NZX-listed Oceania Healthcare has reported an underlying EBITDA of $86.0 million for the year ended 31 March 2025, a 4.1% increase on FY24, driven by steady sales momentum and an accelerated sell-down of stock.
Sales volumes for FY25 reached 520 units, a 9.2% increase from FY24’s 476 units, underpinned by a 17.2% uplift in new sales of independent living units (ILUs) and care suites, which totalled 184.
Oceania attributed this growth to stronger sales performance across both new and existing stock, particularly at its flagship Auckland village, The Helier, which saw occupancy rise to 41% as of 20 May 2025, up from 14% at 31 March 2024.
The company credited its partnership with Marketability for the improved performance at The Helier, where 24 apartments and care suites were sold in FY25 – double the volume of FY24. Full recovery of development costs at The Helier is expected by FY26.
“Marketability Tracker has also significantly improved pricing at Bayview, Awatere and the Bellevue,” David Lo Russo, Managing Director of Marketability, told The Weekly SOURCE.
Sales incentives also played a role in boosting new sales volumes. The sell-down of development stock remains a key priority for the operator, with $120 million in new stock added during FY25.
Oceania setting new five-year strategic direction
FY25 also marked the first full year under the leadership of CEO Suzanne Dvorak, the former CEO of Levande and Managing Director of Bupa Aged Care, who joined Oceania in July 2024.
In March 2025, Oceania successfully refinanced its existing $500 million debt facilities, with BNZ joining existing lenders ANZ, ASB, and ICBC.
An operational optimisation program, launched in FY25, has already identified $5 million in cost savings to be realised in FY26. A broader transformation initiative is now underway, targeting $10-15 million in sustainable annualised savings.
“So far in FY26, we’ve identified a further $5.2 million in cost savings,” said Suzanne. “Full benefits will be realised in FY27, with a focus on system consistency, margin discipline, and operational simplicity.”
The Board has also approved a new five-year strategic direction, built around Oceania’s refreshed purpose – “Supporting and empowering people to live well as they age” – which will be communicated in more detail over the coming months.
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Oceania manages 38 sites comprising 1,915 independent living units and 2,209 care suites, with 68% of its portfolio now positioned at the premium end of the market – a figure expected to rise to approximately 75%.
