Source: Radio New Zealand
Summerset chief executive Scott Scoullar said the company’s strategy continued to deliver results. Google Maps
Retirement village operator Summerset has posted a record underlying profit, although weaker property values weighed on its bottom line.
Key numbers for the year ended 31 December compared with a year ago:
- Net profit $259.7m v $332m
- Revenue $361.8m v $319.9m
- Underlying profit $234.2m v $206.4m
- Final dividend 13.2 cents per share
Summerset chief executive Scott Scoullar said the company’s strategy continued to deliver results, with underlying profit growth, strong sales and the company meeting its build targets.
“We’ve continued to achieve despite another year where the business environment and property market has been subdued,” he said.
The company sold a record 1560 homes during the year – 805 new sales and 755 resales, with a focus on selling down stock at two major developments: Summerset Boulcott in Lower Hutt and Summerset St Johns in Auckland.
Both were among the company’s top‑performing new‑sales villages.
“Boulcott and St Johns are unique villages for us, due to the land and style of build we delivered large numbers of new homes at once,” he said.
“Selling these down has been a priority this year and we’re pleased to see both villages performing well.”
Sales of care suites also boosted results, with care operating profit rising to $18.8 million, up from $2.7m the previous year.
Summerset delivered 637 homes in New Zealand and 56 in Australia, in line with guidance, and was currently building on 22 sites in both countries.
Progress in Australia
Scoullar said the company continued its measured and deliberate growth plan in Australia and was now gaining momentum.
“We delivered our first village centre building at Cranbourne North in Victoria, marking a key milestone as we prepare to deliver aged care for the first time in Australia.”
It was building two villages in Victoria state and seeking planning permission for a third.
Summerset did not provide earnings guidance for 2026, but Scoullar remained optimistic about demand in both markets.
“Even in constrained trading conditions we have continued to see extremely high demand, record sales numbers and have continued to deliver on our expected build rate in both Australia and New Zealand.”
He said the company had continued to reduce debt and intended to keep strengthening its balance sheet in the coming year.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
LiveNews: https://nz.mil-osi.com/2026/02/27/summerset-reports-record-underlying-profit-lower-net-profit-on-valuations/