Ryman audited full year underlying profit of $301.9m

Results for announcement to the market
Name of issuer Ryman Healthcare Limited
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $570,977 12.2%
Total Revenue (see explanation
below)
$1,002,480 -20.1%
Net profit/(loss) from continuing
operations
$257,836 -62.8%
Total net profit/(loss) $257,836 -62.8%
Interim/Final Dividend
Amount per Quoted Equity Security No final dividend is to be paid for the year ended 31 March
2023
Imputed amount per Quoted Equity
Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security (cents per share)
658.1 669.6
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Total revenue
The figure detailed as total revenue is total income per the
financial statements of the group. Total income includes total
revenue of the group plus the fair-value movements of
investment property.

Underlying profit
Amount (000s): $301,892 Percentage change: 18.4%

Underlying profit is a non-GAAP (Generally Accepted
Accounting Principles) measure and differs from NZ IFRS
profit for the year. Underlying profit does not have a
standardised meaning prescribed by GAAP and so may not be
comparable to similar financial information presented by other
entities. The Group uses underlying profit, with other
measures, to measure performance. Underlying profit is a
measure that the Group uses consistently across reporting
periods.
Underlying profit includes realised movement on investment
property for units in which a right-to-occupy has been sold
during the period and for which a legally binding contract is in
place at the reporting date. The occupancy advance for these
units may have been received or be included within the trade
receivables balance at reporting date.
Underlying profit excludes deferred taxation, taxation
expense, unrealised movement on investment properties,
impairment losses on non-trading assets and the cost of
exiting USPP borrowings and swaps because these items do
not reflect the trading performance of the Company.
Authority for this announcement
Name of person authorised to make
this announcement
Deborah Marris
Contact person for this
announcement
Deborah Marris
Contact phone number +64 3 366 4069
Contact email address Deborah.Marris@rymanhealthcare.com
Date of release through MAP 19 May 2023

---

MEDIA RELEASE 19 May 2023

Ryman audited full year underlying profit of $301.9m


Highlights

• Audited underlying profit of $301.9 million, up 18.4%, driven by strong resale margins
and a growing contribution from the Australian business
• Audited reported (IFRS) profit of $257.8 million, down 62.8% due to lower revaluation
gains of investment property and costs associated with the early USPP repayment
• Free cash outflow of $389.0 million, reflecting a period of significant investment
• Completion of $902.4 million equity raise in March 2023
• Net interest-bearing debt of $2.30 billion, down from $3.00 billion at September 2022
• Gearing of 33.1%, down from 45.3% at September 2022 and in line with medium-term
target of 30-35%
• 1,519 booked sales of occupation rights remained steady (1,543 in FY22)
• Aged care occupancy improved to over 96% at March 2023 for mature villages
• No final dividend for FY23

Ryman Healthcare Limited (Ryman) has delivered a solid result while also undertaking a
number of steps to reposition the business for future growth. This result was achieved against
a backdrop of a challenging economic environment, severe weather events and the tail-end
impacts from COVID.

Underlying profit of $301.9 million was up 18.4% (vs. guidance of $280-290 million), while
reported (IFRS) profit decreased by 62.8% to $257.8 million.

Total assets of $12.51 billion at March 2023 have increased 14.1% from March 2022. Booked
sales of occupation right agreements (ORAs) held steady, with growth in resales offsetting
softer new sales. Total booked sales of occupation rights increased from $1.08 billion to $1.17
billion, driven by a 10.3% uplift in average price per unit.

Refocused development pipeline

Longer term the company remains positive about the age and wealth demographic and has
taken steps to reposition the business to capitalise on this future demand.

Group CEO Richard Umbers said: “As we look to achieve positive free cash flow by FY25, as
signaled in our strategy, we have reprioritised our development programme over FY24 and

FY25. We are also taking steps to refocus our future pipeline on lower density villages with
lower peak debt and an improved cashflow profile. And we are right-sizing our care offering
in future villages, but remain committed to providing a continuum of care for all Ryman
residents.”

At 19 May, there are 14 villages under construction, a reduction of two on the prior year.
Progress has been made on a number of village main buildings that were delayed due to
COVID.
Ryman invested $1.04 billion in portfolio development and finished the year with net operating
cashflows of $650.8 million, resulting in a free cash outflow of $389.0 million.
During the year the company added Taupō to its landbank, sold its Mt Martha site in Victoria
with settlement due later in 2023, and the Newtown site in Wellington is now being held for
sale.
Significantly, Ryman achieved planning approvals on four sites in FY23, including Karori and
Rolleston in New Zealand and Mulgrave and Mt Eliza in Victoria.

Enhancing resident experiences

Throughout the year Ryman has maintained the highest standards of care, and resident
experience remains a key priority.

“We were very pleased to receive external endorsement for the quality of care we provide.
82% of our New Zealand villages have four-year certification. In Australia, all four of our
operational care centres received a 4-star rating following the launch of a new rating system
for aged care,” said Mr Umbers.

“Winning Readers Digest Most Trusted Brand nine times proves just how much older people
and their families trust us to do right by them,” he added.

Technology is increasingly being employed to enhance our resident experience programme -
for example, with the introduction of the new resident app, a platform to improve access to
a wider range of activities and services within the villages. Similarly, hospitality platform Saffron
is now being rolled out to all villages to enhance the food offering.

New sustainability strategy

The launch of the company’s sustainability strategy during the year was a major milestone in
its journey to a sustainable future. In consultation with stakeholders, the company identified
a number of key projects that will be undertaken in coming years. As a step towards

addressing its environmental impact, Ryman secured an exclusive agreement with renewable
energy developer Solar Bay. This will see power provided to its village operations via a new solar
farm which is now under development in Maungaturoto, Northland.

Capital structure

“The company completed a $902.4 million equity raise in March 2023. Net debt has reduced
to $2.30 billion, and we finished the year with a gearing ratio of 33.1%, in line with the
company’s medium-term target of 30-35%,” said Mr Umbers.

Outlook

Underlying profit is expected to be in the range of $310-$330 million for FY24, in line with
the statement provided at the time of the equity raise.

Ryman anticipates making an announcement on board renewal, including the appointment of
a new Chair, in the near future. The board will consider the resumption of paying dividends
in FY24, taking into account trading performance, cash flow and market conditions.

Looking ahead, Mr Umbers added: “The strength of the Ryman team gives me every
confidence that we will deliver on our care promise, reposition the business to capitalise on
future opportunities and improve financial performance. The team continues to impress with
their dedication and commitment, and I wish to thank everyone for their efforts.”

Fourteen new villages currently under construction
New Zealand (9) Australia (5)
Lynfield, Auckland (Murray Halberg) Brandon Park, Melbourne (Nellie Melba)
Devonport, Auckland (William Sanders) Burwood East, Melbourne (John Flynn)
Lincoln Rd, Auckland (Miriam Corban) Ocean Grove, Victoria (Deborah Cheetham)
Havelock North, Hawkes Bay (James Wattie) Highett, Melbourne (Bert Newton)
Hobsonville, Auckland (Keith Park) Ringwood East, Melbourne
Riccarton Park, Christchurch (Kevin Hickman)
Northwood, Christchurch
Takapuna, Auckland
Cambridge, Waikato

Eleven sites in the land bank
New Zealand (6) Australia (5)
Kohimarama, Auckland Mt Eliza, Victoria
Park Terrace, Christchurch Essendon, Melbourne
Karori, Wellington Coburg North, Melbourne
Karaka, Auckland Kealba, Melbourne
Rolleston, Canterbury Mulgrave, Melbourne
Taupō, Waikato




About Ryman:
Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 45 retirement
villages in New Zealand and Australia. Ryman villages are home to 13,900 residents, and the
company employs 7,200 staff.

Contacts:
For investor relations information contact Hayden Strickett, Head of Investor Relations, on
027 303 1132 (+64 27 303 1132) or email hayden.strickett@rymanhealthcare.com.

For media information or images contact Silke Marsh, Group Corporate Affairs Manager, on
027 294 3609 (+64 27 294 3609) or email silke.marsh@rymanhealthcare.com.

RYMAN HEALTHCARE LIMITED
KEY STATISTICS


Mar 23 Full
Year
Audited
Mar 22 Full
Year
Audited
Underlying profit (non-GAAP)
i
$m 301.9 255.0
Unrealised fair-value movement on
retirement-village units $m 73.6 467.1
Deferred tax movement $m 51.6 (29.2)
Impairment loss $m (11.0) -
Costs relating to USPP prepayment and
swaps $m (158.3) -
Reported net profit after tax $m 257.8 692.9

Net operating cash flows $m 650.8 586.0
Net investing cash flows $m (1,039.8) (787.3)
Net operating and investing cash flows $m (389.0) (201.3)

Earnings per share - basic and diluted cents 49.9 138.6
Dividend per share cents 8.8 22.4
Net tangible assets - basic and diluted cents 658.1 669.6

Gearing % 33.1% 42.6%

Sales of Occupation Right
Agreements

New sales of occupation rights no. 462 560
Resales of occupation rights no. 1,057 983
Total sales of occupation rights no. 1,519 1,543

New sales of occupation rights $m 418.3 455.9
Resales of occupation rights $m 754.6 623.9
Total sales of occupation rights $m 1,172.9 1,079.8

Portfolio:
Aged-care beds no. 4,456 4,239
Retirement-village units no. 9,142 8,538
Total units and beds no. 13,598 12,777

Land bank (to be developed)
2

Aged-care beds no. 1,356 1,635
Retirement-village units no. 4,512 4,671
Total units and beds no. 5,868 6,306

i
Underlying profit is a non-GAAP* measure and differs from NZ IFRS profit for the year. Underlying profit does not have a standardised
meaning prescribed by GAAP and so may not be comparable to similar financial information presented by other entities.

The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a measure that the Group uses
consistently across reporting periods.

Underlying profit includes realised movement on investment property for units in which a right-to-occupy has been sold during the period
and for which a legally binding contract is in place at the reporting date. The occupancy advance for these units may have been received or
be included within the trade receivables balance at reporting date.

Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties, impairment losses on
non-trading assets and the cost of exiting USPP borrowings and swaps because these items do not reflect the trading performance of the
Company.
2
The land bank is subject to resource and building consent and various regulatory approvals.
*Generally Accepted Accounting Principles

---

RYMAN HEALTHCARE
Full year result
31 March 2023
Presented 19 May 2023
1

2
Enhancing freedom,
connection and
wellbeingfor people
as we grow older.
Ryman resident Jean and caregiver RonalynAlolorenjoy time together at our Kevin Hickman Village in Christchurch.

Financial
performance
Solid result for FY23 against a backdrop of a challenging economic environment, severe weather
events and the tail-end impacts from COVID
Underlying profit of $301.9 million (18.4% YoY), which compares to guidance of $280-290 million
Invested $1.04 billion in portfolio development and generated net operating cash flows of
$650.8 million
Strategy
Maintaining the highest standards of care and resident experience remains a key priority
Positive view about the age and wealth demographics in New Zealand and Australia underpins
development strategy for FY24 and beyond
Future pipeline focused on lower density villages with lower peak debt and an improved cash
flow profile
Capital structure
Completed a $902.4 million equity raise in March 2023
Net debt reduced to $2.30 billion and gearing reduced to 33.1% (in line with medium-term gearing
target of 30-35%)
No final dividend for FY23 – the board will consider the resumption of paying dividends in FY24 taking
into account trading performance, cash flow and market conditions
Management
& board
David Bennett to transition to Chief Strategy Officer once new Group CFO is appointed
The board anticipates making an announcement on board renewal, including the appointment of
a new Chair, in the near future
Summary
3

$257.8m
Reported (IFRS) profit
-62.8%
4
FY23key
financials
Underlying profit
1
$301.9m
18.4%
1: Underlying profit, free cash flowand operating EBITDAare non-GAAP (Generally Accepted
Accounting Principles) measures and do not have a standardised meaning prescribed by GAAP, and so
may not be comparable to similar financial information presented by other entities. Free cash flow is
defined as the sum of net operating cash flows and net investing cash flows per the cash flow statement.
Free cash flow
1
-$389.0m
Operating EBITDA
1
$272.6m
29.4%
•Underlying profit of
$301.9 million
(vs guidance of
$280-290 million)
•Reported IFRS profit down
due to lower revaluation
gains and early USPP
repayment costs
•Introduced new metrics
of free cash flow and
operating EBITDA
Total assets
$12.51bn
14.1%
Net operating cash flows
Net investing cash flows
$650.8m
-$1039.9m

Increased focus on cash recovery from developmentImproved returns from existing villages
Decisive steps taken to position the business for sustainable growth and improved performance
Sales
New market incentives and strategies, including different
pricing structures for care (including DMF)
Salesforce Customer Relationship Management (CRM)
technology implemented to support the sales team
Pricing
DMF phasing for ILUs reduced to four years
Trialling alternative DMFs to meet customer preference
Quarterly reviews of weekly feepricing for new residents
Resales
Leveraging data to deliver targeted pricing for
individual units
Maximising resale returns via the refurbishment program
Operating
efficiencies
Optimising returns from villages, leveraging the continuum
of care model
Continuing to enhance the quality of care and services
Leveraging regional operating model to identify and
implement efficiencies
5
Site density
Rebalancing portfolio towards lower density
townhouse style developments alongside higher
density developments
Four of the last five land acquisitions have been
for townhouse stye villages
Care mix
Right-sizing care offering through decreasing
proportion of care beds relative to retirement village
units while still meeting the needs of Ryman residents
Target ratio of 0.35 aged care beds to each
retirement village unit for new developments
Product mix
Introducing care suites to meet growing market
expectations for premium care accommodation
Strategy update

Reset balance sheet
6
•Raised $902.4 million to reset the
balance sheet and repay debt (USPP)
•71% take-up of entitlements across
both institutional and retail offers,
with remaining entitlements sold
through respective bookbuilds
•Total USPP repayment of
$855.5 million
•Gearing
1
reduced to 33.1%from
45.3% at September 2022
•Medium-term gearing target of
30-35%
Gross proceeds from
equity raise
3.00
2.30
$0.0b
$0.5b
$1.0b
$1.5b
$2.0b
$2.5b
$3.0b
$3.5b
Sep-22Mar-23
Net interest bearing debt (billions)
$902.4m
Repayment of USPP and
associated swaps
$855.5m
Gearing at March 2023
33.1%
1:Net interest-bearing debt to net interest-bearing debt plus equity. Pro-forma gearing including the impact
of the capital raise in isolation was 34.0% at30 September 2022 (ref Appendix 15)

Continued
investment to
meet future
demand
•Positive age and wealth
demographics
•Spent $1.04 billion on portfolio
development in FY23
•Capital intensity remains high
in the short term as we work to
finish six main buildings
•Investing cash flows in FY24
expected to be in the range
of $0.80–1.00 billion
7
0.48
0.55
0.71
0.84
0.79
1.04
-
$0.2b
$0.4b
$0.6b
$0.8b
$1.0b
$1.2b
FY 18FY 19FY 20FY 21FY 22FY 23
Investing cash flows (billions)

Portfolio
movement
Our portfolio of RV units and aged care
beds increased by 821 in FY23
Included in this movement are:
•519 fully completed units and beds
•302 units and beds that have been
included on a ‘near-complete’ basis,
as detailed in Appendix 23.
This was below previous guidance of
~1,000 due to severe weather events in
Auckland and the Hawke’s Bay (in
particular impacting construction at
James Wattie)
8
Retirement
village units
Aged care
beds
Total units
and beds
Prior outlook
1H23 reported
1
9693189
2H23 outlook
2
600215815
Total
6963081,004
Reported
1H23 reported9693189
2H23 reported517146663
Gross increase
613239852
Less reconfigurations
(9)(22)(31)
Net increase
604217821
1:Includes 36 units acquired at Essendon Terrace
2: Refer to slide 21 of equity raising investor presentation, dated 15 February 2023
FY23 portfolio movements in RV units and aged care beds

Committed to
exceptional care
9
•Maintained 4-year Ministry of Health
certification at 82% of our New Zealand
villages
•Achieved 4-star ratings for all four of
our operational care centres under
the new star rating system in Australia
•Home care offering gaining traction in
Australia with 132 residents receiving
funded home care packages
•Development of a care suite product
continues, with the first care suites
expected to be delivered in
Northwood in 2025
Logan Campbell Village resident Joyce and Caregiver Ramon.

Advancing our
sustainable future
10
•Climate based action is a priority
in our first sustainability strategy
which launched in October 2022
•Signed a 10-year deal with
renewable energy developer
Solar Bay who will build a new
solar farm in Northland, a first for
the retirement sector
•The solar farm is expected to
generate 30 GWh of renewable
energy and save an estimated
3,294 tonnes of carbon a year
10
Artist’s impression of the Solar Bay solar farm in Northland.

11
Avid rower Judy is a resident at our MurrayHalbergVillage in Auckland and recent star of our Full Lifebrand campaign.

Booked sales of
occupation rights
29.4%
Gross new sales
margin
Total revenue
$571.0m1,519
12.2%
5.1%*
Available RV
unit resale stock
* Percentage points
2.1%
0.4%*
-1.6%
31.1%
Gross resales
margin
4.2%*
Average aged
care occupancy
for mature villages
95%
-1%*
FY23 key
performance
indicators
vs last year
vs last year
vs last year
vs last year
vs Sep 2022
vs last year
12

Full year reported
(IFRS) profit of
$257.8 million
IFRS profit impacted by:
•Smaller unrealised fair-value
movement of $73.7 million
in FY23 ($467.1 million in FY22),
reflecting softer valuation
assumptions
•$152.1m of costs related to
early repayment of USPP notes
and swaps mostly expensed
through the NZ P&L
1
13
363.3
276.6
241.9
390.7
589.6
127.4
24.9
49.3
22.8
32.3
103.2
130.5
388.2
326.0
264.7
423.1
692.9
257.8
-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
$800m
FY 18FY 19FY 20FY 21FY 22FY 23
New ZealandAustralia
1: Includes non-cash IFRS adjustments expensed through the
P&L of $5.3 million.

•Group underlying profit
of $301.9 million (vs $280-290
million guidance range)
•YoY increase of $47.0 million
(18.4%) on FY22
•Australia’s underlying profit
lifted 36.1% to $69.7 million,
contributing approximately
one quarter of group
underlying profit
14
Underlying profit
up 18.4%
Note: Underlying profitis a non-GAAP measure and differs from NZ IFRS profit for the
period. Refer to Appendix 1 for a breakdown of underlying profit.
184.8
189.9
199.9
192.3
203.8
232.2
18.7
37.1
42.2
32.2
51.2
69.7
203.5
227.0
242.0
224.4
254.9
301.9
-
$50m
$100m
$150m
$200m
$250m
$300m
$350m
FY 18FY 19FY 20FY 21FY 22FY 23
New ZealandAustralia

Profit and loss
breakdown
•Total revenue up 12.2%
•Operating expenses up 14.4%
reflecting new villages and one-off
costs related to inventory and holiday
pay provisions. Excluding one-offs,
operating expenses were up 12.2%
•Operating EBITDA up 29.4% to
$272.6 million driven by 39.8% growth
in resales margins
•P&L interest expense (excluding early
USPP repayment and swaps) up 53.4%
reflecting a lift in market borrowing
costs and higher debt balance for
most of the year
•Underlying profit growth of 18.4%
15
1: Operating EBITDA, underlying EBITDA, underlying EBIT and underlying profit are
non-GAAP (Generally Accepted Accounting Principles) measures and do not have
a standardised meaning prescribed by GAAP, and so may not be comparable to
similar financial information presented by other entities.
Underlying profit and loss bridge (non-GAAP
1
)
$mFY23FY22YoY
Total revenue571.0508.812.2%
Resales margins234.9168.139.8%
Operating expenses(533.3)(466.2)14.4%
Operating EBITDA272.6210.629.4%
Development margins122.9110.711.1%
Underlying EBITDA395.5321.323.1%
Depreciation and amortisation(46.6)(35.7)30.5%
Underlying EBIT348.9285.622.2%
Underlying interest expense(47.1)(30.7)53.4%
Underlying profit (non-GAAP)301.9254.918.4%
Bridge to reported profit
Unrealised revaluations73.7467.1-84.2%
Deferred tax (expense) / credit51.6(29.2)nm
Impairment loss(11.0)--
USPP prepayment and swaps(158.3)--
Reported net profit after tax257.8692.9-62.8%
Weighted average shares on issue (m)516.3500.03.3%
Underlying profit per share (cps)58.551.014.7%
Reported profit per share (cps)49.9138.6-64.0%

181.7
181.2
184.2
167.8
210.6
272.6
-
$50m
$100m
$150m
$200m
$250m
$300m
FY 18FY 19FY 20FY 21FY 22FY 23
Operating EBITDA
up 29.4%
16
New metric excluding development
margins, interest expense and
D&A, used to measure performance
of existing operations
•29.4% increase driven by
a 39.8% lift in resales margins
reflecting increased volumes
and higher resale pricing
•Resales bank of $1.78 billion
will underpin future growth
in operating EBITDA
Note: Operating EBITDAis a non-GAAP (Generally Accepted Accounting Principles)
measure and does not have a standardised meaning prescribed by GAAP, and so may
not be comparable to similar financial information presented by other entities.

Average new and
resale prices lifted
17
•Average new sales and resale
prices lifted to $905,000 and
$714,000 respectively
•Average new sale pricing for
independent units exceeded
$1,000,000 for the first time
•New sale pricing reflects shift in
mix to high value locations
•Resale pricing reflects the
maturing of villages in
Auckland and Melbourne
-
$200k
$400k
$600k
$800k
$1,000k
FY 99FY 00FY 01FY 02FY 03FY 04FY 05FY 06FY 07FY 08FY 09FY 10FY 11FY 12FY 13FY 14FY 15FY 16FY 17FY 18FY 19FY 20FY 21FY 22FY 23
Group booked new salesGroup booked resales

RV unit sales
performance
•Total booked sales of occupation
rights broadly unchanged YoY with
growth in resales offsetting a softer
period for new sales
•Strong new sales margins of 29.4%
•Resale margins of 31.1%
•28.4%uplift in realised fair value
movement to $357.8m
18
FY23FY22YoY
Booked
sales
New sales462560-17.5%
Resales1,0579837.5%
Total1,5191,543-1.6%
Average price
per unit
New sales$905k$814k11.2%
Resales$714k$635k12.5%
Total$772k$700k10.3%
Margins
1
New sales29.4%24.3%5.1%
1
Resales31.1%26.9%4.2%
1
Total30.5%25.8%4.7%
1
Realised fair
value moment
2
New sales$122.9m$110.7m11.1%
Resales$234.9m$168.1m39.8%
Total$357.8m$278.8m28.4%
1:Percentage points
2:Gross margin booked on new sales (development margin) and resales (resales margin)

Robust RV margins
despite challenging
market
19
•Resale margins lifted to 31.1%,
driven by a maturing NZ portfolio
•Resale bank of $1.78 billion
implies potential future resale
margins of 24.9%
•New sale margins of 29.4%,
underpinned by strong
performance in Australia
19.2%
30.2%
27.4%
27.4%
24.3%
29.4%
25.9%
24.6%
22.7%
21.5%
26.9%
31.1%
-
5%
10%
15%
20%
25%
30%
35%
FY 18FY 19FY 20FY 21FY 22FY 23
New sale marginResale margin

Significant
embedded value
in existing portfolio
•Embedded value now
$2.45 billion, down 4.7% on
September 2022 due to
realisation of resale margins
through FY23
•Resale bank of $1.78 billion,
underpinning future earnings
20
0.87
0.86
0.95
1.15
1.67
1.87
1.95
1.78
0.41
0.44
0.47
0.50
0.54
0.58
0.62
0.67
1.28
1.30
1.41
1.65
2.21
2.45
2.57
2.45
-
$0.5b
$1.0b
$1.5b
$2.0b
$2.5b
$3.0b
Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23
Resale bankAccrued management fees and resident loans

(129.6)
(153.3)
(263.7)
(431.4)
(201.3)
(389.0)
349.3
401.4
449.8
413.1
586.0
650.8
(478.9)
(554.7)
(713.5)
(844.5)
(787.3)
(1,039.9)
(1,200m)
(1,000m)
(800m)
(600m)
(400m)
(200m)
-
$200m
$400m
$600m
$800m
FY 18FY 19FY 20FY 21FY 22FY 23
Net investing cash flowsNet operating cash flowsFree cash flow
Free cash flow
New metric which reflects the
combination of net operating cash
flows and net investing cash flows
21
•Slower growth in net operating cash
flows in FY23 impacted by increased
settlement times and broader
cost pressures
•Net investing cash flows driven
by significant development activity
across both markets
•Targeting positive free cash flow
by FY25
Note: free cash flowis a non-GAAP (Generally Accepted Accounting Principles) measure and does
not have a standardised meaning prescribed by GAAP, and so may not be comparable to similar
financial information presented by other entities. Free cash flow is defined as the sum of net
operating cash flows and net investing cash flows per the cash flow statement.

Aged Care RADs
driving cash flow
22
•Aged care RADs up 50.3% to
$300.3 million at 31 March 2023
•Net cash inflow of $100.5 million
•Significant cash flow opportunity
with RAD penetration
1
sitting at
9% in New Zealand and 73% in
Australia
1:RAD penetration calculated as number of outstanding
RADs divided by total occupied aged care beds
$103.5m
$134.4m
$185.0m
$10.2m
$65.4m
$115.3m
$113.7m
$199.8m
$300.3m
-
$50m
$100m
$150m
$200m
$250m
$300m
$350m
Mar-21Mar-22Mar-23
Refundable accommodation deposits (RADs)
AustraliaNew Zealand

Net debt reduced
to $2.30 billion
•Equity raise proceeds used to prepay all
outstanding USPP debt
•$577.2 million of funding available at
Mar-23 (ref Appendix 16)
•Amendment to Interest Coverage
Ratio (ICR) covenant to 1.75x through
to Mar-25 and 2.00x in Sep-25
(2.25x thereafter) agreed with bank
and ITL lenders in conjunction with
equity raise
•In compliance with all loan covenants
at 31 March 2023 (ref Appendix 19)
•Weighted term to maturity of 3.1 years
across all facilities.
23
1: All amounts shown in NZD per statutory balance sheet with AUD balances
converted to NZD at 31 March 2023 NZD/AUD rate of 0.9354. Bank loans
presented net of cash and cash equivalents.
1.51
1.71
2.11
1.71
1.61
1.75
1.85
1.89
0.15
0.15
0.15
0.15
0.15
0.26
0.26
0.27
0.26
0.40
0.42
0.39
0.72
1.51
1.71
2.11
2.25
2.43
2.55
3.00
2.30
-
$0.5b
$1.0b
$1.5b
$2.0b
$2.5b
$3.0b
$3.5b
Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23
Net interest-bearing debt
1
Bank loansRetail bondsITLUSPP notes

24
Neil and David, new mates and neighbours at our Bruce McLaren Village, are often spotted wading rivers in search of the catchofthe day.

NZ development
highlights
Rolleston, Canterbury
Karori, Wellington
Linda Jones Village, Hamilton
Image: Linda Jones Village
Artist’s impressions: Cambridge, Karori, Rolleston
One site fully completed
(Linda Jones)
One site with construction
commencing (Cambridge)
25
New image: Linda
Jones
Two sites received council
approval (Karori and Rolleston)
Two sites currently in for consent
(Taupōand Karaka)
One site acquired
(Taupō, announced June 2022)
One site removed
(Newtown, held for sale)
Cambridge, Waikato
Construction
Planning
Land bank

Mt Eliza, Victoria
Charles Brownlow Village, Victoria
Mulgrave, Melbourne
Raelene Boyle Village, Melbourne
Image: Charles Brownlow Village, Raelene Boyle Village
Artist’s impressions: Mulgrave and Mt Eliza.
26
AU development
highlights
Two sites fully completed
(Charles Brownlow and
Raelene Boyle)
Two sites received council
approval (Mulgrave and Mt Eliza)
One site removed
(Mt Martha, under contract,
yet to settle)
Construction
Planning
Land bank

27
Underlying profit
FY24 underlying profit is expected to be in the range $310-$330 million
Portfolio growth
FY24 portfolio to grow by 750-800 retirement village units and aged care beds,
with a similar proportion of care beds to FY23
Cash flow
FY24 net investing cash flows estimated to be in the range of $0.80-1.00 billion
Dividends
The board will consider the resumption of paying dividends in FY24 taking
into account trading performance, cash flow and market conditions
Outlook
Ryman’s outlook for FY24F and beyond assumes (1) there is no sustained downturn in the property market in the markets in which Ryman operates, materially
impacting Ryman’s ability to maintain pricing on new unit sales and resales, or slowing the rate of sales; (2) recent improved aged care occupancy rates are
maintained; and (3) there are no further material COVID-related impacts on Ryman’s business operations.
The previous outlook statements for FY25 and beyond remain unchanged.

28
Resident and former nurse Annie and Special Care Unit Coordinator PK Karan enjoy a close bond at our Murray HalbergVillage.

29
Questions
John Flynn Village resident Patricia with Personal Care Worker, Bryant Fernandez.

Appendix 1
Reported (IFRS) profit
30
Underlying profitis a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS profit for the period. Underlying profitdoes
not have a standardised meaning prescribed by GAAP and so may not be comparable to similar financial information presented byother entities.
The Ryman Group uses underlying profit, with other measures, to measure performance. Underlying profitis a measure that the Ryman Group uses consistently
across reporting periods.
Underlying profitincludes realised movement on investment property for units in which a right-to -occupy has been sold during the period and for which a legally
binding contract is in place at the reporting date. The occupancy advance for these units may have been received or be included within the trade receivables
balance at reporting date.
Underlying profitexcludes deferred taxation, taxation expense, unrealised movement on investment properties, impairment losses on non-trading assets and the
cost of exiting USPP borrowings and swaps because these items do not reflect the trading performance of the Company.
12 months to
31-Mar-23
12 months to
31-Mar-22
12 months to
31-Mar-21
$000sNZAUGroupNZAUGroupNZAUGroup
Underlying profit (non-GAAP)232,22269,670
301,892
203,76351,186
254,949
192,28632,163
224,449
Unrealised revaluations of
investment properties
20,23353,428
73,661
436,80430,329
467,133
192,5828,571
201,153
Deferred tax (expense) / credit31,26120,379
51,640
(50,923)21,714
(29,209)
5,8616,700
12,561
Impairment loss(250)(10,784)
(11,034)
--
-
-(15,102)
(15,102)
Costs relating to USPP
prepayment and swaps
(156,090)(2,233)
(158,323)
--
-
--
-
Reported net profit after tax127,376130,460
257,836
589,644103,229
692,873
390,72932,332
423,061

Appendix 2
Booked sales of occupation rights
31
12 months to
31-Mar-23
12 months to
31-Mar-22
12 months to
31-Mar-21
NZAUGroupNZAUGroupNZAUGroup
Resale of existing units
Independent43852
490
44434
478
41518
433
Serviced52839
567
47926
505
4839
492
96691
1,057
92360
983
89827
925
Sale of new units
Independent165138
303
251177
428
268144
412
Serviced58101
159
6765
132
6427
91
223239
462
318242
560
332171
503
Total
1,189330
1,519
1,241302
1,543
1,230198
1,428

Appendix 3
Available resales stock
32
1: Uncontracted resales stock as a percentage of total RV unit
portfolio (independent and serviced units)
Mar-23Sep-22Mar-22
Independent living units775245
Serviced apartments1159275
Total resales stock192144120
Total retirement portfolio9,1428,6678,538
Uncontracted stock
percentage
1
2.1%1.7%1.4%
0.7%
1.0%
0.8%
1.1%
1.4%
1.5%
1.0%
0.7%
1.0%
1.3%
1.6%
0.1%
0.2%
0.2%
0.4%
0.3%
0.4%
0.5%
0.5%
0.4%
0.3%
0.5%
0.8%
1.2%
1.0%
1.6%
1.7%
1.9%
1.4%
1.2%
1.4%
1.7%
2.1%
-
0.5%
1.0%
1.5%
2.0%
2.5%
Mar
18
Sep
18
Mar
19
Sep
19
Mar
20
Sep
20
Mar
21
Sep
21
Mar
22
Sep
22
Mar
23
New ZealandAustralia
Group
Note: Country split represents available resales stock in the country as a %
of the total Group retirement village portfolio

Appendix 4
Margins
33
12 months to
31-Mar-23
12 months to
31-Mar-22
12 months to
31-Mar-21
$000sNZAUGroupNZAUGroupNZAUGroup
New sales
Realised fair value movement
1
46,98975,952
122,941
54,74255,939
110,681
70,65837,719
108,377
Sale of occupation rights
2
185,113233,209
418,322
243,636212,220
455,856
265,256129,838
395,094
Gross development margin
25.4%32.6%
29.4%
22.5%26.4%
24.3%
26.6%29.1%
27.4%
Resales
Realised fair value movement
1
219,37215,529
234,901
159,6218,450
168,071
103,9293,388
107,317
Resale of occupation rights
2
672,17982,403
754,582
576,98146,910
623,891
476,30021,737
498,037
Gross resales margin
32.6%18.8%
31.1%
27.7%18.0%
26.9%
21.8%15.6%
21.5%
Total sales
Total realised fair value movement
1
266,36191,481
357,842
214,36364,389
278,752
174,58741,107
215,694
Total sale of occupation rights
2
857,292315,612
1,172,904
820,618259,129
1,079,747
741,556151,575
893,131
Gross total margin
31.1%29.0%
30.5%
26.1%24.8%
25.8%
23.5%27.1%
24.2%
1: Note 10
2:Key statistics

Appendix 5
Refundable accommodation
deposits (RADs)
34
RAD balance ($000s)Mar 23Mar 22Mar 21
New Zealand115,32965,40810,166
Australia184,985134,376103,500
Group300,314199,783113,666
Outstanding RADs (no.)Mar 23Mar 22Mar 21
New Zealand31317721
Australia324238177
Group637415198
1%
80%
6%
5%
78%
11%
9%
73%
16%
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
New ZealandAustraliaGroup
RAD penetration
1
Mar-21Mar-22Mar-23
1:RAD penetration calculated as no. outstanding RADs divided by
total occupied aged care beds

Appendix 6
Investment property valuation summary
Valuer unit price average growth assumption
Discount
rate
As at 31 March 2023Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland0.1%0.6%2.3%3.0%3.5%12.9%
Rest of New Zealand0.2%0.7%2.2%2.8%3.4%13.1%
Australia3.5%3.1%3.2%3.4%3.6%13.2%
Valuer unit price average growth assumption
Discount
rate
As at 31 March 2022Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland0.9%1.0%2.1%3.0%3.5%12.8%
Rest of New Zealand0.9%1.0%2.0%2.7%3.4%13.3%
Australia3.2%3.5%3.5%3.5%3.8%14.2%
Valuer unit price average growth assumption
Discount
rate
As at 31 March 2021Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland1.7%1.0%2.1%3.0%3.5%12.8%
Rest of New Zealand1.6%1.0%2.0%2.7%3.4%13.4%
Australia1.8%2.4%2.9%3.3%4.1%14.6%
35
Note: 31 March 2023 valuation assumptions are weighted averages of independent unit and serviced apartment assumptions made by independent valuers
CBRE NZ, CBRE Australia and JLL. 31 March 2022 and 31 March 2021 valuation assumptions are weighted averages of independent unitand serviced apartment
assumptions made by independent valuers CBRE NZ and CBRE Australia.

1.51
1.29
0.76
0.94
1.06
0.73
0.74
0.69
0.50
-
$0.4m
$0.8m
$1.2m
$1.6m
Melbourne (A$)Auckland (NZ$)Rest of NZ (NZ$)
Median house price - village areasRyman - 2 bed independentRyman - serviced
Note: The average price shown for Ryman units is for resales only. The median house
price reflects the average median house price over the last 6 months in the areas
surrounding our villages.
Appendix 7
Affordability ratios
36
•Offering continues to be
affordable relative to local
house prices
•Independent unit pricing in
Auckland and Melbourne 18%
and 38% below local median
house prices respectively
•Residents continue to free up
capital when moving into a
Ryman village

37
•Occupancy impacted by COVID
and other illness through winter
months in 2022
•Mature village occupancy of
95% in FY23, down -1% on FY22
•Occupancy improved to over
96% in March 2023
88%
90%
92%
94%
96%
98%
100%
AprMayJunJulAugSepOctNovDecJanFebMar
Aged care occupancy
1
FY21FY22FY23
1:Includes aged care centres which are mature
Appendix 8
Aged care
occupancy

80
81
82
83
84
85
86
87
88
89
90
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
Sep-22
Mar-23
Average age (current)
IndependentServicedCare centre
Appendix 9
Resident average age
and tenure (years)
38
Average age (current)Mar-23Mar-22Mar-21
Independent82.682.482.3
Serviced87.487.587.5
Care centre86.486.886.7
Average age (on entry)Mar-23Mar-22Mar-21
Independent79.879.379.2
Serviced85.385.785.1
Average tenure (vacated)Mar-23Mar-22Mar-21
Independent6.35.96.0
Serviced2.93.22.8
Note: Dates reflect six month periods ending on the stated date i.e.
Mar-23 reflects 1 October 2022 through 31 March 2023

Appendix 10
Cash management fees
39
$000s
Financial statement
reference
12 months to
31-Mar-23
12 months to
31-Mar-22
12 months to
31-Mar-21
Accrued management fees and resident loans – opening(Note 19)578,254502,890439,636
Accrued management fees and resident loans – closing(Note 19)(671,838)(578,254)(502,890)
Movement in accrued management fees(93,584)(75,364)(63,254)
Plus: DMF incomeIncome statement122,769105,55293,170
Plus: Revenue in advance movementCash flow statement18,0199,4357,515
Plus: GST / accommodation credit adj' / FX movementNot disclosed1,6831,3374,010
Plus: Movement in resident loansNot disclosed13,5109,2406,592
Cash management fees62,39750,20048,033

Appendix 11
Operating cash flows
40
$000s
Financial statement
reference
12 months to
31-Mar-23
12 months to
31-Mar-22
12 months to
31-Mar-21
Care and village fees receivedNot disclosed442,915400,618360,855
Refundable accommodation deposits (net)Not disclosed100,61987,41127,884
New sale of occupation rightsNot disclosed447,242383,601330,503
Resales of occupation rightsNot disclosed611,742524,525457,159
Total receipts from residents
Cash flow statement
1,602,5181,396,1551,176,401
Interest receivedCash flow statement2,198266229
Payments to suppliers and employeesCash flow statement(469,648)(435,170)(421,135)
Payments to residentsCash flow statement(437,375)(346,030)(323,810)
Interest paidCash flow statement(46,864)(29,243)(18,566)
Net operating cash flow
Cash flow statement
650,829585,978413,119

Note: Contracts not settled are unconditional occupation-right agreements which have
been entered into by residents but have not been settled as the resident has not yet
occupied the unit. These are for new sales only.
•Total committed sales which are
yet to settle of $347.6 million
•Reduction in new sales
receivables of $67.8m
41
144.1
229.3
249.0
226.0
208.0
358.3
389.8
322.0
142.6
117.0
137.8
100.5
162.4
74.9
122.5
25.5
286.7
346.3
386.8
326.5
370.4
433.3
512.3
347.6
-
$100m
$200m
$300m
$400m
$500m
$600m
Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23
Total committed new sales
New sales receivablesContracts not booked
Appendix 12
Committed sales

•$1.04 billion invested in new
villages and existing portfolio
•$150.1 million spent on land
acquisition, reflecting Taupōand
deferred settlement of previously
acquired land
•Outstanding land payables at
$71.8 million at 31 March 2023
•$112.2 million spent on upgrading
existing villages (unit refurbishments
and major projects) and head
office capex
42
Appendix 13
Investing cash flows
111.0
53.8
101.3
74.8
62.9
150.1
30.3
2.2
295.9
430.1
497.2
679.8
620.2
778.8
27.0
35.3
43.6
45.2
57.0
62.2
44.0
33.2
39.0
41.6
42.9
50.1
478.9
554.7
713.5
844.5
787.3
1,039.9
-
$200m
$400m
$600m
$800m
$1,000m
$1,200m
FY 18FY 19FY 20FY 21FY 22FY 23
Purchases of landBed licencesNew villages
Care / systems / projectsVillage upgradesAdvances to employees
Total investing cashflow

Appendix 14
Equity raise
1
and USPP prepayment
43
1:Includes impact of equity raise announced on 15 February 2023. Excludes any equity impacts in relation to the dividend reinvestment plan implemented
for the interim FY23 dividend
2: Includes unamortised USPP issuance costs written off
3:Total costs of USPP prepayment and swaps detailed in note 5 ($158.3m) includes reclassification adjustments (-$1.8m) and fairvalue changes on derivatives
($8.0m) which are not related to the USPP repayment or associated cross-currency swaps, and hence not included in this reconciliation
Cash flow impact of equity raise and USPP prepayment
$m
Financial statement
reference
Reported
(final)
Equity raise
(estimate)
Difference (final
less estimate)
Proceeds from equity raise
Gross equity raise proceeds902.4902.4-
Transaction costs(26.4)(30.0)3.6
Net equity raise proceedsCash flow statement876.0872.43.6
Debt repayment
Total cash repayment for USPP and associated swapsCash flow statement(855.5)(842.6)(12.9)
Net impact on cash balance20.529.8(9.3)
Total costs associated with USPP prepayment and swaps expensed through profit and loss
$m
Financial statement
reference
Reported
(final)
Equity raise
(estimate)
Difference (final
less estimate)
Cash prepayment costs included in USPP repayment(146.9)(134.0)(12.9)
IFRS adjustments
2
(5.3)(3.2)(2.1)
Total costs associated with USPP taken through profit and lossNote 5
3
(152.1)(137.2)(14.9)
•Net equity proceeds of $876.0 million, $3.6 million higher than equity raise estimate due to transaction cost savings
•Total cash repayment for USPP and associated swaps of $855.5 million, $12.9 million higher than equity raise estimate due to unfavourable
market movements on cross currency interest rate swaps, make-whole payments and bank funding costs, offset by credit savings andlower
bank fees.
•Cash prepayment costs included in USPP repayment and associated swaps of $146.9 million, $12.9 million higher than equity raise estimate
•$152.1 million total costs associated with USPP taken through profit and loss comprising $146.9 million cash prepayment costsand $5.3 million of
IFRS adjustments.

Appendix 15
Balance sheet movement
44
1: Shareholders funds less intangible assets and deferred tax asset. Note net tangible assets presented in the 2023 half year report and prior reporting periods did
not exclude deferred tax asset.
2: Shares issued under the dividend reinvestment plan for the FY23 interim dividend
3:Net interest-bearing debt to net interest-bearing debt plus equity
$mAs at
30-Sep-22
Impact of
equity raise
Pro-forma
post equity raise
(unaudited)
Other movements
2H FY23
(unaudited)
As at
31-Mar-23
Cash and cash equivalents262146(19)28
Trade and other receivables792-792(73)719
Property, plant & equipment2,230-2,230(24)2,205
Investment properties8,737-8,7375869,323
Intangible assets60-602485
Deferred tax asset45-45954
Other assets144-144(47)97
Total assets12,0332112,05445712,511
Occupancy advances (non-interest bearing)4,632-4,6321954,826
Interest bearing liabilities3,026(725)2,301302,331
Other liabilities748-748(58)690
Total liabilities8,405(725)7,6811667,847
Shareholder funds (equity)3,6287454,3732914,664
Net tangible assets (NTA)
1
3,5237454,2682574,525
Shares on issue (m)5001806807
2
688
NTA per share (cps)704.6627.2658.1
Net interest bearing debt3,0002,2552,303
Gearing
3
45.3%34.0%33.1%

45
Appendix 16
Summaryof debt facilities
1: All amounts shown in NZD. AUD denominated debt (ITL and AUD bank facilities)
converted to NZD at 31 March 2023 NZD/AUD rate of 0.9354
2:Drawn debt includes amounts drawn on AUD facilities plus amounts drawn in AUD
on multi-currency facilities. Facility size includes AUD facilities limit plus amounts
drawn in AUD on multi-currency facilities
Debt facilities have a weighted term to maturity of 3.1 years at
31 March 2023
495
281
317
696
134
107
326
118
150
267
-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
$800m
$900m
FY 23FY 24FY 25FY 26FY 27FY 28FY 29
Debt maturity profile ($m)
Bank facilities - NZDBank facilities - AUDRetail bondITL
Debt facilities at 31 March 2023
$000s
1
Facility size
2
(NZD)
Drawn debt
(NZD)
Headroom
(NZD)
Bank facilities - NZD1,788,4431,277,590510,853
Bank facilities - AUD683,665645,17938,486
Institutional term loan (ITL) - AUD267,265267,265-
Retail bond - NZD150,000150,000-
Debt facilities at face value2,889,3732,340,034549,339
Cash on hand27,879
Total funding available577,218

Appendix 17
Key debt metrics
46
1:Includes retail bond, fixed portion of institutional term loan, and interest rate swaps (ref Appendix 18)
2:Total cost of fixed rate debt including retail bond (fixed coupon), fixed portion of institutional term loan (fixed coupon), interest rate swaps (fixed swap rate plus
average margin and line fees on bank debt, including margin on undrawn facilities weighted on drawn facilities), and fixed component of USPP notes at Sep-22
and Mar-22 (fixed coupon)
3:Total cost of all debt including fixed rate debt, floating rate debt and line fees on bank debt, including margin on undrawn facilities weighted on drawn facilities
Debt facilitiesReference31-Mar-2330-Sep-2231-Mar-22
Total facilities at face valueNote 212,889,3733,477,3963,353,391
Drawn interest bearing debt at face valueNote 172,340,0343,022,2302,616,834
Debt headroom549,339455,166736,557
Cash and cash equivalentsBalance sheet27,87925,88928,318
Total funding headroom577,219481,055764,875
Weighed average term to maturity of debt facilities3.1 years5.3 years5.5 years
Interest bearing debt
Drawn interest bearing debt at face valueNote 172,340,0343,022,2302,616,834
IFRS adjustments(9,084)3,721(40,097)
Interest bearing loans and borrowings per balance sheetBalance sheet2,330,9503,025,9512,576,737
Cash and cash equivalentsBalance sheet(27,879)(25,889)(28,318)
Net interest bearing debt2,303,0713,000,0622,548,419
Gearing
Net interest bearing debt2,303,0713,000,0622,548,419
Equity per balance sheetBalance sheet4,663,8973,628,0693,434,520
Gearing (net debt to net debt plus equity)33.1%45.3%42.6%
Interest rate management
Total active fixed rate debt instruments
1
1,570,3871,148,585662,582
Weighted average term of fixed rate debt instruments
1
2.0 years4.0 years5.2 years
Percentage of drawn debt at face value at fixed rates67%38%25%
Weighted average interest rate on drawn fixed rate debt
2
4.9%4.5%4.3%
Weighted average interest rate on all drawn debt
3
5.4%5.4%4.1%

47
Appendix 18
Fixed rate debt profile
1
107107107107107107107107107107107
150150150150150150150150
950950
530
490
390
230230
50
50
363363
64
64
1,5701,570
851
811
647
487487
307
157
107107
-
$200m
$400m
$600m
$800m
$1,000m
$1,200m
$1,400m
$1,600m
$1,800m
Mar-23Sep-23Mar-24Sep-24Mar-25Sep-25Mar-26Sep-26Mar-27Sep-27Mar-28
Notional value of active fixed rate debt ($m
2
)
ITLRetail bondNZD swapsAUD swapsTotal fixed rate debt
1:Reflects position at 31 March 2023, not including additional hedging taken out following year end
2: All amounts shown in NZD. AUD fixed rate debt instruments (ITL and AUD swaps) converted to NZD at 31 March 2023 NZD/AUD rateof 0.9354
3: Face value of Institutional term loan (ITL) is A$250m, of which A$100m is fixed (NZ$107m as presented in the chart)
3
4.9%4.9%
5.0%
4.9%
4.7%
4.3%4.3%
3.7%
4.9%
4.3%4.3%
-
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Mar-23Sep-23Mar-24Sep-24Mar-25Sep-25Mar-26Sep-26Mar-27Sep-27Mar-28
Average interest rate on fixed rate debt (%)

Appendix 19
Debt covenants
48
Pro-formainterest coverage ratio (ICR)
for the 12 months ending 31 March 2023
Interest coverage ratio (ICR)
for the 12 months ending 31 March 2023
Reference$000s
Gross interest expense
Total finance costsIncome statement205,374
Costs for USPP prepayment and swapsNote 5(158,323)
Interest expense47,051
Capitalised interest paidNote 5108,069
Interest incomeNote 5(2,140)
Gross interest expense152,980
Adjusted EBIT
Underlying profit301,892
Interest expenseNote 547,051
Interest incomeIncome statement(2,140)
Management feesIncome statement(122,769)
Cash management feesAppendix 1062,397
Other(767)
Adjusted EBIT285,664
Ratio (adjusted EBIT to gross interest)1.87
Covenant - greater than:1.75
If the interest costs associated with the now repaid USPP were backed out of the
Gross Interest Expense, the Adjusted EBIT to adjusted gross interest expense for
the 12 months to 31 March 2023 would be as follows:
Reference$000s
Pro-forma gross interest expense
Gross interest expenseIncome statement152,980
less USPP interest expenseNot disclosed(45,561)
Pro-forma gross interest expense107,419
Adjusted EBIT
Adjusted EBIT285,664
Ratio (pro-forma adjusted EBIT to gross interest)2.66
Covenant - greater than:1.75

Appendix 19 cont.
Debt covenants cont.
49
Adjusted total liabilities to net tangible assets
at 31 March 2023
Reference$000s
Adjusted total liabilities
Total liabilitiesBalance sheet7,846,727
Less net occupancy advancesBalance sheet(4,826,182)
Less RADsBalance sheet(300,314)
Adjusted total liabilities2,720,231
Net tangible assets
Total equityBalance sheet4,663,897
Less intangible assetsBalance sheet(84,832)
Less deferred tax assetBalance sheet(53,774)
Net tangible assets4,525,291
Ratio0.60
Covenant - no greater than:1.00

Appendix 20: Development pipeline: NZ
1James WattieLow
>$1.0m
2024
2Kevin HickmanLow
>$0.7m
2026
3NorthwoodLow
>$0.6m
2026
4CambridgeLow
>$0.9m
2026
5Park TerraceHigh
>$1.1m
TBC
6KaroriHigh
>$1.0m
TBC
7RollestonLow
>$0.8m
TBC
8TaupōLow
>$0.8m
TBC
Peak capital
requirement
Median
house price
Design Consenting
Council
approval
Construction
Village
open
Village centre
open
Targeted village
completion
1William SandersHigh
>$1.7m
2023
2Murray HalbergHigh
>$1.1m
TBC
3Miriam Corban Medium
>$0.9m
2024
4Keith ParkHigh
>$1.0m
2026
5TakapunaMedium
>$1.3m
TBC
6KohimaramaHigh
>$1.7m
TBC
7KarakaLow
>$1.5m
TBC
Rest of New Zealand
Auckland
Notes: Pipeline reflects status at 19 May 2023. Median house price is in New Zealand dollars and reflects the median house price in the catchment
area. Targeted village completion is a calendar year date. It is based on current estimates and may vary from the final completion date.
FY 2023 changes
Sites under
construction
9
50
1Linda JonesMedium
>$0.9m
Complete
2NewtownLow
>$0.9m
Held for sale
No longer included in development pipeline
Totalsites in
pipeline
15

1Charles BrownlowLow
>$0.9m
Complete
2Raelene BoyleMedium
>$1.7m
Complete
3Mt MarthaLow
>$1.7m
Under contract
Peak capital
requirement
Median
house price
DesignConsenting
Council
approval
Construction
Village
open
Village centre
open
Targeted village
completion
1John FlynnHigh
>$1.2m
2023
2Nellie MelbaMedium
>$1.5m
2024
3
Deborah CheethamLow
>$1.3m
2025
4Bert NewtonMedium
>$1.7m
2025
5Ringwood EastHigh
>$0.9m
2028
6MulgraveLow
>$1.2m
TBC
7Mt ElizaHigh
>$1.7m
TBC
8EssendonMedium
>$1.3m
TBC
9KealbaLow
>$0.9m
TBC
10Coburg NorthHigh
>$1.2m
TBC
Appendix 20cont. Development pipeline: AU
No longer included in development pipeline
Sites under
construction
5
51
Totalsites in
pipeline
10
Notes: Pipeline reflects status at 19 May 2023. Median house price is in Australian dollars and reflects the median house pricein the catchment
area. Targeted village completion is a calendar year date. It is based on current estimates and may vary from the final completion date.
FY 2023 changes

Appendix 21
Summary of RV Units and aged care beds
52
Unit typeAsset base
1
Land bankAsset base and land bank
New
Zealand
AustraliaTotalNew
Zealand
AustraliaTotalNew
Zealand
AustraliaTotal
Independent townhouse2,7081282,8368942911,1853,6024194,021
Independent apartment2,9527933,7451,1911,0522,2434,1431,8455,988
Total independent RV units5,6609216,5812,0851,3433,4287,7452,26410,009
Serviced apartment RV units2,1933682,5617353491,0842,9287173,645
Total RV units7,8531,2899,1422,8201,6924,51210,6732,98113,654
Hospital1,5972571,8542422645061,8395212,360
Dementia8941841,0783451895341,2393731,612
Rest home1,2902341,524226903161,5163241,840
Total care beds
2
3,7816754,4568135431,3564,5941,2185,812
Total RV units and care beds11,6341,96413,5983,6332,2355,86815,2674,19919,466
% total
Independent RV units49%47%48%57%60%58%51%54%51%
Serviced apartment RV units19%19%19%20%16%18%19%17%19%
Care beds32%34%33%22%24%23%30%29%30%
Total RV units and care beds100%100%100%100%100%100%100%100%100%
1:RV units and beds included in the asset base are either complete or near complete at balance date (ref Appendix 23)
2:Includes both aged care beds and care suites. There are currently no operational care suites in the asset base. 109 premium care suites are included within the 813 care
beds in the New Zealand land bank.

53
Appendix 22
Development of RV Units and aged care beds
Independent
townhouse
Independent
apartment
Serviced
apartment
Total
RV units
Aged care
beds
Total RV units
and beds
New Zealand
Murray Halberg-58-
58
-
58
Miriam Corban184456
118
50
168
Keith Park-4960
109
69
178
Linda Jones39--
39
-
39
Kevin Hickman1933-
52
-
52
Northwood1210-
22
-
22
Cambridge22--
22
-
22
Total build - New Zealand
1
110194116420119539
Australia
Nellie Melba-41-
41
-
41
Bert Newton-47-
47
-
47
Deborah Cheetham16-53
69
120
189
Total build – Australia
1
168853157120277
Total build – Group
1
126282169577239816
Other changes
Essendon Terrace acquisition-36
3636
Reconfiguration of existing villages12(12)
(9)
(22)
(31)
Total increase in RV units and aged care beds127320157604217821
1:RV units and beds included in total build are either complete or near complete at balance date (ref Appendix 23)

54
7,848
Complete
Sold RV units
Near
complete
Total units included in independent valuation
(units fair valued to date)
1,2
8,190
222
120
Vacant RV
resale stock
-
4,165Aged Care beds
3
74
241
Unsold new
RV units
2,3
107
Total
8,070
120
4,239
348
Total RV units and Aged Care beds12,777
As at 31 March 2022
8,307
Complete
Sold RV units
Near
complete
Total units included in independent valuation
(units fair valued to date)
1,2
8,666
167
192
Vacant RV
resale stock
-
4,217Aged Care beds
3
239
177
Unsold new
RV units
2,3
299
Total
8,474
192
4,456
476
Total RV units and Aged Care beds13,598
As at 31 March 2023
Increase in RV units
and Aged Care beds
821
1:Units included in the independent valuation are consistent with those
booked in underlying profit to date (new sales margin realised) and
represents completed units and units under development that the Directors
have determined fair value can be reliably measured at reporting date.
Included within the total units as at March 2023 are 36 RV units added to the
portfolio through the acquisition of Essendon Terrace.
2: Units included in the carrying value of investment property comprise: units
which the Directors have determined fair value can be reliably measured at
reporting date and have been independently valued (8,666 at March
2023), units for which fair value would be able to be reliably measured if an
agreement to occupy was in place at reporting date but, as they remain
unsold at reporting date, they are not included in the valuation and are
held at cost (476 at March 2023).
3: Beds and units in the main buildings are recognised in the near complete
number on a proportional basis when the cost to date is over 60% of the
forecast cost (169 SA and 239 care beds are included on this basis at March
2023).
Appendix 23
Movement in RV units and Aged Care beds

Appendix 24
Asset base: New Zealand (ex Auckland)
55
VillageLocationHospital
care
Dementia
care
Resthome
care
Total
care
Serviced
apartment
Independent
apartment
Independent
townhouse
Total
RV units
Total RV units
and care
Anthony WildingChristchurch80333514850-110160
308
Bob OwensTauranga40404012079113105297
417
Bob ScottPetone40403411489254-343
457
CambridgeCambridge------2222
22
Charles FlemingWaikanae4040401207963138280
400
Charles UphamRangiora4040401208766198351
471
Diana IsaacChristchurch4040401207923233335
455
Ernest RutherfordNelson422527947524100199
293
Essie SummersChristchurch4124309558-2280
175
Frances HodgkinsDunedin--51513242-74
125
Hilda RossHamilton69404215151-167218
369
James WattieHawkes Bay-----4479123
123
Jane ManderWhangārei6032201127168115254
366
Jane WinstoneWanganui2020296950-54104
173
Jean SandelNew Plymouth4022491116027144231
342
Julia WallacePalmerston North3521288450-111161
245
Kevin HickmanChristchurch-----6345108
108
Kiri Te KanawaGisborne40164197612184166
263
Linda JonesHamilton4040361169315791341
457
Malvina MajorWellington58-5811639123-162
278
Margaret StoddartChristchurch--454521-2041
86
Ngaio MarshChristchurch73-4111440-119159
273
NorthwoodChristchurch-----101222
22
Princess AlexandraNapier602424108541755126
234
Rita AngusWellington49-20694999-148
217
Rowena JacksonInvercargill63325915446-103149
303
Shona McFarlaneLower Hutt38-387650-130180
256
WoodcoteChristchurch--49497-1825
74
Yvette WilliamsDunedin573039032--32
122
Total New Zealand (ex Auckland)1,0655599192,5431,4021,2142,2754,8917,434

Appendix 24 cont.
Asset base: New Zealand (Auckland)
56
VillageLocationHospital
care
Dementia
care
Resthome
care
Total
care
Serviced
apartment
Independent
apartment
Independent
townhouse
Total
RV units
Total RV units
and care
Bert SutcliffeBirkenhead40403811881225-306
424
Bruce McLarenHowick41414012272194-266
388
Edmund HillaryRemuera11530501956028290432
627
Evelyn PageŌrewa6037201176421236312
429
Grace JoelSt Heliers70-279771-72143
240
Keith ParkHobsonville2323236960114-174
243
Logan CampbellGreenlane43304311680116-196
312
Miriam CorbanHenderson202010505615418228
278
Murray HalbergLynfield42384212286216-302
424
Possum BournePukekohe4040401208442217343
463
William SandersDevonport38363811277183-260
372
Total Auckland5323353711,2387911,7384332,9624,200
Total New Zealand1,5978941,2903,7812,1932,9522,7087,85311,634

Appendix 24 cont.
Asset base: Australia
57
VillageLocationHospital
care
Dementia
care
Resthome
care
Total
care
Serviced
apartment
Independent
apartment
Independent
townhouse
Total
RV units
Total RV units
and care
Charles BrownlowVictoria402040100601664140
240
Deborah CheethamVictoria40404012053-64117
237
John FlynnMelbourne39313910995174-269
378
Nellie MelbaMelbourne77367719085256-341
531
Raelene BoyleMelbourne193718742764-91
165
Weary DunlopMelbourne4220208248200-248
330
Essendon TerraceMelbourne-----36-36
36
Bert NewtonMelbourne-----47-47
47
Total Australia2571842346753687931281,2891,964

Appendix 25
Land bank: New Zealand
58
LocationHospital
care
Dementia
care
Resthome
care
Total
care
1
Serviced
apartment
Independent
apartment
Independent
townhouse
Total
RV units
Total RV units
and care
Existing villages
Grace Joel
Auckland-----96-96
96
James Wattie
Hawkes Bay3535209078-24102
192
Jean Sandel
New Plymouth-----164359
59
Keith Park
Auckland1717175141162-203
254
Kevin Hickman
Christchurch202040806510914188
268
Linda Jones
Hamilton--------
-
Miriam Corban
Auckland--101021211456
66
Murray Halberg
Auckland-----125-125
125
William Sanders
Auckland-----6-6
6
Total existing villages72728723120553595835
1,066
New sites
Cambridge
Waikato2040208060-163223
303
Karaka
Auckland173417686064142266
334
Karori
Wellington2020206068179-247
307
Kohimarama
Auckland2040-6086126-212
272
Northwood
Christchurch15301560717370214
274
Rolleston
Canterbury1836187264-218282
354
Park Terrace
Christchurch3130208127155-182
263
Takapuna
Auckland151515453059-89
134
Taupō
Waikato1428145664-206270
326
Total new sites1702731395825306567991,985
2,567
Total New Zealand 2423452268137351,1918942,8203,633
Note: The land bank is subject to resource and building consent and various regulatory approvals
1: Includes both aged care beds and premium care suites. There are currently no operational care suites in the asset base. 109 premium care suites are included
within the 813 care beds in the New Zealand land bank.

Appendix 25 cont.
Land bank: Australia
59
LocationHospital
care
Dementia
care
Resthome
care
Total
care
Serviced
apartment
Independent
apartment
Independent
townhouse
Total
RV units
Total RV units
and care
Existing villages
Nellie Melba
Melbourne-----74-74
74
Deborah Cheetham
Victoria------8181
81
Total existing villages-----7481155155
New sites
Coburg North
Melbourne6420-8465332-397
481
Essendon
Melbourne3030-6050162-212
272
Bert Newton
Melbourne301930794538-83
162
Mt Eliza
Victoria3030-6027104-131
191
Kealba
Melbourne4020208054-140194
274
Mulgrave
Melbourne3030-605410570229
289
Ringwood East
Melbourne40404012054237-291
411
Total new sites264189905433499782101,5372,080
Total Australia264189905433491,0522911,6922,235
Note: The land bank is subject to resource and building consent and various regulatory approvals

Glossary
TermDefinition
AU
Australia
Care bed
Rest home, hospital and dementia level care
Care suite
Rest home, hospital and dementia level care rooms subject to an
ORA that attracts a DMF
Continuum of care
Co-location of aged care beds / care suites and RV units at the
same village
DMF
Deferred management fee
Embedded value
Embedded value is a non-GAAP measure and reflects the resale bank
(the difference between the price paid by the last resident and the
price that would be paid by an incoming resident across the portfolio),
accrued management fees and resident loans
Equity raise
$902.4m 1-for-2.81 accelerated pro rata entitlement offer announced
15 February 2023
Free cash flow
Sum of net operating cash flows and net investing cash flows per the
cash flow statement. Free cash flow is a non-GAAP measure
FY
Financial year
Gearing
Net debt / (Net debt + equity), pre IFRS-16
ILU
Independent living unit
ITL
Institutional term loan
NZ
New Zealand
Operating EBITDA
Total revenue per financial statements, plus resales margin less
operating expenses. Operating EBITDA is a non-GAAP measure
ORA
An occupation right agreement within the meaning of the Retirement
Villages Act 2003 (for Villages in New Zealand) or a residence contract
within the meaning of the Kaela Retirement Villages Act 1986 (Vic) (for
Villages in Australia)
TermDefinition
Pro-forma
Adjusted for the impact of the equity raise
RAD
Refundable accommodation deposit
Resales
The sale of an ORA contract on an existing unit when a resident departs a
unit
Resale gain
Resale gains occur in the event resale price is higher than outgoing ORA
Resident
A person who is resident in a Ryman Village in an ILU, SA or care room
Retirement village
(RV) unit
Any independent unit or serviced apartment
RV
Retirement village. A retirement village unit includes ILUs and SAs,
excludes care beds
SA
Serviced apartment
Underlying profit
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for
the period. Refer to Appendix 1 for a breakdown of underlying profit
Unit
Any independent unit or serviced apartment
USPP
US private placement
Village
Any retirement village owned by a Ryman Group member that:
• in New Zealand is registered as a retirement village under the
Retirement Villages Act 2003, and
• in Australia is registered as a retirement village under The Retirement
Villages Act 1986 (Vic).
60

Weary Dunlop Village resident Bill enjoys having more free time to spend
with his family.
Disclaimer
This presentation has been prepared by Ryman Healthcare Limited and its group companies
("Ryman") for informational purposes.This disclaimer applies to this document and the verbal
or written comments of any person presenting it.
This presentation provides additional comments on the 2023 full year result for the period to 31
March 2023 presented on 19 May 2022.It should be read in conjunction with all other material
which we have released, or may release, to NZX from time to time.That material is also
available on our website at www.rymanhealthcare.com
.
Purpose of this presentation
This presentation isnot an offer of financial products, or a proposal or invitation to make any
such offer.It is not investment advice, or any otheradvice, or a recommendation in relation to
financial products, and does not take into account any person’s individual circumstances or
objectives. Every investor should make an independent assessment of Ryman on the basis of
expert financial advice.
Forward-looking statements
This presentation contains forward-looking statements and projections.These reflect our
current expectations, based on what we think are reasonable assumptions.However, any of
these forward-looking statements or projections may be materially different due to a range of
factors and risks. Ryman gives no warranty or representation as to our future financial
performance or any future matter.Actual results may differ materially from those
projected.Except as required by law or the NZX Listing Rules, Ryman undertakes no obligation
to update any forward-looking statements whether as a result of new information, future
events, or otherwise.
Non-GAAP information
A number offinancial measures used in this presentation are based on non-generally
accepted accountingprinciples (i.e.non-GAAP financial information).This includes, in
particular, our ‘underlying profit’ which Ryman has used for many years as a means of
showing our profit absent any unrealised valuation movements.We show our underlying profit
together with our reported profit based on NZ IFRS (a GAAP measure). You should not
considerany of these statements in isolation from, or in substitution for the information
provided in the Financial Statements for the twelve months ended 31March 2023.
61