HealthCo Healthcare and Wellness REIT (ASX:HCW)

Half Year 2026 Healthco Healthcare and Wellness Reit Earnings Call Transcript

Feb 16, 2026 / 10:00 PM GMT

Release Date Price: A$0.67 (+1.52%)

Transcript

Key Points

Positve

HealthCo Healthcare and Wellness REIT (ASX:HCW) reported a resilient operating performance with 100% rent collection and 99% occupancy.
The portfolio is diversified across hospitals, primary and specialty care, aged care, and government and life sciences, valued at $1.4 billion.
Approximately 80% of income is CPI linked, providing strong income protection in an inflationary environment.
Healthscope has paid 100% of all rent due up to and including February 2026, ensuring stable cash flow.
The company has a strong balance sheet with $155 million of cash and undrawn debt, and gearing of 28.5% is below the target range.

Negative

The unit price for HCW remains well below unit holder expectations, causing frustration among long-term investors.
The Healthscope situation has led to a pause in distributions from the unlisted healthcare fund, impacting financial flexibility.
Portfolio valuation saw a 2% decline on a gross basis, reflecting a 26 basis point expansion in cap rates.
The ongoing Healthscope situation has delayed the unlocking of a $500 million development pipeline.
There is uncertainty regarding the resolution of the Healthscope situation, affecting the ability to provide FY26 guidance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HCW.AX - Healthco Healthcare and Wellness Reit
Half Year 2026 Healthco Healthcare and Wellness Reit Earnings Call
Feb 16, 2026 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everyone and thank you for attending today's conference call.

Joining me on the call today is Health co fund manager Christian Soberg, and in the room is financial controller Karina Luck.

Before we commence today's presentation, We want to acknowledge the traditional custodians of country throughout Australia.

We celebrate their diverse culture and connections to land, sea, and community.

We pay our respects to our elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people.

Turning to slide 5.

We first need to acknowledge that the unit price for HCW remains well below unit holder

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