# Radius Care Reports Earnings Growth and 50% Higher Dividend — FY26 Release

Four-page May 2026 issuer release on reported care occupancy, adjusted earnings, planned Karori acquisition, new-build care projects and home-support expansion; forecast capacity and promotional service claims require separate verification.

## Exact source and preserved capture

- Catalogue ID: doc-0204; issuer: Radius Residential Care Limited.
- Preserved original: [2026 - Radius Care - FY26 Media Release.pdf](/pdfs/2026%20-%20Radius%20Care%20-%20FY26%20Media%20Release.pdf).
- Physical pages: 4; bytes: 359,187.
- SHA-256: `310944f5ab0c8d204d542e831823b2ec030a78b8925bed1c6c9b25e179538446`.
- 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://api.nzx.com/public/announcement/472508/attachment/468247/472508-468247.pdf); [issuer announcement on NZX](https://www.nzx.com/announcements/472508).
- Original bytes independently matched to the current NZX attachment and its published SHA-256 signature.

Release date, exchange publication and PDF production: 13 May 2026; exchange time 08:30 NZST; financial year ended 31 March. Correct physical count: four, replacing six. The [migrated archive copy](https://radiushealth.co.nz/wp-content/uploads/2026/08/RAD-FY26-Media-Release.pdf) is 346,243 bytes with SHA-256 `9f5da0abfe0d513eee31d00688b9bf070519cd8852a0cd29431513402f5029a6`, different from the preserved and exchange original. All four extracted pages and all four rendered RGB pixel arrays match. This establishes the compared textual/visual content, without claiming byte identity. The 2026/08 directory is a hosting clue rather than a publication date.

## What the source says

Radius Residential Care Limited’s four-page release is dated 13 May 2026 and concerns the year ended 31 March 2026. NZX records publication at 08:30 NZST on 13 May; PDF production metadata has the same day. The exchange attachment matches the preserved June 2026 capture byte for byte. The migrated Radius Health archive copy has different bytes, although all four extracted pages and rendered page pixels match; both hashes are retained and the original remains unchanged.

The release reports annual average occupancy of 94.9%, up 2.1 percentage points, revenue of $202.3 million, net profit after tax of $9.5 million and operating cash flow of $25.1 million. Available Funds from Operations of $12.7 million and underlying EBITDA of $27.4 million are explicitly unaudited non-GAAP; reconciliation is located in a separate investor presentation, not this document. Its $31,100 care EBITDAR per bed uses a same-site adjustment excluding acquired/disposed homes in their first/last partial year.

At release the profile describes 24 care homes, 12 owned and 12 leased, with Karori’s 90 beds and 14 units expected to join later in May. It reports the March purchase of Belfast land and early earthworks, an approximately 80-villa staged plan, and proposed care expansion including Hokitika. Matamata and Clare House villa works have FY2027 completion expectations. None of those forward statements is evidence of delivered later capacity.

Home-support and rehabilitation expansion and the Luma continence range are company claims without client counts, funded eligibility, comparative trials or independently demonstrated care outcomes here. Use the release to understand the original operating story and ask targeted questions about staffing, fees, access and delivery. It is not a facility audit, current care directory, proof of completed acquisitions or investment recommendation.

## Findings and original page references

- Release and exchange publication: 13 May 2026 at 08:30 NZST; year ended 31 March 2026. The original is four physical pages, not six (pp. 1–4; exchange payload).
- Reported annual average occupancy was 94.9%, up 2.1 percentage points on FY2025. It is a company period-average measure, not a current facility vacancy or clinical-quality rate (p. 1).
- The company reports revenue $202.3 million, profit before tax $14.3 million, net profit after tax $9.5 million and operating cash flow $25.1 million. This release describes audited statements but does not contain the statements/opinion (pp. 1–2).
- AFFO means Available Funds from Operations: $12.7 million. AFFO and underlying EBITDA of $27.4 million are explicitly unaudited non-GAAP, with reconciliation directed to a separate investor presentation (p. 1 footnotes).
- Care EBITDAR per bed was reported as $31,100 on a same-site basis, excluding purchased/sold care homes during their first/last partial year; it is not a public funding rate or standard resident charge (p. 1 footnote 3; p. 2).
- At release, Radius describes 24 care homes: 12 owned and 12 leased, plus retirement living at four sites. Karori was expected to become its 25th care home on 26 May, not already part of the year-end portfolio (p. 4).
- Karori’s 90 beds and 14 units were expected to complete acquisition on 26 May 2026 and contribute from 27 May. These are original forecast milestones; completion was not independently verified in this review (pp. 2–3).
- Belfast land purchase was reported complete in March 2026 and bulk earthworks started; approximately 80 villas would be staged, and new hospital/dementia care construction was prospective rather than operating capacity (p. 2).
- The 80-bed Hokitika project and private-investor care pipeline were expansion plans. Six Matamata villas were under construction and six at Clare House were to start in 2026, with FY2027 completion expected (p. 3).
- Home support/rehabilitation expansion and Luma continence products are described without client counts, eligibility/funding rules or independent effectiveness data. They do not establish a funded service entitlement or clinical superiority (p. 3).

## Sections inspected

- Date, earnings, occupancy, people and measure footnotes (p. 1)
- Finance/capital, expected Karori acquisition and Belfast land (p. 2)
- Proposed care/villa developments, products, home support and outlook (p. 3)
- Historic issuer contacts and care/business profile (p. 4)

## Practical uses and questions

Use period-specific occupancy and portfolio reporting to formulate care-access questions; separate adjusted earnings, acquisition milestones and proposed development from completed capacity and independently evaluated services.

- Ask for current facility-specific vacancies, staffing, certification, care level and all charges; annual occupancy cannot answer those questions.
- Confirm home-support assessment, provider coverage, payment/funding arrangements and product suitability through appropriate current services.

## Implications for care research and operator comparisons

- Planned/acquired beds and villa counts do not automatically represent additional national ARC capacity or available funded placements.
- Home-support expansion in an issuer release does not establish individual funding, referral eligibility or national service coverage.
- Respect the same-site exclusion in per-bed adjusted metrics and keep them separate from statutory profit and care reimbursement rates.
- Track each acquisition, planning and construction milestone using subsequent evidence rather than count forecasts as delivered projects.

## Evidence boundary

Four-page issuer release, fully read and visually inspected; commercial primary evidence rather than independent clinical/sector evaluation. It reports audited results without reproducing statements/audit opinion. Separate investor-presentation reconciliation and financial statements were not fully reviewed in this scoped record audit. AFFO/underlying EBITDA are unaudited; care EBITDAR has a same-site partial-year exclusion. Portfolio and occupancy are dated company measures, not present-day vacancy/staffing/clinical guarantees. Karori settlement, villa/care developments and FY2027 growth are original forecasts; later completion is not established here. Belfast purchase/earthworks do not establish an open care home. Home-support claims omit client counts, eligibility, funding and independent outcomes; Luma claims have no comparative clinical proof here. Dividend headline is retained for source identity, without certifying tax calculations or recommending investments. Current NZX original bytes match; migrated issuer archive bytes differ, although all four page-text and rendered-pixel comparisons match. Preserve original PDF/name/category/June 2026 access. Review10 October 2026 is distinct from 13 May release and31 March reporting period. No inferred current roles, service entitlement 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.