Metlifecare Limited Analysis

Overview

Metlifecare is a leading New Zealand owner and operator of retirement villages, providing rewarding lifestyles and outstanding care to more than 7,000 New Zealanders.

Established in 1984, it currently owns and operates a portfolio of 35 villages in areas with strong local economies, supportive demographics and high median house prices, located throughout New Zealand

Performance

The following information was extracted from Metlifecare Limited's Half Year results, released on 27 February 2026:

Metlifecare Limited’s (NZX: MET) (Metlifecare or the Company) performance summary for the six month period ending 31 December 2025 (1H26):

• Total occupation right agreement sales of $301.5m, up 16.4% on the prior comparable period ended 31 December 2024 (1H25)

• Operating revenue of $133.4m, up 10.9% on 1H25

• Net profit after tax (NPAT) of $42.7m, down 16.3% on 1H25

• Total comprehensive income of $90.1m, up 76.6% on 1H25

• Total assets $7.236bn, up from $6.960bn at 30 June 2025

• Net tangible assets $2.507bn1, up from $2.417bn at 30 June 2025

• Net gearing of 38.8%2, broadly flat on 30 June 2025 (38.5%)

• Bank refinancing completed, extending tenor and increasing facilities by $100m

Financial Result

Metlifecare has today reported total sales of occupation right agreements of $301.5m, an increase of 16.4% on 1H25. This result reflects sustained demand across the Company’s portfolio of resales and development sales, despite a period where the housing market remained subdued.

Operating revenue increased by 10.9% to $133.4m, due to growth in deferred management fees from resales and development sales, together with higher care and village fees.

NPAT of $42.7m (1H25: $51.1m) included a fair value gain on investment property of $79.8m (1H25: $85.1m), supported by retirement village unit price increases and new unit delivery. Total comprehensive income of $90.1m increased significantly on the prior comparable period (1H25: $51.0m), driven by a gain on revaluation of care homes of $47.6m (1H25: $18.8m), reflecting continued execution of Metlifecare’s premium aged care strategy.

Total assets increased to $7.236bn at 31 December 2025, primarily due to the revaluation gains, increased unit delivery and development activity. Net debt increased to $1.593bn, with net tangible assets increasing to $2.507bn and a net gearing ratio of 38.8%, broadly consistent with the position at 30 June 2025.

During the period, the Company refinanced $1.05bn of its bank facilities, extending maturities, optimising pricing and increasing total facilities by $100m.