# Arvida Group Limited — Annual Report 2026 (year ended 31 March)

42-page FY2026 financial annual report with a short portfolio and leadership overview, audited statements, valuation and resident-loan notes, planned development and limited resident-feedback reporting; separate from the two-page results release.

## Exact source and preserved capture

- Catalogue ID: doc-0194; issuer: Arvida Group Limited.
- Preserved original: [2026 - Arvida - FY26 Annual Report.pdf](/pdfs/2026%20-%20Arvida%20-%20FY26%20Annual%20Report.pdf).
- Physical pages: 42; bytes: 1,642,973.
- SHA-256: `7ef40bfe95523698af3b355b77d9d06145e576d83905167e8734c624ef08bca2`.
- Original access label: June 2026; retained without inventing an exact capture day.
- Primary evidence review: 10 October 2026, separate from reporting, approval, production and publication dates.
- [Current primary source](https://cdn.sanity.io/files/4j224k1d/production/401dcf1b3bdf7a1fd2e4314745939b0cce4ff42b.pdf); [issuer announcement on NZX](https://www.nzx.com/announcements/473462).
- Original bytes independently matched to the current NZX attachment and its published SHA-256 signature.

The [Arvida archive](https://www.arvida.co.nz/investors/results-and-reports) lists 27 May 2026, matching financial approval and audit; exchange publication is 28 May 2026 at 08:32 NZST. First public availability was not independently determined. The issuer CDN and exchange annual-report attachment both match the preserved original. Correct physical page count: 42, replacing 31. This is a shorter financial annual report, not the earlier integrated report.

## What the source says

Arvida’s retained Annual Report 2026 covers 1 April 2025 to 31 March 2026 and contains 42 physical pages. The issuer archive labels it 27 May 2026, matching financial approval and EY’s audit date; NZX published the annual report alongside results at 08:32 NZST on 28 May. Those date kinds are retained separately. Both current issuer-CDN and exchange attachments match the original June 2026 capture byte for byte.

The report is shorter than earlier integrated editions. It explains the shareholder’s use of reporting concessions and primarily supplies financial statements, with a short profile and Chair/CEO letter. The snapshot reports 34 retirement communities, 5,700 combined units and care beds, 6,750 residents and 2,900 team members. These rounded company measures are not a national care-bed or workforce census. The letter reports 55 care suites and 53 premium apartments completed at Bethlehem Shores; Lincoln Plains, Mayfair in Auckland and Waikanae Beach are development programmes with future delivery expectations. Its resident NPS of +42 has no survey date, sample size, response rate or independent-living/care breakdown supplied here.

Audited profit after tax was $97.276 million, down from $100.793 million; it includes a $124.230 million investment-property fair-value gain. Net operating cash flow fell to $107.758 million from $160.798 million and includes ORA receipts and repayments. The company’s $133 million underlying EBITDA is explicitly unaudited non-GAAP. EY’s unmodified financial opinion covers pages 9–34 and excludes the wider narrative.

Use the source to understand period-specific care/village revenue, capital assumptions, ORA accounting and the difference between completed and proposed capacity. It does not establish current staffing, vacancies, certification, resident outcomes, statutory rights or delivered future projects. The separate market release is doc-0195.

## Findings and original page references

- 42 physical pages; period 1 April 2025–31 March 2026. Issuer archive date and financial approval/audit: 27 May 2026; exchange publication: 28 May 2026 at 08:32 NZST (pp. 2, 8, 37; primary archive/exchange payload).
- The company says shareholder-approved reporting concessions explain the reduced annual-report scope. It explicitly excludes audit/review of the remaining narrative; this is not the earlier 138-page FY2024 integrated edition (p. 2).
- The FY2026 snapshot reports 34 retirement communities, 5,700 combined units/care beds, 6,750 residents and 2,900 team members. These are company portfolio measures with mixed unit types, not nationwide counts (p. 4).
- The leadership letter reports 55 care suites and 53 premium apartments completed at Bethlehem Shores. Lincoln Plains’ 190 villas/36 suites and Waikanae Beach’s approximately 172 homes/suites are expected development, not operating beds (p. 5).
- Resident NPS is reported as +42 without survey timing, response count/rate or separate care and independent-living results here; it is not an independently verified clinical-quality measure (p. 5).
- Audited net profit after tax was $97.276 million versus $100.793 million, with a $124.230 million investment-property fair-value gain. Total revenue was $262.696 million, including $171.982 million care fees/village services (p. 9).
- Underlying EBITDA of $133 million, described as 10% higher, is expressly non-GAAP and unaudited. Its adjustment definition is supplied, but a numeric reconciliation to that headline is not provided in this report (pp. 4–5).
- Operating cash inflow was $107.758 million versus $160.798 million and includes $360.724 million resident-loan receipts and $171.623 million repayments. It is not stand-alone care-service cash earnings (pp. 12, 27).
- The investment-property value depends on Level 3 assumptions; a 0.5 percentage-point discount-rate increase would reduce the assessed fair value by $66.4 million in the report’s sensitivity calculation, not forecast a realised loss (pp. 17–18).
- Village at the Park is a 50% joint venture accounted for using the equity method, so its gross revenues/assets should not be added indiscriminately to consolidated company totals (p. 32).
- The 5 May 2026 Cascades transaction is described as a conditional sale agreement, not a completed sale. The report also distinguishes a Christchurch Mayfair divestment from the Auckland Mayfair development (pp. 5, 34).
- EY’s unmodified financial opinion covers pages 9–34; pages 2 and 37 expressly limit assurance over other annual-report information and future statements (pp. 2, 35–37).

## Sections inspected

- Reporting scope and assurance boundary (pp. 2–3)
- Portfolio snapshot and Chair/CEO letter (pp. 4–6)
- Directors’ approval and financial statements (pp. 8–12)
- Revenue, valuations, resident loans and financing (pp. 13–30)
- Subsidiaries, joint venture, related parties and commitments (pp. 31–34)
- EY independent financial opinion (pp. 35–37)
- Bond/statutory disclosures and historical directory (pp. 38–42)

## Practical uses and questions

Develop provider-specific questions about care capacity, feedback methodology, staffing, contracts, valuation assumptions and future delivery; use financial notes to distinguish accounting descriptions from individual legal rights.

- Ask the selected home/village for current care availability, staffing and certification, plus survey methodology behind satisfaction claims.
- Obtain current independent advice and the actual ORA/disclosure statement for fees, refunds and care-transfer terms; financial-note descriptions do not establish universal rights.

## Implications for care research and operator comparisons

- Mixed unit/bed snapshots and planned developments cannot estimate national ARC capacity or unmet need.
- An operator’s resident NPS and financial audit are separate from clinical outcomes, complaints and current facility certification.
- Compare audited profit, valuation gains, resident-loan cash flows and non-GAAP EBITDA separately.
- Respect equity-method joint-venture scope and distinguish Auckland development from the similarly named Christchurch divestment.

## Evidence boundary

Commercial primary issuer evidence for FY2026, with all 42 original pages inspected. Catalogue publication day follows issuer archive 27 May; financial approval/audit 27 May and exchange publication 28 May are distinct, with first availability not independently determined. Audited financial statements cover pp. 9–34; portfolio/feedback/development narrative and underlying EBITDA have separate assurance limits. NPS timing, sample, response rate and care/living breakdown are absent. No numeric EBITDA reconciliation is established here. Mixed units/beds, rounded people counts and an equity-accounted JV are not interchangeable. Valuation sensitivities and assumptions about future subsidies are modelling inputs, not enacted policy, predictions or resident liabilities. Future projects and conditional Cascades sale remain proposals at this edition’s date. Financial notes retain some legacy agency terminology and must not be used as a current referral pathway or legal guidance; ORA accounting descriptions are not individual refund guarantees. Original PDF/name/category and June 2026 access history preserved; both issuer-CDN and NZX original bytes verified 10 October 2026. No independent clinical certification, current access guarantee or investment recommendation.

Original reporting remains historical even where dated 2026. Company wording about demand, service quality, staffing or future growth does not independently establish current access or outcomes. This review preserves separate scope for financial opinions, issuer releases, adjusted measures, completed facilities and forecast projects; it does not replicate valuation models or certify individual clinical/legal claims.

Page text/hashes, issuer archive and exchange captures, attachment discovery metadata, byte comparisons and visually inspected page proofs are retained in `artifacts/research/operator-fy26-source-audit-2026-10-10.json`.

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