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Anna Thorburn
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PO Box 37 463 Parnell Auckland 1151

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 Full Year results, released on 29 August 2025

FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2025

Metlifecare Limited’s (NZX: MET) (Metlifecare or the Company) performance summary for the year ending 30 June 2025 (FY25):

• Total occupation right agreement sales of $546.4 million, up 17.6% on the prior year ended 30 June 2024 (FY24)

• Operating revenue of $243.0 million, up 9.5% on FY24

• Net profit after tax (NPAT) of $66.4 million, up 25.0% on FY24

• Net tangible assets of $2.44 billion1, up from $2.22 billion in FY24

• Net gearing ratio reduced to 38.5%

• Refinancing of $1.15 billion in Sustainability-Linked Loans

• Record delivery of 332 new independent living units and care suites

Financial result

Metlifecare has today reported a strong financial result for FY25, while maintaining excellent strategic momentum under its Full Potential Plan (FPP). This performance was delivered in the context of ongoing economic volatility and subdued housing market activity, highlighting the strength and resilience of Metlifecare’s core foundations and robust business model.

The Company delivered NPAT of $66.4 million (FY24: $53.1 million), which included a fair value gain on Investment property of $135.4 million (FY24: $135.0 million), supported by the completion of a new record of 332 independent living units and care suites, alongside price and volume growth in sales.

This gain was partially offset by continued capital investment across the Company’s existing village portfolio, as well as investment in people, digital infrastructure, sustainability initiatives, and brand – all aligned to the FPP. These investments position Metlifecare for long-term growth and value creation, underpinned by New Zealand’s ageing population and increasing demand for high-quality retirement living and care options.

Total sales of occupation right agreements for FY25 increased by 17.6% to $546.4 million, demonstrating the sustained demand for our villages, the unlocking of considerable embedded value in our resale portfolio and the growing contribution from development sales as we increase our annual build rate.

Operating revenue rose 9.5% to $243.0 million, driven by higher deferred management fees, strong growth in care and village fees, and a full-year revenue contribution from Springlands Lifestyle Village, acquired in late 2023.

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