# Findings Report — Prompt 10: Metlifecare / Bupa / Heritage

**Date:** 8 June 2026, 06:30 NZST
**Prompt:** #10 — Metlifecare/Bupa/Heritage (Provider Watch)
**Category:** Provider Watch
**Value Rating:** 🔴 High — multiple new data points requiring KB updates

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## What Was Searched

1. **Companies Office (companiesoffice.govt.nz):** Annual returns and financial statements for Metlifecare Retirement Villages Ltd, Bupa Care Services NZ Ltd, Heritage Lifecare Ltd
2. **Metlifecare:** NZX announcements, investor centre, annual reports, news
3. **Bupa NZ:** NZ Herald, Bupa Group results, Bupa NZ website, Companies Office filings
4. **Heritage Lifecare:** Companies Office filings, Adamantem Capital, news, sector reports
5. **Cross-provider:** Industry press, E tū/CICTAR aged care funding report, ACA annual report

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## What Was Found

### 1. METLIFECARE — SIGNIFICANT NEW DEVELOPMENTS

#### HY26 Half-Year Results (announced 27 Feb 2026)

- **Total ORA sales:** $301.5M (+16.4% vs 1H25)
- **Operating revenue:** $133.4M (+10.9%)
- **NPAT:** $42.7M (−16.3% vs 1H25, due to lower fair value gains)
- **Total comprehensive income:** $90.1M (+76.6%, driven by care home revaluation gains of $47.6M)
- **Total assets:** $7.236B (up from $6.960B at June 2025)
- **Net tangible assets:** $2.507B
- **Net gearing:** 38.8% (broadly flat)
- **Bank refinancing completed:** $1.05B facilities extended, pricing optimised, +$100M increase

#### $400M Investment in 3 New Villages (announced May 2026)

- **Wānaka Peaks** (Wānaka): $200M, 95 ILUs, 20 care suites — stage 1 delivered May/June 2026
- **The Tides** (Mangawhai): $110M, 160 ILUs, 20 care suites — stage 1 delivered May/June 2026
- **North Ridge Village** (Rototuna, Hamilton): $90M, 77 ILUs, 22 care suites — stage 1 delivered May/June 2026
- CEO Earl Gasparich cites projected **23,000-unit supply shortfall** over 20 years
- **4 additional greenfield sites** targeted: Havelock North, Pukekohe, Napier, Whenuapai
- Post-completion: **39 villages** (from current 36), ~7,300 residents

#### Board Changes (announced 26 Feb 2026)

- **Paul McClintock** stepped down as Chair (effective 1 May 2026), served since Nov 2020
- **Murray Jordan** appointed Deputy Chair (Feb 2026), becomes Chair from 1 May 2026
- **Laurissa Cooney** appointed as Director (also director of Air NZ, Rabobank NZ, Goodman Property)
- **Sam Franklin** (Managing Director at EQT) remains on board

#### Manukau Golf Course Site Acquisition

- Conditional acquisition of **5.5-hectare site** within Manukau Golf Course, Manurewa, Auckland (reported on Yahoo Finance / NZ)

#### Key Corporate Context

- **Still NZX-listed** (ticker MET) — contrary to outdated assumptions. The EQT takeover (2021-2022) did **not** complete; Metlifecare remains publicly traded with EQT as a major shareholder
- **36 villages currently**, soon 39 — not ~20 as previously tracked
- **2,400+ employees**
- **Full Potential Plan (FPP)** has driven: 50% village increase, care in 69% of villages (from 40%), internal development scaled to 332 units/year
- SBTi science-based targets validated; winner of 2025 RVA Operator-Led Sustainability Award

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### 2. BUPA NZ — STRONG GROWTH AND EXPANSION

#### FY2025 New Zealand Financial Results (year to Dec 2025)

- **Pre-tax operating profit:** $76.7M (+52% vs FY24)
- **Revenue:** $366M (+6%)
- **Total pre-tax profit:** $63M (+97%)
- **Bottom-line profit:** $109M (+627% — includes property revaluations done every 3 years)
- **Aged-care resident fees:** $303M ($286M in FY24)
- **Scale:** 35 retirement villages + 40 care homes, 5,000+ residents
- **Occupancy:** 95% across Australia & NZ (NZ at 7-year high)

#### Major Development Pipeline

1. **Mangawhai Central** (Northland): 13-hectare site acquired with Alvarium Investments — purpose-built retirement village + care home. 1.5 hrs from Auckland, one of fastest-growing Northland towns
2. **Whitby** (Wellington): New development underway
3. **Parkstone, Christchurch:** Major redevelopment
4. **Riverstone, Palmerston North:** Major redevelopment
5. **Te Puke** (Tauranga): Major redevelopment

#### Awards & Recognition

- **Gold Winner — 2026 Reader's Digest Quality Service Awards** (Retirement Living)
- Ranked top in customer satisfaction survey (74% resident satisfaction overall)

#### Bupa Group FY2025 (Global, announced 5 Mar 2026)

- Group revenue: £18.2B (+11%)
- Underlying profit: £1,009M (+16%)
- Total customers: 67.8M (+11%)
- Aged care occupancy: 94% globally
- Solvency II: 187% (strong capital position)
- Bupa Asia Pacific: Revenue £6,316M (+6%), underlying profit £463M (+10%)
- NZ aged care at 7-year high occupancy

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### 3. HERITAGE LIFECARE — CEO CHANGE AND SCALE UPDATE

#### New CEO: Brent Pattison (appointed Feb 2025)

- Previously CEO of Oceania Healthcare
- Background in investment banking, corporate strategy, technology
- Described as focused on "growing with heart", maintaining local community connections
- Quote: "We're building something grounded and meaningful, with connection at the centre"

#### Current Scale (per Adamantem Capital Sustainability Report 2025)

- **42 Aged Residential Care Homes**
- **20 of 42 sites** offering retirement village units
- **2,400+ residents** (per CEO, ~2,200 per separate interview)
- Operations across both North and South Islands

#### Property Portfolio Changes

- **5 facilities sold** (per 2024 financial reports, noted in E tū/CICTAR report): Beachhaven, David Lange, Hayman, Hillsborough, Parkhaven
- These were noted as sold — likely as part of portfolio rationalisation
- The Centuria sale/leaseback deal ($291M, 2022) saw 38 properties sold and leased back on 30-year terms

#### Collective Agreement

- Heritage Lifecare / NZNO / E tū collective agreement: 1 August 2025 – 31 July 2026 (in KB as link)

#### Ownership

- Owned by **Adamantem Capital** (Australian private equity firm) — NOT HRL Morrison & Co
- Adamantem acquired Heritage in 2017
- Properties owned by **Centuria Capital Group** (ASX:CNI) via sale/leaseback since 2022

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## Source URLs (All Accessed 8 June 2026)

1. https://www.nzx.com/announcements/457742 — Metlifecare FY25 Results (29 Aug 2025)
2. https://www.nzx.com/announcements/468277 — Metlifecare Board Changes (26 Feb 2026)
3. https://www.nzx.com/companies/MET/analysis — Metlifecare HY26 Analysis Page
4. https://www.metlifecare.co.nz/investor-centre — Metlifecare Investor Centre
5. https://www.metlifecare.co.nz/news/market-slow-down-no-barrier — $400M 3 New Villages (11 May 2026)
6. https://nz.finance.yahoo.com/news/metlifecare-acquires-auckland-development-013545155.html — Manukau Golf Course site
7. https://www.nzherald.co.nz/property/bupa-operating-profit-jumps-52-to-767m-as-retirement-village-and-care-home-revenue-climbs/ — Bupa NZ FY25 Results
8. https://www.londonstockexchange.com/news-article/market-news/bupa-preliminary-results-2025/17488655 — Bupa Group FY25 Results (5 Mar 2026)
9. https://www.bupa.co.nz/life-at-bupa/news/retirement-village-and-care-home-mangawhai-central/ — Bupa Mangawhai Central announcement
10. https://adamantem.com.au/portfolio/heritage-lifecare/ — Heritage Lifecare ownership
11. https://adamantem.com.au/wp-content/uploads/2025/10/Sustainability-Report-2025.pdf — Adamantem Sustainability Report 2025 (Heritage scale)
12. https://www.simpsongrierson.com/insights-news/our-news/heritage-lifecare-deal-shows-desirability-of-nz-assets — Heritage Centuria sale/leaseback
13. https://www.topsouthnow.co.nz/news/68d4a78aa811a1fe1815990e — CEO Brent Pattison feature
14. https://www.heritagelifecare.co.nz/about-us/leadership-team — Heritage Leadership
15. https://etu.nz/wp-content/uploads/2025/05/Aged-residential-care-funding-report-2025-E-tu-and-CICTAR.pdf — E tū report (Heritage facility sales, Bupa tax)

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## KB ACTION — Files to Create/Update

### MUST UPDATE (high priority):

1. **`11_Market_and_Industry_Reports\2026 Provider Market Refresh Tracker.md`** — Update the following sections:
   - **Metlifecare section (### 3):** Major overhaul needed:
     - Ownership: "Still NZX-listed (MET) — EQT is major shareholder but takeover did NOT complete" not "taken private"
     - Villages: "36 villages (soon 39 via 3 new builds)" not "~20+"
     - Latest report: Add HY26 results reference
     - Development pipeline: "Major growth — $400M in 3 new villages, 4 additional greenfields" not "reduced pipeline"
     - Financial signals: Add FY25 NPAT $66.4M, HY26 $42.7M data
     - Board changes: Note new Chair Murray Jordan
   - **Bupa NZ section (### 7):** Update needed:
     - Latest financials: Add operating profit $76.7M, revenue $366M
     - Development pipeline: Add Mangawhai Central + 4 redevelopments
     - Occupancy: Add 95% (NZ 7-year high)
   - **Heritage Lifecare section (### 8):** Update needed:
     - Ownership: "Adamantem Capital" not "HRL Morrison & Co"
     - Scale: "42 ARC homes, 20 with RV units, 2,400+ residents" not "~25+"
     - CEO: Add Brent Pattison (appointed Feb 2025)
     - Pipeline: Add facility sales (5 sites sold)

2. **`11_Market_and_Industry_Reports\2026 - Metlifecare - Source Brief - FY26 HY26 Results.md`** — CREATE new source brief covering HY26 results, board changes, $400M village investment

3. **`11_Market_and_Industry_Reports\2026 - Bupa NZ - Source Brief - FY25 Results.md`** — CREATE new source brief for Bupa NZ FY25 results and Mangawhai development

4. **`11_Market_and_Industry_Reports\2026 - Heritage Lifecare - Source Brief - CEO and Scale Update.md`** — CREATE new source brief for Heritage CEO change, scale data, facility sales

### NICE TO UPDATE (lower priority):

5. **`14_Provider_Brochures`** — Could create web captures for Bupa Mangawhai announcement and Metlifecare $400M investment

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## Assessment

**HIGH VALUE FINDINGS.** This is one of the most significant updates to the Provider Watch section. All three providers had material new data not previously captured in the KB:

- **Metlifecare** was substantially mischaracterised (ownership, scale, pipeline) in the tracker
- **Bupa NZ** is in a major expansion phase not previously documented
- **Heritage Lifecare** had ownership misattributed and scale understated

Recommend creating 3 new source briefs and updating the main tracker immediately.