Summerset has posted a NZD 234.2 million full year underlying profit, ending 31 December 2025, with 693 new homes delivered.
Retirement village operator Summerset Group Holdings has reported a record full-year underlying profit of NZD 234.2 million for the year ending 31 December 2025, up 13 percent on FY24, driven by strong sales and continued portfolio growth.
IFRS net profit after tax fell to NZD 259.7 million, largely reflecting lower median house prices and their impact on portfolio revaluations.
CEO Scott Scoullar said the company delivered solid results despite subdued property market conditions. Summerset lifted net tangible assets per share by NZD 1.32 to NZD 13.75 and remained focused on long-term growth.
Summerset achieved its highest new sales year on record, completing 1,560 occupation right agreements (ORA) sales, including 805 new sales and 755 resales, up 26 percent on FY24.
Care profitability improved sharply, with care EBITDA rising to NZD 18.8 million from NZD 2.7 million the previous year, supported by strong care ORA sales.
Summerset maintained high satisfaction scores, with village residents at 91 percent and care residents at 89 percent. Staff retention also rose to 84 percent.
The company met its construction guidance, building on 22 sites across New Zealand and Australia. Major completions included village centres at Cambridge and Cranbourne North, and the care centre and apartments at Boulcott.
Development margin eased slightly year-on-year due to a higher mix of apartments and care suites.
Summerset’s measured expansion in Australia continues to build momentum. The company delivered its first village centre at Cranbourne North and reported strong early demand at Chirnside Park, where half of stage one sold within weeks.
Construction is now underway at Torquay and Oakleigh South, while a planning permit has been lodged for a new Mornington village in Victoria.
Summerset expects to welcome its first Assisted Living residents in Australia in Q1 FY26 and begin providing care from Q2.
Looking ahead, Scoullar said demand remains strong across both New Zealand and Australia. The company will continue focusing on balance sheet discipline, long-term cashflow growth, and delivery for residents and shareholders.
The board declared a final dividend of NZ13.2 cents per share, bringing the FY25 total dividend to NZ24.5 cents per share.
More news here.
