Financial Results for the Year ended 30 June 2024

28 August 2024 FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2024 Metlifecare Limited’s (NZX: MET) (Metlifecare or the Company) performance summary for the 12-month period ending 30 June 2024 (FY24): • Total occupation right agreement sales of $464.6m, up 17.0% on the prior comparable period ended 30 June 2023 (FY23) • Operating revenue of $222.0m, up 9.5% on FY23 • Net profit after tax of $53.1m, up 21.5% on FY23 • Total comprehensive income of $95.1m, up 51.1% on FY23 • Total assets $6.371bn, up from $5.637bn at 30 June 2023 • Total equity $2.232bn, up from $2.137bn at 30 June 2023 • Net gearing of 39.6% • A record 305 new independent living units and care suites delivered, with increased consenting activity and new amenity buildings opened at Gulf Rise, Fairway Gardens and Orion Point • Two new care homes completed, with care homes now co-located at 67% of Metlifecare’s villages • Acquisition of Springlands Lifestyle Village, a premium retirement village and co-located care home in Blenheim Financial result Metlifecare has today reported a solid financial result for the 12-month period ended 30 June 2024 (FY24) as well as continued momentum executing its Full Potential (Strategic) Plan. This performance is despite challenging macroeconomic conditions and subdued residential property market activity, demonstrating the resilience of Metlifecare’s business. The Company delivered net profit after tax (NPAT) of $53.1m (FY23: $43.7m) and total comprehensive income of $95.1m (FY23: $63.0m). NPAT included an increased fair value gain on investment property of $135.0m (FY23: $82.4m), supported by delivery of a record 305 independent living units and care suites, together with strong price growth on both sales and resales. This gain was partially offset by continued strategic investment in development, our existing village portfolio, brand, digital technology, sustainability and people as part of the Full Potential Plan. This level of investment ensures Metlifecare is well positioned for future growth, which is underpinned by New Zealand’s growing older population. Total sales of occupation right agreements for FY24 increased by 17.0% to $464.6m, reinforcing the strength of the Metlifecare brand, the high demand for our villages and reflecting a strong resale portfolio and growing development sales activity. Operating revenue grew 9.5% to $222.0m, driven by strong care revenue growth, increased deferred management fees from resales and new development sales, plus seven months’ revenue from the Company’s latest South Island acquisition, Springlands Lifestyle Village (Springlands). Metlifecare’s total assets increased by $734.6m to $6.371bn at 30 June 2024, primarily due to the fair value gain on investment property, increased unit delivery and development activity and the acquisition of Springlands. Total debt increased by $320.2m over the period to $1.474bn at 30 June 2024, with the balance sheet remaining robust with net assets increasing to $2.232bn at 30 June 2024 (FY23: $2.137bn) and a net gearing ratio1 of 39.6%. Full Potential Plan progress The Full Potential Plan is the strategic roadmap for Metlifecare’s transformational growth. After three and a half years of executing the Full Potential Plan, the majority of the Company’s transformation initiatives are now in place. Milestones in the 12-month period ended 30 June 2024 included: • Portfolio growth: Opening of Ōtau Ridge in Clevedon, and the acquisition of Springlands, bringing the total number of operating retirement villages to 36 (vs 24 in FY21). • Quality care: 67% of Metlifecare’s villages now have co-located care homes (vs 42% in FY21), with 1,102 care suites and beds (nearly a threefold increase from FY21). • Record development momentum: 305 new homes and care suites completed, with new amenity facilities opened at Fairway Gardens, Gulf Rise and Orion Point. • Village investment: Significant investment in village amenity and infrastructure upgrades, ESG, refurbishment, maintenance and remediation. • Building green: Five 6 Green Star care homes are either completed or under construction. Ōtau Ridge is New Zealand’s first retirement village to apply to become an internationally recognised Green Star Community. • Operating efficiency: Three new digital operating platforms and two people-related platforms were launched, and village technology infrastructure was upgraded. • Employee engagement: An employee Net Promoter score (eNPS) of +39, placing Metlifecare in the top 25% of global healthcare providers. • Driving sustainability: Crestwood (West Auckland village) won the Residents Initiative category at the 2023 Retirement Village Association Sustainability Awards. Metlifecare now has 21 resident-led Enviro Groups, up from 10 the previous year. This announcement is authorised for release to the market by the board of Metlifecare. ENDS For further information please contact: Suzy Clarkson Head of Communication Mobile: 021 767 789 About Metlifecare: Metlifecare is a leading New Zealand operator of retirement villages, providing rewarding lifestyles and premium independent living and aged residential care to around 7,000 residents. Established in 1984, it currently owns and operates a portfolio of 36 villages in areas with strong local economies, supportive demographics and high median house prices, located predominantly in New Zealand’s upper North Island but including several village and greenfield site acquisitions including in the South Island. _________________ 1Net gearing ratio: Calculated as a ratio of net interest-bearing debt to net interest-bearing debt plus the book value of total equity