# Oceania Healthcare Limited — Focused delivery: Annual Report 2026 (year ended 31 March)

109-page FY2026 issuer report on Oceania’s care/village portfolio, resident and workforce measures, audited financial statements, ORA accounting, governance and voluntary climate reporting, with clearly separated adjusted measures and future plans.

## Source identity and retained capture

- Catalogue ID: doc-0200; issuer: Oceania Healthcare Limited.
- [Preserved original](/pdfs/2026%20-%20Oceania%20Healthcare%20-%20FY26%20Annual%20Report.pdf): 2026 - Oceania Healthcare - FY26 Annual Report.pdf.
- 109 physical pages, replacing 123; 6,485,417 bytes. Printed page 1 begins at physical page 3; printed page 106 is physical page 108. Cover, signed introduction and back cover are additional physical pages.
- SHA-256: `1080b21542932e43a52cab53f5662d20a2fa67f3b95c1235a70fd8d55d154f6a`.
- Original access: June 2026, retained without inventing an exact capture day.
- Evidence review: 10 October 2026, separate from reporting, approval, production, audit and publication dates.
- Reporting period: 1 April 2025–31 March 2026. Signed introduction: 22 May 2026 (physical p. 2); financial authorisation: 22 May (physical p. 34 / printed p. 32); EY audit: 22 May (physical p. 70 / printed p. 68).
- PDF production metadata: creation 21 May 2026 at 17:03:58 +12:00; modification 17:10:01. These are production clues, not the publication date.
- [Issuer archive](https://oceaniahealthcare.co.nz/investor-centre/reports-presentations/) links the [current annual-report PDF](https://api.oceaniahealthcare.co.nz/wp-content/uploads/2026/05/FY26-Annual-Report.pdf).
- [NZX issuer announcement](https://www.nzx.com/announcements/473127) published 22 May 2026 at 08:30 NZST; its public attachment payload identifies the [annual report](https://api.nzx.com/public/announcement/473127/attachment/469110/473127-469110.pdf), alongside separate market-release, presentation and results attachments.
- Issuer download, exchange attachment and exchange published SHA-256 signature all match the preserved original byte for byte. No original replaced. The Parliament source URL was a catalogue mismatch, not this report’s publisher.

## Substantive findings

Oceania Healthcare Limited’s Focused delivery: Annual Report 2026 covers 1 April 2025–31 March 2026. The signed introduction dates the report to 22 May; the financial statements and EY audit are also dated 22 May, and NZX published the annual-report attachment at 08:30 NZST that day. All 109 physical pages were inspected. Both the current issuer download and exchange attachment match the preserved June 2026 original byte for byte; the access label is retained separately from these source dates.

The portfolio snapshot reports 30 sites, 1,924 independent-living units, 1,115 care suites and 898 traditional care beds, approximately 3,900 residents and 2,200 staff. These mixed company categories are not a nationwide care-bed census. The leadership narrative describes nurse practitioner-led primary care, Meadowbank’s specialist dementia building, seven site divestments and 71 completed units/suites. Its 81-unit FY2027 programme and proposed home-care pilots remain plans at publication. Care occupancy of 93.5% excludes development sites and divestments; the separate three-year table uses differently labelled 93%/96% occupancy rows, which are not reconciled here.

Resident NPS was +33 under a revised method including both village and care residents, without a respondent count/rate provided here. The 79.5% wellbeing indicator concerns eligible assessed long-term care residents and excludes respite; it combines five equally weighted domains rather than measuring the proportion of all residents in good health. Staff engagement was 70% with 65% survey participation. Reported retention fell from 77.4% to 71.6% for all employees and from 77.5% to 72.2% for clinical employees; these aggregate measures do not establish site staffing or clinical safety.

Audited profit after tax was $0.119 million versus $30.415 million, while total comprehensive income was $75.018 million, including $75.403 million of net property, plant and equipment revaluation gains. Proforma underlying EBITDA of $97.747 million is non-GAAP and removes the Wesley nursing institute’s closure effect; underlying earnings are not cash flow. Statutory operating cash inflow of $169.363 million includes new ORA receipts and outgoing repayments, whereas the separately defined non-GAAP free cash flow from operations was a $15.0 million outflow. EY’s financial opinion covers printed pages 32–66 and expressly excludes the wider narrative.

The final section is voluntary selected climate disclosure, expressly not prepared under the New Zealand Climate Standards. It reports limited assurance separately for emissions and sustainability-linked loan metrics. Market-based Scope 1/2 emissions fell 20% while location-based emissions rose 1%; lower total emissions also reflect development phasing and portfolio exits. The report changes its forward independent-living design commitment from Homestar 7 to Homestar 6 v5, incorporated in loan targets from FY2028. Use this source for dated operator comparisons and questions about care access, staffing, fees and resilience, with current contracts, certification and site availability checked separately.

## Facts and original references

Unless marked physical, references below are printed page numbers. Add two to obtain the physical page.

- 109 physical pages, replacing the catalogue’s 123. Reporting period: 1 April 2025–31 March 2026; signed report/financial authorisation/EY audit: 22 May 2026; exchange publication: 22 May at 08:30 NZST (physical pp. 2, 34, 70; NZX payload).
- The issuer PDF and NZX attachment independently match the retained original: 6,485,417 bytes; SHA-256 1080b21542932e43a52cab53f5662d20a2fa67f3b95c1235a70fd8d55d154f6a. The original June 2026 access label is unchanged.
- The FY2026 portfolio contains 1,924 units, 1,115 care suites and 898 care beds, totalling 3,937 mixed accommodation types across 30 sites; approximately 3,900 residents and 2,200 staff are rounded company figures (printed pp. 2, 30).
- Trading highlights give 93.5% care occupancy excluding development sites and divestments, versus 94.5% in FY2025. Printed p. 30 separately reports 93% occupancy and 96% excluding development sites; their scopes are not reconciled in this review (printed pp. 3, 30).
- Resident NPS +33 uses a revised Carepage method including both care and village residents and a stated +36 Australasian benchmark. No respondent count/rate is supplied here; do not treat this as a directly comparable prior-year clinical outcome (printed pp. 3, 13).
- The 79.5% care wellbeing result covers eligible assessed long-term residents, excludes short-term respite, and combines connection, comfort, engagement, health stability and resident-reported wellbeing with equal weights; it is not 79.5% of all residents being healthy (printed p. 13, footnote 1).
- First Culture Amp staff survey: 70% engagement with 65% participation. FY2026 retention was 71.6% for all employees versus 77.4%, and 72.2% for clinical employees versus 77.5%; no site staffing ratios follow from these measures (printed pp. 17–18).
- Oceania reports nurse practitioner-led in-house primary care and Meadowbank’s specialist dementia opening, while preparing service pilots at The Helier, Meadowbank, Lady Allum and The Sands. Pilot plans do not establish current universal home-care access (printed pp. 9–10, 13).
- FY2026 completion: 31 Franklin villas and 40 Meadowbank care suites, a mixed 71. Expected FY2027 delivery was 28 Franklin villas, 23 Bream Bay villas and 30 Elmwood conversions, a mixed 81 rather than 81 new ARC beds (printed pp. 3, 7, 9).
- Seven divested sites generated $51.1 million proceeds; the final Wesley Institute of Nursing Education course concluded in April 2025. These portfolio/business changes affect period comparisons (printed p. 36, note 1.3).
- Audited statutory profit after tax was $0.119 million versus $30.415 million; a $7.710 million pretax loss was offset by a $7.829 million tax benefit. Total comprehensive income of $75.018 million includes $75.403 million net PPE revaluation gains (printed p. 32).
- Underlying EBITDA $97.414 million and proforma underlying EBITDA $97.747 million are distinct non-GAAP amounts. The latter adjusts for Wesley closure; proforma underlying NPAT was $64.073 million. The definitions warn that underlying earnings are not cash flow and may differ across companies (printed pp. 30, 39–40).
- Statutory operating cash inflow was $169.363 million, including $336.225 million new ORA receipts and $108.572 million outgoing ORA payments. Non-GAAP free cash flow from operations was a $15.0 million outflow, with development sales/buybacks and maintenance/lease adjustments defined separately (printed pp. 4, 33, 55).
- The report records a $4.635 million Holidays Act remediation expense/provision, including $3.863 million of prior-period costs excluded from underlying earnings. Exact employee amounts and a repayment plan were still being determined; this is not proof repayments completed (printed pp. 36, 40, 62).
- Refundable ORA liabilities were $1,258.407 million after contractual fee adjustments. The notes connect refunds to termination/vacation and subsequent resale; their on-demand accounting maturity classification does not promise payment within 12 months to every resident (printed pp. 52, 65).
- EY’s unmodified financial opinion covers printed pp. 32–66; it explicitly excludes assurance over the wider annual-report narrative and climate information under that opinion (printed pp. 67–68).
- The climate section is voluntary selected disclosure, expressly not a statutory climate statement and not prepared under NZ Climate Standards. The report separately describes limited assurance over emissions and sustainability-linked loan metrics; the assurance reports themselves are separate archive documents (printed pp. 19, 89, 97, 99).
- Market-based Scope 1/2 emissions fell 20% year on year; location-based Scope 1/2 rose 1%. Overall reductions reflect capital-goods completion timing, portfolio exits and methodology as well as operating changes, limiting simple provider comparisons (printed pp. 100–102).
- FY2026 design target was Homestar 7 v5, but the report lowers the forward independent-living commitment to Homestar 6 v5 and incorporates it in sustainability-linked loan targets from FY2028. Design aspirations must not be conflated with completed certification at all sites (printed p. 106).

## Sections reviewed

- Signed report identity, year-in-review and trading highlights (physical pp. 2–5; printed pp. 1–3).
- Chair and CEO letters: divestments, capital discipline, nurse practitioner-led care and proposed service expansion (physical pp. 6–12; printed pp. 4–10).
- 2027–2031 strategic framework; connected care, inspired living, workforce, material impacts and value creation (physical pp. 13–26; printed pp. 11–24).
- Board biographies and skills; three-year metrics and Wesley-adjusted proforma earnings (physical pp. 27–32; printed pp. 25–30).
- Consolidated financial statements and notes: segments, revenue, valuations, resident ORAs, borrowings, tax, employee remediation and commitments (physical pp. 33–68; printed pp. 31–66).
- EY financial audit opinion and explicit other-information exclusion (physical pp. 69–70; printed pp. 67–68).
- Remuneration, gender pay analysis, corporate governance, statutory disclosures and holder tables (physical pp. 71–86; printed pp. 69–84).
- Enterprise risk, clinical oversight, HealthCert audit processes, privacy and health/safety (physical pp. 87–89; printed pp. 85–87).
- Voluntary climate report: scenarios, transition plans, emissions inventory, exposure methods and revised targets (physical pp. 90–108; printed pp. 88–106); cover/back cover also inspected.

## Uses and questions for residents and researchers

Compare Oceania’s FY2026 care/village business model, survey denominators, workforce retention, resident-liability accounting and property assumptions against other operators on a like-for-like basis. Keep care beds, care suites and independent-living units separate; follow the financial reconciliation and distinguish completed developments from forecasts. Use reported nurse practitioner provision and proposed home-care pilots to frame site-specific questions about eligibility, costs, hours, escalation and continuity rather than promise access.

- Ask the chosen site to confirm available care levels, nurse practitioner access, referral arrangements, charges and escalation pathways. The FY2026 care-continuum narrative does not guarantee a bed, funded access or service at every site.
- Check the current admission agreement and ORA with independent advice: the financial notes describe provider accounting, including deferred fees and resale-dependent refunds, rather than certify an individual’s present contract rights.
- Treat NPS and eligible-resident wellbeing as different measures, and ask for recent site-level feedback and certification information; neither aggregate score proves clinical safety for an individual.
- Confirm whether home-care pilots or future development have actually opened. The report’s proposed four-site pilots and FY2027 programme were forward-looking at 22 May 2026.

## Policy and operator comparison implications

- The report illustrates a commercial model combining care fees, premium accommodation charges, deferred management fees and village services; aggregate financial reporting does not establish resident affordability or subsidy entitlement.
- The report’s statement that about 80% of its portfolio is offered under ORAs, compared with 32% in FY2017, is company portfolio context, not a national tenure trend (printed p. 8).
- Use retention, respondent participation and assessed-resident inclusion criteria when discussing workforce and wellbeing; this is operator evidence without a national comparator or causal evaluation.
- The May report’s anticipation of Ministerial Advisory Group recommendations is historical advocacy, not evidence of later government acceptance, enacted funding reform or implementation.
- Do not substitute comprehensive income or adjusted EBITDA for statutory profit or cash. Note 2.1 supplies underlying reconciliations; printed p. 30 supplies the separate Wesley closure adjustment.
- Seven divestments and new capacity change the portfolio composition; compare period metrics before attributing changes solely to operating performance or care quality.
- Property valuations use Level 3 assumptions and sensitivities. ORA receipts, resident liabilities, resale timing and development commitments matter alongside headline asset values.
- Climate comparisons require market/location-based methods, development completion timing and operational-control boundaries. The voluntary climate narrative is outside the financial audit opinion.

## Evidence boundaries and unresolved differences

Historical issuer report for 1 April 2025–31 March 2026, dated and released 22 May 2026, with original June 2026 access retained. All 109 physical pages were inspected; issuer and exchange originals match retained bytes and hash. Review on 10 October establishes edition identity and accurately attributed report content, not current vacancies, staffing, certification, costs, governance appointments, clinical outcomes, refund rights or subsequently delivered projects. Rounded mixed portfolio counts, adjusted/excluded-site occupancy, revised NPS without response counts, eligible long-term wellbeing excluding respite and 65% staff survey participation require their own denominators. Distinct occupancy rows are retained without inventing a reconciliation. Audited statements and the financial opinion have a defined scope; non-GAAP measures, estimates, leadership assertions, voluntary climate narrative and future plans must be read separately. The report describes limited assurance for selected sustainability metrics, with separate archive reports not independently reviewed in this pass. Financial/ORA notes are provider accounting rather than current legal guidance. Climate scenarios are plausible tests rather than predictions; emissions depend on method, divestments and construction phasing. No independent site clinical evaluation, valuation-model replication, current regulatory-law audit or later project/pilot verification was performed. Company statements on 2026 reforms remain publication-time context, not enacted policy or entitlement.

The review retains printed p. 3’s 93.5% care occupancy with its development/divestment exclusion separately from p. 30’s 93% occupancy and 96% excluding development sites. Their precise denominators and period calculation are not reconciled here. The NPS respondent count/rate is not supplied in the reviewed narrative, so +33 does not establish a representative clinical-quality comparison. Staff survey participation is supplied and kept explicit; the clinical retention definition is not expanded into a staffing ratio.

The report’s printed p. 100 emissions table contains rounded components and notes that totals may differ by 1 tCO₂e. Retain the issuer’s market/location-based distinction rather than silently deriving a new headline from rounded rows. Printed p. 106’s narrative changes the forward Homestar commitment to 6 v5; the table retains the FY2026 design target of 7 v5. Historical target, reported design/certification and future commitment are separate.

The live issuer/exchange checks verify identity and availability on 10 October, not later results or implementation. The report’s dates and historical roles are not refreshed to the review day. Current local certification, care access, fees, employment remediation and contractual rights need their own primary checks. Separate limited-assurance reports referenced by the annual report were not read in this pass; no blanket assurance over resident experience or clinical outcomes is inferred.

All 109 extracted page texts/hashes, primary captures, precise exchange attachment metadata, date kinds, catalogue corrections and 11 visually inspected page proofs are retained in `artifacts/research/oceania-fy26-source-audit-2026-10-10.json`.

Copyright remains with Oceania Healthcare Limited. Publicly hosted issuer report; no open reuse licence identified. This companion provides attributed research notes while preserving the original.