# Radius Care - Annual Report FY25

Historical FY25 Radius company report: portfolio activity, diversification, development plans, governance and audited group accounts; not a national capacity, staffing or clinical-quality assessment.

## What this source contributes

Radius Residential Care Limited’s annual report dated 30 June 2025 covers the year ended 31 March 2025. The preserved 47-page PDF uses double-page spreads. It combines company-reported care occupancy, retirement villas, catering and in-home diversification, development plans and governance with audited consolidated financial statements. FY25 highlights report 1,898 care beds and 92.8% average occupancy for Radius’s own portfolio; these are historical operator figures, not national occupancy or current vacancies. The financial statements report NZ$177.415 million total revenue and NZ$7.399 million group profit after tax. Non-GAAP highlights and future developments require their own qualifications.

## Contents and page references

- Contents, report date and company foreword (physical p.2, printed pp.2–3)
- Care ecosystem, FY25 operational/financial highlights and executive report (physical pp.3–9, printed pp.4–17)
- People, diversification, in-home/catering services and property development (physical pp.10–15, printed pp.18–29)
- Board and management (physical pp.16–17, printed pp.30–33)
- Consolidated financial statements and notes, including subsequent events (physical pp.18–36, printed pp.34–70)
- Independent financial auditor’s report (physical pp.36–39, printed pp.71–76)
- Governance, statutory disclosures and corporate directory (physical pp.39–46, printed pp.77–91)

## Substantive findings

- Reporting year ended 31 March 2025; the annual report is dated 30 June 2025 (physical p.2, printed p.2). The financial statements were authorised on 21 May 2025 (physical p.19, printed p.37), distinct from report publication and June 2026 catalogue access.
- The preserved original has 47 physical PDF pages, predominantly double-page spreads; printed pages run to 91. The current issuer-hosted FY25 PDF was byte-identical on 10 October 2026.
- FY25 company highlights report 1,898 care beds, 85% high-acuity beds and 92.8% average occupancy, plus 148 retirement villas separately (physical p.4, printed p.6). The occupancy percentage applies to Radius’s reported portfolio and period, not all New Zealand ARC beds or present vacancies.
- Consolidated FY25 total revenue was NZ$177.415 million, profit before income tax NZ$10.474 million and group profit after tax NZ$7.399 million (physical p.18, printed p.35; NZ$000 table). Profit attributable to owners was NZ$7.034 million; group profit also includes non-controlling interests.
- The financial statements show FY24 total revenue of NZ$171.234 million; the highlights instead use NZ$164.1 million adjusted for a care-home sale (physical pp.18 and 5). The comparative bases must not be silently mixed.
- Underlying EBITDA of NZ$23.5 million and underlying EBITDAR per care bed of NZ$27.9 thousand are expressly non-GAAP, unaudited highlights; footnotes refer to reconciliations in the 21 May 2025 investor presentation (physical p.5, printed p.8).
- Net cash provided by operating activities was NZ$20.053 million (physical p.20, printed p.38). It includes retirement-village occupation-right receipts and repayments and is not a care-only margin or free-cash-flow measure.
- St Allisa is described as a 109-bed acquisition after the FY25 balance date (physical p.8, printed p.14); the subsequent-events note records the 30 April 2025 agreement and expected 30 May settlement (physical p.36, printed p.70). Do not add it to the FY25 highlights without a consistent reporting boundary.
- Baker Tilly Staples Rodway’s opinion covers the consolidated financial statements on printed pp.35–70 (physical pp.18–36). The report’s other information is outside that audit opinion (physical p.38, printed pp.74–75); company service, quality and future-development narratives are not independently established outcomes.

## Practical uses

Use the dated report to examine Radius’s business mix, financial statements, non-GAAP definitions, historical care occupancy and capital plans. Keep care beds, villas, post-year acquisitions and planned builds separate; corroborate present facility certification, staffing, services, charges and admission options elsewhere.

Intended readers:

- Residents and whānau preparing operator and care-availability questions
- Provider, commissioning and sector researchers comparing financial reporting bases
- Investors and advisers reviewing historical group accounts and development risks

## Resident and whānau implications

- Company-wide FY25 occupancy and service narratives do not establish current vacancies, individual eligibility, funded home-support hours, staffing or clinical quality at a particular home.
- The report’s in-home/ACC expansion is an issuer account of its services and strategy, not a universal publicly funded entitlement; obtain current assessment, referral and provider information separately.

## Policy implications

- Use this as an operator case study, not national bed, workforce or utilisation evidence. Government-funding and demographic claims in the narrative require their cited primary sources and dates before wider reuse.
- Planned new-build capacity and diversification describe company intentions. Neither a heads of agreement nor a proposed site establishes completed or staffed care capacity.

## Provider and business implications

- Compare audited revenue and profit separately from unaudited underlying EBITDA, EBITDAR and AFFO; preserve adjusted versus unadjusted FY24 bases.
- The May 2025 St Allisa transaction and proposed FY27 developments sit outside FY25 operating outcomes; verify later delivery and reporting boundaries before updating capacity.

## Source discrepancies and reporting definitions

The financial highlights give accommodation supplements of NZ$10.8m (physical p.5/printed p.8); the financial-review narrative gives NZ$10.9m (physical p.9/printed p.16). FY24 underlying EBITDAR per care bed is NZ$24.7k in the highlights versus NZ$25.3k in the review chart (printed p.17). Neither is silently reconciled. FY24 revenue NZ$164.1m in the highlights is explicitly adjusted for a care-home sale and differs from audited total revenue NZ$171.234m; these are separate comparative bases. The St Allisa narrative reflects a post-balance-date acquisition, while the earlier authorised financial note still describes expected settlement. Proposed Belfast/FY27 developments and home-support benefits remain company plans/claims, not established subsequent outcomes.

## Dates and preserved provenance

The annual report explicitly dates itself 30 June 2025 on physical p.2/printed p.2. The underlying financial statements were authorised on 21 May 2025 (physical p.19/printed p.37), and the financial audit is dated 21 May 2025 (physical p.38/printed p.75). The NZX announcement confirms release and identity, but its retrieved UI renders an unlabelled 20:30 Sunday 29 June timestamp; this review uses the report’s explicit date without inventing a timezone. The current archive PDF path contains 2026/08, which is an upload location, not a new report edition or publication date.

The catalogue’s original access label remains June 2026. No matching exact-basename Markdown companion existed when this audit began; this authored note was created on 10 October 2026 and does not invent an earlier June note or exact capture day. The original PDF, filename and sector-research category remain unchanged. The current issuer-hosted PDF returned HTTP200 and matched the original bytes on this review date.

- Preserved original: public/pdfs/2025 - Radius Care - Annual Report FY25.pdf
- Physical PDF pages: 47
- Size: 10646333 bytes
- SHA-256: f10383f78e1eeb0bf6d1921fe984b3bd2fc9584994dbd7aaa67d52c41b5bfa23
- Financial reporting scope: New Zealand
- Primary-source review: 10 October 2026

## Evidence boundary

Historical issuer report for the year ended 31 March 2025, dated 30 June 2025, with the complete preserved source text inspected, key source pages visually checked and the current issuer PDF byte-matched on 10 October 2026. High confidence concerns source identity and quoted reporting cells, not independent validation of all corporate claims. The financial audit covers the statements and notes, not clinical quality, current vacancies, staffing/FTE, all marketing claims or future delivery. Radius’s occupancy is a company-period metric, not national utilisation. Non-GAAP highlights are expressly unaudited. Accommodation-supplement figures differ internally (NZ$10.8m highlights versus NZ$10.9m narrative) and FY24 EBITDAR-per-bed comparatives differ; neither discrepancy is silently resolved. Adjusted FY24 revenue is distinct from audited total revenue. Post-balance-date transactions and proposed developments remain dated. The live archive is on Radius Health’s domain; its upload-path and anomalous news-date labels are not publication dates. Original file/hash/category and June 2026 access history are preserved; this review is not a FY26 update or personalised financial, legal or clinical advice.

## Primary references

- [Issuer-hosted source PDF, byte-matched to the preserved original](https://radiushealth.co.nz/wp-content/uploads/2026/08/Radius-Care-Annual-Report-FY25.pdf)
- [Issuer archive (Radius Health)](https://radiushealth.co.nz/)
- [NZX annual-report announcement, ID454158](https://www.nzx.com/announcements/454158)
- Source-cell evidence and rendered original-page proofs: artifacts/research/fy25-operator-report-source-audit-2026-10-10.json and artifacts/research/fy25-operator-report-proofs-2026-10-10/