# Source Brief — Metlifecare: HY26 Results, Board Changes & $400M Village Investment

**Type:** Source Brief — Provider Watch  
**Date:** 8 June 2026  
**Classification:** Market and Industry Reports / Provider Watch  
**Sources:** NZX announcements, Metlifecare investor centre, NZ Herald sponsored story

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## Summary

Metlifecare (NZX: MET) reported its HY26 results on 27 February 2026, announced major board changes, and in May 2026 revealed a $400M investment in three new retirement villages — signalling strong growth despite housing market headwinds.

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## HY26 Financial Results (Six Months to 31 Dec 2025)

| Metric                     | 1H26    | 1H25             | Change |
| -------------------------- | ------- | ---------------- | ------ |
| Total ORA sales            | $301.5M | $259.0M          | +16.4% |
| Operating revenue          | $133.4M | $120.3M          | +10.9% |
| NPAT                       | $42.7M  | $51.1M           | −16.3% |
| Total comprehensive income | $90.1M  | $51.0M           | +76.6% |
| Total assets               | $7.236B | $6.960B (Jun 25) | +$276M |
| Net tangible assets        | $2.507B | $2.417B (Jun 25) | +$90M  |
| Net gearing                | 38.8%   | 38.5% (Jun 25)   | Flat   |

**Key drivers:**

- NPAT decline driven by lower fair value gain on investment property ($79.8M vs $85.1M)
- Total comprehensive income boosted by $47.6M care home revaluation gain
- Bank refinancing completed: $1.05B facilities extended, pricing optimised, +$100M increase in facilities

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## $400M Investment — Three New Villages (announced May 2026)

CEO Earl Gasparich announced three new villages, citing a projected 23,000-unit supply shortfall over 20 years as the 75+ population more than doubles.

| Village             | Location           | Investment | ILUs    | Care Suites | Stage 1 Delivery |
| ------------------- | ------------------ | ---------- | ------- | ----------- | ---------------- |
| Wānaka Peaks        | Wānaka             | $200M      | 95      | 20          | May/June 2026    |
| The Tides           | Mangawhai          | $110M      | 160     | 20          | May/June 2026    |
| North Ridge Village | Rototuna, Hamilton | $90M       | 77      | 22          | May/June 2026    |
| **Total**           |                    | **$400M**  | **332** | **62**      | **89 villas**    |

**Four additional greenfield sites targeted:** Havelock North, Pukekohe, Napier, Whenuapai

**Current portfolio:** 36 villages → 39 villages post-completion, ~7,300 residents

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## Board Changes (26 Feb 2026)

- **Paul McClintock** stepped down as Chair (effective 1 May 2026) after 5+ years
- **Murray Jordan** appointed Deputy Chair (Feb 2026), becomes Chair from 1 May 2026
- **Laurissa Cooney** appointed Director (also Director of Air NZ, Rabobank NZ, Goodman Property)
- EQT's Sam Franklin remains on board

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## Full Potential Plan (FPP) Progress

Key achievements since FPP launched 4 years ago:

- Village portfolio: 50% increase to 36 villages
- Co-located care: now in 69% of villages (from 40%)
- Internal development: scaled from 32 units/year to 332 units/year
- Employees: 2,400+
- eNPS: +42 (up from +14 in FY21), top 25% globally
- SBTi science-based targets validated
- Winner of 2025 RVA Operator-Led Sustainability Award

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## Corporate Context

- **Listed:** NZX (MET) — NOT taken private. The EQT takeover bid (2021-2022) did not complete
- **Major shareholder:** EQT (via Sam Franklin on board)
- **Established:** 1984
- **CEO:** Earl Gasparich (since 2022, previously CEO of Oceania Healthcare)
- **Revenue FY25:** $243.0M (+9.5%)
- **NPAT FY25:** $66.4M (+25%)

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## Sources

- NZX Announcement 468277 — Board Changes (26 Feb 2026)
- NZX Companies/MET/analysis — HY26 Results
- Metlifecare Investor Centre (metlifecare.co.nz/investor-centre)
- NZ Herald / Metlifecare — "Market Slow-Down No Barrier" (11 May 2026)
- All accessed 8 June 2026

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## KB Links

- **Tracker:** `11_Market_and_Industry_Reports/2026 Provider Market Refresh Tracker.md`
- **Annual report:** `11_Market_and_Industry_Reports/2025 - Metlifecare - Annual Report.pdf`

**Footnotes:** 23,000-unit supply shortfall estimate assumes 75+ population doubling, 15% penetration rate, current build rates maintained.