Arvida - Source Brief - FY26 Annual Report

¹ Underlying EBITDA is a non-GAAP measure removing fair value movements, unrealised items, interest, depreciation, deferred tax and one-off items, adding realised gains from resales and development margins. - Syrdicated bank facility: $1.1 billion committed framework - Bond (ARV010): $125M — still listed on NZX Debt Market (only NZX-listed remnant) - All financial covenants: fully compliant - Acquisition completed 19 November 2024 - All-cash deal: NZ$1.70/share (65% premium) - Total value: NZ$2 billion (incl. debt assumption) - Stonepeak is a US-based alternative investment firm ($71.2B AUM) - Arvida operates as a privately held entity under Stonepeak's Asia infrastructure strategy - CEO Jeremy Nicoll and senior management team retained - 4th largest retirement village operator in NZ - 34 communities across New Zealand - Full spectrum: independent living, rest home, hospital, dementia care - Strong demographic tailwinds from NZ's ageing population - 'Well positioned to benefit from future improvements' in economic conditions 1. Demographic tailwind: NZ's 75+ population growing rapidly — sustained demand for aged care and retirement living 2. Development completions at Bethlehem Shores adding high-quality care capacity in high-demand Bay of Plenty region 3. Lincoln Plains new community launch provides long-term growth runway 4. Capital recycling via divestments improving portfolio quality and returns 5. Stonepeak backing provides access to sig