Oceania Healthcare (OCA) Investor Presentation summary

Refinance and capital structure

• Debt facilities refinanced at $500m with extended tenor, optimal pricing, and no covenant changes; new syndicate member added and no need for additional capital or borrowings.

• Banking syndicate support reaffirmed, with improved debt maturity profile and $1m annual fee savings; gearing at 37.5% with $96m headroom as of September 2024.

• Targeting gearing below 35% through unsold stock sales and a reduced-intensity development pipeline.

Sales and operational performance

• New sales volumes up 29% and resales up 6% in 3Q25 vs 3Q24; unsold stock of $361m is key for debt reduction.

• Sell-down progress at The Helier (Auckland) with 34% occupancy expected by March 2025; new sales leadership appointed.

• Applications in Jan-Feb 2025 up 28% year-on-year; care suite model acceptance remains strong.

Development pipeline and portfolio strategy

• Meadowbank dementia building (40 suites) and Franklin (31 villas) under construction, on track for May 2025 and Jan 2026 completion.

• Awatere and Waterford developments completed, with 8 residents and 5 applications representing 11% of new stock.

• Brownfield landbank focused on lower-density developments; recent land acquisition at Gracelands, Hawkes Bay.