New Zealand retirement village operator Metlifecare – owned by Swedish investment giant EQT – has posted a 25% rise in annual profit and record sales for FY25, as demand for village housing and care continues to accelerate.
Metlifecare delivered a net profit of NZ$66.4 million (FY24: NZ$53.1 million), supported by a NZ$135.4 million fair value gain on investment property.
Total home sales jumped 17.6% year-on-year, reaching NZ$546.4 million. Operating revenue climbed 9.5% to NZ$243 million, driven by higher deferred management fees, village fees, and growth in aged care services. A full-year contribution from Springlands Lifestyle Village in Blenheim, acquired in late 2023, also bolstered results.
While net debt increased by NZ$56.2 million to NZ$1.52 billion, the balance sheet strengthened overall, with net tangible assets up to NZ$2.44 billion at 30 June 2025 (FY24: NZ$2.22 billion).
Board Chair Paul McClintock and CEO Earl Gasparich said the results underscored sustained demand for Metlifecare’s integrated villages.
Metlifecare has been rolling out residential aged care across its existing villages by converting serviced apartments into care suites and constructing new care homes, enabling a full continuum of care in several locations for the first time.
On 26 August, Metlifecare announced it had acquired a 6ha site in Greenmeadows, Napier from Mana Ahuriri Hāpai Limited Partnership. Plans for the NZ$140 million village include 150 single-level villas, a premium care home, and resident amenities such as a pool, gym, café/bar, library and landscaped gardens.
During FY25, Metlifecare completed new units and care suites across 10 villages and is on track to open three new villages in FY26 at Mangawhai (north of Auckland), Rototuna (Waikato) and Wānaka (Central Otago).
