# Findings Report: Summerset Latest **Date:** 7 June 2026, 17:14 NZST **Prompt:** #6 — Summerset Latest **Category:** Provider Watch **Prompt Folder:** 11_Market_and_Industry_Reports --- ## What Was Searched - `Summerset Group investor announcement quarterly 2026 NZX site:summerset.co.nz OR site:nzx.com` - `Summerset Group results 2026 annual half year financial` - `Summerset Group NZX announcement 2026` - Individual NZX announcement pages extracted for detail --- ## What Was Found — HIGH VALUE ### 1. FY25 Full Year Results (Announced 27 Feb 2026) **Source:** NZX Announcement 468297 — https://www.nzx.com/announcements/468297 **Date accessed:** 7 Jun 2026 Summerset posted a strong full-year result for the year ending 31 December 2025: | Metric | FY25 | Change | | -------------------------------- | --------- | ------------------------------------------------ | | Underlying profit | NZ$234.2M | **+13%** | | IFRS net profit | NZ$259.7M | -22% (lower house prices impacting revaluations) | | Total revenue | NZ$361.8M | +13% | | Total assets | NZ$9.2B | +15% | | Total sales of occupation rights | 1,560 | **+26%** | | New homes delivered (NZ) | 637 | Within guidance (600-650) | | New homes delivered (AU) | 56 | Within guidance (50-80) | | Development margin | 27.8% | Down from 28.9% | | Final dividend | 13.2cps | Total FY25: 24.5cps | | Net Tangible Assets per share | NZ$13.75 | +$1.32 | **Key operational highlights:** - Care EBITDA improved significantly to NZ$18.8M (from $2.7M in FY24) — driven by selling care rooms under ORA - #1 brand consideration among core audience since April 2025 - Village satisfaction 91%, Care satisfaction 89%, Staff retention 84% - Uncontracted resale stock decreased to 2.7% of portfolio (from 3.0% at FY24) ### 2. 4Q25 Metrics — Sales of Occupation Rights (Announced 20 Jan 2026) **Source:** NZX Announcement 466132 — https://www.nzx.com/announcements/466132 **Date accessed:** 7 Jun 2026 - **448 sales** in Q4 2025 (207 new sales + 241 resales) — a record quarter - Strong performers: Summerset Boulcott, Summerset by the Dunes Pāpāmoa, St Johns, Pohutukawa Place - Record full year FY25 result of 1,560 settlements (+26%) - Chirnside Park (Australia) — 50% of first 28 homes presold within weeks - 2.7% of portfolio uncontracted at year-end ### 3. 1Q26 Metrics — Sales of Occupation Rights (Announced 7 Apr 2026) **Source:** NZX Announcement 470509 — https://www.nzx.com/announcements/470509 **Date accessed:** 7 Jun 2026 - **365 sales** in Q1 2026 (177 new + 188 resales) - New sales up **34%** vs Q1 2025; resales up **19%** - CEO Scott Scoullar: "pleased with the momentum... carrying a solid pipeline into Q2" - New village centres opened at Cambridge and Waikanae - **Middle East conflict impact monitoring:** - No material impact on sales or demand yet - Sales contracts up ~13% in last 4 weeks vs YTD average - Highest March ever for customer enquiry - No material construction cost impacts yet - Planning scenario responses (EV fleet, reduced air travel, cost focus) - Strong balance sheet with headroom in banking facility - Build rate guidance: 650-700 NZ + 100-150 Australia in 2026 ### 4. Investor Day Presentation (4 May 2026) **Source:** NZX Announcement 472036 — https://www.nzx.com/announcements/472036 **Date accessed:** 7 Jun 2026 - Held at **Cranbourne North, Victoria** — Summerset's first Australian village - **Sales performance post-Middle East crisis:** Overall contracting remains consistent - Weekly average new sales up 1 unit, resales down 1 unit (mix shift) - ~420 units delivered YTD (of 750-850 full year guidance) - Uncontracted resale stock continues to track down — now at **2.4% of portfolio** - **Cost inflation impacts:** - Construction cost escalation ~1.3% ($1.9M across recent tenders) - Civils/earthworks highest at 2.4% - Operational costs up ~6% (food, medical supplies — annualised ~$1M) - Balance sheet levers available if conditions deteriorate ### 5. Annual Meeting (21 Apr 2026) **Source:** NZX Announcement 469566 — https://www.nzx.com/announcements/469566 & Newsroom article **Date accessed:** 7 Jun 2026 - Chairman Mark Verbiest: $548.2M net cash from operating activities (up from $443.2M in FY24) - Share price hit **6-year low of $7.90** in late April (from $12.30 at start of 2026 = 35% decline) - Currently trading at ~$8.06 (5 Jun 2026) ### 6. Sector Context — Newsroom Analysis (28 Apr 2026) **Source:** https://newsroom.co.nz/2026/04/28/growing-economic-headwinds-buffet-retirement-sector-shares/ **Date accessed:** 7 Jun 2026 - **Craigs Investment Partners (Stephen Ridgewell):** Summerset has underperformed the sector recently due to forward interest rate pricing and oil price shock - Summerset's high-growth strategy (NZ + Australia) contrasts with Ryman's debt-funded model - Market now **undersupplied**: build rates halved from 3,500/yr (2022/23) to ~1,500/yr - Estimated underlying demand: 2,000-2,500 units/yr - Risk: unsold resales must settle within 6 months; new builds can be scaled back but resales cannot ### 7. Current Share Price & Market Data - NZX ticker: SUM (NZX50 company) - Current price: **$8.06** (down 0.49% intraday, 5 Jun 2026) - 52-week change: significant decline - 244M shares on issue --- ## KB Action ### HIGH VALUE — New content to add to KB: #### 1. Create Source Brief **File:** `11_Market_and_Industry_Reports/2026-06-07_Summerset - Market Update - FY25 Results and 1Q26.md` **Content:** Summary of all findings above with source URLs and key data points #### 2. Update KB Index (00_KNOWLEDGE_BASE_INDEX.md) - NZ-026 currently references "Summerset Annual Report 2024" — update to add new row for FY25 annual report and this market update - The FY25 Annual Report PDF is already downloaded as `2025 - Summerset - Annual Report.pdf` in 11_Market_and_Industry_Reports #### 3. Cross-link to existing content - Links to the Provider Market Refresh Tracker (`2026 Provider Market Refresh Tracker.md`) - Links to the Provider Comparison Matrix (`2026 Provider Comparison Matrix - Financial Operational and Care Risk.md`) - Links to Ryman Healthcare Source Brief (`2026-06-08_0300_Prompt05_RymanHealthcareLatest.md`) ### Folders for new/changed files: - `11_Market_and_Industry_Reports/` --- ## Sources Summary | # | Source | URL | Date | | --- | ----------------------------------- | --------------------------------------------------------------------------------------------- | ------------------- | | 1 | NZX — FY25 Full Year Results | https://www.nzx.com/announcements/468297 | 27 Feb 2026 | | 2 | NZX — 4Q25 Metrics | https://www.nzx.com/announcements/466132 | 20 Jan 2026 | | 3 | NZX — 1Q26 Metrics | https://www.nzx.com/announcements/470509 | 7 Apr 2026 | | 4 | NZX — Investor Day Presentation | https://www.nzx.com/announcements/472036 | 4 May 2026 | | 5 | NZX — Annual Meeting Notice | https://www.nzx.com/announcements/469566 | 21 Apr 2026 | | 6 | Newsroom — Sector Analysis | https://newsroom.co.nz/2026/04/28/growing-economic-headwinds-buffet-retirement-sector-shares/ | 28 Apr 2026 | | 7 | NZX — SUM Instrument Page | https://www.nzx.com/instruments/SUM | 5 Jun 2026 | | 8 | Summerset — Reports & Presentations | https://www.summerset.co.nz/investor-centre/reports-and-presentations/ | Accessed 7 Jun 2026 |