Arvida Group Limited Analysis

Overview

Arvida is one of the larger operators of aged care facilities and retirement villages in New Zealand. The group comprises 32 villages spread nationally with 2,475 retirement units and 1,688 care beds. Over 4,7500 residents are provided a continuum of care that extends from independent living to full rest home, hospital and dementia level care.

Arvida listed in December 2014 and became a constituent member of the NZX 50 Index in December 2016. Since raising $80 million at the Initial Public Offer, Arvida has grown considerably completing the acquisition of a further fourteen villages and now has a development pipeline of 1,683 units/beds to be progressively rolled out over the next 5-7 years with an annual build rate of 200 units.

Arvida continues to invest in its residents and support network adding programs and engaging in the local communities. A holistic approach is taken to care where as much emphasis is put on vitality and community inclusion as to quality of care. Arvida has a vision to be true leaders and innovators in the New Zealand retirement and aged care industry, creating rich and dynamic resident communities.

Arvida targets a dividend payout ratio of between 50% and 70% of Underlying Profit per annum, with imputed dividends paid on a regular quarterly basis.

Performance

The following information was extracted from Arvida Group Limited's Half year results, released 28 November 2025

Financial metrics

• Total assets $4.7 billion

• Total equity $1.6 billion

• Reported net loss after tax $8.2 million

• Operating EBITDA (1) of $43.7 million

Financial Result

Operating revenue increased 5% on the prior corresponding period to $131.9 million from the continued growth in deferred management fees and revenue from care fees and village services. Care occupancy was 94% for the half.

Operating EBITDA dropped 1% to $43.7 million compared to the prior corresponding period. While the volume of resale settlements was 4% higher than 1H FY25, the property market remained subdued.

The reported net loss after tax of $8.2 million included a $14.3 million fair value gain on the investment property, which was lower than prior corresponding period fair value gain of $72.9 million. Arvida elected not to complete independent valuations of its investment property assets for this interim period. The reported fair value gain reflected changes in resident liabilities offset by capital expenditure.

Total assets increased $60.7 million over the period since year end to $4.7 billion.