Promisia Healthcare Limited Analysis

Overview

Promisia Healthcare Ltd is a public company listed on the NZX. It was formed in August 1983 as Genestock NZ Ltd. and has remained as a listed company undertaking a number of diverse activities over the last 30 years. The company came under the control of the current major shareholders and directors in 2003/4 and for some years remained a listed shell company, i.e. the company remained listed on the NZX but it did not have any substantive trading activity. For a period of time the company researched and marketed a dietary supplement called Arthrem and then in October 2020 moved in to the current aged residential care business.

The business's principal activity is the provision of rest home and hospital level care. In addition, care is offered for dementia, respite, palliative and for younger people with lifelong disabilities (YPD).

Promisia Healthcare Ltd currently owns and operates four aged care facilities comprising of 404 care beds. In addition, Promisia operates two retirement villages comprising of sixteen villas. There are also a further 28 villas and 10 care suites in an advanced stage of construction.

Performance

The following information was extracted from Promisia Healthcare Limited's Half Year results, released 12 November 2025

Execution and performance focus delivers operational and financial gains

• Underlying EBITDAF up 31% to $2.5 million with operating revenue rising 47% to $19.2 million in HY26

• Group care occupancy improved from 87% to 90% since March 2025; Aldwins House reaching record occupancy above 90%

• New Chief Operating Officer delivers rapid results through comprehensive facility health checks, operational improvements and unified systems implementation

• Balance sheet strengthened through disciplined capital allocation with non-core Aldwins properties sold and free cash flow applied to Golden View ownership advancement

• Pro-forma LVR improving to approximately 40.7%

• Positioned for sustainable growth with early-stage acquisition negotiations underway supported by improving earnings and reduced leverage

Financial performance

Promisia’s first-half underlying EBITDAF increased 31% to $2.5 million from $1.9 million a year earlier, supported by a 47% rise in operating revenue to $19.2 million in the same period.

The company already upgraded its full-year underlying EBITDAF guidance to at least $6.1 million, representing growth exceeding 45% year-on-year, up from its initial guidance of 25% growth.

“This substantial upgrade reflects the successful execution of the five strategic levers we outlined at our AGM, all of which are now delivering ahead of schedule,” Rhonda Sherriff said.