 Resident Net Promoter Score1 1. New methodology and inclusion of village residents and care residents FY26
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9 Sustainability Every environmental and social financing target met - and the first retirement village in New Zealand to achieve a 4 Star Green Star Communities rating1 9 1Connected care Inspired Living Empowered People Purposeful Impact Care residents maintaining or improving wellbeing 79.5% Franklin Village Stage 1 designed to Homestar 7 2 Construction waste diverted from landfill 90.5% Employee retention 71.6% Gender diversity (CEO-3, female) 82.9% Scope 1 and 2 GHG emissions (tCO₂e) 2,515 Reduction against FY22 base year 44% Auckland only - no regional construction in FY26 Franklin Village 1. Metrics for the 12 months ended 31 March 2026 2. Franklin Village stages 1 and 2 designed to NZGBC Homestar 7 (v5). From FY28, new independent living developments are committed to Homestar 6 (v5)
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10 A more resilient balance sheet to support the business through the current market cycle and beyond A stronger balance sheet established 2. Includes $125m OCA030 bond completed in July 2026, and subsequent reduction of bank facility headroom. Maturity profile2 NZ$m 125 100 125 50 325 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 Retail Bonds Bank Facilities $725m of facilities with ~$200m of headroom – diversified funding, well spread maturities with limited near-term expiry concentration Net debt reduced by $121m to $507m in FY26 – development debt coverage key to reducing debt 106 49 227 248 Development Debt Development Assets Development Land WIP Unsold new stock Total 1. Gearing is calculated as a ratio of net debt to net debt plus book equity. The metric is classified as non -GAAP, meaning it does not adhere to a standardised definition under GAAP. Non-GAAP measures are unaudited and presented to assist investors in understanding Oceania’s financial performance. Refer to the FY26 result presentation available at www.nzx.com/co mpanies/OCA. 380 555 637 628 507 28.6% 36.9% 38.3% 36.3% 30.1% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 0 100 200 300 400 500 600 700 FY2022 FY2023 FY2024 FY2025 FY2026 Net Debt Gearing Net debt NZ$m and gearing1 as at 31 March Development debt to development assets as at 31 March 2026 NZ$m $134m or 1.54x cover 382 248
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11 Metric At listing (FY17) Today Sites 50 30 Total assets $918m $3.1b Aged Care ~75% ~50% Under an ORA ~30% ~80% What has changed since Oceania listed in 2017 A transformed portfolio AUCKLAND HAWKES BAY TAURANGA NORTHLAND WELLINGTON NELSON / TASMAN CHRISTCHURCH MARLBOROUGH TAUPO HAMILTON Portfolio footprint $3.1b Total Assets 30 Sites 3,937 Units Oceania is positioned to respond to market trends while maintaining balance-sheet flexibility Our development pipeline creates a clear path to $4b in total assets post development ✓ Deliberate rebalancing Care and village living close to evenly balanced, 80% under an occupation right agreement ✓ Disciplined capital allocation An early, portfolio-wide view drove divestments and new development ✓ Younger, higher-quality portfolio Concentrated in higher-value metro markets ~1,270 Pipeline
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12 Our Strategic Framework FY27 – FY31 Strategic Objectives Sustainable growth, disciplined execution 1. Customer Choice 2. Service Expansion 3. Future Development FY25 – FY27 Priorities Strengthening our foundations for growth 1. Sales Performance 2. Business Excellence 3. Capital Management Launched at our Investor Day in September 2025
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13 Strong alignment of Executive Incentives and Shareholder Value Short and long term incentives align senior management remuneration to performance and Shareholder returns SAFETY & CARE GATE No short-term incentive is payable in any year unless health and safety leadership standards are met Source: Supplementary CEO Remuneration release (16 June 2026), FY27 STI KPI scorecard. S H O R T T E R M I N C E N T I V E Rewarding a return to positive Free Cash Flow from Operations Key FY27 performance measures 40% 40% Nothing is paid below threshold performance; awards are capped at 140% of target. L O N G T E R M I N C E N T I V E Rewarded only through share price growth How it works • Share options only realise value if the share price rises above a fixed exercise price • ~3-year vesting focuses executives on sustained, long- term value creation • When it is appropriate to do so, shares issued on exercise are matched by an on-market buyback FY27 grant value: CEO 70% of fixed base; other senior executives 40%. 20% • Free Cash Flow from Operations (vs target) • Underlying EBITDA growth (vs target) • Resident experience, employee engagement and execution of the 5-year strategy plan
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14 The Board continues to closely monitor and manage risks in an increasingly complex and dynamic environment Risk Management The newly combined Audit & Risk Committee strengthens oversight and ensures preparedness for emerging and ongoing challenges The Helier, Auckland Oceania’s top risks and mitigation plans are set out in the Risk Management section of the FY26 Annual Report Safety and quality of care - Clinical governance and resident outcomes Regulatory change - Retirement Villages Act review and sector reform Cyber security - Cyber, data and privacy Funding and delivery of care - Sector funding constraints
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15 Deliberate and orderly succession, assessed mix of skills and experiences required Renewing your Board Sally Evans Independent Director BHSc, MSc, FAICD, GAIST Joined 2018. Retiring 2026 Sarah Ottrey Independent Director BCom, CFInstD Joined 2026 • Retires after eight years as an Independent Director • More than three decades in health, aged care and retirement • Chaired People and Culture, then Sustainability — overseeing the implementation of Oceania's first comprehensive sustainability strategy • Served on the Clinical and Health & Safety Committee, a tireless advocate for our residents • Appointed February 2026 • Career built in marketing and customer-focused industries — Unilever, Heineken/DB Breweries • Chair of Christchurch International Airport and Whitestone Cheese; director of Skyline Enterprises; former director of EBOS Group • Member of the People and Culture Committee and the Clinical and Health & Safety Committee
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Oceania’s commitment to high quality, person-centredcare - increasingly supported by new tools and technology - is both our purpose and our opportunity
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17 The Bayview, Tauranga CEO Address: Suzanne Dvorak
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18 Oceania reported a record underlying result for the financial year ended 31 March 2026 FY26 – A year of focused delivery FINANCIAL HIGHLIGHTS 1. Proforma Underlying EBITDA is adjusted for the impact of the closure of the Wesley Institute of Nursing Education in April 2025.A reconciliation to the reported statutory figures is included in Appendix 03 of the FY26 results presentation. 2. A reconciliation of Free Cash Flow from Operations to the reported statutory figures is included on page 11 of the FY26 results presentation. 3. This metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP. Non-GAAP measures are unaudited and presented to assist investors in understanding Oceania’s financial performance. Refer to the FY26 result presentation available at www.nzx.com/companies/OCA. Proforma Underlying EBITDA1,3 $97.7m Up 20.2% from $81.3m in FY25 Record Sales Volume 603 units Up 16.0% from 520 units in FY25 Free Cash Flow from Operations2,3 ($15.0m) Improved 64.0% from ($41.7m) in FY25 Net Debt $506.7m Down 19.3%from $628.0m at FY25 HOW WE REFRESHED OUR STRATEGY Scored every site against five criteria Mapped who we serve A demographic review of every catchment - today and tomorrow Rebuilt the financials A full model of our levers - what we can do, and in what order Engaged independent experts Valuation & capital · sector · capital markets · resident research DCF scale Valuation vs book Cash flows Demographic demand Development potential
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19 Record FY26 sales - turning stock into cash Franklin 84% 1 ILU sold or under application Meadowbank Ōrākei building 70% 1 Sold, under application and occupied $115m net capital released over FY26 $342m → $227m unsold development stock reduced on FY25 Applied to debt further stock reduction a primary focus through FY27 New Sales 201 units A record, up 9% on FY25 402 units A record, up 20% on FY25 Achieving 603 settlements - our highest sales volume on record, up 16% on FY25 Resales 1. Statistics for sold, under application and occupied are as at 30 June 2026
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20 A leaner, more profitable business Well positioned for sustained earnings growth $27k Care Profitability Care earnings per occupied bed1, up 40%, with occupancy held at 95.5% $13.2m Cost Savings Structural savings delivered in FY26, annualising to $20m in FY27, with a $30m FY27 target including cash savings $200m Debt Headroom $121m reduction in net debt to $507m, with gearing of 30.1% at the low end of our target range 64% Free Cash Flow from Operations Improvement in Free Cash Flow from Operations, on track to be cash positive in FY27 Embedded, repeatable, structural - a business built to perform in all market cycles, not one waiting for the market to turn All metrics FY26 – 31 March 2026 1. Care underlying EBITDA per occupied bed, including capital gains
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21 The Sands - Auckland A stronger, more grounded Oceania than a year ago A foundation we are ready to build upon A more capable team Smaller than a year ago, better supported, with investment in leadership and systems One leader at every site One manager now leads both the care centre and the village — a single point of contact for residents and families as their needs change A restructured senior team Organised around clearer portfolios, priorities and productivity Values built by our people Built from what our people told us matters, with defined behaviours behind each — and already shaping how we work A more focused, stronger Oceania A team of 2,200 people and 3,900+ residents - a focused, more capable organisation supporting them Our Values We’re one team We’re committed to care We’re proud to deliver We’re finding better ways
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22 Development pipeline Flexibility in pipeline to develop to market conditions with a mix of premium, high density and broadacre options 1. Development units are subject to master planning, resource consents and final board approvals, and accordingly are subject to change FY27 DELIVERY Franklin (stage 2) - 28 ILU New villas Elmwood, Auckland - 30 ILU Conversion of villas & apartments Bream Bay - 23 ILU New villas Consented pipeline additions at existing, operational villages AUCKLAND Lady Allum · Milford | The Helier · St Heliers | Waterford · Hobsonville | Franklin · Pukekohe | Elmwood · Manurewa TAURANGA The Bayview · Tauranga HAW KES BAY Duart · Hastings | Gracelands · Hastings 81 units 2H27 development delivery ~150 units p.a. Build rate as the pipeline scales ~$1b Total development pipeline ~1,270 units
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Sell-down unsold stock and further reduce debt $30m cost discipline Develop 81 units Positive Free Cash Flow from Operations FY27 priorities Continue to refine the portfolio
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24 24 Questions
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25 The Sands, Auckland Resolutions
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26 Resolution 26 01. Re-election of Elizabeth Coutts: That Elizabeth Coutts, who retires by rotation and is eligible for re- election, be re-elected as a director of the Company
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27 Resolution 27 02. Election of Sarah Ottrey: That Sarah Ottrey be elected as a director of the Company
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28 Resolution 28 03. Auditor’s remuneration: That the directors be authorised to fix the auditor’s remuneration for the ensuing year
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29 Resolution 29 04. Shareholder proposal: That shareholders recommend that the Board commission an independent strategic review of Oceania Healthcare, with the objective of identifying options to maximise shareholder value and to address the long-standing discount of the Company’s share price to its net tangible asset backing, and that the Board report the findings of that review to shareholders
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Voting has now closed
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31 31 General Business Questions from the floor and online Please state your name, whether you are a shareholder, or a proxy holder, the name of the shareholder represented
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Thank you