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 Full Year results, released on 29 May 2026:

Third Age Health delivers H2 underlying NPATA1 of $1,891k up 8.6% on H1, and FY26 underlying NPATA1 of $3,634k up 25.9% on FY25

FY26 Business Highlights

• Services provided to 121 Aged Residential Care (“ARC”) facilities at the end of FY26 up 34.4% YoY2.

• The enrolled patient population across both ARC and General Practice at the end of FY26 increased YoY by 3.1% to 26,521 including acquisitions. Excluding acquisitions, our combined enrolled patient population declined by 1.5% with growth in ARC slightly offsetting a 4.8% YoY decline in general practice enrolments. • H2 FY26 vs H1 FY26 – H2 reflects the addition of the two new acquisitions. They contributed $616k more to EBITDA in H2 than H1. Margin in our ARC-related business also declined as we prioritised delivering high-quality care during workforce shortages.

Financial Performance

• Group revenue up 17.9% YoY to $22,488k for FY26 and up 11.1% over H1 FY26

• Revenue from ARC-related business up 27.0% YoY to $14,921k and up 18.1% over H1 FY26 (FY25: 11,752k, H2 FY26: $8,081k, H1 FY26: $6,840).

• Underlying NPBTA3 up 25.9 % YoY at $4,920k and up 7.8% over H1 FY26

• Underlying NPATA up 25.9% YoY to $3,634k and up 8.6% over H1 FY26

• Statutory NPAT up 24.7% YoY to $3,091k and up 3.4% over H1 FY26