# Radius Care — Financial Statements 2026 (FY26)

The retained “FY26 Annual Report” file is actually Radius Residential Care Limited’s 39-page audited financial-statements package for the year ended 31 March 2026, released on 13 May. It records care funding, employee costs, leases, resident liabilities and acquisition accounting; the separate 29 June annual report is a different source.

## Source identity and retained capture

- Catalogue ID: doc-0202; statutory issuer: Radius Residential Care Limited.
- [Preserved original](/pdfs/2026%20-%20Radius%20Care%20-%20FY26%20Annual%20Report.pdf): 2026 - Radius Care - FY26 Annual Report.pdf. Its filename is retained; the cover says **Financial Statements 2026**, not the full annual report.
- **39 physical pages**, replacing the incorrect catalogue count of 13. The cover is physical p. 1; physical and printed page numbers agree on pp. 2–39. Consolidated statements/notes occupy pp. 2–35; audit pp. 36–39.
- Original size: **716,577 bytes**; SHA-256: `30c5045425d54e3eacd3709f0d2c6b480e624a98f0cac769e0c297af4dcb0f2d`. Original access: **June 2026**, without inventing a capture day.
- Reporting period: year ended **31 March 2026**. Board authorisation: **13 May 2026** (p. 4); Baker Tilly Staples Rodway Auckland audit: **13 May 2026** (p. 39).
- [May results announcement](https://www.nzx.com/announcements/472508): **13 May 2026, 08:30 NZST**, as explicitly labelled in NZX’s public publication payload. The unlabelled rendered page header shows the preceding UTC-calendar day; it is not used as the New Zealand release date.
- [Issuer financial PDF](https://radiushealth.co.nz/wp-content/uploads/2026/08/RAD-FY26-Audited-Financial-Statements.pdf), linked from the [current issuer archive](https://radiushealth.co.nz/), is byte-identical to the original. The August upload directory is a hosting clue, not the publication date.
- [May NZX audited-financial attachment](https://api.nzx.com/public/announcement/472508/attachment/468249/472508-468249.pdf): 39 pages, 1,175,634 bytes, SHA-256 `ad66475ba4fa12148be884c94278410c85efbd98662aa9b8165ea027f9d9a37e`, matching the exchange-published signature. Different bytes from the retained file; extracted text is identical on all 39 pages. This does not certify identical visual encoding.
- PDF creation/modification metadata: 13 May 2026 at 07:40:08/07:40:13 +12:00. These are production clues, separate from release, reporting and access dates.
- Primary evidence review: **10 October 2026**; not a new publication date or a verification of subsequent operating outcomes.

## Separate June annual-report edition

The [full annual report](https://radiushealth.co.nz/wp-content/uploads/2026/08/Radius-Care-Annual-Report-2026.pdf) is a different 44-physical-spread file (5,117,223 bytes; SHA-256 `0be2e21a73e8c86e98b137fb54c9200b81f7cb3fd93b5a2de5d187c25dcd03cc`). Its cover reads “Exceptional People / Exceptional Care / Annual Report 2026”. The signed contents spread explicitly dates it **29 June 2026**; the [June NZX release](https://www.nzx.com/announcements/475175) public payload gives **29 June, 08:30 NZST**. Its [exchange attachment](https://api.nzx.com/public/announcement/475175/attachment/471511/475175-471511.pdf) also has 44 physical spreads but different bytes, separately hashed in the audit. Neither replaces the preserved May financial package.

The separate June narrative reports care-home occupancy, workforce and service information. This review checked its cover, contents/date and introductory narrative for the edition distinction; it did **not** perform a full clinical/workforce review of that annual report or import its figures into this original’s findings. The issuer’s news-card date for the annual report is anomalously “30 April 2006”; the explicitly dated report and NZX release are used instead. The previous Parliament URL did not identify this corporate publication.

## Substantive findings

Radius Residential Care Limited’s Financial Statements 2026 consolidate its New Zealand aged-care group for the year ended 31 March 2026. The original has 39 physical pages, including the financial statements on pages 2–35 and Baker Tilly Staples Rodway Auckland’s audit on pages 36–39. Its retained annual-report filename does not identify the full annual report subsequently released on 29 June 2026.

The group reports NZ$202.279 million total revenue, including $2.181 million deferred management fees; $14.339 million profit before tax; and $10.053 million total profit after tax. Profit attributable to owners is $9.457 million, with $0.596 million attributable to non-controlling interests. Operating cash inflow is $25.121 million, and includes retirement-village occupation-right receipts and repurchases. These measures differ from the unaudited AFFO and underlying earnings reported in separate results material.

The revenue note reports $175.805 million rest-home, hospital and dementia fees, $12.156 million accommodation supplements, and $118.1 million Health New Zealand subsidies included in care fees and services. Employee costs are $123.048 million; this financial measure supplies no headcount, staff-to-resident ratio, turnover rate or evidence of clinical outcomes. Leasing and resident liabilities matter to comparisons: the balance sheet carries $71.564 million borrowings, $141.512 million lease liabilities and $38.906 million refundable occupation-right agreements.

Notes explain the St Allisa acquisition and immediate related-party property sale and leaseback, property valuation assumptions, workforce-related businesses, cash-flow risks and post-balance-date commitments. As of the 13 May authorisation, Karori’s $13.6 million acquisition remained conditional with settlement expected on 26 May. The financial audit covers fair presentation of the statements, not the separate annual narrative, site clinical quality, current care availability or investment suitability.

## Facts with original page references

All original references below are both physical and printed page numbers, except the unnumbered cover. All monetary figures are New Zealand dollars; source tables are in thousands unless the narrative uses millions.

- Identity: the preserved annual-report filename contains Financial Statements 2026, 39 physical pages; statement pages 2–35 and audit pages 36–39. The distinct full annual report was released 29 June 2026 (separate NZX announcement 475175).
- Period and dates: year ended 31 March 2026; financial authorisation and Baker Tilly Staples Rodway Auckland audit dated 13 May 2026 (pp. 4, 39). NZX announcement 472508 published 13 May at 08:30 NZST; June 2026 access remains the original capture label.
- Total group revenue NZ$202.279m versus $177.415m in FY2025 includes $2.181m deferred management fees. Total revenue and other income is a different $205.515m measure (p. 2).
- FY2026 profit before tax $14.339m; group profit after tax $10.053m; owners $9.457m and non-controlling interests $0.596m. Total comprehensive income $15.783m also includes other comprehensive income (p. 2).
- Net operating cash inflow $25.121m versus $20.053m; the cash-flow statement includes occupation-right receipts $7.575m and repurchases $4.791m, plus $3.496m income tax paid (pp. 5–6). This is not a disclosed AFFO measure.
- Rest-home, hospital and dementia fees $175.805m; accommodation supplements $12.156m; village fees $1.272m; external catering revenue $5.791m, all FY2026 consolidated revenue categories (p. 9).
- Health New Zealand aged-care subsidies $118.1m versus $104.8m in FY2025 are included in care fees and services, not additional revenue or a per-resident amount (p. 9).
- FY2026 employee costs $123.048m versus $106.282m; closing annual-leave provisions $8.411m and other employee entitlements $7.779m. No headcount, full-time-equivalent or turnover denominator accompanies these amounts (pp. 2, 26).
- At 31 March 2026: total assets $374.393m, borrowings $71.564m, lease liabilities $141.512m and refundable occupation-right agreements $38.906m (p. 4). Borrowing and lease liabilities are separate obligations.
- Investment-property carrying value $80.492m incorporates resident liabilities and other adjustments; operator’s interest is $30.849m. Valuation inputs are judgement-dependent, not an estimate of available cash (pp. 11–12).
- Leased right-of-use assets $125.570m and discounted lease liabilities $141.512m; undiscounted contractual lease cash flows $262.647m over their maturity bands. FY2026 lease cash outflow $9.726m includes $6.898m interest (p. 17).
- St Allisa assets/business acquired 30 May 2025: purchase consideration $14.623m; land/buildings sold to related-party Warehouse Storage Limited for $13.6m and immediately leased back for 30 years with two 10-year renewal options (pp. 29–30).
- St Allisa contributed $7.8m revenue and $0.2m loss before tax from 30 May 2025 to 31 March 2026. The note’s hypothetical full-year $9.3m revenue/$0.3m loss is pro forma, not the actual consolidated contribution (p. 30).
- One operating segment is reported: aged care within New Zealand (p. 8). The subsidiary list identifies 51%-owned Cibus Catering and wholly owned R Connect staffing services, without quantified staffing outputs (p. 27).
- Resident refundable occupation-right liability is $54.907m gross less $16.001m accrued management fees, yielding $38.906m net. Expected maturity and liquidity classification are accounting disclosures, not guaranteed refund deadlines (pp. 15–16, 33).
- Capital commitments at 31 March 2026 were $2.7m. As of 13 May, the $13.6m Karori care-home acquisition was conditional on usual regulatory approvals with settlement expected 26 May; the original does not prove completion (p. 35).
- Baker Tilly’s unmodified financial opinion covers consolidated statements pp. 2–35. Key audit matters are property valuation and St Allisa acquisition/sale-and-leaseback accounting; no separate opinion on the key matters or assurance over annual-report other information is provided (pp. 36–39).

## Sections reviewed

- Cover and consolidated income, equity, financial-position and cash-flow statements (physical pp. 1–6).
- Reporting entity, NZ IFRS/IFRS basis, estimates and single New Zealand aged-care operating segment (pp. 7–8).
- Care/village revenue, Health NZ subsidies, accommodation supplements, deferred management fees and expenses (pp. 9–10).
- Investment property, care property, refundable occupation rights and leases, including valuation and maturity assumptions (pp. 11–17).
- Capital, non-controlling interests, dividends, borrowings, covenants and interest-rate swaps (pp. 18–21).
- Tax, goodwill, receivables, employee entitlements, subsidiaries and related parties (pp. 22–29).
- St Allisa acquisition, incentive plan, Cibus non-controlling interests and financial risks (pp. 30–34).
- Contingencies, commitments and subsequent events (p. 35); independent financial audit and assurance limitations (pp. 36–39).

## Practical uses and questions

Use as a historical financial baseline for care funding, payroll cost, property/lease models and resident liability questions. Read the notes alongside the statements and separate group/owner profit, accounting valuation, cash flow and non-GAAP measures. Seek the distinct June annual report for operator care/workforce narrative and independent, current site evidence before making service or safety comparisons.

- Use the care fee/subsidy disclosure to frame questions about standard care charges, accommodation supplements and separately contracted services; confirm current personal eligibility and fees with the relevant agency and provider.
- Refundable occupation-right liabilities and accounting maturity tables are not guaranteed refund dates. Check the individual agreement and current primary guidance with an adviser.
- This retained package contains no care-home occupancy rate, resident survey, staff turnover rate or current vacancy list. Financial assurance should not be read as an independent clinical-quality assessment.

## Policy and provider-comparison implications

- Health NZ subsidies are a provider revenue disclosure for FY2026, not a resident subsidy entitlement or a national funding total.
- Employee costs and reported leave/employee provisions can inform historical workforce-cost questions; they cannot establish staffing adequacy, pay compliance or retention.
- Property valuations, lease accounting and acquisition scope affect comparisons between providers; growth in company earnings does not demonstrate improved clinical outcomes.
- Compare the $10.053m group profit with the $9.457m owner-attributable amount; do not substitute unaudited AFFO/underlying EBITDA or comprehensive income for statutory profit.
- Keep borrowings, discounted lease liabilities and undiscounted contractual cash flows distinct; retirement-village investment-property carrying value is not the operator’s net interest.
- St Allisa contributed only from 30 May 2025; its hypothetical full-year contribution and expected Karori settlement are not realised FY2026 results.
- The financial audit’s key matters concern property valuation and St Allisa acquisition/sale-and-leaseback accounting. They provide neither a separate opinion on each estimate nor an investment recommendation.

## Evidence and assurance boundaries

Historical issuer financial statements for the year ended 31 March 2026, authorised/audited/released 13 May. All 39 original pages reviewed; the annual-report filename is retained as capture provenance, but the full June annual report is a separate 44-spread edition. The live issuer financial PDF is byte-identical to the original. The May NZX attachment has different bytes but identical extracted text on all 39 pages; text equality does not certify identical visual encoding. Publisher access and URL hosting paths do not create a new publication date. Baker Tilly’s financial opinion applies to pp. 2–35 and excludes other information; it does not audit clinical quality, workforce adequacy or all narrative claims. Group and owner profits differ; payroll costs are not headcount; valuation inputs are estimates; lease cash-flow maturity and ORA accounting classifications are not legal deadlines. Page 34 reports lease liabilities $141.517m while pp. 4/17/32 report $141.512m; retain the latter explicitly with references rather than silently reconcile the source. The review does not replicate the valuation model or establish current fees, personal funding eligibility, contractual validity, clinical certification, employment compliance, later projects/acquisitions or service availability. Separate June-report care/workforce narrative and non-GAAP results are not imported as original-package findings.

The retained package’s audit opinion is unmodified, with key matters addressing estimates/transaction accounting as part of the financial statements as a whole. The auditor states that the annual-report other information was expected after its audit date and is outside the financial opinion (p. 38). Reasonable assurance is a high level of assurance, not a guarantee of detecting every material misstatement (p. 39). It is not a care-service certification.

The source has minor internal numerical differences that this review does not resolve: p. 34 prints lease liabilities of $141.517m while the balance sheet and lease note show $141.512m; the share-buyback prose/table on p. 18 contain different share counts. No new accounting reconciliation, legal conclusion or allegation is inferred; key facts name their source lines explicitly.

Employee costs, annual leave and incentive-plan amounts are financial disclosures, not staff-to-resident ratios or a workforce survey. The $118.1m subsidy disclosure is neither extra revenue beyond care fees nor an individual entitlement. Property valuation sensitivity is a model scenario, not a predicted loss. The St Allisa partial-year contribution and hypothetical full-year result are distinct. Karori’s expected May settlement and the declared June dividend remain statements as of authorisation, not proof of completion/payment. Current services, roles, clinical certification, fees, refund rights and vacancies require separate primary checks.

All 39 retained page texts/hashes, exact issuer/exchange captures and dates, catalogue corrections, scoped checks and 11 visually inspected page proofs are recorded in `artifacts/research/radius-fy26-annual-source-audit-2026-10-10.json`.

Issuer material retains its original rights. This companion is a source-attributed research summary; preserved PDF bytes and capture history are unchanged.