Third Age Health Services Limited Analysis

Overview

Third Age Health is a provider of primary care services to the aged residential care ("ARC") sector and, through Hawkes Bay Wellness Centre, the general population. Third Age Health provides these services by way of both physical attendances and offsite service provision.

Third Age Health primarily generates revenue through its services under contracts for service with ARC providers, who pay fees to Third Age Health according to those contracts. Third Age Health also generates revenue when we enrol a patient into our practice, or when we provide services through our primary care medical centre. In order to generate revenue, Third Age Health must have two things: patients who want us to provide them services, and suitably qualified healthcare personnel willing to provide services to these patients.

Performance

The following information was extracted from Third Age Health Services Limited's Market Update announcement, released 25 July 2025:

Third Age Health delivers Q1 FY26 underlying NPATA1 of $752k up 21.5% and 4.0% on Q1 FY25 and Q4 FY25 respectively.

Q1 FY26 Business Highlights - Unaudited Financial Performance

• Services provided to 90 Aged Residential Care (“ARC”) facilities at the end of Q1 up 9 or 11.1% compared to PCP2.
• The enrolled patient population across both ARC and General Practice at the end of Q1 was 25,757, down 0.6% compared to PCP. ARC enrolments grew 3.8% to 5,504, while a 1.7% decline in General Practice enrolments, largely due to patients following a departing GP, offset this growth.

Q1 FY26 Financial Highlights (Unaudited)

• Group revenue up +11.5% over PCP to $5,031k for the quarter and up 4.3% over Q4 FY25 (Q1 FY25: $4,511k, Q4 FY25: $4,822k)
• Revenue from ARC business up 20.1% over PCP to $3,171k, up 5.4% over Q4 FY25 (Q1 FY25: $2,641k, Q4 FY25: $3,009k).
• Underlying NPBTA3 up 22.4% over PCP at $1,005K and 3.1% over Q4 FY25 (Q1 FY25: $821k, Q4 FY25: $975k) • Underlying NPATA up 21.5% over PCP to $752k and 4.0% over Q4 FY25 (Q1 FY25: $619k, Q4 FY25: $723k)
• NPAT 4up 24.8% over PCP to $650k and 4.3% over Q4 FY25 (Q1 FY25: $521k, Q4 FY25: $623k)