Third Age Health Services Limited Analysis

Overview

Third Age Health is a provider of primary care services to the aged residential care ("ARC") sector and, through Hawkes Bay Wellness Centre, the general population. Third Age Health provides these services by way of both physical attendances and offsite service provision.

Third Age Health primarily generates revenue through its services under contracts for service with ARC providers, who pay fees to Third Age Health according to those contracts. Third Age Health also generates revenue when we enrol a patient into our practice, or when we provide services through our primary care medical centre. In order to generate revenue, Third Age Health must have two things: patients who want us to provide them services, and suitably qualified healthcare personnel willing to provide services to these patients.

Performance

The following information was extracted from Third Age Health Services Limited's Q3 FY36 announcement, released on 5 February 2026:

Third Age Health delivers Q3 FY26 underlying NPATA1 of $979k up 22.1% and down 1.1% on Q3 FY25 and Q2 FY26 respectively

Q3 FY26 Business Highlights - Unaudited Financial Performance

• Services provided to 119 Aged Residential Care (“ARC”) facilities at the end of Q3 up 31 or 35.2% YoY2.

• The enrolled patient population across both ARC and General Practice at the end of Q3 increased YoY by 3.6% to 27,191 including acquisitions. Excluding acquisitions, our combined enrolled patient population declined by 1.1% with growth in ARC slightly offsetting a 4.6% YoY decline in general practice enrolments.

• Q3 FY26 vs Q2 FY26 – This sequential decline primarily reflects the temporary closure of GP clinics over the Christmas period. Additionally, revenue in Q2 typically benefits from a seasonal uplift driven by winter illnesses and immunisations, which does not carry through into Q3. Margin in our ARC-related business also declined as we prioritised delivering high quality care during workforce shortages.

Q3 FY26 Financial Highlights (Unaudited)

• Group revenue up 23.3% YoY to $5,977k for the quarter and up 6.3% over Q2 FY26 (Q3 FY25: $4,846k, Q2 FY26: $5,622k)

• Revenue from ARC-related business up 34.1% YoY to $4,060k and up 10.7% over Q2 FY26 (Q3 FY25: $3,028k, Q2 FY26: $3,669k).

• Underlying NPBTA3 up 20.7 % YoY at $1,297k and down 4.8% over Q2 FY26 (Q3 FY25: $1,075k, Q2 FY26: $1,362k)

• Underlying NPATA up 22.1% YoY to $979k and down 1.1% over Q2 FY26 (Q3 FY25: $802k, Q2 FY26: $990K)

• Statutory NPAT4 up 16.7% YoY to $818k and down 6.0% over Q2 FY26 (Q3 FY25: $701k, Q2 FY26: $870k)