Oceania Healthcare (OCA) H1 2026 earnings summary

Executive summary

• Early progress in the stabilization phase of the new strategy, with FY 2026 focused on consistent execution across sales, business excellence, and capital management.

• Achieved a 5% increase in sales volumes year-over-year, with strong presales and improved occupancy at key developments.

• Realized $4 million in cost savings during 1HY26, with care EBITDA per bed up 45.5% to $12,400.

• Sales initiatives, cost reduction, and divestments have led to growing sales momentum and improved operating cash flow.

• Integrated care model supports seamless resident transitions and reinforces reputation for quality care.

Financial highlights

• Underlying EBITDA increased 23% to approximately $42 million year-over-year.

• Total comprehensive income rose to $40.4 million, up $28.6 million from 1HY25, driven by property revaluations.

• Operating cash flow increased 12% to $79 million; net tangible assets per share rose to $1.57.

• Net debt decreased to $608.9 million, and total assets surpassed $3.0 billion.

• Care EBITDA per bed increased 45%, reflecting improved care profitability.

Outlook and guidance

• FY 2026 is a stabilization year, focusing on lifting sales cadence, reducing unsold and aged stock, and delivering $13.2 million in targeted cost savings.

• Expectation of improved apartment sales, accelerated debt repayment, and full development cash recovery at The Helier by March 2026.

• No interim dividend declared; payments may resume when free cash flow and market conditions allow.

• Focus for the second half includes accelerating stock sell-down, progressing divestments, executing cost efficiencies, and improving care profitability.