Summerset Group (SUM) investor relations material

Opening remarks and agenda

• The meeting was held online due to severe weather and flooding in Wellington, ensuring shareholder safety and participation via a virtual platform.

• Formalities confirmed: notice of meeting issued, quorum met, and agenda included board and CEO addresses, committee updates, general business, and formal resolutions.

• Resolution on director remuneration was withdrawn due to changed circumstances since benchmarking.

Financial performance review

• Underlying profit for FY 2025 was NZD 234.2 million, up 13% from the prior year, driven by increased sales and portfolio growth.

• Net tangible assets per share rose by NZD 1.32 to NZD 13.75; dividends declared at NZD 0.245 per share, consistent with the prior year.

• Gearing at year-end was 37.1%, with NZD 1.97 billion in bank debt and NZD 627 million undrawn capacity.

• Net cash from operating activities reached NZD 548.2 million, up from NZD 443.2 million in FY 2024.

• IFRS net profit after tax was NZD 260 million, down NZD 70 million due to subdued property market and lower valuation uplift.

Board and executive committee updates

• Committee chairs reported on audit and risk, development and construction, clinical governance, and people and culture.

• Audit and Risk Committee focused on financial/non-financial reporting, risk management, treasury governance, and internal audit, including climate disclosures.

• Development and Construction Committee emphasized project performance, risk governance, supply chain stability, and design improvements.

• Clinical Governance Committee highlighted telehealth support, technology trials, and resident engagement initiatives.

• People and Culture Committee prioritized remuneration, succession planning, diversity, and employee engagement.