# Summerset Group Holdings — Market Update **Compiled:** 7 June 2026 **Source:** NZX announcements (SUM), Newsroom analysis, Summerset investor centre **Status:** Current as of June 2026 --- ## Company Snapshot | Attribute | Detail | | -------------------------- | --------------------------------------------------- | | **NZX Ticker** | SUM (NZX50) | | **Share price** | $8.06 (5 Jun 2026) | | **CEO** | Scott Scoullar | | **Chairman** | Mark Verbiest | | **CFO** | Margaret Warrington | | **Villages** | 44 completed/under development | | **Assets** | NZ$9.2B | | **FY25 Underlying Profit** | NZ$234.2M (+13% vs FY24) | | **Land bank** | 5,499 retirement homes + 1,173 care homes (NZ & AU) | --- ## FY25 Full Year Results (Year Ended 31 Dec 2025) _Announced 27 Feb 2026. Source: [NZX 468297](https://www.nzx.com/announcements/468297)_ ### Financial Performance | Metric | FY25 | FY24 | Change | | ------------------------ | ----------- | ----------- | --------- | | Underlying profit | $234.2M | $207.2M | **+13%** | | IFRS net profit | $259.7M | $332.9M | -22% | | Total revenue | $361.8M | $317.5M | +13% | | Total assets | $9.2B | $8.0B | +15% | | Net cash from operations | $548.2M | $443.2M | +24% | | Development margin | 27.8% | 28.9% | -1.1pp | | Final dividend | 13.2cps | — | — | | **Total FY25 dividend** | **24.5cps** | **22.5cps** | **+8.9%** | | NTA per share | $13.75 | $12.43 | +$1.32 | ### Sales & Operational Performance | Metric | FY25 | Change | | -------------------------------- | ------ | -------------------------- | | Total sales of occupation rights | 1,560 | **+26%** | | New sales (ORA) | 805 | +16% (excluding care ORAs) | | Resales | 755 | — | | Care EBITDA | $18.8M | **+596%** (from $2.7M) | | New homes (NZ) | 637 | Within guidance | | New homes (AU) | 56 | Within guidance | | Village satisfaction | 91% | — | | Care satisfaction | 89% | — | | Staff retention | 84% | +3pp | ### CEO Commentary > "We've continued to achieve despite another year where the business environment and property market has been subdued. Summerset has lifted the value of the company by $1.32 per share to have an NTA per share of $13.75." Key drivers: - IFRS profit drop due to **lower median house prices** impacting portfolio revaluations - Sales mix shifted toward apartments and care suites, reducing development margin - Care EBITDA significantly improved via ORA conversion of care beds --- ## Quarterly Sales Trajectory | Quarter | New Sales | Resales | Total | Source | | -------------- | --------- | ------- | --------- | ------------------------------------------------------ | | Q3 2025 | — | — | 420 | [NZX 460164](https://www.nzx.com/announcements/460164) | | Q4 2025 | 207 | 241 | **448** | [NZX 466132](https://www.nzx.com/announcements/466132) | | **FY25 Total** | **805** | **755** | **1,560** | — | | Q1 2026 | 177 | 188 | **365** | [NZX 470509](https://www.nzx.com/announcements/470509) | **Trend:** Strong upward trajectory through FY25, continuing into Q1 2026 with new sales up 34% YoY. --- ## Q1 2026 Commentary — Middle East Conflict Impact _Source: [NZX 470509](https://www.nzx.com/announcements/470509), 7 Apr 2026_ - **No material impact on sales or demand** detected in Q1 - Sales contracts up ~13% in last 4 weeks vs YTD average - **Highest March ever** for customer enquiry - Contract cancellations unchanged - Build rate guidance maintained: **650-700 NZ + 100-150 AU** - Fuel/construction cost monitoring active; no material impact yet - Planning: EV fleet expansion, reduced air travel, scenario planning --- ## Investor Day (4 May 2026) — Key Updates _Source: [NZX 472036](https://www.nzx.com/announcements/472036)_ Held at **Cranbourne North, Victoria** — Summerset's first Australian village. **Post-Middle East Crisis Performance:** - Sales contracting remains consistent with pre-crisis levels - Mix shifted slightly: new sales +1 unit/week, resales -1 unit/week - ~420 of 750-850 full-year guidance already delivered YTD - Uncontracted resale stock: **2.4% of portfolio** (down from 2.7% at FY25 year-end) **Cost Inflation:** - Construction tenders: ~1.3% escalation ($1.9M across recent tenders) - Civils/earthworks: 2.4% — highest category - Operational costs: ~6% increase (food, medical supplies — ~$1M annualised) - Well-protected through procurement for most of this year's work programme **Balance Sheet:** - Multiple levers available if conditions deteriorate - No significant changes currently detected --- ## Share Price & Market Context _Source: [Newsroom](https://newsroom.co.nz/2026/04/28/growing-economic-headwinds-buffet-retirement-sector-shares/), 28 Apr 2026_ ### Share Price Trajectory - Opened 2026 at ~$12.30 - Hit **6-year low of $7.90** in late April 2026 - Currently: **$8.06** (as of 5 Jun 2026) - 2026 decline: -35% from start of year ### Analyst Commentary (Craigs Investment Partners) - Summerset has underperformed the sector in recent months - Forward interest rate pricing + oil price shock driving caution - Summerset is one of NZ's biggest builders (600+ units/yr), sensitive to cost pressures - Market **undersupplied**: build rates ~1,500/yr vs estimated demand of 2,000-2,500/yr - Risk: unsold resales must be settled within 6 months ### CEO Response to Share Price > "Our share price reflects broader market sentiment and investor caution around interest rates and housing markets rather than any change in the underlying quality of our business." --- ## Australia Expansion Progress | Site | Location | Status | | -------------------- | -------- | --------------------------------------------------------------------------------------------- | | **Cranbourne North** | Victoria | First village centre completed; aged care preparation underway (new Aged Care Act 1 Nov 2025) | | **Chirnside Park** | Victoria | First villas completed Q4 2025; 50% of first stage presold | | **Torquay** | Victoria | Construction underway | | **Oakleigh South** | Victoria | Construction underway | | **Mornington** | Victoria | Planning permit lodged (retirement village + assisted living + aged care) | First Assisted Living residents expected Q1 FY26, care from Q2 FY26. --- ## Annual Meeting (21 Apr 2026) **Key quote from Chairman Mark Verbiest:** > "In FY25 [Summerset] generated net cash from operating activities of $548.2 million, up from $443.2 million in FY24... reflecting the strength of our trading performance." --- ## Forward Outlook - **FY26 build guidance:** 650-700 NZ + 100-150 Australia - Focus on prudent balance sheet management (gearing reduced, further reduction expected) - Long-term cashflow from villages prioritized - FY26 half-year results due: **August 2026** (balance date 30 June 2026) - Scenario planning active for Middle East conflict / fuel price impacts --- ## Connecting to Existing KB - **Provider Comparison Matrix:** See `2026 Provider Comparison Matrix - Financial Operational and Care Risk.md` in this folder for cross-provider comparison - **Provider Market Refresh Tracker:** See `2026 Provider Market Refresh Tracker.md` in this folder - **Ryman Healthcare:** See `2026-06-08_0300_Prompt05_RymanHealthcareLatest.md` findings and `2026 - Ryman Healthcare - FY26 Annual Report.pdf` - **Oceania Healthcare:** See `2026 - Oceania Healthcare - FY26 Annual Report.pdf` in this folder --- ## Documents Available | Document | Source | | ------------------------------- | -------------------------------------------------------------------------------------------------- | | FY25 Annual Report (PDF) | Already in KB — `2025 - Summerset - Annual Report.pdf` | | FY25 Results Presentation | [NZX Download](https://api.nzx.com/public/announcement/468297/attachment/463399/468297-463399.pdf) | | FY25 Full Media Release | [NZX Download](https://api.nzx.com/public/announcement/468297/attachment/463397/468297-463397.pdf) | | 1Q26 Metrics Release (PDF) | [NZX Download](https://api.nzx.com/public/announcement/470509/attachment/466033/470509-466033.pdf) | | Investor Day Presentation (PDF) | [NZX Download](https://api.nzx.com/public/announcement/472036/attachment/467701/472036-467701.pdf) |