# Summerset - Annual Report 2025

Summerset FY2025 company report released February 2026: retirement/care portfolio, delivered occupation-right units, development pipeline, financial results, governance and sustainability; future plans and corporate service claims remain qualified.

## What this source contributes

Summerset Group Holdings Limited’s Annual Report 2025 covers 1 January–31 December 2025 and was released on 27 February 2026. The 144-page preserved report combines New Zealand/Australia operational and development narratives, sustainability and governance disclosures with consolidated financial statements and a PwC audit. Company figures report 7,198 retirement units and 1,475 care units, a category that includes beds, plus 693 new occupation-right units delivered during FY25. Consolidated IFRS profit after tax was NZ$259.720 million; the separate non-GAAP underlying-profit measure was NZ$234.153 million. Portfolio stock, sales, future land bank and clinical service availability are different measures.

## Contents and page references

- Report scope/release date, contents, FY25 snapshot and highlights (physical pp.2–9, including printed pp.3–7)
- Chair/CEO report, strategy, people and community (physical pp.10–29, printed pp.8–27)
- Villages, portfolio growth and New Zealand/Australia pipeline (physical pp.30–41, printed pp.28–39)
- Sustainability and company performance/five-year summary (physical pp.42–52, printed pp.40–50)
- Consolidated financial statements, restated comparatives, underlying-profit reconciliation and notes (physical pp.53–90, printed pp.51–88)
- PwC financial auditor’s report (physical pp.91–94, printed pp.89–92)
- Governance, leadership, remuneration, disclosures and company information (physical pp.95–137, printed pp.93–135)
- Glossary and closing pages (physical pp.138–144, printed pp.136–139 before unnumbered ending)

## Substantive findings

- FY25 runs from 1 January to 31 December 2025 (physical p.138, printed p.136). The report expressly states release on 27 February 2026 (physical p.2); financial statements were authorised on 26 February 2026 (physical p.57, printed p.55). Filename year and financial year are not publication year.
- The preserved original has 144 physical PDF pages. The issuer-linked Annual Report 2025 PDF was byte-identical on 10 October 2026; its June 2026 catalogue access history is retained.
- FY25 company portfolio figures are 7,198 retirement units and 1,475 care units, with the snapshot explicitly stating care units include beds (physical p.6, printed p.4). These are New Zealand/Australia company portfolio categories, not a national ARC-bed count or available staffed places.
- The report records 693 new occupation-right units delivered in FY25 and 1,560 occupation-right sales, comprising 805 new sales and 755 resales (physical p.52, printed p.50). Deliveries, sales, retirement units and care beds are not interchangeable metrics.
- The land bank lists 5,499 retirement units and 1,173 care units including beds (physical p.6, printed p.4). These are planned development capacity, not operational or staffed places; the 44-village total includes villages under development.
- Consolidated FY25 total revenue was NZ$361.774 million and IFRS profit after tax NZ$259.720 million (physical p.54, printed p.52; NZ$000 table). FY24 profit is restated to NZ$331.958 million following an investment-property valuation correction (physical p.64, printed p.62).
- Underlying profit was NZ$234.153 million, a non-GAAP measure reconciled to IFRS profit with valuation, realised resale/development margin, impairment and deferred-tax adjustments; it has no standardised GAAP meaning (physical pp.64–65, printed pp.62–63).
- FY25 net operating cash flow was NZ$548.176 million and total assets at 31 December 2025 NZ$9,234.870 million (physical pp.58 and 57, printed pp.56 and 55). Cash flows include occupation-right resident loans/repayments, not only care fees.
- The glossary makes transfers through the continuum of care subject to availability and eligibility criteria (physical p.138, printed p.136). Proposed villages and FY26/FY27 delivery expectations are not established outcomes or an automatic entitlement to on-site care.

## Practical uses

Use the report for a dated operator case study and to compare portfolio categories, historical deliveries/sales, IFRS and non-GAAP results, cash-flow definitions and project stages. Keep New Zealand/Australia scope and restated comparatives visible. Verify current care access, charges, certification and project delivery separately.

Intended readers:

- Residents and whānau comparing operator reports and preparing contract/care-access questions
- Sector, commissioning and retirement-village researchers
- Investors and advisers studying development, valuations and historical financial performance

## Resident and whānau implications

- The report’s own glossary conditions continuum-of-care transfers on availability and eligibility. Company-wide portfolio totals do not guarantee a care place at a specific village.
- Care units include beds and care suites; sales or land-bank totals are not current vacancies, staffing or clinical quality. Use current village-specific information and the individual agreement for decisions.

## Policy implications

- A mixed New Zealand/Australia company portfolio and its future pipeline cannot substitute for national certified/staffed ARC capacity, current utilisation or care-worker FTE.
- Treat demographic, policy and demand statements as dated company analysis unless independently corroborated. Financial audit and narrative corporate reporting have different evidence scopes.

## Provider and business implications

- Separate IFRS profit from non-GAAP underlying profit and inspect the reconciliation and FY24 restatement. Operating cash flow includes resident-loan transactions and is not a care-only margin.
- Distinguish delivered FY25 units from planned land-bank units and subsequent FY26/FY27 guidance. FY24 delivery figures conflict between snapshot and five-year table; avoid an unqualified growth comparison.

## Source discrepancies and reporting definitions

FY24 new ORA units delivered are 676 in the snapshot (physical p.6/printed p.4) but 708 in the five-year table (physical p.52/printed p.50). Both are preserved as an unresolved internal discrepancy; FY25’s 693 is consistent, and no FY24 growth assertion is added. The glossary’s New Zealand ORA definition cites a Retirement Villages Act 2023 (physical p.139/printed p.137), while the primary PCO title is Retirement Villages Act 2003, 2003 No112. The original typo remains in the preserved PDF and must not be reused as legal guidance. Direct PCO retrieval succeeded and redirected to the canonical Act page, despite web-tool open returning403. FY24 profit/property figures were restated following a resident-loan valuation adjustment; cash-flow comparatives also changed gross resale-receipt presentation (physical pp.64/58, printed pp.62/56).

## Dates and preserved provenance

FY2025 is 1 January–31 December 2025 (glossary physical p.138/printed p.136). The report’s inside cover expressly says release on 27 February 2026 (physical p.2); the financial statements were authorised and the audit signed on 26 February 2026 (physical pp.57/94, printed pp.55/92). The filename and cover retain 2025 because they identify the financial year. The NZX body also dates its release 27 February 2026; its unlabelled UI displays 19:31 Thursday 26 February and is not used to override the explicit New Zealand release date. PDF production on 26 February is a further distinct technical 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 - Summerset - Annual Report.pdf
- Physical PDF pages: 144
- Size: 9736934 bytes
- SHA-256: 2ad8e784bb3ae90a9f0022c59fb0cfa0cdf79304848c4891fcbb0e7ec32ea33e
- Financial reporting scope: New Zealand and Australia
- Primary-source review: 10 October 2026

## Evidence boundary

Issuer Annual Report 2025 for the year ended 31 December 2025, explicitly released 27 February 2026. All preserved pages were text-inspected, selected scope, portfolio and financial-table pages visually checked, and the current issuer PDF was byte-matched on 10 October 2026. High confidence concerns identity and sourced cells, not independent validation of company care, satisfaction, staffing, policy or forecast claims. The PwC financial audit does not turn all narrative material into independent clinical evidence. NZ/Australia portfolio care units include beds; retirement units, ORA sales/deliveries, future land-bank capacity and staffed care availability are distinct. IFRS profit and non-GAAP underlying profit have different definitions; FY24 investment-property and profit comparatives are restated. The snapshot gives 676 FY24 ORA units delivered while the five-year table gives 708; this unresolved discrepancy is disclosed, not used for growth claims. The glossary cites a New Zealand Retirement Villages Act 2023, whereas the primary legislation title is Retirement Villages Act 2003; do not reuse the source typo as law. Report projections, construction milestones and continuum-of-care statements are not guarantees of later delivery or individual entitlement. Board/audit date 26 February, release 27 February, June 2026 access and this review are separate. Original filename/year, bytes/hash and category remain preserved; no personalised financial, legal or clinical advice.

## Primary references

- [Issuer-hosted source PDF, byte-matched to the preserved original](https://assets.ctfassets.net/hjeh5mvg3dxz/2jnhMVUuNIqYJjtLrjEUYY/a8d205014126db0536258770f8e75cee/Summerset_Annual_Report_2025.pdf)
- [Issuer annual-report archive](https://www.summerset.co.nz/investor-centre/reports-and-presentations/)
- [NZX FY25 results release with explicit 27 February 2026 heading](https://www.nzx.com/announcements/468297)
- [Primary New Zealand legislation: Retirement Villages Act 2003](https://www.legislation.govt.nz/act/public/2003/112/en/latest/)
- 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/