# Metlifecare Limited — Annual Report 2025 (year ended 30 June)

Historical FY2025 report covering village and co-located care capacity, mixed unit/suite completions, workforce feedback, development plans, emissions accounting and audited financial statements; portfolio excludes the Palmerston North joint venture.

## Source identity and preserved capture

- Catalogue ID: doc-0188.
- Publisher: Metlifecare Limited.
- Original file: [2025 - Metlifecare - Annual Report.pdf](/pdfs/2025%20-%20Metlifecare%20-%20Annual%20Report.pdf).
- Physical PDF pages: 76; original bytes: 3,191,739.
- SHA-256: `a1014a95f4c4418983e046e64b5069fca792025e9b2a9bb4b9e7773ba55998ae`.
- Original catalogue access label: June 2026; retained without inferring an exact capture day.
- Primary evidence review: 10 October 2026; this is separate from source publication and reporting dates.
- [Exact current issuer PDF](https://cdn.sanity.io/files/hss7u6go/production/6b6c731b52de4e2478f19c2318e527b5a62646ce.pdf) matches the original byte for byte.
- [Metlifecare investor centre](https://www.metlifecare.co.nz/investor-centre); [Issuer FY2025 release on NZX](https://www.nzx.com/announcements/457742).

- periodEnd: 2025-06-30
- financialApprovalAndAuditDate: 2025-08-28
- pdfProductionDate: 2025-08-28
- issuerReleaseDate: 2025-08-29
- publicationPrecision: Exact issuer publication day; signature/production one day earlier

The original catalogue count of 60 was incorrect: the retained edition has 76 physical pages. The issuer announcement body is dated 29 August 2025; its exchange display timestamp reads 28 August, while report and audit signatures are 28 August. The catalogue uses the issuer publication day, preserving these separate date kinds.

## What the report establishes

Metlifecare’s 76-page annual report covers the year ended 30 June 2025. Financial statements and the audit opinion were signed on 28 August 2025; the issuer archive and NZX announcement place publication on 29 August. The current issuer-linked PDF matches the original June 2026 capture byte for byte.

At 30 June the company profile reports 36 villages, 25 co-located care homes, 5,350 independent living units, 422 serviced apartments and 1,177 care beds and suites. Those profile figures exclude the 50%-owned Palmerston North joint venture. The 332 FY2025 completions combine retirement units and care suites across ten villages; the 1,711-unit/suite landbank is planned development rather than operating beds. The May 2025 employee survey reports 74% participation and employee NPS +42.

Audited net profit after tax was $66.394 million, including a $135.424 million investment-property fair-value gain. Gross ORA sales receipts of $546.428 million are not operating revenue or net care earnings. PwC’s unmodified opinion covers financial statements on pages 32–63; other annual-report information, including climate narrative, is outside that opinion. The reported 44% reduction in market-based Scope 1 and 2 emissions differs from location-based electricity emissions, which increased.

Use the report to understand historical care integration, staff feedback, capital/development reporting and emissions boundaries. Plans for FY2026, future suite admissions and the Napier land transaction require later evidence: the financial note describes an unconditional agreement in August 2025 with settlement expected by March 2027. This edition establishes neither current vacancies and contract terms nor delivery of those plans. FY2026 reports are now listed by the issuer.

## Findings and page references

- Reporting year ended 30 June 2025. Financial statements and audit are dated 28 August; the issuer archive and NZX announcement date publication to 29 August 2025. The retained PDF has 76 physical pages (pp. 2, 35, 69; issuer sources).
- The 30 June 2025 profile reports 36 villages, 25 co-located care homes, 5,350 independent living units, 422 serviced apartments and 1,177 care beds/suites, excluding the 50% Palmerston North joint venture (p. 4).
- The company reports 332 units and care suites completed across ten villages in FY2025; this mixed total is not 332 aged residential care beds (p. 12).
- The landbank comprises 1,711 planned units and care suites across greenfield, regeneration and existing-village projects; it is not current operating capacity (pp. 4, 13).
- The May 2025 employee survey had 74% participation and employee NPS +42; this describes employee feedback rather than resident satisfaction or nationwide workforce conditions (p. 21).
- The company reports MetFlex filling 92% of requested shifts. The denominator is bureau requests, not all shifts, staffing ratios or clinical-safety outcomes (p. 23).
- Audited net profit after tax was $66.394 million, including a $135.424 million investment-property fair-value gain; reported operating revenue was $243.007 million (p. 32).
- Gross ORA receipts of $546.428 million and operating cash flow of $276.964 million include resident-loan transactions; neither is net profit from care services (pp. 36–38).
- Market-based Scope 1 and 2 emissions were reported 44% below FY2023, whereas location-based electricity emissions increased. Scope 3’s reported 23% improvement is an intensity measure, not an absolute total-emissions reduction (pp. 25–27).
- PwC’s unmodified financial opinion covers pp. 32–63; other information, including the climate statement, is outside its opinion or assurance conclusion (pp. 64, 68–69).
- The Napier land agreement became unconditional on 26 August 2025, with settlement expected by March 2027. Narrative shorthand about an August acquisition should not be treated as evidence of completed settlement or a built village (pp. 8, 63).

## Sections inspected

- Reporting basis and portfolio map (pp. 2–4)
- FY2025 performance and leadership review (pp. 6–10)
- Development, care integration and technology plans (pp. 12–20)
- Workforce, safety, climate and community reporting (pp. 21–30)
- Audited financial statements and notes (pp. 32–63)
- PwC opinion and assurance boundary (pp. 64–69)
- Historical governance, disclosures and village directory (pp. 70–76)

## Practical use

Compare period-specific care integration, staffing feedback and development reporting; distinguish mixed units/suites, ORA cash flows, fair-value gains and emissions definitions before combining operator data.

- Co-located care describes the portfolio; confirm current admission criteria, capacity, staffing, certification and costs for the specific village/home.
- Use company workforce and sustainability claims to ask focused questions, rather than assume they establish independent clinical quality or all-emissions performance.

## Research and operator comparisons

- Company portfolio and employee survey data cannot estimate national care availability, population wellbeing or staffing adequacy.
- Landbanks, planned admissions, AI programmes and sustainability targets require subsequent evidence before being counted as delivered services or policy.
- Separate consolidated financial reporting, joint-venture exclusions, cash receipts and valuation effects when comparing operators.
- Track planned development and transaction milestones with later issuer evidence; an unconditional agreement does not establish settlement or operating capacity.

## Evidence boundary

Commercial issuer primary evidence for the year ended 30 June 2025; all 76 physical pages inspected. Publication on 29 August is distinct from 28 August signatures/production. Profile figures exclude the 50%-owned Palmerston North joint venture, although the directory also lists that village and the financial statements equity-account for it. Completed units and care suites, planned landbank, bureau shift requests and employee survey participation have different denominators. Financial audit excludes wider care/workforce/climate narrative; separate climate/SLL assurance engagements were not fully reviewed here. Market-based, location-based and intensity emissions measures are not interchangeable. Future development, suite admission, technology, climate and Napier transaction plans are not confirmed outcomes. Historic ORA terms in financial notes do not establish universal current contract/legal rights. Original PDF/name/hash/category and June 2026 access history are preserved; current issuer-linked bytes verified 10 October 2026. FY2026 reports now exist. No current care-access guarantee, independent clinical-quality assessment or investment recommendation.

All original physical pages were inspected through text extraction and targeted visual rendering. Financial-audit opinions provide bounded assurance; they do not independently certify all narratives, legal interpretations, surveys or care outcomes. This source review does not replicate valuation models, survey instruments, separate climate assurance or later development outcomes.

Detailed page text, dates, source captures, byte comparisons and visually inspected PNG proofs are preserved in `artifacts/research/operator-report-source-audit-2026-10-10.json`. Current issuer archives contain FY2026 reports; this historical edition remains intact.

Public issuer report retained for source reference. No open reuse licence established; copyright remains with the issuer and other rights holders.