Summerset Group (SUM) H1 2026 earnings summary

Executive summary

• Net profit after tax rose 92% year-over-year to $171.4m, with underlying profit at $103.4m and total revenue up 16% to $200.3m.

• Total assets increased 14% to $9.8b, and NTA per share rose to $14.41.

• Delivered 481 new homes and achieved 813 total sales, up 17% year-over-year, with strong expansion in New Zealand and Australia.

• Maintained high resident satisfaction and care standards, with brand recognized as New Zealand's most trusted in aged care and retirement villages.

• Disciplined capital management, cost control, and revised dividend policy aligned with cash flow from existing operations.

Financial highlights

• Total revenue grew 16% to $200.3m; net profit after tax up 92% to $171.4m; underlying profit at $103.4m.

• Cash flow from existing operations surged 291% to $31.0m.

• Annuity EBITDA increased 34% to $84.1m; operating margin more than doubled to 13.4%.

• Net debt rose 12% to $2.1b, with gearing at 36.9%.

• Embedded value reached $2.0b, up 9% year-over-year.

Outlook and guidance

• FY26 guidance targets 700–800 home deliveries, with 600–650 in NZ and 100–150 in Australia.

• Development margin expected to remain within 20–25% range.

• Net debt targeted below $1.9b and gearing at 33% by end of 2027.

• Cash flow from existing operations projected at $50m–$90m.

• Continued focus on sustainable growth, business resilience, and shareholder returns.