Promisia Healthcare reports strong FY25 performance and strategic growth

Promisia Healthcare Limited (NZX: PHL) held its 2024 annual shareholders' meeting on August 26, 2025, revealing a year of strong financial performance and strategic execution. Operating revenue increased by 37% year-on-year to $31.1m, and underlying EBITDAF rose by 11.5% to $4.19m. Total assets saw a 104% uplift to $172m, with NTA per share increasing by 25% year-on-year to $0.79. Shareholders re-appointed William Buck New Zealand as auditor and re-elected Thomas Brankin as a director, while also electing Jill Hatchwell as a new director.

The company completed a capital execution and balance sheet reset, refinancing second-tier debt and consolidating all interest-bearing debt with BNZ. This reduced the weighted average interest rate from 9.0% to 7.1% and improved the loan-to-value (LTV) ratio from 55.6% to 42.9%. Strategic acquisitions included Cromwell’s Golden View care facility and apartments, and Ripponburn facility and village, contributing to a recognized gain on purchase of $6.6m.

Promisia is positioned for strong earnings growth in FY26, with an underlying EBITDAF projected to grow in excess of 25%. Key drivers include the Nelson Street Dementia Wing conversion, Ranfurly Care Suite sell-down, a full year’s contribution from Cromwell, occupancy gains at Aldwins House, and a 4% bed rate funding uplift across all care types from July 2025. The company’s disciplined capital allocation focuses on advancing Golden View Village ownership, targeted value-add Capex, maintaining a strong balance sheet, and pursuing earnings-accretive acquisitions.