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Summerset Group Holdings Limited (ASX:SNZ)

ALERT: Price-sensitive ASX Announcement for SNZ
Current share price for SNZ : $5.350 -1.1 (-17.05%)+
Announcement
Release
27 Aug 2026 7:31AM
Price at Release
$6.450
Full Release
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Summary
Summerset Group Holdings Limited (NZX/ASX: SNZ) reported its financial results for the half year ended 30 June 2026, showing a resilient performance in a challenging market underpinned by disciplined execution, stronger sales, tighter capital management and improved cash generation; IFRS net profit after tax rose 91.7% to NZ$171.4 million, total revenue increased 15.7% to NZ$200.3 million, cash flow from existing operations jumped to NZ$31.0 million, while underlying profit eased 3.0% to NZ$103.4 million due to the current sales mix and development margin reduced to 20%, with 813 total ORA sales completed, 481 homes delivered across New Zealand and Australia, total assets reaching NZ$9.8 billion and gearing at 36.9%; the company held FY26 delivery guidance at 700–800 homes, lifted its New Zealand deferred management fee to 30%, updated its dividend policy to a 20%–60% payout of cash flow from existing operations, declared an interim dividend of NZ$0.038 per share, continued measured Australian expansion including Cranbourne North and Chirnside Park, and set FY27 targets including net debt below NZ$1.9 billion, gearing of 33%, CFEO of NZ$70–90 million and care EBITDA of NZ$20k–25k per bed.
Key Points
  • Announcement date was 27 August 2026.
  • Summerset Group Holdings Limited reported results for the six months ended 30 June 2026.
  • IFRS net profit after tax increased 91.7% to NZ$171.4 million.
  • Underlying profit declined 3.0% to NZ$103.4 million.
  • Total revenue rose 15.7% to NZ$200.3 million.
  • Cash flow from existing operations increased to NZ$31.0 million from NZ$7.9 million in 1H25.
  • Total assets increased to NZ$9.8 billion.
  • Gearing was 36.9%, within the company’s target range.
  • Summerset completed 813 ORA sales, up 17% on 1H25.
  • New sales were up 12% and resales were up 23%.
  • The company delivered 481 homes across New Zealand and Australia in the half year.
  • Development margin was 20%, reflecting a changed product mix.
  • Summerset maintained FY26 delivery guidance of 700 to 800 homes, including 600 to 650 in New Zealand and 100 to 150 in Australia.
  • The New Zealand deferred management fee was reset to 30%, expected to add about NZ$35 million of cash flow over five years.
  • The dividend policy was changed from an underlying profit basis to a 20% to 60% payout of cash flow from existing operations.
  • An interim dividend of NZ$0.038 per share was declared.
  • Summerset continued measured expansion in Australia, with Cranbourne North progressing and Chirnside Park opening in August 2026.
  • The Craigieburn site in Victoria was designated for sale after a review of project economics.
  • Resident satisfaction remained strong at 91% for village residents and 88% for care residents.
  • By the end of 2027, Summerset is targeting net debt below NZ$1.9 billion, gearing of 33%, CFEO of NZ$70 million to NZ$90 million, and care EBITDA of NZ$20k to NZ$25k per bed.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.