Slides
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Bringing the best of life 1H26 Results presentation $103.4m Underlying profit $14.41 NTA per share $9.8b Total assets $31.0m CFEO Summerset builds, owns and operates retirement villages and aged care centres across New Zealand and Australia NZX: SUM | ASX: SNZ Summerset Group Holdings Ltd For the six months ended 30 June 2026
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2 HALF YEAR REPORT 2026 DIVERSIFIED PORTFOLIO THROUGHOUT NEW ZEALAND AND AUSTRALIA Our residents Our people Our villages 10,000+ Residents 1H25: 9,100+ 3,300+ Team members 1H25: 3,100+ 9,154 Portfolio (units) 1H25: 8,304 91% Resident satisfaction score 1H25: 93% 8.1 Engagement score 1H25: 8.2 95% Occupancy 1H25: 95% 82.4 years Average entry age 1H25: 81.3 81% Staff retention 1H25: 82% 6,021 Land bank 1H25: 7,124 Summerset overview Summerset Blenheim (Marlborough, New Zealand)
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HALF YEAR REPORT 2026 3 AGENDA Welcome 01 1H26 INVESTOR HIGHLIGHTS 02 VILLAGE DEVELOPMENT 03 SALES PERFORMANCE 04 FINANCIAL PERFORMANCE 05 FY26 GUIDANCE 06 QUESTIONS 07 APPENDIX
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01. Serviced Apartment, Summerset Waikanae (Kāpiti Coast, New Zealand) 1H26 investor highlights Scott Scoullar, Chief Executive Officer
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HALF YEAR REPORT 2026 5 Strong business performance in challenging market, operating returns growing quickly Sales up 17% on 1H25, lowest uncontracted resale stock since 1H22, CFEO up significantly to $31.0m (from $7.9m in 1H25) Brand remains a key strength Summerset is New Zealand’s strongest retirement village brand, named most trusted aged care and retirement village brand by Reader’s Digest Strong cost discipline delivered with further opportunity to drive efficiencies $30m to $40m cost saving programme underway, corporate overheads per unit down 6% since FY25 Capital management settings updated to support business resilience Targeting net debt below $1.9b and gearing of 33% by the end of 2027. Target debt range reduced to between $1.75b and $2.25b Key changes made to DMF and dividends to optimise shareholder returns Carefully managed lift in DMF to 30% for NZ villages now in place, dividend policy updated to be 20% to 60% of CFEO Summerset is New Zealand’s fastest growing RV developer Disciplined approach to continue – incremental growth in deliveries reduced by 150 units per annum, now holding group build rate at 600 to 700 homes per annum over medium - term Australian expansion to continue as planned Second village, Chirnside Park, opened in August, first care centre at Cranbourne North open. Third village, Oakleigh South, on track for FY27 opening Key messages IMPROVING OPERATING RETURNS SUPPORT THE BUSINESS IN DELIVERING RESILIENT GROWTH, NEW TARGETS ANNOUNCED TO DRIVE PERFORMANCE THROUGH FY27 Delivering on our priorities Strengthening operating performance Balance sheet optimisation Disciplined, consistent growth
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HALF YEAR REPORT 2026 6 1H26 financial highlights IMPROVING OPERATING PERFORMANCE IN CHALLENGING MARKET CONDITIONS DEMONSTRATES STRONG BUSINESS FUNDAMENTALS FOCUSED ON POSITIVE RETURNS FOR SHAREHOLDERS 1H26 highlights Strengthening operating performance Balance sheet optimisation Disciplined, consistent growth $84.1m $103.4m 13.4% $31.0m $14.41 36.9% 481 398 415 Annuity EBITDA Underlying profit * Operating margin Deliveries New sales Resales CFEO* NTA per share Gearing 1H25: $63.0m 1H25: $106.6m 1H25: 6.6% 1H25: 334 1H25: 354 1H25: 338 1H25: $7.9m 1H25: $12.92** 1H25: 37.2%** 34% 3% 6 80bps 30bps 12% 291% 44% 12% 23% * Underlying profit and CFEO are classified as non-GAAP, meaning they do not adhere to a standardised definition under GAAP. Non-GAAP measures are presented to assist investors in understanding Summerset's performance . They may not be comparable to similar financial information presented by other entities. ** FV of investment property for 1H25 has been restated (see slide 20 of the supplementary information pack for details)
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7 HALF YEAR REPORT 2026 1H26 highlights SUMMERSET’S BRAND IS A CLEAR STRENGTH – VOTED NEW ZEALAND’S MOST TRUSTED AGED CARE AND RETIREMENT VILLAGE BRAND 2026 BY READER’S DIGEST 1H26 highlights • Named New Zealand’s most Trusted Brand – Aged Care & Retirement Villages 2026 by Reader’s Digest • Awarded silver from the Public Relations Institute of New Zealand (PRINZ) for our Shared Promise (EVP) launch • Summerset brand continues to lead consideration and preference over competitors • St Johns recognised for ‘Excellence in workmanship, construction and innovation’ at the New Zealand Commercial Project Awards 2026 • Opened four new main buildings in New Zealand and Australia • Winner of the Residential Design Award at the 2026 NZ Timber Design Awards for excellence in innovative timber design on Milldale’s new main building • Opened fully refurbished Care Centre at Summerset Levin Main building, Cranbourne North Communications, Silver at PRINZ Awards Main building opening, Cranbourne North Mountain View, finalist at RVA Sustainability Awards St Johns, Gold at NZ Commercial Project Awards
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HALF YEAR REPORT 2026 8 ✓ Deferred management fees lifted to 30% for all NZ units ✓ Cost efficiency programme ongoing and FY26 corporate overheads expected to be flat year on year Value creation initiatives IMPROVING OPERATING PERFORMANCE AND CLEAR TARGETS SUPPORT A DISCIPLINED APPROACH TO GROWTH, WITH ONGOING RESILIENCE EMBEDDED IN THE BUSINESS FY27 targets Strengthening operating performance Balance sheet optimisation Disciplined, consistent growth 1 2 3 ✓ Release cash from development assets through the sale of delivered new sale stock ✓ Holding group build rate at 600 to 700 units per annum ✓ Divest non - core land or uneconomic sites ✓ Reduce target net debt range to $1.75b to $2.25b ✓ Align dividend policy to cash flow from existing operations FY27 Targets* Operating targets Balance sheet targets Capital management targets Group operating margin Group deliveries Gearing Net debt 15% to 20% FY25: 7.8% Cash flow from existing operations $70m to $90m FY25: $32.3m Care EBITDA per bed $20k to $25k FY25: $13.5k $ 3 0m to $40m savings Cost out programme 600 to 700 per annum - Under $1.9b - * Projections based on current operating conditions that may be subject to change, and exclude abnormal items (if any) 33% - FY25: 37.1%
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HALF YEAR REPORT 2026 9 $7.9k $18.7k $21.2k 1H25 2H25 1H26 GROWING EARNINGS AND IMPROVING OPERATING LEVERAGE TO CONTINUE AS STRATEGIC INITIATIVES DRIVE PERFORMANCE AND LIFT SHAREHOLDER RETURNS Initiative one - Strengthening operating performance What we have delivered Annuity EBITDA Growth in earnings to continue • Summerset is committed to actions that improve portfolio economics and operating returns under a wider range of operating scenarios • Our efforts have delivered Annuity EBITDA growth of 13.2% CAGR over five years as the portfolio has matured and occupancy lifted • Targeting $30m - $40m in medium term savings with c.$26m identified to date through efficiencies, structural initiatives and procurement savings • Operating margin continues to lift, now $26.7m, up from $11.3m at 1H25 • Care EBITDA per bed has increased from $7.9k in 1H25 to $21.2k in 1H26, now within target range of $20k to $25k • Future uplift expected, primarily due to: • Occupancy lifting in new villages • DMF increased to 30% in New Zealand villages, expected to generate c.$35m of additional cashflow over the next five years • FY26 corporate overheads to stay flat relative to FY25 Care EBITDA per bed* Target range of $20k to $25k * Care EBITDA per bed equals annualised Care EBITDA divided by the average opening and closing care units $11.3m $16.7m $26.7m $49.1m $55.4m $56.4m $2.5m $2.6m $1.0m $63.0m $74.7m $84.1m 1H25 2H25 1H26 Operating margin Realised resale gains Interest and other revenue
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HALF YEAR REPORT 2026 10 7692959596798510285899910010991 Summerset Initiative one - Strengthening operating performance What we have delivered External efficiency review comparators – NZ and Australia Corporate overheads per unit (rolling 12m) Overhead efficiency • Clear focus on overhead efficiency in 1H26, contributing to an overall lift in operating performance • Corporate overheads per unit now $9.5k , having reduced by 6% since FY25, or 7%* in real terms • Actions completed to date have secured over $10m of cost savings with c.$4.0m realised in FY26 • Independent benchmarking confirmed Summerset is operating efficiently relative to peers, but additional improvements can be achieved • Future initiatives to align with top quartile will require investment. Opportunities relating to digital transformation, robotic automation and AI are in early scoping phase • Initiatives predominantly focus on non resident facing opportunities - resident experience not to be impacted Median 92 Top quartile 85 Less efficient Healthcare comparators Property comparators Care focused comparators RV focused comparators CORPORATE COST DISCIPLINE LIFTING OPERATING RETURNS, FURTHER SCOPE TO DRIVE EFFICIENCIES OVER THE MEDIUM - TERM * Normalised for annual change in CPI (per Stats NZ) Provided by external 3 rd party consultants as part of a wider efficiency review, using publicly available information More efficient $5.7k $5.9k $5.7k $6.5k $7.1k $6.6k $3.2k $3.2k $2.7k $2.7k $3.0k $2.9k $9.0k $9.1k $8.3k $9.2k $10.1k $9.5k 2H23 1H24 2H24 1H25 2H25 1H26 Core corporate overheads Sales and marketing
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HALF YEAR REPORT 2026 11 692 729 693 FY23 FY24 FY25 FY26 FY27 FY28 Current delivery programme FY25 disclosure Initiative two - Balance sheet optimisation DELIVERY PROGRAMME SET, SUMMERSET TO RETAIN POSITION AS FASTEST GROWING NZ OPERATOR WITH DEEPER RESILIENCE AND MATURITY BUILT INTO BALANCE SHEET SETTINGS Stable, more flexible delivery platform • Peak construction capex period across FY23 and FY25 now complete (circa $470m to $500m per annum) • Key contributors being St Johns and Boulcott villages, and main buildings at Cambridge, Cranbourne North, Waikanae, Whangārei, Blenheim, Prebbleton and Milldale • Forecast FY26 and FY27 capital expenditure expected to be between $350m and $425m per annum across New Zealand and Australia • Incremental growth in deliveries reduced by 150 units per annum , now holding group build rate steady at 600 to 700 homes per annum over medium - term • Will remain the fastest - growing retirement village operator in New Zealand, while balancing growth with stronger cash generation and lower leverage • Our land bank, existing development pipeline and funding capacity provide optionality to accelerate growth again when market conditions improve Group build rate to remain between 600 and 700 per annum * Projections based on current operating conditions that may be subject to change, and exclude abnormal items (if any) Construction capex (CFDA) FY23 FY24 FY25 FY26 FY27 (forecast) (forecast) Civils $85m $60m $65m $55m-$65m $55m-$65m Villas $152m $130m $80m $105m-$120m $100m-$115m Metro villages $146m $185m $90m $80m-$90m $70m-$90m Main buildings $72m $92m $235m $130m-$140m $115m-$145m Other $12m $24m $25m c.$15m c.$10m Total $467m $491m $494m $375m - $425m $350m - $425m
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HALF YEAR REPORT 2026 12 Initiative two - Balance sheet optimisation What we have delivered Value of closing new sale stock STABILISED BUILD RATE WILL ALLOW FOR SELL THROUGH OF NEW SALE STOCK IN FUTURE PERIODS, SPEED OF SALES WILL ACCELERATE AS MACROECONOMIC CONDITIONS IMPROVE Cash release from stock • While sales continue to be strong, Summerset’s delivery programme and broader macroeconomic conditions have driven an increase in the value of closing new sale stock since FY23 • This lift primarily relates to high value units at St Johns and Boulcott , and serviced apartments and care units within the main buildings delivered over the past three years • Holding future build rate steady provides the opportunity to sell down this stock • This will provide flexibility for debt reduction and disciplined future capital investment decisions • Opportunity to release between $300m and $350m in value as stock reduces back to normalised levels $427.0m $459.8m $683.0m $710.1m $813.4m $792.0m 2H23 1H24 2H24 1H25 2H25 1H26 $300m to $350m cash opportunity in new sale stock reduction
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HALF YEAR REPORT 2026 13 Balance sheet capacity BALANCE SHEET RESILIENCE INCREASING, LONG - TERM GROWTH FLEXIBILITY STRENGTHENED IN LINE WITH UPDATES TO CAPITAL MANAGEMENT SETTINGS Initiative three - Disciplined, consistent growth Funding Stock Capital settings updated Future growth levers Development optionality ▪ Strong funding relationships with c.$560m of available capacity ▪ Significant covenant headroom in place ▪ Inventory sell - down supports cash release ▪ Dividend of 20% to 60% of CFEO ▪ Target net debt range of $1.75b to $2.25b Land bank Development management ▪ Large NZ and Australian pipeline - c.6,000 units in land bank ▪ Broadacre land bank supports ability to deliver to demand ▪ Experienced in - house development platform, delivering strong financial returns, in New Zealand ▪ Now implementing same approach in Australia, starting in Torquay Deliveries Land acquisitions Operating leverage ▪ Consistent, sustainable growth with flexibility to adapt to market conditions ▪ Bring forward land acquisitions in NZ and Australia ▪ Improved operating leverage and returns ▪ Technology improvements in early scoping phase High quality execution Why we are confident ✓ Growing recurring cash flow ✓ Strong demographic tailwinds ✓ Customer satisfaction and brand ✓ Significant existing land bank ✓ Proven execution capability ✓ Improving balance sheet capacity
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Main Building, Summerset Blenheim (Marlborough, New Zealand) 02. Village development Scott Scoullar, Chief Executive Officer
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HALF YEAR REPORT 2026 15 Development update 481 TOTAL UNITS DELIVERED ACROSS TEN SITES IN NEW ZEALAND AND AUSTRALIA, INCLUDING MAIN BUILDINGS AT WAIKANAE AND WHANGĀREI Unit delivery 1H26 unit delivery Retirement units (ORA) Care units (ORA) Total units Villas Apartments Serviced apartments Memory care apartments Care suites Care beds Care beds (non - ORA) Blenheim 15 - - - - - - 15 Cambridge 16 - - - - - - 16 Levin 7 - - - 11 9 - 27 Pāpāmoa Beach 13 - - - - - - 13 Prebbleton 4 - - - - - - 4 Rangiora 19 - - - - - - 19 Richmond 12 - - - - - - 12 Waikanae 33 - 56 20 31 9 - 149 Whangārei 12 - 56 20 31 9 - 128 Total NZ 131 - 112 40 73 27 - 383 Cranbourne North 26 - - - - - 72 98 Total Australia 26 - - - - - 72 98 Total Group 157 - 112 40 73 27 72 481 • Main buildings at Waikanae and Whangārei delivered in 1H26, along with the aged care units at Cranbourne North • Have now delivered four main buildings since December 2025 with three more nearing completion - at Blenheim, Milldale and Prebbleton • 26 units delivered to be sold under Occupation Right in Australia and our 72 bed aged care facility at Cranbourne North, bringing the total Australian portfolio to 196 units • Care centre upgrade completed at Levin along with seven new villas • Chirnside Park opened in August and Kelvin Grove village is on track to open to residents in 2H26 • Granted resource consent for Boulcott extension in June, civils and earthworks at Masterton underway and progressing well
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HALF YEAR REPORT 2026 16 Development returns EASILY STAGEABLE, PREDOMINANTLY BROADACRE VILLAGE DEVELOPMENT, DRIVING STRONG RETURNS – A 15.2% CASH MARGIN ACHIEVED ON VILLAGES COMPLETED BETWEEN 2018 AND 2025 Development cash flow Village Forecast capital investment* % Complete Forecast net cash position* Forecast NTA at completion* Half Moon Bay $450m - $475m 28% ($20m) - ($10m) $300m - $325m Whangārei $225m - $250m 89% ($20m) - ($10m) $100m - $125m Milldale $225m - $250m 69% ($10m) - $0m $150m - $175m Kelvin Grove $200m - $250m 20% $0m - $10m $100m - $125m Masterton $175m - $200m 4% $0m - $10m $100m - $125m Rangiora $200m - $225m 20% $0m - $10m $125m - $150m Blenheim $175m - $200m 46% $10m - $20m $100m - $125m Cambridge $275m - $300m 76% $10m - $20m $150m - $175m Boulcott $325m - $350m 71% $20m - $30m $200m - $225m Prebbleton $200m - $225m 63% $20m - $30m $125m - $150m Richmond $175m - $200m 93% $30m - $40m $125m - $150m Waikanae $275m - $300m 66% $30m - $40m $175m - $200m Pāpāmoa Beach $175m - $200m 96% $40m - $50m $125m - $150m St Johns $500m - $525m 87% $85m - $95m $350m - $375m Total New Zealand $3.7b+ $240m+ $2.4b+ Cranbourne North $200m - $225m 77% ($20m) - ($10m) $100m - $125m Chirnside Park $225m - $250m 24% $0m - $10m $125m - $150m Oakleigh South $150m - $175m 16% $0m - $10m $75m - $100m Torquay $275m - $300m 5% $10m - $20m $200m - $225m Total Australia $800m+ $0m $500m+ Village Year Complete ORA Units Non - ORA Units Project Cash Profit Cash Margin Completed villages 2018 to 2025 3,191 367 $302.6m 15.2% • Summerset developments produce positive net cash flow (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 • Forecast net cash positions remain consistent with FY25 across all villages, except St Johns, where unit pricing on select units has been revised • Across both New Zealand and Australia our villages under construction are estimated to generate a total NTA uplift of approximately $12.61 per share once complete and sold down • Of this, approximately $3.26 has been delivered to date, with a further $9.35 to be generated as these villages are built out All financial information in local currency (NZD/AUD) * Projections based on current operating conditions that may be subject to change, and exclude abnormal items (if any)
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HALF YEAR REPORT 2026 17 $262.5m $283.2m $186.9m $199.2m $54.3m $89.8m Net debt FY25 Underlying assets Net debt 1H26 Underlying assets Net debt Undeveloped land Development WIP Unsold new stock Development returns BUSINESS WELL PLACED - NO CORE DEBT AND GOOD LEVELS OF STOCK TO MEET DEMAND Development asset backing New Zealand - Net debt to underlying assets $325.7m $359.0m $689.9m $649.7m $759.1m $702.2m Net debt FY25 Underlying assets Net debt 1H26 Underlying assets Australia - Net debt to underlying assets $1,495m $1,506m $465.1m $551.5m $1,775m $1,711m $280m excess assets $205m excess assets $38.6m excess assets $20.8m excess assets $572.3m $503.6m All financial information in NZD and aligned to closing net debt of $2.06b • Summerset has no core debt, with development assets exceeding net debt by $225.6m, or 11% • Movement in New Zealand excess assets driven by change in mix of closing stock, and land settlements • Expect this to increase from 2H27 as unit delivery mix weights back to villas which typically have higher margins, and recently delivered main building stock sells down • Development assets comprise: • $ 6 42.2m relating to undeveloped land, being the fair value of our Australia and New Zealand land bank • $848.9m for development WIP at cost (villages under construction) • $ 792.0 m from unsold new sale stock, which is all delivered new sale stock that is yet to settle • Approximately $ 251.0 m of new and presale stock is currently contracted (not yet settled)
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HALF YEAR REPORT 2026 18 Development returns DIVERSIFIED DEVELOPMENT PIPELINE OF 28 SITES WITH 18 UNDER CONSTRUCTION, CONTINUES TO PROVIDE FLEXIBILITY AND RESILIENCE FOR PRICING AND SETTLEMENT VOLUMES
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Care Room, Summerset Cranbourne North (Melbourne, Victoria) 03. Sales performance Scott Scoullar, Chief Executive Officer
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HALF YEAR REPORT 2026 20 New sales TOTAL NEW SALES GROSS PROCEEDS UP 14% TO $281.9M, ON 398 NEW SALES IN 1H26 – AVERAGE GROSS PROCEEDS OF $708K PER UNIT New sales 1H26 1H25 Variance FY25 Gross proceeds ($m) 281.9 247.6 14% 557.7 Villas 150 169 (11%) 370 Apartments 43 24 79% 62 Serviced apartments 61 38 61% 81 Memory care apartments 22 10 120% 30 Care suites and beds 62 74 (16%) 137 Total (excl. care bed conversions) 338 315 7% 680 Care bed conversions 60 39 54% 125 Total Occupation Rights 398 354 12% 805 Committed new sales pipeline New sales of Occupation Rights • 398 new sales of Occupation Rights, up 12% on the 354 settled in 1H25 • With care bed conversions excluded, achieved 338 new sales of Occupation Rights, up 7% on 1H25 • Average gross proceeds of $708k per unit, up 2% on FY25, demonstrating continued pricing resilience across the portfolio • Best performing villages were Cambridge, St Johns, Waikanae and Whangārei which settled an average of 40 units each during the period • Settled 15 units at Cranbourne North with almost 50% of delivered villas now settled • Diversification across regions remains a strength, six regions securing at least 30 settlements each Definitions of care suites and beds, and care bed conversions provided in key terms on slides 44 to 47 - 50 100 150 200 250 300 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Aug-26 Contracts on new units delivered Presale contracts
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HALF YEAR REPORT 2026 21 $56m $65m $52m $67m $73m $82m $56m 34% 30% 28% 29% 29% 26% 20% - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - $10m $20m $30m $40m $50m $60m $70m $80m $90m 1H23 2H23 1H24 2H24 1H25 2H25 1H26 1H26 Development margin by type # $m % Villas 150 38.2 29% Apartments 43 16.3 24% Serviced apartments/ ALAs** 61 (3.7) (11%) Memory care apartments 22 (0.2) (2%) Care suites, beds and conversions** 122 5.8 16% Total 398 56.4 20% Excl. Cambridge and Whangārei main building units 339 63.1 25% Development margin UNIT DEVELOPMENT MARGINS OF 20%, IN LINE WITH MEDIUM - TERM GUIDANCE - MOVEMENT FROM FY25 PREVIOUSLY SIGNALLED AND ALIGNED TO SHIFT IN MIX TO CARE BASED PRODUCTS New sales development margin Realised development margin * Normalised development margin (excluding Cambridge and Whangārei) ** Average margin on serviced apartments, memory care apartments, care suites and beds has historically been c.10% $63m* • Movement from 1H25, due to mix changes with four main buildings delivered since December 2025 and a higher proportion of apartments selling down • 205 new sales of Occupation Rights (over 50%) came from main building units, up from 161 in 1H25 (27% increase) • Development margin further impacted by serviced apartments and care units at Cambridge and Whangārei • These main buildings used lightweight designs that focused on reducing embodied carbon, aligned to our sustainability objectives, but resulted in higher build costs • Only three buildings adopted this approach – being Cambridge and Whangārei (both complete), and Milldale (predominantly complete) • With these buildings excluded, realised development margin for 1H26 would be $63m, with a 25% margin • We expect FY26 unit margins to be within range of 20% to 25%, in line with medium - term guidance
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HALF YEAR REPORT 2026 22 Care bed conversions POSITIVE UPTAKE OF CARE SOLD UNDER OCCUPATION RIGHT AGREEMENT CONTINUES Care Occupation Rights Conversion new sales Care suites and beds Care bed conversions Total Settlements 62 60 122 Gross proceeds ($m) 20.3 16.4 36.7 Development margin ($m) 0.5 5.2 5.8 Development margin (%) 3% 32% 16% Gross proceeds per unit ($000) 327 273 301 Development margin per unit ($000) 9 87 47 NZ care occupied under premium or Occupation Right 11% 14% 16% 21% 28% 37% 42% 56% 50% 50% 53% 48% 40% 35% 1H23 2H23 1H24 2H24 1H25 2H25 1H26 ORA Premium Charge • Transition to selling care under Occupation Right is progressing well, with a growing proportion of care occupied under ORA • 122 new sale care settlements, up 8% from 1H25 with an additional 80 resale settlements on care units, up 111% • Total care sales of 202 units were up 34% on 1H25, clear evidence the shift to ORA is gaining real momentum • Summerset’s target remains to transition 75% of care units to be occupied under ORA, over time • This change is already helping lift Care EBITDA to within target range of $20k to $25k per bed • 60 care bed conversions were settled during 1H26, for gross proceeds of $16.4m, or $273k per unit • Realised development margin on these units was $5.2m, with a development margin of 32% Definitions of care suites and beds, and care bed conversions provided in key terms on slides 44 to 47
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HALF YEAR REPORT 2026 23 New sale stock 181 NEW SALE UNITS UNDER CONTRACT, LIFT IN CLOSING STOCK DRIVEN BY 481 UNIT DELIVERIES IN THE HALF Closing new sale stock New sale stock New Zealand Australia Group 1H26 FY25 1H26 FY25 1H26 FY25 Contracted 159 190 22 13 181 203 Uncontracted 562 485 59 56 621 541 Total new sales stock 721 675 81 69 802 744 Contracted 71 94 19 12 90 106 Uncontracted 150 126 34 24 184 150 Villas 221 220 53 36 274 256 Contracted 24 50 - - 24 50 Uncontracted 151 168 - - 151 168 Apartments 175 218 - - 175 218 Contracted 27 22 3 1 30 23 Uncontracted 156 106 25 32 181 138 Serviced apartments 183 128 28 33 211 161 Contracted 9 4 - - 9 4 Uncontracted 46 32 - - 46 32 Memory care apartments 55 36 - - 55 36 Contracted 20 8 - - 20 8 Uncontracted 59 53 - - 59 53 Care suites and beds 79 61 - - 79 61 Contracted 8 12 - - 8 12 Care beds conversions 8 12 - - 8 12 • Summerset delivered 481 total units in 1H26, including 304 homes within the new Cranbourne North, Whangārei and Waikanae main buildings • With only 250 to 300 units to be delivered in 2H26, there is a significant opportunity to sell down existing stock • Total value of closing stock is approximately $790m, o pportunity to release between $300m and $350m over time as stock reduces back to normalised levels • Closing New Zealand apartment stock down 20% from FY25, due to strong sales at Boulcott and St Johns - over 50% of St Johns stock is now settled or contracted • Australian contracted new sale stock rose to 22 units. Australian stock includes the delivery of 26 villas in March • First residents moved into Cranbourne North serviced apartments in Q1 2026, and Chirnside Park village opened to residents in August 2026
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HALF YEAR REPORT 2026 24 Resales GROSS PROCEEDS OF $245.0M ON 415 RESALES - UP 24% FROM 1H25, ALL UNIT TYPES SEEING AN INCREASE IN SETTLEMENT VOLUMES IN THE PERIOD Resales of Occupation Rights Resales 1H26 1H25 Variance FY25 Gross proceeds ($m) 245.0 198.1 24% 439.7 Realised resale gains ($m) 56.4 49.1 15% 104.5 Realised resale gains (%) 23% 25% (7%) 24% DMF realisation ($m) 33.1 27.3 21% 60.6 Villas 162 157 3% 322 Apartments 33 17 94% 46 Serviced apartments 116 110 5% 233 Memory care apartments 24 16 50% 50 Care suites and beds 80 38 111% 104 Total Occupation Rights 415 338 23% 755 Committed resales pipeline • Resales continue to grow, setting a strong platform for ongoing improvements in Annuity EBITDA and CFEO • Realised resale gain of $56.4m, up 15% from 1H25, with a margin of 23% and realised DMF of $33.1m, up 21% on 1H25 • All resale margins in line with 1H25 except apartments which saw a higher proportion of units vacate on shorter tenures (average tenure 3.9 years compared to 7.4 years in 1H25) • Average gross proceeds per resale of $590k, above the $586k achieved in 1H25 • Unit pricing reviewed monthly, increasing by 0.7% in 1H26 - the average villa resale price is now $807k, up from $785k in 1H25 • Committed resales pipeline of 220 units at 1H26, up 26% on 1H25 and increasing to 238 units in August 2026 - 50 100 150 200 250 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Aug-26
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HALF YEAR REPORT 2026 25 Resale stock 220 RESALE UNITS UNDER CONTRACT WITH UNCONTRACTED RESALE STOCK NOW ONLY 2.2% OF PORTFOLIO, SETTING STRONG PLATFORM FOR RESALES CASH FLOW ACROSS 2H26 Closing re sale stock Resale stock New Zealand Australia Group 1H26 FY25 1H26 FY25 1H26 FY25 Contracted 219 178 1 - 220 178 Uncontracted 192 208 - - 192 208 Total resales stock 411 386 1 - 412 386 Contracted 119 96 1 - 120 96 Uncontracted 91 102 - - 91 102 Villas 210 198 1 - 211 198 Contracted 15 17 - - 15 17 Uncontracted 25 28 - - 25 28 Apartments 40 45 - - 40 45 Contracted 56 45 - - 56 45 Uncontracted 44 55 - - 44 55 Serviced apartments 100 100 - - 100 100 Contracted 7 8 - - 7 8 Uncontracted 17 10 - - 17 10 Memory care apartments 24 18 - - 24 18 Contracted 22 12 - - 22 12 Uncontracted 15 13 - - 15 13 Care suites and beds 37 25 - - 37 25 • Uncontracted resale stock well below FY25, now only 2.2% of portfolio • Contracted resale stock of 220 units, up 24% on FY25 • Contracted villas rose to 120 units, up from 96 at FY25. A positive shift toward higher margin villa stock that supports strong future resale gains • Record number of units vacated in the period at 453, up 31% on 1H25, with strong resale conversion rate retained at 92%
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HALF YEAR REPORT 2026 26 Embedded value EMBEDDED VALUE NOW ESTIMATED AT $2.0B, AT AN AVERAGE OF $236K PER UNIT, UP 9% ON 1H25 Embedded resales value Embedded value $1,013m $1,066m $1,043m $1,088m $1,123m $1,161m $1,146m $509m $554m $600m $650m $701m $762m $845m - $200m $400m $600m $800m $1,000m $1,200m $1,400m $1,600m $1,800m $2,000m 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Resale gain DMF Embedded value 1H26 1H25 Variance FY25 DMF ($m) $844.9 $701.2 20% $761.9 Resales gain ($m) $1,146 $1,123 2% $1,161 Embedded value ($m) $1,991 $1,824 9% $1,922 • Total embedded value now estimated at $2.0b, up 9% from $1.8b at 1H25 • Embedded value comprised of: • $1.15b resale gains • $0.84b deferred management fees • Embedded value of $236k per unit, with villas at $308k per unit • $89.6m of embedded value realised during 1H26, up 17% from $76.4m in 1H25 • Embedded value continues to increase with portfolio growth, providing a platform for strong future resale cash flow
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04. Financial performance Margaret Warrington, Chief Financial Officer
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HALF YEAR REPORT 2026 28 1H26 financial highlights IMPROVING OPERATING PERFORMANCE A KEY HIGHLIGHT THAT DEMONSTRATES STRONG BUSINESS FUNDAMENTALS FOCUSED ON POSITIVE RETURNS FOR SHAREHOLDERS 1H26 financial highlights Strengthening operating performance Balance sheet optimisation Cash generation lifting $171.4m $84.1m $103.4m $9.8b $14.41 $2.1b $31.0m $26.7m $200.3m Net profit after tax Annuity EBITDA Underlying profit* CFEO* Operating margin Total revenue Total assets NTA per share Net debt 1H25: $89.4m** 1H25: $63.0m 1H25: $106.6m 1H25: $ 7.9 m 1H25: $11.3m 1H25: $173.0m 1H25: $8.7b** 1H25: $12.92** 1H25: $1.8b 92% 34% 3% 12% 12% 14% 291% 136% 16% * Underlying profit and CFEO are classified as non-GAAP, meaning they do not adhere to a standardised definition under GAAP. Non-GAAP measures are presented to assist investors in understanding Summerset's performance . They may not be comparable to similar financial information presented by other entities. **Fair value of investment property for 1H25 has been restated (see slide 20 of the supplementary information pack for details)
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HALF YEAR REPORT 2026 29 Reported IFRS profit NET PROFIT AFTER TAX OF $171.4M WITH TOTAL REVENUE GROWTH OF 16%, AHEAD OF GROWTH IN TOTAL EXPENSES IFRS profit NZ$m 1H26 1H25* Variance FY25 Total revenue 200.3 173.0 16% 361.8 Reversal of impairment - 1.9 (100%) 1.9 Fair value movement of investment property and other assets 191.1 85.6 123% 264.5 Total income 391.4 260.5 50% 628.1 Total expenses 191.9 171.6 12% 354.9 Net finance costs 20.4 16.8 21% 32.0 Net profit before tax 179.1 72.0 149% 241.1 Tax expense / (credit) 7.6 (17.4) (144%) (18.6) Net profit after tax 171.4 89.4 92% 259.7 FV movement of investment property and other assets • Net profit after tax of $171.4m with total revenue of $200.3m, up from $173.0m in 1H25 • Key operating revenue lines all increasing in the period: • Care and village fees of $120.8m, up 15.7% • Deferred management fees of $12.6m in care (up 72%) and $65.9m in village (up 12%) • DMF increase to 30% for New Zealand will drive further growth in earnings • Fair value movement of investment property and other assets of $191.1m • Tax expense of $7.6m up from a tax credit of $17.4m in 1H25 driven by PPE movements - no cash impact as the tax expense will be offset by carried forward tax losses $191.1m $151.0m $27.1m $22.1m $13.3m Increase in DMF Reversal of valuers' stock discount assumptions Value of retirement units built Retirement unit pricing Growth rate assumptions Other Fair value movement 1H26 ($17.6m) ($4.8m) * FV of investment property for 1H25 has been restated (see slide 20 of the supplementary information pack for details)
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HALF YEAR REPORT 2026 30 Underlying profit EXECUTION OF STRATEGY TRANSLATING TO STRONG FINANCIAL PERFORMANCE AND GROWING ANNUITY EARNINGS – MOVEMENT IN DEVELOPMENT MARGIN IN LINE WITH CHANGE IN UNIT MIX Business profitability • Significant lift in operating performance with annuity EBITDA of $84.1m and underlying profit of $103.4m • Care EBITDA of $16.7m for 1H26, the uplift coming from higher care fees and our transition to care beds sold under Occupation Right • Growth in care fees driven by sell down of recently opened main buildings and a higher proportion of hospital - level care residents • Operating margin of $26.7m was up 136% on 1H25, driven by a maturing portfolio and stable overhead costs • Expect this to continue improving - target group operating margin of 15% to 20% by FY27 • Completed villages achieved an operating margin of 21.6%, demonstrating the portfolio’s significant earning potential NZ$m 1H26 1H25 Variance FY25 Care fees 80.6 70.9 14% 148.3 Deferred management fees 12.6 7.3 72% 17.5 Realised gain on resales 2.9 0.4 648% 3.4 Care operating expenses (79.4) (73.4) 8% (150.3) Care EBITDA 16.7 5.3 218% 18.8 Village services 40.2 33.5 20% 71.1 Deferred management fees 65.9 58.8 12% 119.7 Realised gain on resales 53.5 48.7 10% 101.1 Village operating expenses (50.1) (42.2) 19% (89.7) Village EBITDA 109.6 98.8 11% 202.3 Interest and other revenue 1.0 2.5 (62%) 5.2 Share plan option costs (2.4) (2.0) 20% (4.7) Corporate overheads (40.7) (41.6) (2%) (83.9) Annuity EBITDA 84.1 63.0 34% 137.6 Realised development margin 56.4 72.9 (23%) 154.9 Underlying EBITDA 140.5 135.8 3% 292.5 Depreciation and amortisation (16.7) (12.4) 34% (26.3) Finance costs (20.4) (16.8) 21% (32.0) Underlying profit 103.4 106.6 (3%) 234.2 Refurbishment costs (11.7) (10.9) 8% (25.7) Profit after refurbishment costs 91.7 95.7 (4%) 208.4 Operating margin ($m) 26.7 11.3 136% 28.0 Operating margin (%) 13.4% 6.6% 102% 7.8%
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HALF YEAR REPORT 2026 31 Operating expenses KEY GROWTH IN COST BASE RELATED TO INCREASE IN PORTFOLIO SIZE Group expenses • Gross operating expenses up 7% to $197.5m, compared to total revenue growth of 16% • Care operating expenses grew 8%, well below the 22% increase in the care portfolio since 1H25, highlighting strong operating leverage as the business continues to scale • Village cost growth of $7.9m from 1H25, with key increases being wages ($2.0m), costs associated with portfolio growth ($2.5m) and core cost inflation on items including utilities and rates ($2.2m) • Corporate overheads of $40.7m, down 2% from 1H25, reflecting continued cost discipline across the business • New Zealand support service roles have reduced by more than $1.8m on 1H25 • Sales and marketing account for 30% of total corporate overheads, supporting lead generation, sales and occupancy • Ongoing review of cost base to ensure support services and core expenditure is aligned with the needs of a growing business of our size – expect FY26 corporate overheads to be flat year on year 1H26 Corporate overheads Operating expenses Village apportionment NZ$m Gross expenses Reported expenses* Completed Developing Operations 5.3 4.5 3.3 1.2 Sales and Marketing 13.2 12.9 5.6 7.3 Development and Construction 13.4 0.2 2.3 2.9 Australian business 5.9 2.5 0.6 0.8 Technology 6.6 5.3 7.0 6.8 Corporate functions 19.9 13.8 - 0.2 Compliance 1.4 1.4 - 2.5 Share plan option costs 2.4 2.4 1.1 1.3 Total corporate overheads 68.0 43.1 20.0 23.1 Total group expenses* 197.5 172.5 120.8 51.7 * Loss on disposal of assets, included in IFRS operating expenses but excluded from underlying profit NZ$m 1H26 1H25 Variance FY25 Gross operating expenses 197.5 184.5 7% 379.1 Capitalised to projects (25.0) (25.3) (1%) (50.5) Operating expenses 172.5 159.2 8% 328.6 Care expenses 79.4 73.4 8% 150.3 Village expenses 50.1 42.2 19% 89.7 Corporate overheads 40.7 41.6 (2%) 83.9 Share plan option costs 2.4 2.0 20% 4.7 Operating expenses 172.5 159.2 8% 328.6
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HALF YEAR REPORT 2026 32 Cash flow GROWING CASH FLOW FROM EXISTING OPERATIONS OF $31.0M, EXPECT THIS TO CONTINUE TO IMPROVE AS VILLAGES MATURE SUPPORTED BY AN ESTIMATED $2.0B OF EMBEDDED RESALE VALUE CFEO and CFDA NZ$m 1H26 1H25 Variance FY25 New sale settlements of Occupation Rights 233.3 208.2 12% 488.0 Net increase in RADs on aged care beds 0.7 - n/a - Sales and marketing on new sales (9.0) (7.5) 20% (16.5) Cash flow from resident funding 225.0 200.7 12% 471.5 Land acquisitions (net) (44.1) (17.6) 151% (57.9) Construction capex (186.4) (248.4) (25%) (493.9) Non-village expenses capitalised to projects (25.0) (25.4) (2%) (50.5) Other village capex (5.0) (3.2) 57% (5.4) Capitalised interest (31.9) (34.3) (7%) (72.9) Finance costs (18.1) (16.2) 12% (28.3) Net development capex (310.3) (345.0) (10%) (709.0) Cash flow from development activity (CFDA) (85.3) (144.3) (41%) (237.5) Free cash flow (54.4) (136.4) (60%) (205.2) • Positive improvement in cash flow from existing operations, now $31.0m, up from $7.9m in 1H25 • Cash flow from village and care fees of $119.3m, up 13%. Direct spend on village suppliers and employees grew 14%, with the gap reflecting the drag from developing villages • Net receipts from resales of $79.4m, up 25% on 1H25 • Cash outflow from development activity of $85.3m, down 41% from 1H25 as peak annual construction capex now complete • Lower development cash outflow reflects the completion of several large - scale construction projects • Cash flow from resident funding of $225.0m, up 12% on 1H25 • Net development capex decreased 10%, driven by lower construction capex • Total free cash flow improved 60% to an outflow of $54.4m, compared with an outflow of $136.4m in 1H25, and $205.2m at FY25. Decrease driven by growing cash flow from maturing villages and lower development capital expenditure NZ$m 1H26 1H25 Variance FY25 Net receipts from resales 79.4 63.6 25% 145.4 Refurb of units sold under Occupation Right (12.2) (9.4) 30% (21.1) Sales and marketing on resales (5.6) (5.5) 1% (12.2) Net cash flow from resales 61.6 48.7 26% 112.1 Village and care fees 119.3 105.9 13% 220.0 Village suppliers and employees (130.0) (114.2) 14% (238.4) Net cash from village operations (10.6) (8.3) 28% (18.5) Receipts for care bed conversions 14.3 4.9 193% 14.4 Refurb of village facilities (2.9) (4.1) (29%) (11.1) Other village capex (4.6) (5.1) (9%) (9.4) Village cash flows 57.7 36.1 60% 87.6 Head office suppliers and employees (22.8) (27.3) (16%) (53.5) Head office capex and leases (4.2) (1.4) 187% (2.8) Net interest on working capital 0.3 0.6 (46%) 1.0 Cash from existing operations (CFEO) 31.0 7.9 291% 32.3
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HALF YEAR REPORT 2026 33 Cash flow CASH FLOW FROM EXISTING OPERATIONS OF $54.5M IN COMPLETED VILLAGES Completed and developing village cash flow • Summerset’s completed villages generated $54.5m of cash flow from existing operations in 1H26 – the key driver of group cash generation • This included $59.8m in net cash flows from resales with an average resale margin of 26% • Expect cash flows from existing operations in both completed and developing villages to lift further, driven by: • Occupancy lifting in new villages • DMF increased to 30% in New Zealand villages • FY26 corporate overheads remaining flat relative to FY25 • Newer villages being larger in size - spreading fixed costs over more units while benefitting from higher aggregate rollovers per annum NZ$m Completed villages Developing villages* Total Net receipts from resales 76.0 3.3 79.4 Refurb of units sold under ORA (11.9) (0.3) (12.2) Sales and marketing on resales (4.3) (1.3) (5.6) Net cash flow from resales 59.8 1.8 61.6 Village and care fees 102.8 16.6 119.3 Village suppliers and employees (100.8) (29.1) (130.0) Net cash from village operations 1.9 (12.6) (10.7) Receipts for care bed conversions 14.3 - 14.3 Refurb of village facilities (2.3) (0.6) (2.9) Other village capex (4.4) (0.2) (4.6) Village cash flows 69.3 (11.7) 57.6 Head office suppliers and employees (11.5) (11.3) (22.8) Head office capex and leases (3.6) (0.6) (4.2) Interest received 0.3 0.0 0.3 Cash from existing operations 54.5 (23.5) 31.0 Villages (#) 27 12 39 Portfolio (#) 6,657 2,290 8,947 Land bank (#)** 69 5,952 6,021 Average village size on completion 249 330 274 1H26 average unit price ($k) 720 863 759 1H26 average resale margin (%) 25.8% 4.6% 23.0% 1H26 resale settlements (#) 359 56 415 * Developing villages only include those which have delivered units, for CFEO purposes ** Completed villages include Bell Block Extension, Developing villages include villages not yet open
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HALF YEAR REPORT 2026 34 Balance sheet BALANCE SHEET RESILIENCE REMAINS KEY DRIVER OF BUSINESS DECISIONS Balance sheet and retained earnings NZ$m 1H26 1H25* Variance FY25 Investment property 8,625 7,735 12% 8,199 Other assets 1,214 931 30% 1,095 Total assets 9,840 8,666 14% 9,294 Residents' loans 3,646 3,123 17% 3,408 Face value of bank loans & bonds 2,072 1,861 11% 1,966 Other liabilities 610.2 571 7% 592.2 Total liabilities 6,328 5,555 14% 5,966 Net assets 3,511 3,111 13% 3,328 Embedded value 1,991 1,824 9% 1,922 NTA (cents per share) 1,441 1,292 12% 1,375 Retained earnings 2,736 2,454 12% 2,597 Summerset net tangible assets per share • Total assets now $9.8b, up 14% on 1H25, driven by portfolio growth and the underlying value in our existing villages • Investment property valuation of $8.6b, up 12% on 1H25 • Retained earnings are now $2.7b, up 12% on 1H25 • Other assets include buildings, primarily care centres which were valued as at 30 June 2026 • Net tangible assets per share now $14.41, up 12% on 1H25 $14.41 - $2 $4 $6 $8 $10 $12 $14 $16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 * FV of investment property for 1H25 has been restated (see slide 20 of the supplementary information pack for details)
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HALF YEAR REPORT 2026 35 NZ$m 1H26 1H25 Movement FY25 Drawn debt 2,072 1,861 11% 1,966 Total debt facilities 2,632 2,627 0% 2,593 Debt headroom 560 765 (27%) 627 Average tenure (years) 3.4 3.3 3% 3.9 Weighted average cost of debt 5.0% 5.6% (11%) 5.4% Proportion of drawn debt on fixed rates 59% 63% (6%) 63% Gross interest cost on borrowings 50.6 50.1 1% 103.8 Interest cover ratio 6.58x 5.06x 30% 6.43x Loan to value ratio 38.7% 38.3% 1% 38.5% Gearing 36.9% 37.2% (1%) 37.1% Borrowings and covenants STRONG FUNDING LINES AND ROBUST HEADROOM IN PLACE, REMAIN COMPLIANT WITH ALL LENDING COVENANTS AND OBLIGATIONS Borrowings Net debt movement ($m) • Total debt facilities of $2.6b, including $600m of retail bonds on issue • Total drawn debt of $2.1b with undrawn capacity of $560m • Foreign exchange movements reflected a strengthening Australian dollar in 1H26, impacting net debt by $25m • Summerset proactively manages hedging levels - as at 30 June 2026, 59% of total debt was hedged at fixed interest rates • Weighted average cost of debt reduced to 5.0%, down from 5.6% at 1H25 • Average debt tenure of 3.4 years, broadly in line with 3.3 years at 1H25 • The business remains within all financial covenants • Gearing ratio of 36.9% (comfortably within our target band of 30% to 40%) • As previously signalled, based on current market conditions we expect gearing to reduce through FY27 to 33% $85.3m ($31.0m) $18.1m $25.0m $1,960m $2,058m FY25 CFDA CFEO Dividend FX 1H26 Relevant definitions and calculations provided in key terms on slides 44 to 47
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36 HALF YEAR REPORT 2026 Capital management framework GUIDING PRINCIPLES TO SUSTAINABLY GROW THE BUSINESS 1H26 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 flow (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%. Summerset will target the bottom end of the range under normal operating conditions • Actively manage our stock levels, while still growing in Australia and maintaining a stable build rate • Expect a maximum debt band of $1.75b to $2.25b over the short to medium - term (previously $2.0b to $2.5b) Distributions • Ordinary dividend payout range of 20% to 60% of cash flow from existing operations (CFEO) • Used to deliver long - term financial health, while providing 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 diversified across 12 NZ regions, along with Victoria, Australia • Retirement village occupancy of 95%, along with mature care occupancy at 94% • Net debt of $2,058m with a gearing ratio of 36.9% • Total debt facilities of $2.6b with undrawn capacity of $560.2m • Development assets exceed the value of net debt by $225.6m, or 11% • Deliver a steady build rate of approximately 600 to 700 units per annum across New Zealand and Australia • Interim dividend of 3.8 cents per share, which is 30% of cash flow from existing operations • This represents a payout for 1H26 of approximately $9.3m (before DRP)
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HALF YEAR REPORT 2026 37 - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Summerset Peer 1 Peer 2 Peer 3 Peer 4 Policy measure Dividend policy review DIVIDEND POLICY UPDATED TO BE BASED ON 20% TO 60% OF CASH FLOW FROM EXISTING OPERATIONS, IN LINE WITH SECTOR PARTICIPANTS AND CAPITAL MANAGEMENT FRAMEWORK Distribution review now complete Dividend policy NPAT excl. fair value gain/loss on investment properties Available funds from operations (AFFO) Free cash flow from operations excl development Cash flow from existing operations Cash flow from existing operations 20% to 60% 20% to 50% 40% to 60% 40% to 70% 20% to 40% • During 1H26, the Board completed a review of the dividend policy to ensure continued alignment with Summerset’s capital management framework, long - term financial strategy and to allow for an appropriate return for shareholders • The review benchmarked the current policy against NZX and ASX listed companies, tested alternatives and asked existing shareholders for feedback on optimal dividend structure • Overall, the review highlighted that moving to a cash flow based metric was the preferred option, aligning with shareholder preferences, industry peers and ensuring any distributions remain sustainable into the future • The Board has therefore approved a change in dividend policy to be based on cash flow from existing operations (CFEO), with a payout range of 20% to 60% • This policy change provides greater flexibility to support Summerset’s long - term financial strength while continuing to deliver attractive returns to shareholders • The declaration and payment of dividends will remain at the discretion of the Board of Directors • The change will be applied from the 1H26 interim dividend onwards
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HALF YEAR REPORT 2026 38 Interim dividend DECLARED 1H26 INTERIM DIVIDEND OF 3.8 CENTS PER SHARE Distributions • The Board has declared an unimputed interim dividend of 3.8 cents per share • This represents a payout for 1H26 of approximately $9.3m, being 30% of cash flow from existing operations • 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 interim dividend will be paid on Wednesday 23 September 2026. The record date for final determination of entitlements to the interim dividend is Thursday 10 September 2026
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Summerset Blenheim (Marlborough, New Zealand) 05. FY26 Guidance Scott Scoullar, Chief Executive Officer
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HALF YEAR REPORT 2026 40 FY26 Guidance* IMPROVING OPERATING PERFORMANCE AND FOCUS ON COST MANAGEMENT WILL DELIVER GROWTH IN CASH FLOW, WITH DELIVERIES ON TRACK TO BE BETWEEN 700 AND 800 TOTAL UNITS FY26 Guidance Corporate overheads Cash flow from existing operations Construction capex (CFDA) New Zealand Australia * Projections based on current operating conditions that may be subject to change, and exclude abnormal items (if any) No change FY25: $83.9m $50m to $70m FY25: $32.3m $375m to $425m 600 to 650 100 to 150 Operating targets Balance sheet targets Deliveries (total units) • Summerset expects a continued lift in operating performance in 2H26 • This will be supported by an increase in occupancy at new villages, and corporate overheads being flat relative to FY25 • Lower sales rates in April and early May (in reaction to the Iran fuel crisis) mean settlements for Q3 2026 are currently forecast to be down on prior periods • This is an isolated quarter with no flow on impact expected for Q4 – weekly sales rates for Q3 continue to track ahead of first two quarters of 2026 • On track to deliver between 600 and 650 homes in New Zealand and 100 to 150 in Australia across FY26 • Development margin expected to be within range of 20% to 25%, in line with medium - term guidance
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06. Questions
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42 HALF YEAR REPORT 2026 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
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Summerset Blenheim (Marlborough, New Zealand) 07. Appendix Key terms
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44 HALF YEAR REPORT 2026 Key terms SUMMERSET KEY TERMS 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 EBITDA Adjusted EBITDA is Adjusted EBIT plus amortisation and depreciation 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 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 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 Care EBITDA per bed Annualised care earnings before interest, tax, depreciation and amortisation (Care EBITDA) divided by the average number of care units for the period Care suites and beds Relates to care suites and beds sold under Occupation Right at our newer care centres – in 1H26 this was Avonhead, Bell Block, Boulcott, Cambridge, Havelock North, Kenepuru, Levin, Pāpāmoa Beach, Richmond, Rototuna, St Johns, Te Awa, Trentham, Waikanae and Whangārei (note – there are no beds available for sale at Boulcott or St Johns). Used for stock, settlement, portfolio and land bank information Care unit Memory care apartment, care suite or care bed either sold under ORA or available on a daily charge 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) Cash flow from existing operations (CFEO) Non-GAAP financial measure used by Summerset to monitor financial performance. Includes net cash flow from resales (net receipts from resales, refurbishment costs and sales and marketing costs related to resales), net cash flow from village operations (village and care fees plus payments to village suppliers and employees), other village cash flow (receipts for care bed conversions, refurbishment costs and other village capex) plus cash flow relating to the existing business within head office suppliers and employees, head office capex and interest received Cash margin from village development The project cash profit from a village development divided by gross new sales receipt from first sell down Completed villages Villages where all units, the care centre and common facilities have been completed and delivered. At 1H26, villages include Aotea, Avonhead, Bell Block, Casebrook, Dunedin, Ellerslie, Hamilton, Hastings, Havelock North, Hobsonville, Karaka, Katikati, Kenepuru, Levin, Manukau, Napier, Nelson, New Plymouth, Palmerston North, Paraparaumu, Rototuna, Taupō, Te Awa, Trentham, Warkworth, Whanganui and Wigram
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45 HALF YEAR REPORT 2026 Corporate overhead function 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) Compliance General compliance costs including directors’ fees, listing/ registry fees, all audit fees etc Corporate functions Support costs relating to wages in finance, strategy, people and culture, legal, management, and sustainability. Also contains licence 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) 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) 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, licences, 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) Share plan option cost Costs associated with Summerset’s employee share scheme and executive LTI costs 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) Daily accommodation payment (DAP) A non-refundable rental-style fee used in Australia to pay for residential aged care. It serves as an alternative to paying the full price of a room as a large upfront lump sum (a refundable accommodation deposit, or RAD) Deferred management fees This is the fee charged by Summerset to residents in our villages under their ORA (the standard rate from August 2026 is 30% of the ORA price in New Zealand and 25% of the ORA price in Australia). 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 Key terms SUMMERSET KEY TERMS
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46 HALF YEAR REPORT 2026 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 1H26, villages include: Blenheim, Boulcott, Cambridge, Chirnside Park, Cranbourne North, Milldale, Pāpāmoa Beach, Prebbleton, Rangiora, Richmond, St Johns, Waikanae and Whangārei 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) 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 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 borrowings, and fair value movement on hedged borrowings Gearing ratio Gearing ratio is calculated as net debt divided by net debt plus book equity Interest cover ratio Interest cover ratio is Adjusted EBITDA divided by interest expense, calculated on a 12-month rolling basis 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 Loan to value ratio Loan to value ratio is the gross borrowings at face value divided by property value Net tangible assets per share Total assets, less intangible assets, less total liabilities, divided by number of shares outstanding at the end of the period Operating margin Care fees and village services, deferred management fees less care and village operating expenses, less corporate overheads, share plan option costs and excluding realised resale gains Key terms SUMMERSET KEY TERMS
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47 HALF YEAR REPORT 2026 Occupation Right Agreement (ORA) The contractual right allowing a resident to occupy a retirement village or care unit in exchange for an upfront payment, as per the Retirement Villages Act 2003 (NZ) and Retirement Villages Act 1986 (Vic). Residents do not own the underlying property ORA unit Any retirement or care unit sold under an Occupation Right. This includes villas, apartments, serviced apartments, memory care apartments and care suites 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 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 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 Refundable accommodation deposit (RAD) A refundable upfront lump-sum accommodation payment that is used to cover room costs in Australian residential aged care (less any applicable deductions) Retirement unit Villa, apartment or serviced apartment sold under ORA Return on net assets 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 Underlying profit Non-GAAP financial measure used by Summerset to monitor financial performance. The measure has been reviewed by PwC and is 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. 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 Key terms SUMMERSET KEY TERMS
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Summerset Milldale (Auckland, New Zealand) 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: 48