Ryman Healthcare reports 1H25 results

Half Year Results27 November 2024RYMHealthcare

Results for announcement to the market
Name of issuer Ryman Healthcare Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $366,263 9. 8%
Total Revenue (see explanation below) $366,263 9. 8%
Net profit/(loss) from continuing
operations
$94,365 -49.6%
Total net profit/(loss) $94,365 -49.6%
Interim/Final Dividend
Amount per Quoted Equity Security No final dividend is to be paid for the six months ended 30
September 2024.
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)
589.7 652.5

A brief explanation of any of the
figures above necessary to enable the
figures to be understood
Prior comparative periods have been restated to align with
changes to the Group’s financial reporting. Refer to note 1 of the
consolidated interim financial statements for explanation. These
are unaudited.
Authority for this announcement
Name of person authorised to make
this announcement
Rob Woodgate
Contact person for this announcement Rob Woodgate
Contact phone number +64 3 366 4069
Contact email address Rob.Woodgate@rymanhealthcare.com
Date of release through MAP 28 November 2024

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RYMAN HEALTHCARE
Consolidated interim
financial statements
30 SEPTEMBER 2024

RYMAN HEALTHCARE LIMITED
Consolidated income statement
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
The accompanying notes form part of these consolidated interim financial statements.

1

6 MONTHS 6 MONTHS 12 MONTHS
Sep 2024 Sep 2023 Mar 2024
Note
(restated) (restated)
$000 $000 $000

Care and village fees 277,016 249,014 510,380
Deferred management fees (DMF) 65,798 67,657 140,154
Interest received 1,112 1,274 2,326
Imputed income on refundable
accommodation deposits

15,715 10,671 24,455
Other income 6,622 5,017 12,571
Total revenue 366,263 333,633 689,886

Operating expenses 2 (351,706) (297,332) (651,883)
Depreciation and amortisation
expenses

(25,403) (21,710) (43,803)
Finance costs (53,204) (21,702) (50,642)
Imputed interest charge on refundable
accommodation deposits

(15,715) (10,671) (24,455)
Impairment loss - - (32,771)
Total expenses (446,028) (351,415) (803,554)

Loss before income tax and
fair-value movements (PBTF) (79,765) (17,782) (113,668)

Fair-value movement of investment
properties
4,5 254,570 141,411 (71,907)

Profit/(loss) before income tax
174,805 123,629 (185,575)
Income tax (expense)/credit 3 (80,440) 63,450 107,165
Net profit/(loss) after tax (NPAT) 94,365 187,079 (78,410)

Earnings per share (cents per share)
Basic 6
13.7 27.2 (11.4)
Diluted 6 13.6 27.2 (11.4)

The financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain balances have
been restated. The effects of these restatements for all periods are outlined in note 1.
Loss before income tax and fair-value movements (PBTF) is a non-GAAP measure which does not have a standardised meaning
prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in
understanding Ryman's performance. It may not be comparable to similar financial information presented by other entities.

RYMAN HEALTHCARE LIMITED
Consolidated statement of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
The accompanying notes form part of these consolidated interim financial statements.

2

6 MONTHS 6 MONTHS 12 MONTHS
Sep 2024 Sep 2023 Mar 2024

(restated)
(restated)
$000 $000 $000

Net profit/(loss) after tax
94,365 187,079 (78,410)

Items that will not be later reclassified to profit or loss

Revaluation of property, plant and equipment
- - (251,774)

- - (251,774)

Items that may be later reclassified to profit or loss

Fair-value movement and reclassification of cash
flow hedge reserve (31,433) 17,015 (15,977)
Deferred tax movement recognised in cash flow
hedge reserve
8,687 (4,859) 5,796
Gain/(loss) on hedge of foreign-owned subsidiary
net assets
175 (257) (1,552)
(Loss)/g ain on translation of foreign operations
(1,402) 1,839 12,795
(23,973) 13,738 1,062

Other comprehensive income/(loss) (23,973) 13,738 (250,712)
Total comprehensive income/(loss) 70,392 200,817 (329,122)

The financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain balances have
been restated. The effects of these restatements for all periods are outlined in note 1.

RYMAN HEALTHCARE LIMITED
Consolidated statement of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
The accompanying notes form part of these consolidated interim financial statements.

3

Issued
capital
Asset
revaluation
reserve
Cash flow
hedge
reserve
Foreign
translation
reserve
Treasury
stock
Share based
payments
reserve
Retained
earnings Total equity
$000 $000 $000 $000 $000 $000 $000 $000

As at 1 April 2023 – reported
953,239 610,341 30,955 (7,136) (34,729) - 3,111,227 4,663,897
Adjustment for prior period
- - - - - - (108,317) (108,317)
As at 1 April 2023 – restated
953,239 610,341 30,955 (7,136) (34,729) - 3,002,910 4,555,580
Net profit after tax
- - - - - - 187,079 187,079
Other comprehensive income - - 12,156 1,582 - - - 13,738
Total comprehensive income - - 12,156 1,582 - - 187,079 200,817
Share issue – subsequent costs
(352) - - - - - (352)
Treasury stock movement
- - - - (1) - - (1)
As at 30 September 2023 - restated
952,887 610,341 43,111 (5,554) (34,730) - 3,189,989 4,756,044

As at 1 April 2023 – reported
953,239 610,341 30,955 (7,136) (34,729) - 3,111,227 4,663,897
Adjustment for prior period
- - - - - - (108,317) (108,317)
As at 1 April 2023 – restated
953,239 610,341 30,955 (7,136) (34,729) - 3,002,910 4,555,580
Net loss after tax
- - - - - - (78,410) (78,410)
Other comprehensive income/(loss) - (251,774) (10,181) 11,243 - - - (250,712)
Total comprehensive income/(loss) - (251,774) (10,181) 11,243 - - (78,410) (329,122)
Share issue – subsequent costs (352) - - - - - (352)
Treasury stock movement - - - - (1) - - (1)
As at 31 March 2024 - restated 952,887 358,567 20,774 4,107 (34,730) - 2,924,500 4,226,105

The financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain balances have been restated. The effects of these restatements for all periods
are outlined in note 1.

RYMAN HEALTHCARE LIMITED
Consolidated statement of financial position
AS AT 30 SEPTEMBER 2024
The accompanying notes form part of these consolidated interim financial statements.

5

The financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain balances have
been restated. The effects of these restatements for all periods are outlined in note 1.

Note
Sep 2024

Sep 2023
(restated)
Mar 2024
(restated)
Mar 2023
(restated)
$000 $000 $000 $000

Assets
Cash and cash equivalents
22,573 33,295 41,809 27,879
Trade and other receivables 7 174, 539 172,955 172,583 140,243
Inventory 1,875 8,350 2,386 14,618
Advances to employees 4,649 12,948 6,169 14,217
Derivative financial instruments 10 - 48,156 10,331 36,474
Assets held for sale 4 53,460 70,719 86,424 31,379
Property, plant and equipment 1,515,188 1,724,878 1,470,596 1,681,565
Investment properties 5 10,797,712 10,131,711 10,261,809 9,652,392
Intangible assets 77,500 85,710 85,065 84,832
Deferred tax asset 3 167,382 183,784 239,593 125,152
Total assets 12,814,878 12,472,506 12,376,765 11,808,751

Equity
Issued capital 6
952,887 952,887 952,887 953,239
Reserves 336,607 613,168 348,718 599,431
Retained earnings 3,010,476 3,189,989 2,924,500 3,002,910
Total equity 4,299,970 4,756,044 4,226,105 4,555,580

Liabilities

Trade and other payables 8
148,289 146,054 150,620 205,784
Employee entitlements 80,477 55,214 76,289 49,773
Revenue in advance 160,841 118,657 140,857 99,271
Refundable accommodation
deposits
469,124 364,183 423,163 300,314
Derivative financial instruments 10 29,951 7,150 5,688 5,988
Interest-bearing loans and
borrowings
9 2,579,647 2,496,710 2,546,947 2,330,950
Occupancy advances (non-interest
bearing)
11
5,023,200 4,514,124 4,784,979 4,247,304
Lease liabilities 23,379 14,370 22,117 13,787
Total liabilities 8,514,908 7,716,462 8,150,660 7,253,171

Total equity and liabilities
12,814,878 12,472,506 12,376,765 11,808,751

RYMAN HEALTHCARE LIMITED
Consolidated statement of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
The accompanying notes form part of these consolidated interim financial statements.
6
6 MONTHS 6 MONTHS 12 MONTHS
Sep 2024 Sep 2023 Mar 2024
(restated) (restated)
$000 $000 $000
Operating activities
R
eceipts from residents
•Care and village fees
284,131 251,641 518,781
•Net refundable accommodation deposits
51,445 54,495 108,651
•New sale and resales of occupation rights
611,686 562,796 1,145,967
Interest received 1,163 1,302 2,394
Payments to suppliers and employees (343,892) (294,262) (624,518)
Repayment of occupational rights (272,834) (220,970) (459,194)
Interest paid (48,908) (21,564) (33,599)
Net operating cash flows 282,791 333,438 658,482
I
nvesting activities
Pu
rchase of property, plant and equipment
(72,481) (53,654) (95,653)
Purchase of land (18,304) (55,394) (56,998)
Proceeds from land sales 7,128 - 15,284
Purchase of intangible assets (2,510) (8,479) (15,482)
Purchase of investment properties (220,002) (320,828) (586,617)
Capitalised interest paid (31,598) (53,518) (107,703)
Repayments from employees 828 69 5,116
Net investing cash flows (336,939) (491,804) (842,053)
Financing activities
S
ubsequent costs from equity raise
- (352) (352)
Drawdown of bank loans (net) 33,246 166,000 201,218
Sale of treasury stock (net) 3,763 - -
Repayment of lease liabilities (2,097) (1,866) (3,365)
Net financing cash flows 34,912 163,782 197,501
Net (decrease)/increase in cash and
cash equivalents
(19,236) 5,416 13,930
Cash and cash equivalents at the beginning of
the period 41,809 27,879 27,879
Cash and cash equivalents at the end of
the period 22,573 33,295 41,809
T
he financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain balances have
been restated. The effects of these restatements for all periods are outlined in note 1.

RYMAN HEALTHCARE LIMITED
Consolidated statement of cash flows (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
The accompanying notes form part of these consolidated interim financial statements.
7
Reconciliation of net profit/(loss) after tax with net cash flow from operating activities
6 MONTHS 6 MONTHS 12 MONTHS
Sep 2024 Sep 2023 Mar 2024
(restated) (restated)
$000 $000 $000
Net profit/(loss) after tax 94,365 187,079 (78,410)
Adjusted for:
Movements in statement of financial
position items
O
ccupancy advances
305,435 335,138 678,119
Deferred management fees (56,772) (66,681) (136,677)
Refundable accommodation deposits 51,445 54,495 108,651
Revenue in advance 19,984 19,387 41,586
Trade and other payables 13,984 3,549 (2,0 25)
Trade and other receivables (6,801) (26,934) (21,976)
Inventory 511 6,267 12,232
Employee entitlements 4,188 5,441 26,516
Non-cash or non-operating items
Depreciation and amortisation 24,221 20,794 41,946
Depreciation of right-of-use assets 1,182 916 1,857
Close out of employee share scheme 1,078 1,200 2,931
Share based payment reserve 127 - -
Impairment - - 32,771
Inventory write off 1,878 - -
Deferred tax 80,440 (63,450) (107,165)
Unrealised foreign exchange loss/(gain) 2,096 (2,352) (13,781)
Fair-value movement of investment properties (254,570) (141,411) 71,907
Net operating cash flows 282,791 333,438 658,482
N
et operating cash flows includes the following:
6 MONTHS 6 MONTHS 12 MONTHS
Sep 2024 Sep 2023 Mar 2024
$000 $000 $000
Deferred management fees collected 41,434 33,033 66,530
T
he financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain balances have
been restated. The effects of these restatements for all periods are outlined in note 1.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

8

1. GENERAL INFORMATION
The consolidated interim financial statements presented are those of Ryman Healthcare Limited (the Company) and
its subsidiaries (the Group). These consolidated interim financial statements were approved by the Board of Directors
on 27 November 2024.
The Company is a profit-oriented entity incorporated and registered in New Zealand under the Companies Act 1993.
The Company’s registered office is at 92d Russley Road, Christchurch. The Company is listed on the New Zealand
Stock Exchange (NZX). The Group develops, owns and operates integrated retirement villages, rest homes and
hospitals for older people within New Zealand and Australia.
Statement of compliance
The Company is a Financial Markets Conduct reporting entity under the Financial Reporting Act 2013 and the
Financial Markets Conduct Act 2013. Its consolidated interim financial statements comply with these Acts.

The consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting
Principles in New Zealand (NZ GAAP). The statements comply with New Zealand equivalents to International
Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International Accounting Standard 34 (IAS 34)
Interim Financial Reporting.
Basis of preparation

These consolidated interim financial statements have been prepared on a going concern basis, which requires the
Board to have reasonable grounds to believe that the Group will be able to pay their debts as and when they become
due.
The information is presented in thousands of New Zealand dollars (NZ$), except when otherwise indicated. The
functional currency of the Company and its New Zealand subsidiaries is New Zealand dollars. The functional currency
for its Australian subsidiaries is Australian dollars (A$).
The consolidated interim financial statements for the six months ended 30 September 2024 and the comparative six
months ended 30 September 2023 are unaudited. The periods ended 31 March 2024 and 31 March 2023 were subject
to external audit by Deloitte Limited; however, balances have been restated. NZ IAS 34 – Interim Financial Reporting
does not require the presentation of the opening balance sheet position, however this has been included as additional
information to assist the reader of the consolidated interim financial statements.
These consolidated interim financial statements do not include all the notes included in the Group’s financial
statements. Accordingly, these consolidated interim financial statements should be read in conjunction with the
financial statements and related notes included in the Group’s Annual Report for the year ended 31 March 2024.
In applying the Group’s accounting policies, the Board makes judgements, estimates and assumptions that may have an
impact on the Group. The significant judgements, estimates and assumptions made in the preparation of these
consolidated interim financial statements were the same as those applied to the consolidated financial statements as at
and for the year ended 31 March 2024, except as otherwise stated.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

9

Changes in financial reporting
The Group is continuing an extensive review of its financial reporting with the goal of enhancing the transparency of
its results and ensuring greater comparability with others in the sector.
Changes at 31 March 2024 related to investment property and property, plant and equipment, including the removal
of the directors’ range assumption (market participant assumption), no longer including an allowance for value
provided by the care facility to independent residents and inclusion of completed unsold investment property in the
valuation.
Further changes have been implemented in the current period. These have been summarised below, with the impact
of these on the comparative periods reported in the table following.
(a) Investment properties
The carrying value of completed investment property and investment property under development, where fair value is
able to be reliably measured, is based on the independent valuers’ reports and also includes occupancy advances
liability, adjusted for accrued deferred management fees and revenue in advance. As required by NZ IAS 40 –
Investment Property, the fair value was adjusted for assets and liabilities already recognised on the balance sheet which
are also reflected in the cash flow analysis. This included the impact of discounting the accrued deferred management
fees within the valuation.
The Group has reviewed this treatment and has determined that it would be more appropriate to remove the
adjustment to discount the accrued deferred management fees. The occupancy advance is not discounted in the same
way, and this creates a divergence in assumptions. Both the occupancy advance and accrued deferred management
fees are recorded at face value on the balance sheet, as they are technically repayable when due, despite their
expected long-term nature. The removal of the discounting of accrued deferred management fees results in a
reduction in the fair value of investment property and has flow on impacts to the deferred tax expense and asset. This
change allows for enhanced comparability of the Group’s financial statements. This change has been retrospectively
applied and the comparatives have been restated.
(b) Recognition of occupancy advance receivable and liability
The Group previously recognised a receivable for an occupancy advance when a legally binding contract with a
resident was in place, and the retirement-village unit was either complete or considered to have met the threshold for
inclusion in the investment property valuation. At the same time, the corresponding occupancy advance liability was
recognised. Occupancy advance receivables were typically cash-settled by residents on occupation of a retirement-
village unit.
Following a review of this treatment, the Group has determined that recognising the occupancy advance receivable
and liability at the point when the resident takes possession of the unit provides more reliable and relevant
information to the users of the financial statements. Possession marks the point at which the resident will typically
have fully paid the occupancy advance and begun occupying the unit, as well as the point at which deferred
management fees begin to accrue and weekly fees become payable. This change allows for enhanced comparability of
the Group’s financial statements. This change has been retrospectively applied and has resulted in a restatement of
occupancy advance receivables and liabilities.
The remaining occupancy advance receivable relates to residents who have transferred within the village and whose
units have not been cash-settled, as their equity is retained in their previous unit, or to residents who have been
granted possession of a unit prior to cash receipt, primarily for health-related reasons.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

10

The Group has assessed the impact of this change on the fair value of its investment property and determined it is
immaterial. This assessment is supported by external valuers' views and sample testing of the valuations as at
31 March 2024, using the revised population of unit contracts. The effect of the change is limited to adjustments
within the investment property reconciliation, as shown in note 5.
The previous practice of earlier recognition of the occupancy advance receivable and liability led to a population of
units under development being included in the valuation, where it was determined that the fair value could be reliably
measured. Following this change, the Group now only includes units in the investment property valuation which are
complete. The population of units included in the valuation will be adjusted on a go-forward basis.
(c) Development land classification and measurement
Development land, including land held for the future development of care centres and retirement villages, was
previously classified as property, plant, and equipment and measured at cost. On acquisition of a site, the split
between investment property and property, plant, and equipment is uncertain. Land is allocated upon the
commencement of construction when the site’s overall design is known and there is a reduced likelihood of changes.
The Group has reviewed this treatment and determined that it would be more appropriate to classify this land as
investment property in accordance with NZ IAS 40 – Investment Property where this land has an undetermined future
use. The Group’s accounting policy for investment property is to measure it at fair value. This change allows for
enhanced comparability of the Group’s financial statements.
There may be two components to development land: the land itself and capitalised work in progress (WIP). Land will
be valued by external valuers in line with the investment property valuation cycle. Capitalised WIP for investment
property under development is carried at cost until its fair value becomes reliably measurable or when the
development is completed, whichever is earlier. It is subject to impairment testing and will be monitored for any
indicators of impairment, such as if the development is no longer feasible.
This change requires retrospective application, but the Group has found it impractical to restate comparative amounts
to fair value. This is due to the external valuer's inability to conduct visual inspections for prior periods, changes in site
conditions under development, and fluctuating market conditions. Management's assessment of a sample of valuations
and market appraisals shows no significant difference between the historical cost of the land and its fair value.
Therefore, the Group believes the impact on the comparative periods is immaterial and the comparatives have not
been restated.
(d) Assets held for sale measurement
Investment property within assets held for sale were previously measured at the lower of carrying value or fair value
less costs to sell. Due to the reclassification of development land as investment property, the measurement criteria
previously applied under NZ IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations no longer applies to
this class of asset. NZ IFRS 5 states that the measurement provisions of the standard do not apply to investment
property, which are covered by NZ IAS 40 – Investment Property instead. Consequently, assets held for sale are now
recorded at fair value.
As the assets were previously measured at fair value less costs to sell, the Group has determined that the difference is
immaterial in the comparative periods, and therefore, has not restated these balances. Any previously recorded
impairments across the comparative periods have been reclassified from impairments to fair value movements.
As part of this change process, it was identified that Nellie Melba land which has been held for sale since March 2024
was previously incorrectly included in investment property and omitted from assets held for sale. The March 2024
assets held for sale balance has been restated to correctly reflect this.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

11

(e) Revenue recognition of deferred management fees
Deferred management fees are recognised on a straight-line basis over the periods of service. The period of service is
determined as being the greater of the expected period of tenure and the contractual right to deferred management
fees. Previously the expected periods of tenure, based on historical experience across our villages, was estimated to
be 7 years for independent units and 3 years for serviced units.
Following a review of the existing modelling methodology, the Group applied alternative techniques, including the use
of actuarial tables and analysis of customer mix trends. This resulted in a revised estimate of 9 years for independent
units and 4.5 years for serviced units. The internal modelling underwent an independent external review to ensure it
was fit for purpose.
The timing of deferred management fee recognition is an accounting estimate, and as such, adjustments must be made
prospectively. Accounting standards require that all existing contracts with remaining deferred management fee
income have the income spread over the revised tenure periods. This adjustment would result in a lower deferred
management fee in the current and future periods for those contracts.
However, after consultation with the Group’s data specialists and the external software provider, it was determined
that it is impracticable to apply the change as required by accounting standards due to system limitations and data
integrity risk. Instead, the change has been applied only to contracts where residents have occupied the unit since
1 April 2024. The financial impact of this change was a $1.8 million reduction in deferred management fee revenue for
the six months ended 30 September 2024. The $1.8m reduction is not material to the Group financial statements.
The expected periods of tenure will be reviewed annually and adjusted as necessary in the event of a material change.
In addition to the above, a historical cumulative $8.3 million overstatement of deferred management fee revenue due
to the incorrect inclusion of GST has been identified and corrected in the current period. This created a timing
difference in the financial statements, although tax obligations were correctly reported. The adjustment is not material
to the Group financial statements and has not been retrospectively restated.
(f) Reclassifications
Certain comparative balances have been reclassified to ensure consistency with the classification in the 31 March 2024
financial statements which disclosed these changes.
1. In accordance with NZ IFRS 16 – Leases, the fair value of non-cash consideration, in the form of an interest-free
loan received from a resident who has elected to pay a refundable accommodation deposit, must be recognised as
income. A corresponding interest expense is also recognised, resulting in no net impact on the income statement.
This was first disclosed by the Group at 31 March 2024. Imputed interest income and expense on refundable
accommodation deposits has been reclassified for 30 September 2023 totalling $10.7 million.
2. Prior period capitalised depreciation has been reclassified from operating expenses to depreciation for prior
interim periods, ensuring a more accurate reflection of net depreciation expense. This reclassification was adjusted
and disclosed in the 31 March 2024 financial statements. The adjustment to 30 September 2023 totalled
$4.5 million.
3. Additional breakdown within the statement of cash flows to align with the enhanced categorisation disclosed in the
31 March 2024 financial statements.
4. The Group reclassified issue costs for bank loans from trade and other receivables to interest-bearing loans and
borrowings in the 31 March 2024 financial statements. Issue costs for bank loans have been reclassified for
30 September 2023 totalling $3.0 million.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

12

Comparative period impact – consolidated statement of financial position

Note Sep 2023 Mar 2024 Mar 2023
$000 $000 $000

Assets

Trade and other receivables – reported
677,698 688,398 719,121
Adjustment – occupancy advance recognition 1b
(501,782) (515,815) (578,878)
Reclassification – bank issue costs 1f.4
(2,961) - -
Trade and other receivables – restated
172,955 172,583 140,243

Held for sale – reported
70,719 75,514 31,379
Adjustment – Nellie Melba land 1d
- 10,910 -
Held for sale – restated
70,719 86,424 31,379

Property, plant and equipment – reported
2,237,723 1,936,969 2,205,428
Adjustment – development land 1c
(512,845) (466,373) (523,863)
Property, plant and equipment – restated
1,724,878 1,470,596 1,681,565

Investment properties – reported
9,833,045 10,041,369 9,322,902
Adjustment – discount of accrued DMF 1a
(214,179) (235,023) (194,373)
Adjustment – development land 1c
512,845 466,373 523,863
Adjustment – Nellie Melba land 1d
- (10,910) -
Investment properties – restated
10,131,711 10,261,809 9,652,392

Deferred tax asset – reported
77,528 196,072 53,774
Adjustment – discount of accrued DMF 1a
106,256 43,521 71,378
Deferred tax asset – restated
183,784 239,593 125,152

Liabilities

Net occupancy advances – reported
5,015,906 5,300,794 4,826,182
Adjustment – occupancy advance recognition
1b (501,782) (515,815) (578,878)
Net occupancy advances – restated
4,514,124 4,784,979 4,247,304

Deferred tax liability – reported
- - 14,678
Adjustment – discount of accrued DMF 1a
- - (14,678)
Deferred tax liability – restated
- - -

Interest-bearing loans and borrowings –
reported

2,499,671 2,546,947 2,330,950
Reclassification – bank issue costs 1f.4
(2,961) - -
Interest-bearing loans and borrowings –
restated

2,496,710 2,546,947 2,330,950

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

13

Comparative period impact – consolidated income statement
6 MONTHS 12 MONTHS
Note Sep 2023 Mar 2024
$000 $000

Expenses

Operating expenses – reported
(292,853) (651,883)
Reclassification – capitalised depreciation 1f.2
(4,479) -
Operating expenses – restated
(297,332) (651,883)

Depreciation and amortisation expenses – reported
(26,189) (43,803)
Reclassification – capitalised depreciation 1f.2
4,479 -
Depreciation and amortisation expenses – restated
(21,710) (43,803)

Impairment loss – reported
(15,824) (243,573)
Adjustment – write down of development WIP 1c
- 147,472
Adjustment – write down on held for sale land 1d
15,824 63,330
Impairment loss – restated
- (32,771)

Fair value movement

Fair-value movement of investment properties – reported
177,041 179,545
Adjustment – discount of accrued DMF 1a
(19,806) (40,650)
Adjustment – development land WIP 1c
- (147,472)
Adjustment – write down on held for sale land 1d
(15,824) (63,330)
Fair-value movement of investment properties – restated
141,411 (71,907)

Income tax

Income tax credit – reported
43,250 149,700
Adjustment – discount of accrued DMF 1a
20,200 (42,535)
Income tax credit – restated
63,450 107,165

Note Sep 2023 Mar 2024 Mar 2023
$000 $000 $000

Retained earnings

Retained earnings – reported
3,297,912 3,116,002 3,111,227
Adjustment
(107,923) (191,502) (108,317)
Retained earnings – restated
3,189,989 2,924,500 3,002,910

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

14

Comparative period impact – consolidated statement of cash flows
6 MONTHS 12 MONTHS
Note Sep 2023 Mar 2024
$000 $000

Operating activities

Payments to suppliers and employees – reported
(289,783) (624,518)
Reclassification – capitalised depreciation 1f.2
(4,479) -
Payments to suppliers and employees – restated
(294,262) (624,518)

Investing activities

Purchase of property, plant and equipment – reported
(131,178) (99,719)
Reclassification – capitalised depreciation
1f.2 - (8,477)
Reclassification – purchase of land 1f.3
55,394 -
Adjustment – development land 1c
22,130 12,543
Purchase of property, plant and equipment – restated
(53,654) (95,653)

Purchase of land – reported
- (56,998)
Reclassification – purchase of land 1f.3
(55,394) -
Purchase of land – restated
(55,394) (56,998)

Purchase of investment property – reported
(303,177) (582,551)
Reclassification – capitalised depreciation 1f.2
4,479 8,477
Adjustment – development land 1c
(22,130) (12,543)
Purchase of investment property – restated
(320,828) (586,617)

Comparative period impact – earnings per share (EPS)
6 MONTHS 12 MONTHS
Note Sep 2023 Mar 2024
$000 $000

Net profit after tax – reported
186,685 4,775
Adjustments
394 (83,185)
Net profit after tax – restated 6
187,079 (78,410)
Weighted average number of shares (in ’000) 6
687,642 687,642
Basic and diluted EPS – reported
27.1 0.7
Basic and diluted EPS – restated 6
27.2 (11.4)

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

15

Comparative period impact – net tangible assets (NTA) per share
6 MONTHS 12 MONTHS
Note Sep 2023 Mar 2024
$000 $000

NTA ($000) – reported
4,700,729 4,136,470
Adjustments
(214,179) (235,023)
NTA ($000) – restated 6
4,486,550 3,901,447
Ordinary shares at reporting date (in ’000) 6
687,642 687,642
NTA per share (cents per share) – reported
683.6 601.5
NTA per share (cents per share) – restated 6
652.5 567.4

NTA is calculated as total assets less intangible assets and deferred tax assets, and less total liabilities.
New and amended standards and interpretations
The Group adopted all mandatory new and amended NZ IFRS Standards and Interpretations in the current period.
None had a material impact on these consolidated interim financial statements.
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance
of the Group’s financial statements are disclosed below. The Group intends to adopt these new and amended
standards and interpretations, if applicable, when they become effective.
NZ IFRS 18 – Presentation and Disclosure in Financial Statements.
This standard becomes effective for reporting periods beginning on or after 1 January 2027. NZ IFRS 18 introduces
new requirements on presentation within the statement of comprehensive income, including specified totals and
subtotals. It also requires disclosure of management-defined performance measures and includes new requirements
for the aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial
statements and the notes.
Climate change risk
The Group recognises that climate-related risks, if not appropriately managed, will impact the way the Group
currently operates. Physical climate risks such as storms, flooding and heat have the potential to create significant
impacts on the business and its operations. The Group continues to assess the impact of climate change on its assets
and operations. Potential impacts of climate change include:
• Costs of regeneration and remediation of the Group’s existing portfolio of villages because of an increase in
susceptibility to physical risks such as flood, storm, and heat.
• Increased expenditure required to develop new villages that are more resilient to physical risks resulting from
climate change.
These risks are specifically addressed in the selection of new development sites, the design and construction of new
retirement villages and aged care centres, and the refurbishment and enhancement of the existing portfolio of villages.
While there currently is no significant impact identified for asset valuations, this may change in the future.
For more information the Group’s climate-related disclosure was published in the 2024 annual report.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

16

Seismic risk
New Zealand is susceptible to seismic activity due to its position along the boundary of the Pacific and Australian
tectonic plates. With buildings located across New Zealand, the Group is continuing to take steps to assess its
buildings against relevant seismic standards and guidance. This could result in significant costs if the Group is required
to carry out seismic strengthening works on its buildings. In addition, future changes to seismic requirements, or the
interpretation and application of existing seismic standards, or changes in science and knowledge relating to
earthquakes and the performance of buildings or geotechnical conditions could result in the Group’s buildings no
longer meeting the minimum seismic standards. The valuation of investment properties has not made adjustment for
any seismic strengthening which could be required. None of the Group’s properties have been notified to Ryman by a
territorial authority in New Zealand as being potentially ‘earthquake prone’.
2. OPERATING EXPENSES
6 MONTHS 6 MONTHS 12 MONTHS
Sep 2024 Sep 2023
(restated)
Mar 2024
(restated)
$000 $000 $000

Employee expenses 247,275 221,166 484,880
Operations 43,320 42,175 88,184
Building and grounds 46,784 37,748 75,449
Direct selling expenses 11,851 9,229 28,422
Marketing 11,210 8,789 21,145
Software and technology 11,337 12,044 24,339
Administration 13,946 14 ,348 25,684
Gross operating expenses 385,723 345,499 748,103
Capitalised to qualifying assets (34,017) (48,167) (96,220)
Reported operating expenses 351,706 297,332 651,883

There has been no change to the provision held for Holiday Act 2003 remediation. The methodology proposed by the
Group is currently under review by the Ministry of Business, Innovation and Employment (MBIE).

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

17

3. INCOME TAX
The income tax expense recognised during the period is primarily attributable to an increase in the expected future
taxable cash flows (deferred management fees) from the Group’s investment properties, resulting in additional
deferred tax liability for investment properties. The expected future taxable cash flows are determined based on data
provided by independent valuers using an assumed contract type for future residents. In September 2024, the Group
announced a change in the Group’s pricing structure, e ffective from 1 October 2024, which changed the standard
contractual deferred management fee from 20% to a choice between 30% or 25% deferred management fee, the latter
with a higher entry price. The independent valuers have assumed that all future residents will have a maximum 30%
deferred management fee. At 31 March 2024, the independent valuers had assumed all future residents were subject
to a 20% deferred management fee, consistent with the Group’s standard pricing structure at the time.
The tax expense is partially offset by a deferred tax benefit recognised for the write-down of work-in -progress asset
within investment properties and for additional hedge losses in respect of the Group’s interest rate derivatives.
Deferred tax asset/liability

Opening
balance
Recognised in
income
Recognised in
equity
Closing
balance

$000 $000 $000 $000

6 MONTHS Sep 2024

Property, plant and equipment
(104,499) 2,050 12 (102,437)
Investment properties
24,432 (88,223) (16) (63,807)
Deferred management fee
(137,690) 3,354 55 (134,281)
Derivative financial instruments
(2,897) - 9,864 6,967
Other
18,633 940 15 19,588
Tax losses carry-forwards recognised
441,614 1,439 (1,701) 441,352
Total deferred tax asset
239,593 (80,440) 8,229 167,382

Opening
balance
Recognised in
income
Recognised in
equity
Closing
balance

$000 $000 $000 $000

6 MONTHS Sep 2023 (restated)

Property, plant and equipment
(67,333) (985) (6) (68,324)
Investment properties
(43,610) 31,051 (10) (12,569)
Deferred management fee
(111,821) (12,091) (30) (123,942)
Derivative financial instruments
(12,158) - (4,868) (17,026)
Other
11,718 50 (1) 11,767
Tax losses carry-forwards recognised
348,356 45,425 97 393,878
Total deferred tax asset
125,152 63,450 (4,818) 183,784

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

18

Opening
balance
Recognised in
income
Recognised in
equity
Closing
balance

$000
$000 $000 $000

12 MONTHS Mar 2024 (restated)

Property, plant and equipment
(67,333) (37,047) (119) (104,499)
Investment properties
(43,610) 67,918 124 24,432
Deferred management fee
(111,821) (25,439) (430) (137, 690)
Derivative financial instruments
(12,158) - 9,261 (2,897)
Other
11,718 6,891 24 18,633
Tax losses carry-forwards recognised
348,356 94,842 (1, 584) 441,614
Total deferred tax asset
125,152 107,165 7, 276 239,593
Unrecognised deductible temporary differences – tax losses
During the period, the Group has decided to not recognise any further deferred tax asset on additional tax losses
generated in New Zealand and Australia. The Group continues to recognise deferred tax asset on previously
generated tax losses based on management’s internal forecasts of expected taxable earnings in future periods. One of
the key drivers for this will be the uplift in the taxable deferred management fees as new occupation rights are
entered into at higher prices within the next 15– 20 years and the increase in the deferred management fee percentage
captured through the new standard contractual terms. The Group also expects improved profitability from its care
business as villages move into a mature phase. The Group can carry forward these tax losses indefinitely subject to the
Group maintaining the required shareholding continuity threshold or satisfying the business continuity test.
The table below shows the amounts of tax losses available to the Group in New Zealand and Australia, along with the
amounts of recognised and unrecognised tax losses.

New Zealand
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024

$000 $000 $000

Tax losses – revenue 1,247,066 1,073,543 1,168,442
Tax losses – capital
- - -
Total tax losses available 1,247,066 1,073,543 1,168,442

Recognised tax losses 1,168,442 1,073,543 1,168,442
Unrecognised tax losses 78,624 - -
Total tax losses 1,247,066 1,073,543 1,168,442

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

19

Australia
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
A$000 A$000 A$000

Tax losses – revenue 377,305 289,972 349,606
Tax losses – capital
25,619 - 25,605
Total tax losses available 402,924 289,972 375,211

Recognised tax losses 349,606 289,972 349,606
Unrecognised tax losses
53,318 - 25,605
Total tax losses 402,924 289,972 375,211
Unrecognised deductible temporary differences – other
In Australia, the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency)
Act 2024, which received royal assent in April 2024, introduced amended thin capitalisation interest limitation rules
which came into effect for the Group’s Australian subsidiaries from 1 April 2024. These rules limit net interest
deductions to 30% of an entity’s tax EBITDA (which is broadly based on the concept of taxable income before interest
and depreciation). The Australian subsidiaries’ current tax profile means they are denied a deduction for their net
interest costs in the current period but are permitted to carry forward the denied interest deductions for up to 15
years. The Group has decided to not recognise a deferred tax asset in respect of its denied net interest deductions
balance of A$25.9 million.
4. ASSETS HELD FOR SALE
Investment property held for sale is measured at fair value. Revaluations to fair value are based on an independent
valuation report prepared by registered valuers, CBRE Limited, at the reporting date in line with NZ IFRS 13 – Fair
Value Measurement.
The land at Karori (Wellington, New Zealand) and Kohimarama (Auckland, New Zealand) continues to be held for
sale. Expressions of interest for the Karori land were solicited through a competitive process, and the outcome of this
process was not determined at balance date. The land at Kohimarama has not received any formal offers. As at
30 September 2024, the surplus land at Nellie Melba (Melbourne, Australia) was subject to a conditional sale and
purchase agreement and valued based on the agreed sale price at that time. Settlement took place in September 2024
for the land at Newtown (Wellington, New Zealand).
6 MONTHS 6 MONTHS 12 MONTHS
Sept 2024 Sept 2023 Mar 2024
(restated)
$000 $000 $000

Opening balance 86,424 31,379 31,379
Net additions/(disposals)
(6,966) 677 (14,766)
Transfer from investment property - 38,663 79,685
Fair value movement (25,998) - (9,874)
Closing balance 53,460 70,719 86,424

As described in note 1, the Nellie Melba land has been held for sale since March 2024 but was previously incorrectly
included in investment property. The March 2024 balance has been restated to correctly reflect this.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

20

5. INVESTMENT PROPERTIES

6 MONTHS 6 MONTHS 12 MONTHS
Sept 2024 Sept 2023 Mar 2024
(restated) (restated)
$000 $000 $000

Opening balance 10,261,809 9,652,392 9,652,392
Additions (including transfers to/from
property, plant and equipment) 259,518 331,666 633,748
Fair-value movement 280,568 141,411 (62,033)
Net foreign-currency exchange
differences
(4,183) 6,242 37,702
Closing balance 10,797,712 10,131,711 10,261,809

The Group has revised its accounting policy, now recognising development land within investment property. This was
previously included in property, plant and equipment. The Group has restated the comparative period, with further
detail in note 1.
Nellie Melba land has been held for sale since March 2024 but was previously incorrectly included in investment
property. The March 2024 balance has been restated to correctly reflect this as held for sale.
Property under development
There may be two components to development land: the land itself and capitalised WIP. Capitalised WIP for
investment property under development is carried at cost until its fair value becomes reliably measurable or when the
development is completed, whichever is earlier. It is subject to impairment testing and is monitored for any indicators
of impairment, such as if the development is no longer feasible.
Following a review in the period, the Group has impaired the value of capitalised WIP at some sites, which is included
in the fair-value movement in the period. This relates to Park Terrace (Christchurch, New Zealand) $26.2 million,
Jean Sandel extension (New Plymouth, New Zealand) $4.2 million where the current site plans do not meet the
required financial hurdles and Murray Halberg (Auckland, New Zealand) $21.3 million where the decision has been
made to suspend future development on the site. Additional costs spent in relation to the Takapuna site (Auckland,
New Zealand) $6.5 million as part of the process to decontaminate and secure the site have also been impaired to
bring the site back to the fair value of the land in line with the accounting treatment at 31 March 2024.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

21

Valuation reconciliation
A reconciliation between the valuation and the amount recognised as investment property is as follows:
6 MONTHS 6 MONTHS 12 MONTHS
Sept 2024 Sept 2023 Mar 2024
(restated) (restated)
$000 $000 $000

Subject to valuation

Independent valuation – units occupied
at least once
3,963,885 - -
Independent valuation – units subject
to occupancy agreement
- 3,872,458 3,552,034
Transaction costs included in
independent valuation
- 32,573 30,770
Independent valuation – completed
never occupied units 392,744 - -
Independent valuation – completed
stock not subject to agreement to
occupy - - 224,668
Development land – land bank 338,495 - -
Development land – construction sites 80,171 - -

Held at cost
Completed stock not subject to
agreement to occupy
- 119,083 -
Development land – land bank - 318,823 331,210
Development land – land bank WIP 128,135 194,022 135,162
Work in progress – construction WIP 481,571 928,622 691,877

Adjustments
Revenue in advance 160,841 118,657 140,857
Gross occupancy advance 5,901,249 5,253,936 5,596,912
Accrued DMF (766,183) (651,547) (713,757)
Occupancy advance adjustments 116,804 265,190 272,076
Allowance for the value provided by
care facilities
- (320,106) -
Total investment property 10,797,712 10,131,711 10,261,809

The occupancy advance adjustments relate to differences between the value of net occupancy advances included for
future repayment within the independent valuation and the net occupancy advances on the balance sheet. These
differences may arise when an occupancy advance has been repaid but is still included in the valuation or when a unit
has multiple occupancy advances and only the most recent occupancy advance is included within the valuation cash
flows. This adjustment is made to ensure the total adjustment to the independent valuation of completed units is
consistent with the liabilities included within the independent valuation of completed units.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

22

The previous reconciliation has been restated due to the accounting policy change for the recognition of the
occupancy advance asset (debtor) and liability, resulting in reclassification of certain amounts. In addition, the removal
of the discounting of the accrued deferred management fee from prior periods led to a reduction in the value of
investment property. Additional details can be found in note 1.

Number of units
6 MONTHS
Sep 2024

6 MONTHS
Sep 2023

12 MONTHS
Mar 2024

Units included in the valuation

Able to be occupied at reporting date and fair value is
judged as being able to be reliably measured 9,011 8,780 8,949
Completed never occupied units 564 - -
Completed but not yet subject to occupancy
agreement - - 238
Under development at reporting date and fair value is
judged as being able to be reliably measured
- 26 63
Total units included in the valuation 9,575 8,806 9,250
Independent valuation
Fair value is determined by independent registered valuers, CBRE Limited and Jones Lang LaSalle Advisory Services Pty
Ltd, at the reporting date. All valuers are registered valuers and industry specialists in valuing the aged care sector.
These valuations consider the requirement of NZ IFRS 13 – Fair Value Measurement to assume that market
participants act in their economic best interests. The valuation performed was a desktop review based on the full
valuations completed at 31 March 2024, except for development land which underwent a full valuation as it had not
been previously valued for financial reporting purposes. Previously, transaction costs were included in independent
valuations and the Group made an adjustment to add these back in accordance with NZ IFRS 13 – Fair Value
Measurement. No transaction costs have been included in the 30 September 2024 independent valuations.
Where fair value is able to be reliably measured, valuers utilise a discounted cash flow approach to assess the fair
value of retirement-village units. As the fair value of investment property is determined using inputs that are
unobservable, the Group has categorised investment property as Level 3 under the fair-value hierarchy, in line with
NZ IFRS 13 – Fair Value Measurement. NZ IFRS 13 requires that the inputs are consistent with the characteristics of
the asset that a market participant would take into account in a transaction for the asset.
The valuers used a range of significant assumptions as follows:

6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
% % %

Growth rate (nominal) 0.00–3.50 0.50–6.30 0.50–4.70
Discount rate
13.00–16.50 12.00–16.50 12.00–16.50

The land and building valuation within property, plant and equipment previously contained an allowance for the value
provided by a care facility to the Group’s independent-living and serviced apartment residents. The value of this
allowance was determined based on a portion of the deferred management fees paid by the Group’s independent-
living and serviced apartment residents. This portion of deferred management fees was excluded from the investment
property value. At 31 March 2024 the allocation was reduced to zero, and continues to be zero.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

23

Sensitivity
A change in the independent valuers’ assumptions would impact the fair-value measurement of investment property as
follows:

0.5% decrease 0.5% increase
$000 $000

Growth rate (nominal) (244,032) 267,503
Discount rate 169,831 (158,091)

Other inputs used in the fair-value measurement of the Group’s investment property portfolio include the average age
of residents and the occupancy periods. A significant increase in the average age of entry of residents or a decrease in
the occupancy periods would result in a significantly higher fair-value measurement. Conversely, a significant decrease
in the average age of entry of residents or increase in the occupancy periods would result in a significantly lower fair-
value measurement.
Market risk
The valuers comment that property markets both nationally and globally are being heavily impacted by the high
interest rate environment instigated by central banks to combat high inflation. Markets are also impacted by ongoing
geopolitical instability in certain regions. The valuers reiterate that their conclusions are based on data and market
sentiment as at the date of valuation. For the avoidance of doubt, this does not constitute a ‘material valuation
uncertainty’.
Impact of climate change
The Group has considered the impact of climate change on the business and valuation of investment property.
The independent valuers have made no explicit adjustments to valuations in respect of climate change.
Operating expenses
Direct operating expenses arising from investment property that generated income from deferred management fees
during the period amounted to $37.4 million (six months ended 30 September 2023: $ 29.7 million and year ended
31 March 2024: $70.7 million). All investment property generated income for the Group from deferred management
fees, except for investment property work in progress and development land.
Security
Residents make interest-free advances (occupancy advances) to the retirement villages in exchange for the right to
occupy retirement-village units. Under the terms of the majority of New Zealand occupancy agreements, the
occupancy advance is secured by a registered first mortgage in favour of the Statutory Supervisor over the assets of
the retirement village. There are a relatively small number of older occupancy agreements where the residents instead
received a life interest in their unit, with Ryman holding the reversionary interest. These residents’ occupancy
advances are secured by a registered first mortgage over that residual interest. Residents in Victoria, Australia have
the benefit of a charge over the title for the land under the Retirement Villages Act 1986.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

24

6. SHARE CAPITAL
Issued and paid-up capital consists of 687,641,738 fully paid ordinary shares (30 September 2023: 687,641,738
and 31 March 2024: 687,641,738) less treasury stock of 1,651,093 shares (30 September 2023: 2,494,282 and
31 March 2024: 2,494,282). All shares rank equally in all respects.
Shares purchased on market under the leadership share scheme are treated as treasury stock until they are vested to
the employees.
Basic and diluted earnings per share (EPS)

6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)

Net profit after tax ($000) 94,365 187,079 (78,410)
Weighted average number of shares (in ’000) 687,642 687,642 687,642
Basic EPS (cents per share) 13.7 27.2 (11.4)

Net profit after tax ($000) 93,578 187,079 (78,410)
Weighted average number of shares (in ’000) 687,642 687,642 687,642
Diluted EPS (cents per share) 13.6 27.2 (11.4)

Diluted earnings per share has been calculated with the assumption that shares are purchased from market to settle
the share rights, rather than issuing new shares. The Board has not yet determined their preferred approach. The
purchase of shares from the market to settle share rights does not affect the number of outstanding ordinary shares
or the income statement. However, it does impact equity and is considered dilutive when the share rights are out of
the money.
Net tangible asset (NTA) per share

6 MONTHS
Sep 2024

6 MONTHS
Sep 2023
(restated)

12 MONTHS
Mar 2024
(restated)

NTA ($000) 4,055,088 4,486,550 3,901,447
Ordinary shares at reporting date (in ’000)
687,642 687,642 687,642
NTA per share (cents per share) 589.7 652.5 567.4

NTA is calculated as total assets less intangible assets and deferred tax assets, and less total liabilities.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

25

7. TRADE AND OTHER RECEIVABLES

6 MONTHS
Sep 2024

6 MONTHS
Sep 2023
(restated)

12 MONTHS
Mar 2024
(restated)

$000 $000 $000

New sale occupancy advance debtors 29,289 25,012 27,357
Resale occupancy advance debtors 83,511 80,353 87,597
Care and village fees receivables 21,328 18,594 21,677
Refundable accommodation deposit
receivables
13,246 16,466 18,091
Prepayments and other receivables 27,165 32,530 17,861
Total trade and other receivables 174,539 172,955 172,583

The Group has revised its accounting policy, now recognising the occupancy advance asset and liability at the point
when the resident takes possession of the unit. The Group has restated the comparative period, with further detail in
note 1.
8. TRADE AND OTHER PAYABLES

6 MONTHS
Sep 2024

6 MONTHS
Sep 2023

12 MONTHS
Mar 2024

$000 $000 $000

Trade payables 122,268 113,878 117,502
Land purchase accruals 9,500 21,272 27,819
Other payables 16,521 10,904 5,299
Total trade and other payables 148,289 146,054 150,620

Trade payables are typically paid within 30 days of the invoice date or on the 20
th
of the month following the invoice
date.
Land purchase accruals relate to acquisitions where the Group has settled the purchase but negotiated deferred
payment terms as part of the purchase agreement.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

26

9. INTEREST-BEARING LOANS AND BORROWINGS
At reporting date, interest-bearing loans and borrowings include secured bank loans, an institutional term loan and
unsubordinated fixed-rate retail bonds.

6 MONTHS
Sep 2024

6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024

$000 $000 $000

Bank loans 2,168,869 2,091,487 2,137,079
Institutional term loan
272,183 268,183 272,807
Retail bonds – RYM010 150,000 150,000 150,000
Total loans and borrowings at face
value
2,591,052 2,509,670 2,559,886
Issue costs for bank loans capitalised (3,244) (2,961) (3,805)
Issue costs for the institutional term loan
capitalised
(2,188) (657) (1,717)
Issue costs for the retail bonds capitalised (1,276) (1,838) (1,557)
Total loans and borrowings at
amortised cost 2,584,344 2,504,214 2,552,807

Revaluation of institutional term loan debt in
fair value hedge relationship
(4,697) (7,504) (5,860)
Total loans and borrowings 2,579,647 2,496,710 2,546,947

During the year ended 31 March 2024, the Group reclassified issue costs for bank loans from trade and other
receivables to align with the treatment of the issue costs for the institutional term loan and retail bond. The Group
has reclassified the 30 September 2023 balance to also align.
At 30 September 2024, the Group had total debt facilities of $3,023.5 million across its bank syndicate, institutional
term loan and retail bonds.
Security
The bank loans, institutional term loan and retail bonds are secured by a general security agreement over the parent
and subsidiary companies and supported by first mortgages over the freehold land and buildings (excluding retirement-
village unit titles provided as security to residents – note 5).
The subsidiary companies have all provided guarantees for the Group’s secured loans as parties to the general security
agreement.
Covenants
The Group is subject to capital requirements imposed by its bank and the lenders included in the banking syndicate
through covenants agreed as part of the lending facility arrangements, and bond holders through covenants in the
Master Trust Deed.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

27

In September 2024, the Group’s banking syndicate and institutional term loan lenders agreed to amend the Interest
Coverage Ratio covenant included in the lending facility agreements to 1.50x until 31 March 2025, increasing to 1. 75x
at 30 September 2025, 2.00x at 31 March 2026 and 2.25x at 30 September 2026. The retail bonds are not subject to
the Interest Coverage Ratio covenant.
Fair value
Below is a comparison of the carrying amounts and fair values of the interest-bearing loans and borrowings. The
carrying amounts of bank loans are the same as their fair values in all material aspects due to their interest rate
profiles.

6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
Carrying
amount
Fair value Carrying
amount
Fair
value
Carrying
amount
Fair
value
$000 $000 $000 $000 $000 $000

Institutional term loan 265,298 278,836 260,022 260,330 265,230 269,505
Retail bond 148,724 140,490 148,162 129,870 148,443 134,910

The fair value of the fixed-rate portion of the institutional term loan has been determined at balance date on a
discounted cash flow basis and by applying discount factors to the future Australian dollar interest payment and
principal payment cash flows. The fair value of the floating rate portion is assumed to be the same as its carrying
amount. The fair value of the institutional term loan is categorised as Level 2 under the fair value hierarchy in
accordance with NZ IFRS 13 – Fair Value Measurement.
The fair value of the retail bond is based on the price traded on the NZX market at the reporting date. The fair value
of the retail bond is categorised as Level 1 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value
Measurement.
10. DERIVATIVE FINANCIAL INSTRUMENTS
At reporting date, the Group’s derivative financial instruments consist of interest rate swaps, caps, floors and collars.
Fair value
These derivatives are initially recognised at fair value on the dates the derivative contract are entered into and
remeasured to their fair values at each reporting date. The fair values of these derivatives are categorised as Level 2
under the fair value hierarchy in NZ IFRS 13 – Fair Value Measurement. The fair values of these derivative instruments
are derived using inputs supplied by third parties that are observable, either directly (prices) or indirectly (derived
from prices). The fair value of interest rate swaps is determined by discounting the future cash flows using the yield
curves at the end of the reporting period and the credit risk inherent in the contract.
Modified interest rate swaps
In June 2024, the Group modified five further interest rate swaps that had been designated in a cash flow hedge
relationship to reduce near-term interest costs. The modification resulted in a higher notional principal amount
covered and a reduction in the remaining maturities of those swaps.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

28

The modification resulted in the original hedge relationship being discontinued. Immediately prior to discontinuation,
there were gains of $7.5 million (excluding tax effects) in the cash flow hedge reserve for these swaps. As the hedged
cash flows are still expected to occur, and notwithstanding the modified swaps have matured during the current year,
these gains remain in the cash flow hedge reserve and will be reclassified to profit or loss over the original hedge
period. All modified swaps have matured as at 30 September 2024.
In total, the Group has modified eight interest rate swaps. The amounts reclassified to profit or loss during the period
are NZ$2 .4 million and A$0.7 million (totalling NZ$3.2 million). At 30 September 2024, the unamortised balance in
the cash flow hedge reserve for the amended swaps is NZ$17.7 million and A$3.0 million (excluding tax effects).
11. OCCUPANCY ADVANCES (NON-INTEREST BEARING)
6 MONTHS
Sep 2024

6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
$000 $000 $000

Gross occupancy advances
Opening balance
5,596,912 4,919,142 4,919,142
Plus increases in occupancy advances:
• new retirement-village units (gross)
214,134 218,965 419,284
• existing retirement-village units (net) 115,950 120,863 233,330
Net foreign-currency exchange
differences (2,369) 2,660 16,067
(Decrease)/i ncrease in occupancy
advance balances
(23,378) (7,694) 9,089
Closing balance 5,901,249 5,253,936 5,596,912

Net occupancy advances
Less deferred management fees
(766,183) (651,547) (713,757)
Less suspended contributions (resident
loans) (111,866) (88,265) (98,176)
Closing balance 5,023,200 4,514,124 4,784,979

Occupancy advances are non-interest bearing and recorded as a liability in the statement of financial position, net of
deferred management fees and suspended contributions receivable. The occupancy advance is initially recognised at
fair value and later at amortised cost.
The Group has revised its accounting policy, now recognising the occupancy advance asset and liability at the point
when the resident takes possession of the unit. The Group has restated the comparative period, with further detail in
note 1.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

29

12. SEGMENT INFORMATION
In late 2023, the Group announced that underlying profit will no longer be a key performance measure, instead
performance measurement will be focused on cash flow from existing operations, cash flow from development and
IFRS profit before tax and fair value movements. As a result, all references to underlying profit have been removed
from the segment note and replaced by the new performance measurements. All other segmentation remains
consistent with 31 March 2024.
New Zealand Australia Other Group
$000 $000 $000 $000

6 MONTHS Sep 2024
Core revenue (care fees, DMF, other) 277,496 71,143 797 349,436
Interest received 924 188 - 1,112
Imputed interest income on refundable
accommodation deposits
4,701 11,014 - 15,715
Total revenue 283,121 82,345 797 366,263

Operating expenses (246,992) (73,472) (31,242) (351,706)
Depreciation and amortisation (8,805) (4,881) (11,717) (25,403)
Finance costs (39,266) (13,938) - (53,204)
Imputed interest charge on refundable
accommodation deposits
(4,701) (11,014) - (15,715)
Impairment loss - - - -
Total expenses (299,764) (103,305) (42,959) (446,028)

Loss before income tax and fair-value
movements (PBTF) (16,643) (20,960) (42,162) (79,765)
Fair-value movement of investment properties 206,773 47,797 - 254,570
Income tax (expense)/credit (88,499) 8,059 - (80,440)
Net profit after tax 101,631 34,896 (42,162) 94,365

Non-current assets 9,617,078 2,668,793 104,529 12,390,400
Loans and borrowings 1,699,416 880,231 - 2,579,647

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

30

New Zealand Australia Other Group
$000 $000 $000 $000

6 MONTHS Sep 2023 – restated
Core revenue (care fees, DMF, other) 269,243 52,057 388 321,688
Interest received 809 465 - 1,274
Imputed interest income on refundable
accommodation deposits 3,491 7,180 - 10,671
Total revenue 273,543 59,702 388 333,633

Operating expenses (224,075) (56,079) (17,178) (297,332)
Depreciation and amortisation (8,766) (5,301) (7,643) (21,710)
Finance costs (17,614) (4,088) - (21,702)
Imputed interest charge on refundable
accommodation deposits
(3,491) (7,180) - (10,671)
Impairment loss - - - -
Total expenses (253,946) (72,648) (24,821) (351,415)

Loss before income tax and fair-value
movements (PBTF)
19,597 (12,946) (24,433) (17,782)
Fair-value movement of investment properties 92,181 49,230 - 141,411
Income tax credit 47,717 15,733 - 63,450
Net profit after tax 159,495 52,017 (24,433) 187,079

Non-current assets 9,374,312 2,461,588 106,399 11,942,299
Loans and borrowings 1,636,205 860,505 - 2,496,710

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

31

13. EQUITY-SETTLED SHARE-BASED PAYMENTS
The Group issued three tranches of performance share rights to eligible members of its senior executive team
pursuant to Ryman’s recently established Long-Term Incentive Plan (‘LTIP’). The grant of Share Rights was approved
by the Board on 23 September 2024.
Tranche 1
The first tranche of 32,592 Share Rights is eligible for vesting over two years (50% on 31 August 2025 and 50% on
31 August 2026). Tranche 1 does not include any contracted performance hurdles; it only requires that the Participant
remains employed at Ryman for the duration of the term.
As it is assumed that there will be no dividends during the term of the share right, the share price on the valuation
date is expected to represent the most accurate estimate of the share rights, on the assumption that the share price
on valuation date will increase at the Cost of Equity (COE) during the term of the share rights, and then is discounted
back to the valuation date using the same COE.

New Zealand Australia Other Group
$000 $000 $000 $000

12 MONTHS Mar 2024 – restated
Core revenue (care fees, DMF, other) 547,116 115,403 586 663,105
Interest received 1,758 568 - 2,326
Imputed interest income on refundable
accommodation deposits
7,626 16,829 - 24,455
Total revenue 556,500 132,800 586 689,886

Operating expenses (481,903) (125,710) (44,270) (651,883)
Depreciation and amortisation (17,458) (8,194) (18,151) (43,803)
Finance costs (40,228) (10,414) - (50,642)
Imputed interest charge on refundable
accommodation deposits
(7,626) (16,829) - (24,455)
Impairment loss (31,020) (1,751) - (32,771)
Total expenses (578,235) (162,898) (62,421) (803,554)

Loss before income tax and fair-value
movements (PBTF)
(21,735) (30,098) (61,835) (113,668)
Fair-value movement of investment properties (49,309) (22,598) - (71,907)
Income tax credit 69,163 38,002 - 107,165
Net profit after tax (1,881) (14,694) (61,835) (78,410)

Non-current assets 9,203,541 2,500,698 113,231 11,817,470
Loans and borrowings 1,705,651 841,296 - 2,546,947

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

32

Tranche 2 and 3
The performance period for the second tranche of 25,639 Share Rights is 13 November 2023 to 13 November 2026.
Vesting of these Share Rights is conditional upon meeting targets in relation to relative total shareholder return and
absolute total shareholder return.
Under Tranche 3, a total of 467,130 Share Rights are granted. Of these, 113,108 Share Rights are allocated to the new
CEO, starting from 4 November 2024. The remaining 354,022 Share Rights, excluding those granted to the CEO, have
a performance period that spans from 1 July 2024 to 30 June 2027. Vesting of the Share Rights under Tranche 3 is
conditional upon meeting targets in relation to relative total shareholder return and absolute total shareholder return.
The valuation of the share options is performed by an independent external party. Fair value is estimated at the grant
date using a Monte Carlo Simulation Model, taking into account the terms and conditions on which the share options
were granted. Valuation is on a per Grant basis and does not account for any non-market condition, e.g. the service
condition.
The model simulates the vesting dates’ 10-day Volume Weighted Average Price (VWAP) and closing share price of the
NZX50 companies (including Ryman) using the 10-day VWAP. The model compares the simulated TSR against the
NZX50 companies. The correlation among the two series is accounted for during the simulation.
For all tranches (1, 2, 3)
The LTIP grants eligible members performance rights that will, if hurdles are achieved, vest as Ryman shares.
Accordingly, the exercise price and contractual term for share rights granted under LTIP is nil.
There are no cash settlement alternatives for the employees. Ryman does not have a past practice of cash settlement
for these awards.
Ryman accounts for the options granted under LTIP as an equity-settled plan.
The expense recognised for employee services received during the year is shown in the following table:
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
$000 $000 $000
Expense arising from equity-settled share-
based payment transactions
112 - -
Key assumptions
The following tables list the inputs to the models used for the share rights granted under LTIP.

Tranche 1

Weighted average fair values at the measurement date $3.56
Commencement date 1 July 2024
Valuation date 23 September 2024
Dividend yield (%) 0%
Annualised implied volatility (%) 27% to 37%
Risk-free interest rate (%) 4.57% for the portion vesting at 31 August 2025 and
3.85% for the portion vesting at 31 August 2026

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

33

Tranche 2 Tranche 3

Weighted average fair values at the measurement date $0.49 $2.42
Commencement date 13 November 2023 1 July 2024
Valuation date 23 September 2024 23 September 2024
VWAP at valuation date $4.56 $4.56
VWAP at commencement date $5.74 $3.73
VWAP volatility (%) 34% 35%
Dividend reinvestment factor (%) 100% 100%
Dividend yield 0% 0%

The volatility assumption is representative of the level of uncertainty expected in the movements of the Group’s share
price over the life of the options. VWAP volatilities are based on the Group’s VWAP returns over a historical period
from the valuation date that matches the remaining duration of the respective tranches.
14. COMMITMENTS
The Group had commitments relating to construction contracts amounting to $167.0 million at 30 September 2024
(30 September 2023: $ 222.6 million and 31 March 2024: $ 217.2 million).
The Group has an ongoing commitment to maintain the land and buildings of the integrated retirement villages, rest
homes and hospitals.
15. CONTINGENT LIABILITIES
There are no material contingent liabilities at 30 September 2024 (30 September 2023: nil and 31 March 2024:
$6.0 m illion).
16. SUBSEQUENT EVENTS
As announced on 2 September 2024, the Group is transitioning to a new services and support structure. A provision
has been recorded for those redundancies which had been confirmed at reporting date. Consultation for remaining
teams commenced after the reporting date. C osts associated with the business improvement programme to date,
including redundancies, are a pproximately $10.0 m illion, with $6.5 million recognised during the period to 30
September 2024.
The Nellie Melba land sale is now unconditional, with a settlement date of December 2025.
The directors have determined that no final dividend will be paid relating to the interim period.
There have been no other events subsequent to 30 September 2024 that materially impact on the results reported.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

34

17. AUTHORISATION
The directors authorised the issue of these consolidated interim financial statements on 27 November 2024.

Dean Hamilton James Miller
Executive Chair Chair of Audit, Finance and Risk committee

---

NZX RELEASE, 28 November 2024

Ryman Healthcare reports 1H25 results

Highlights
• Total revenue of $366.3 million, up 10% on 1H24.
• Reported net profit after tax (NPAT) of $94.4 million, down 50% from $187.1
million in 1H24.
• IFRS profit before tax and fair-value movements (PBTF)
1
of -$79.8 million (-11.6cps),
down from -$17.8 million in 1H24 (-2.6cps).
• Cash flow from existing operations (CFEO)
1
of -$7. 8 million, down $24.8 million on
1H24.
• Cash flow from development activity (CFDA)
1
of -$44.7 million, an improvement of
$132.6 million on 1H24.
• Sales of occupation right agreements (ORAs)
1
of 827, up 5% on 1H24, with resales
up 9% to 603 and new sales down 5% to 224. Gross receipts of $651.4m, up 5%.
• Occupancy on mature aged care centres steady at 96.4% (96.2% in 1H24).
• 667 new retirement village units and aged care beds delivered.
• Completed one village (Miriam Corban), opened one village (Hubert Opperman) and
opened three main buildings (Miriam Corban, Keith Park, and James Wattie).

Ryman Healthcare Limited (Ryman) has reported a 10% increase in revenue to $366.3
million for the six months ended 30 September 2024, driven by increases in care and village
fees following the opening of one village and three main buildings, and growth across the
existing portfolio.

Executive Chair Dean Hamilton said: “We were pleased with the operating performance of
our villages in the first half relative to the prior year as we remained firmly focused on
providing great care and experience for our residents.

“Whilst occupancy remained high for our mature villages, we know there is a cost to
opening three main buildings in the period as we progressively fill care beds and sell down
serviced apartments. Resident sentiment remains positive – with NPS stable across care and
independent living residents. Excluding one-offs, our non-village operating costs were
relatively static year on year. However, with lower development activity, we are capitalising
less of these costs, impacting reported earnings.”

1
This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally
Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in
understanding Ryman's performance. It may not be comparable to similar financial information presented by
other entities.

Sales of ORAs were up 5% to 827 in 1H25, the strongest six-month period in the last three
financial years, demonstrating that demand for Ryman’s product remains strong. Whilst we
maintained pricing in a challenging market, this has translated to a compression in resale
margins per unit, which are dependent on unit price inflation.

The decline in PBTF from -$17.8 million in 1H24 to -$79.8 million in 1H25 reflected higher
growth in reported operating expenses and finance costs – both largely due to lower cost
capitalisation.

CFEO declined from $17.1 million in 1H24 to -$7.8 million in 1H25, with solid growth in
village cash flows offset by higher non-village and interest costs – both also due to lower
cost capitalisation. CFDA has seen a material improvement from -$177.3 million in 1H24 to
-$44.7 million in 1H25, driven by steady cash inflows from resident funding and significant
reductions in capex on direct construction spend and reduced investment in new land.
Sales and stock of occupation rights
As previously announced, from 1H25 Ryman now recognises ORA sales at the time of
occupation. This better aligns with both reporting in the wider sector and with cash flow
metrics as the majority of sales are settled when a resident moves in.

Ryman has booked 827 sales of ORAs in 1H25, generating $651.4 million of gross proceeds,
both up 5% on 1H24. This was driven primarily by a robust period of resales, up 9% on the
back of strong move-ins for serviced apartments, and a steady period for independent units.

Ryman has delivered 387 new retirement units in the period.

Unoccupied retirement unit stock is up 182 units from 974 at March 2024 (10.6% of total
stock) to 1,156 at September 2024 (12.1%), predominantly reflecting serviced apartments
delivered in three main buildings which opened during the period. Stock at September 2024
includes 522 units under contract.
Governance and leadership update
Newly-appointed CEO Naomi James joined on 4 November and Dean Hamilton will step
down as Executive Chair, returning to the role of Board Chair on 29 November, following a
period of handover.
Mr Hamilton said: “Naomi’s experience leading people through transformation within capital
intensive, regulated industries in New Zealand and Australia will make a significant
contribution to Ryman. I am really confident in handing over the reins and look forward to
supporting Naomi as we all work towards delivering more sustainable value for our Ryman
residents, team members and shareholders.”
As announced on 22 October, Scott Pritchard has been appointed as an independent
director from 1 November 2024. As announced at the 2023 annual shareholder meeting,
Claire Higgins will step down on 31 December 2024.

“I’d like to thank Claire for her 10 years’ contribution to Ryman and in particular stepping
into the role of Interim Chair ahead of the capital raise and Board renewal process,” Mr
Hamilton said.

“With Scott’s appointment, that now completes the Board renewal process, with five new
directors joining the Board since June 2023.”
Business improvement
Ryman has continued to make progress on its business improvement programme through
implementing changes announced in September, including a new pricing model, driving
greater efficiencies in its services and support structure, and introducing a new approach to
development.
Mr Hamilton said: “Our new pricing model recognises that our residents are staying longer
and our need to cover village operating costs, which have increased significantly in recent
years (rates, insurance and electricity in particular). The financial benefit of these changes
will flow as new ORA contracts are entered, most of which will be realised over a 15-year
timeframe.”
The implementation of Ryman’s new services and support structure has progressed, with a
number of changes now confirmed following a period of consultation.
Mr Hamilton said: “Our leaner structure, starting with a reduced executive team, has seen
the removal of duplicated functions across New Zealand and Australia, the flattening of
reporting lines, and a reduction in our inhouse development function as existing projects
complete and we move towards more outsourcing of our design and construction.
“This has been a challenging period for all of team members at Ryman, and I want to thank
them for leaning in and supporting the change process.
“The business improvement changes we’ve implemented will lower costs now and improve
revenue materially over time. We have achieved $18 million of annualised savings to date in
gross non-village operating expenses. We are targeting a similar level of savings across the
Group by the end of FY26,” Mr Hamilton said.
One-off costs associated with the business improvement programme to date are
approximately $10 million, with $6.5 million recognised in 1H25.
Development update
Several development milestones were achieved during 1H25:
• Three main buildings were completed, and the first care residents were welcomed at
Miriam Corban, Keith Park and James Wattie;
• Hubert Opperman (Mulgrave) was opened in August; and
• Miriam Corban was completed.

Ryman now has 49 operational villages – 9 in Victoria and 40 in New Zealand. Ryman has
nine sites under active construction (all of which are open). Before financial year-end, it is
anticipated that both Bert Newton and James Wattie will be completed, which will reduce
sites under active construction to seven.
The 1H25 build rate (on a completed basis) totalled 667 units and beds, including 142
independent units, 245 serviced apartments and 280 aged care beds. We expect to deliver
at the top end of our 850-950 build target for FY25.
“We do not intend to commence construction on a new development outside of the nine
inflight before March 2026.
“This allows time for our overheads to reduce and for us to work through current stock on
hand, while building the internal capability and external relationships to successfully
transition to a developer rather than constructor model,” Mr Hamilton said.
Capital management
At September 2024, net interest-bearing debt was $2.56 billion, up $0.05 billion from March
2024. Total funding headroom at September 2024 was $455 million (undrawn facilities and
cash).
In September, Ryman agreed amendments to its interest coverage ratio (ICR) covenant
levels for testing periods through to March 2026. Ryman remains compliant with all lending
covenants and obligations at September 2024.
Dividends remain suspended. Ryman intends to undertake a further review of the dividend
policy at FY26. Any future dividend policy is expected to be based on cash flow.
“The financial focus of the Board remains on strengthening cash flow outcomes and
reducing our debt position over time,” Mr Hamilton said.
Significant progress made in financial reporting
Ryman continues to undertake an extensive review of its financial reporting with the goal of
enhancing the transparency of its financial results and ensuring greater comparability with
others in the sector.
Several changes have been implemented in the period, many of which were signalled at the
FY24 results on 27 May 2024 and business improvement update on 2 September 2024.
These changes have impacted 1H25 accounts and resulted in restatements of prior period
financials. Key accounting changes include:
• Changing the recognition point for occupancy advances to when a resident takes
possession of a unit (previously on signing an application form).
• Increasing the expected periods of tenure used to recognise DMF revenue to nine
years for independent units and four and half years for serviced apartments
(previously seven years and three years respectively).

• Reclassifying development land as investment property which is held at fair value
(previously classified as property, plant and equipment held at cost).
• Adjusting the treatment of occupation advances within the investment property
valuation (which previously included a discount to the DMF component).
Outlook
“Current economic conditions remain challenging in both New Zealand and Victoria,” Mr
Hamilton said. “Residential housing volumes and pricing continue to be subdued, impacting
the ability of prospective residents to settle on ORAs. We expect these conditions to
continue through the second half.
“Previous cash flow guidance assumed higher 2H25 settlements of new ORAs, which are
now expected to be deferred to FY26. We are delivering our programme of main buildings
– acknowledging that the capital release from these takes time. We have moderated the
pace of development at some of our existing inflight projects, reflecting current stock levels
and market conditions.”
FY25 guidance:
• Cash flow: We expect to have negative free cash flow between $50-100 million as
settlements are deferred into FY26 (previous guidance: targeting positive free cash
flow).
• Capex: We expect to spend $625-675 million on total capex, as a result of the
slow-down of some inflight projects, and lower investment in land bank sites. This
includes $540–580 million on development activity and $85-95 million on existing
operations (previous guidance: $700-820 million total, $600-700 million on
development activity, and $100-120 million on existing operations).
• Build rate: We expect to deliver at the top end of the previously indicated 850-950
retirement village units and aged care beds.
Ryman’s outlook for FY25 is based on current market conditions and its assessment of the
future.
“We are well positioned to benefit when residential property markets recover,” Mr
Hamilton said.
“I am confident that Ryman’s history of industry-leading innovation and clear focus on what
is good enough for mum or dad, provides us with the foundation to deliver a stronger
future and one that balances great care with great financial performance. Our residents will
continue to remain at the centre of everything we do,” said Mr. Hamilton.

ENDS

About Ryman:
Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 49
retirement villages in New Zealand and Australia. Ryman villages are home to 15, 100
residents, and the company employs 7,700 staff.

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

For media information contact Camille Middleditch on +64 28 422 3472 or
camille.middleditch@rymanexternal.com

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R Y M A N H E A L T H C A R E
Half year result
For the period ended 30 September 2024
Presented 28 November 2024

R Y M A N H E A L T H C A R E | 1H25 Result Presentation2
Acknowledging the passing
of one of our founders
Ryman co-founder Kevin Hickman
2
Kevin
Hickman
4 APRIL 1950 – 23 AUGUST 2024

R Y M A N H E A L T H C A R E | 1H25 Result Presentation3
Agenda
Highlights 6
Governance and leadership 9
Business improvement 12
Financials 16
Capital management 26
Sales and stock 31
Development 36
Outlook 45
Q&A 47
Appendices 48
3
All figures in this presentation are in New Zealand dollars (NZD) and are
at 30 September 2024 or for the six months ended 30 September 2024,
unless otherwise stated.
Dean Hamilton
CHAIR
Rob Woodgate
CHIEF FINANCIAL
OFFICER
Naomi James
CHIEF EXECUTIVE
OFFICER
Presenters

R Y M A N H E A L T H C A R E | 1H25 Result Presentation4
Ryman at a glance
Team members
7,727
NZ: 6,234 | AU: 1,493
Residents
15,085
NZ: 12,921 | AU: 2,164
Units and beds in
land bank
4,704
NZ: 2,530 | AU: 2,174
Open villages
49
NZ: 40 | AU: 9
Sites under construction
9
NZ: 5 | AU: 4
Greenfield sites
10
NZ: 5 | AU: 5
(excludes 2 sites held for sale)
Retirement village units
9,575
NZ: 8,195 | AU: 1,380
Aged care beds
4,619
NZ: 3,939 | AU: 680
(All open and under
construction)
(Includes 9 villages
under construction)
Years in operation
40
Founded: 1984
RV units: 3,691
Care beds: 1,013

R Y M A N H E A L T H C A R E | 1H25 Result Presentation5
Ryman – a trusted brand
We continue to deliver best in class experiences
for our retirement and aged care residents.

R Y M A N H E A L T H C A R E | 1H25 Result Presentation6
Ryman team member Darryl at Kevin Hickman Village
6
Highlights

R Y M A N H E A L T H C A R E | 1H25 Result Presentation7
Highlights
Highlights
Governance and leadership
•Completion of Board renewal by end of calendar year 2024.
•New executive team, including new CEO (started 4 November). All on new remuneration structure.
Financials
•Net profit before tax and fair value movements (PBTF)
1
of -$79.8 million, down vs -$17.8 million 1H24.
•Cash flow from existing operations (CFEO)
1
of -$7.8 million, down -$24.8 million on 1H24, and cash flow
from development activity (CFDA)
1
of -$44.7 million, up $132.6 million on 1H24.
•Continued progress made in review of financial reporting.
Consumer and resident
reputation
•Winner of 2024 Canstar Blue Most Satisfied Customers, adding to 2024 Readers Digest Most Trusted
Brand and 2024 Aged Advisor Nationwide Group Winner.
•Positive and stable resident NPS across care, serviced and independent in 2024. NPS all above +40.
Business improvement
•New RV unit pricing structure implemented on 1 October 2024.
•New services and support structure in advanced stages.
Aged care
•Occupancy in mature care centres of 96.4% (96.2% in 1H24).
•Proposed new legislation in Australia is positive. Impact will take time (grandfathered at 1 July 2025).
•Health New Zealand Te Whatu Ora review of funding continues. Limited visibility. Potential framework for
consultation in the coming months.
Sales and stock
•Strongest six-month sales performance in last three financial years. 827 total sales of retirement village
unit ORAs (occupation basis), up 5% vs 1H24. Gross ORA sales value of $651.4 million, up 5% on 1H24.
•Unoccupied retirement unit stock of 1,156 units (12.1% of total units), up 182 vs March 2024 reflecting
high volume of units delivered. Includes 522 units under contract.
Development
•667 retirement units and aged care beds delivered.
•Three main buildings opened at James Wattie, Miriam Corban and Keith Park.
Capital management
•Net interest-bearing debt of $2.56 billion (gearing of 37.3%), up $0.05 billion vs March 2024.
•Amendments to financial covenants for testing periods through to March 2026.
1 This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in
understanding Ryman’s performance. It may not be comparable to similar financial information presented by other entities.

R Y M A N H E A L T H C A R E | 1H25 Result Presentation8
1H25 performance metrics
NZ: 40
AU: 9
Total sales of RV unit ORAs
(occupation basis)
827
+5% vs 787 in 1H24
+5% vs 787 in 2H24
Completed build rate
667
RV units: 387 | Care beds: 280
Highlights
Open villages
49
One village opened in 1H25
(Hubert Opperman in Melbourne)
New sales of RV unit ORAs
(occupation basis)
224
-5% vs 236 in 1H24
+6% vs 211 in 2H24
Resales of RV unit ORAs
(occupation basis)
603
+9% vs 551 in 1H24
+5% vs 576 in 2H24
Aged care occupancy
91.7%
-1.4pp vs 93.1% in 1H24
Gross resale margin
26.6%
-3.4pp vs 30.0% in 1H24
Retirement unit occupancy
87.9%
-1.5pp vs 89.4% at March 2024
Unoccupied retirement unit
stock
1,156
+182 vs 974 at March 2024
Mature: 96.4%
Developing: 59.1%
Contracted: 522
Uncontracted: 634
All performance metrics on this page are non-GAAP measures which do not have a standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). Non-GAAP measures are presented to assist investors in
understanding Ryman's performance. It may not be comparable to similar financial information presented by other entities.

R Y M A N H E A L T H C A R E | 1H25 Result Presentation9
Governance and
leadership
Diana Isaac Village residents June, Philip, Gillian and Russell
9

R Y M A N H E A L T H C A R E | 1H25 Result Presentation10
Scott Pritchard
NON-EXECUTIVE
DIRECTOR
Joined: November 2024
Claire Higgins
NON-EXECUTIVE
DIRECTOR
Joined: September 2014
Retiring: December 2024
Board of directors
Dean Hamilton
CHAIR
Joined: June 2023
James Miller
NON-EXECUTIVE
DIRECTOR
Joined: June 2023
Kate Munnings
NON-EXECUTIVE
DIRECTOR
Joined: November 2023
David Pitman
NON-EXECUTIVE
DIRECTOR
Joined: May 2024
Board changes
•Completion of Board renewal by end of
calendar year 2024 with five new directors
commencing since June 2023.
•Scott Pritchard joined the Board on
1 November 2024.
•As announced at the 2023 Annual
Shareholder Meeting, Claire Higgins is
stepping down on 31 December 2024.
•Dean Hamilton was Executive Chair from
22 April 2024 through to 28 November 2024.
•As resolved by the Board, all directors are
considered independent at 29 November
2024.
Governance and leadership
Anthony Leighs
NON-EXECUTIVE
DIRECTOR
Joined: October 2018
Paula Jeffs
NON-EXECUTIVE
DIRECTOR
Joined: November 2019

R Y M A N H E A L T H C A R E | 1H25 Result Presentation11
Executive team
Executive changes
•New Chief Executive Officer.
•Executive team reset from a regional
structure to a functional structure – ‘one
Ryman’.
New remuneration structure
•All executive team on new remuneration
structure.
•Base salary + 50% STI + 40% LTI (100% LTI for
CEO).
•60% of STI linked to objective financial
performance metrics
1
, and 40% linked to a
combination of individual and business
goals.
•LTI scheme based on performance share
rights linked to total shareholder return (50%
absolute against cost of equity, 50%
relative to NZX50 gross).
•Minimum shareholding plan relating to LTI
shares (100% of base for CEO, 50% of base
for other executive team members).
Naomi James
CHIEF EXECUTIVE
OFFICER
Joined: November 2024
Rob Woodgate
CHIEF FINANCIAL
OFFICER
Joined: November 2023
Marsha Cadman
CHIEF OPERATING
OFFICER
Rejoined: January 2024
Rick Davies
CHIEF CUSTOMER AND
TECHNOLOGY OFFICER
Joined: July 2019
Chris Evans
CHIEF DEVELOPMENT AND
PROPERTY OFFICER
Joined: April 2021
Di Walsh
CHIEF PEOPLE
AND SAFETY OFFICER
Joined: January 2023
Governance and leadership
1 PBTF, CFEO, CFDA. These are non-GAAP measures which do not have a
standardised meaning prescribed by GAAP (Generally Accepted
Accounting Practice).

R Y M A N H E A L T H C A R E | 1H25 Result Presentation12
James Wattie Village residents Barry and Mary
12
Business
improvement

R Y M A N H E A L T H C A R E | 1H25 Result Presentation13
•New RV pricing
structure
implemented on
1 October 2024.
•No changes to
contractual
arrangements for
existing residents.
•Positive care funding
changes in Australia
effective 1 July 2025.
•New services and
support structure in
advanced stages.
•Transition from a
regional structure to
a functional
structure – ‘one
Ryman’.
•Drive efficiency in
the near term and
create a platform
for sustainable
growth.
Business improvement programme update
•Deliver in-flight
projects to cost and
programme.
•Transition to an
outsourced delivery
model for new
projects.
•Build only new
villages which
recycle capital
and create
economic value.
•Continue to deliver
great care while
improving financial
performance.
•Improve operating
performance through
revenue growth and
cost efficiencies.
•High-performance
culture that balances
care and financial
performance.
•Leader-led
transformation and
ongoing support of
teams through
change.
•Align team KPIs to
drive value and
productivity.
Business improvement
Workstreams advanced

R Y M A N H E A L T H C A R E | 1H25 Result Presentation14
Strategy
•Increase in DMF and weekly fees to capture
longer resident tenure and increasing village
operating costs (rates, insurance and electricity in
particular).
Progress to date
•New pricing structure went live on 1 October 2024
for new residents.
•Changes announced on 2 September drove
strong applications through September
contributing to a slower applications cadence in
early 2H25.
•Of contracts signed post 1 October 2024 for new
residents
1
, approximately three quarters are at a
30% DMF and at list price, and approximately half
are on indexed weekly fees.
Financial impact
•Financial benefit will flow only from new
contracts.
•It is expected to take 15 years for the majority of
the benefit to be realised.
Business improvement
Previous structureNew structure
Deferred
management
fee
•20% DMF standard contract.
•Bespoke DMF options offered
on a case-by-case basis.
•ILUs accrue over 4 years
2
, SAs
accrue over 3 years
2
.
•Choice of 30% or 25% DMF
with the latter having a higher
entry price.
•Bespoke DMF options offered
on a case-by-case basis.
•Both ILUs and SAs accrue over
3 years
2
.
Weekly fees
•Fixed weekly fee.
•Choice of indexed weekly
fees or fixed weekly fees, with
the latter having a higher rate.
•Indexed fee linked to
superannuation in New
Zealand or CPI in Australia.
New pricing structure for retirement village units
Revenue workstream
1 Excluding internal transfers and contracts on prior pricing structure (where
application was in process pre-1 October 2024).
2 Contractual accrual period. This differs from the expected period of tenure used for accrual of DMF revenue (see slide 18).

R Y M A N H E A L T H C A R E | 1H25 Result Presentation15
New services and support structure
Business improvement
Strategy
•New structure based on functional
responsibilities across the Group. Moving
away from the regional model
implemented in 2022.
•Leaner structure with the removal of
duplicate functions across
New Zealand, Australia and Group
functions.
•Flatter structure with compressed
management layers. Country CEOs
disestablished.
•Alignment of incentives with common KPIs
and greater transparency across functions.
Progress to date
•Structure for executive team and senior
leaders confirmed. Remaining teams in
advanced stages of consultation.
•Downsizing of inhouse development
function commenced as existing projects
complete and the business transitions to an
outsourced delivery model for new villages.
•Elements of IT services in process of being
outsourced.
•Some early procurement gains across the
business.
Financial impact
•$18 million of annualised savings achieved
to date in gross non-village operating
expenses.
•One-off costs
1
associated with the business
improvement programme to date are
approximately $10 million, with $6.5 million
recognised in 1H25.
Services and support workstream
1 This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in understanding Ryman's
performance. It may not be comparable to similar financial information presented by other entities.

R Y M A N H E A L T H C A R E | 1H25 Result Presentation16
Financials
16
James Wattie Village
Photo, 30 September 2024

R Y M A N H E A L T H C A R E | 1H25 Result Presentation17
1H25 financial metrics
Cash flow from
development activity
1
($44.7m)
Up $132.6m | 1H24: ($177.3m)
Net interest-bearing
debt
1
$2.56b
Up $0.05b | March 2024: $2.51b
Gearing
1
: 37.3% | March 2024: 37.2%
Net profit after tax
(NPAT)
$94.4m
Down -50% | 1H24: $187.1m
Cash flow from existing
operations
1
($7.8m)
Down -$24.8m | 1H24: $17.1m
IFRS profit before tax and fair
value movements (PBTF)
1
($79.8m)
Down -$62.0m | 1H24: ($17.8m)
Per share: (11.6cps) | 1H24: (2.6cps)
Total one-off costs
1
($14.3m)
1H24: ($12.1m)
Note: Prior comparative periods have been restated to align with changes to the Group’s financial reporting. Refer to note 1 of the consolidated interim financial statements for explanation. These are unaudited.

1 This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in understanding
Ryman's performance. It may not be comparable to similar financial information presented by other entities.
Financials

R Y M A N H E A L T H C A R E | 1H25 Result Presentation18Financials
1 Occupation advances for resale units were previously recognised when a resident signed an application form. Occupation advances for new sales units were previously recognised when both an application form had been
signed, and the retirement unit had been deemed ‘near complete’ (meeting the threshold for inclusion in the investment property valuation).
Changes to financial reporting
Ryman is continuing an extensive review of its financial reporting with the goal of enhancing the transparency of its results and ensuring greater
comparability with others in the sector. The changes detailed below have been implemented in 1H25.
#
DescriptionFinancial impactPrior periods
restated
Interim
reference
1
The operator’s interest in the investment property valuation is grossed up
for the net occupancy advances on the balance sheet. Previously an
adjustment was made to discount the accrued DMF within this gross up,
which resulted in a higher investment property balance. This adjustment
is no longer being made.
Decrease in investment property of $235.0m restated at March
2024.
Yes1a
2
Recognition for occupancy advances has changed from the
application signing date
1
to the point at which a resident takes
possession (occupation).
$91.1m decrease in investment property valuation reflected in
1H25 fair value movement. Valuation impacts on prior periods
deemed immaterial.
No
1b
$515.8m decrease in both occupation advance receivables and
occupation advance liabilities at March 2024.
Yes
3
Development land is now classified as investment property (previously
property, plant and equipment). Development land includes two
components (1) land, held at fair value determined by independent
valuers, and (2) capitalised WIP, held at cost and tested for impairment.
$466.4m of land held for development reclassified to investment
property at March 2024.
Yes
1c
Historical impairment expense relating to development land
reclassified to fair value movements ($147.5m in FY24).
Yes
-$28.0m fair value movement in 1H25 (see slide 28). Restating
prior periods to fair value deemed impracticable.
No
4
Consistent with the treatment of development land, assets held for sale
now apply the measurement criteria for investment property and are
held at fair value (previously fair value less costs to sell).
Historical impairment expense relating to assets held for sale
reclassified to fair value movements ($63.3m in FY24).Yes1d
5
Change in expected periods of tenure used to recognise DMF revenue
to nine years for independent and four and a half years for serviced
apartments (previously seven years and three years, respectively).
$1.8m reduction in DMF revenue in 1H25, reflecting the change
for contracts where residents have taken occupation since 1
April 2024. No adjustment has been made to existing contracts
as it has been deemed impracticable to apply this change.
No1e

R Y M A N H E A L T H C A R E | 1H25 Result Presentation19
Statutory profit and loss
•Financial reporting changes in the period have had a number of
impacts in 1H25, including restatements to 1H24 financials.
•Further commentary for revenue and operating expenses on following
slides.
oRevenue up 10% to $366.3 million (up 12% excluding historical
GST adjustment on DMF – refer to page 11 of the interim
financial statements).
oOperating expenses up 18% to $351.7m (up 12% pre
capitalisation).
•Finance costs up 145% to $53.2 million driven primarily by lower
capitalisation (see slide 22).
•Profit/(loss) before tax and fair-value movements (PBTF)
1
declined from
-$17.8 million in 1H24 to -$79.8 million in 1H25.
•Fair-value movement of investment property of $254.6 million, up 80%
reflecting both underlying movements and changes to methodology
(see slide 28).
•Deferred tax expense of $80.4 million, down $143.9 million on 1H24
(credit of $63.5 million) reflecting (1) higher expected future taxable DMF
following DMF pricing changes, and (2) a change in the approach to
recognition of tax losses in both New Zealand and Australia (nil accrued
in 1H25).
•Net profit after tax (NPAT) of $94.4 million, down 50% on $187.1 million in
1H24, driven by a lower operating result (PBTF
1
) and a deferred tax
expense, offset by higher fair-value movements.
Financials
Profit and loss ($m)1H241H25YoY
Care and village fees249.0277.011%
Deferred management fees (DMF) exc. historical
adjustments
67.777.114%
Historical adjustments to DMF revenue
2
-(11.3)-
Imputed income on RADs10.715.747%
Other income5.06.632%
Interest received1.31.1-13%
Total revenue333.6366.310%
Operating expenses(297.3)(351.7)18%
Depreciation and amortisation(21.7)(25.4)17%
Imputed income charge on RADs(10.7)(15.7)47%
Finance costs(21.7)(53.2)145%
Total expenses(351.4)(446.0)27%
Profit/(loss) before tax and fair-value movements (PBTF)
1
(17.8)(79.8)349%
Fair-value movement of investment properties141.4254.680%
Deferred tax credit/(expense)63.5(80.4)-227%
Net profit after tax (NPAT)187.194.4-50%
Per share:
Weighted shares on issue (000s)687.6687.6-
PBTF
1
per share (cps)(2.6)(11.6)349%
NPAT per share (cps)27.213.7-50%
One-off costs
1
:
One-off operating expenses
1
(ref slide 21)(6.9)(9.9)na
One-off finance costs
1
(ref slide 22)(5.3)(4.3)na
Total one-off costs
1
(12.1)(14.3)na
Note: Prior comparative periods have been restated to align with changes to the Group’s financial reporting.
Refer to note 1 of the consolidated interim financial statements for explanation. These are unaudited.
2 Includes -$8.3m historical GST adjustment and -$3.0 adjustment for uncapped internal transfers related to
prior periods.
1 This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally
Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in understanding
Ryman's performance. It may not be comparable to similar financial information presented by other entities.

R Y M A N H E A L T H C A R E | 1H25 Result Presentation20
Revenue by operating segment
Aged care
•Occupancy across all 43 operational care centres decreased 1.4pp
from 93.1% in 1H24 to 91.7% in 1H25, predominantly reflecting the
opening of three care centres (Miriam Corban, James Wattie and
Keith Park).
•Occupancy across 37 mature care centres
1
was steady at 96.4% in
1H25 (96.2% in 1H24, 96.3% in 2H24).
•Total aged care revenue of $240.7 million
2
, up 13% on 1H24 driven by
3% increase in occupied beds, and 10% growth in revenue per
occupied bed.
•Revenue per occupied bed up 10% on 1H24 to $2,244 per week,
predominantly driven by occupancy growth being weighted to
Australia. See appendix 1 for further detail.
Retirement village
•DMF revenue accrued in 1H25 impacted -$1.8 million by change in
expected periods of tenure (see slide 18).
•Solid growth in village fees (15% for serviced apartments, 21% for
independent units) reflecting portfolio growth, repricing of fixed
weekly fees (which have lifted in recent years) and opening of main
buildings (resulting in the removal of RV weekly fee discounts).
•Total serviced apartment revenue of $49.6 million
4
in 1H25, up 14% on
1H24 reflecting 5% growth in occupied units and 8% growth in
revenue per unit.
•Total independent unit revenue of $79.5 million, up 16% reflecting 5%
growth in occupied units and 10% growth in revenue per unit.
Financials
Aged care beds ($m)1H241H25YoY
Care fees (adjusted)
2
201.5224.912%
DMF
3
-0.1-
Imputed income on RADs10.715.747%
Total aged care revenue212.2240.713%
Occupied bed days (#)728,980750,9533%
Total revenue per occupied bed per week ($)2,0372,24410%
Serviced apartments ($m)1H241H25YoY
Village fees24.528.115%
DMF (adjusted)
4
19.021.513%
Total serviced apartment revenue43.649.614%
Occupied unit days (#)374,804394,1105%
Village fees per occupied unit per week ($)4585009%
Total revenue per occupied unit per week ($)8148818%
Independent units ($m)1H241H25YoY
Village fees19.924.021%
DMF48.655.514%
Total independent unit revenue68.579.516%
Occupied unit days (#)1,068,2511,126,9085%
Village fees per occupied unit per week ($)13014914%
Total revenue per occupied unit per week ($)44949410%
Note: Prior comparative periods have been restated to align with changes to the Group’s financial reporting.
Refer to note 1 of the consolidated interim financial statements for explanation. These are unaudited.
2Care fees presented excludes $3.1m revenue booked in 1H24 relating to one-off nurse ‘Pay Parity’ payments
from Health New Zealand Te Whatu Ora.
3First time aged care DMF reported on care suites in 1H25.
4Serviced apartment DMF presented excludes -$8.3m historical GST adjustment and -$3.0 adjustment for
uncapped internal transfers related to prior periods.
1Care centres are considered mature when they first reach 90% occupancy.

R Y M A N H E A L T H C A R E | 1H25 Result Presentation21
Operating expenses
Gross operating expenses
•Gross operating expenses up 12% to $385.7 million. Up 11% to $375.8
million excluding $9.9 million of one-off
1
costs.
•Employee expenses up 12% reflecting three main buildings opening,
legislative increases for clinical and ancillary team members (in-line with
funding rates), general wage increases and one-offs
1
relating to share
schemes (up 11% excluding one-off costs).
•Higher direct selling expenses and marketing costs due to recent
campaigns and sales incentives to residents, offset by savings in software
and technology and administrative costs.
Reported operating expenses
•Reported operating expenses up 18% reflecting a lower proportion of
gross operating expenses being capitalised to projects.
•Expense capitalisation down 29% driven by changes to financial
reporting for village expenses (operating costs for developing villages no
longer capitalised), and non-village expenses (methodology for
overhead capitalisation and less active development).
•Capitalisation policies remain under review as a result of the ongoing
organisation restructure under the business improvement programme.
Note: Prior comparative periods have been restated to align with changes to the Group’s financial reporting.
Refer to note 1 of the consolidated interim financial statements for explanation. These are unaudited.
2 Includes salaries and commissions for sales advisors, sales incentives to residents and legal expenses.
3 Included within non-village employee expenses.
4 Included within non-village administration expenses.
5 Included within village operations expenses.
Financials
Operating expenses by function ($m)1H241H25YoY
Employee expenses(221.2)(247.3)12%
Operations(42.2)(43.3)3%
Building and grounds(37.7)(46.8)24%
Direct selling expenses
2
(9.2)(11.9)28%
Marketing(8.8)(11.2)28%
Software and technology(12.0)(11.3)-6%
Administration(14.3)(13.9)-3%
Gross operating expenses(345.5)(385.7)12%
Capitalised to projects48.234.0-29%
Reported operating expenses(297.3)(351.7)18%
Operating expenses by location ($m)1H241H25YoY
Village(273.8)(303.8)11%
Non-village(71.7)(81.9)14%
Gross operating expenses
(345.5)(385.7)12%
Village4.2--
Non-village44.034.0-23%
Capitalised to projects
48.234.0-29%
Village(269.6)(303.8)13%
Non-village(27.7)(47.9)73%
Reported operating expenses
(297.3)(351.7)18%
One-off operating expenses
1
($m)1H241H25YoY
Close out of employee share schemes
3
(2.0)(1.5)na
Organisation transformation – redundancy
3
-(2.9)na
Organisation transformation – consultancy
4
-(3.6)na
Write-off of inventory
5
(4.9)(1.9)na
Total(6.9)(9.9)45%
Gross operating expenses exc. one-offs(338.6)(375.8)11%
1 This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP
(Generally Accepted Accounting Practice). This non-GAAP measure has been presented to assist
investors in understanding Ryman's performance. It may not be comparable to similar financial
information presented by other entities.

R Y M A N H E A L T H C A R E | 1H25 Result Presentation22
Finance costs
Gross finance costs on borrowings up 15%
•Higher interest paid on borrowings reflects increase in debt balance and
higher underlying interest rates.
•1H25 interest rate hedging benefit of $14.7 million includes $7.5 million
related to restructure of $170 million (notional) of existing in the money
interest rate swaps which were shortened and matured during the half
1
.
•Higher amortisation of issuance costs relates to lending restructure
completed in September 2023 (link).
Net finance costs on borrowings up 198%
•Significant increase driven by lower interest capitalisation.
•Capitalised borrowing costs on sites under construction down 29%
reflecting lower work in progress balance as inflight stages have
completed, including three main buildings in 1H25.
•Capitalised borrowing costs on land bank sites down 65% reflecting nil
capitalisation in 1H25 for six of 10 greenfield land bank sites and all three
village extension sites (interest capitalised on all land bank sites in 1H24).
•Accounting policy for capitalisation of finance costs remains under
review.
One-off finance costs
•Costs relating to swap amendments reflect IFRS impact of restructuring
swaps in prior periods and 1H25 (see slide 22). These are non-cash
movements and included in total one-off costs (see slide 19).
Financials
Finance costs ($m)1H241H25YoY
Interest paid on borrowings(82.1)(92.9)13%
Amortisation of issuance costs(1.5)(2.3)48%
Interest rate hedging benefit (cash)13.814.77%
Gross finance costs on borrowings(69.9)(80.4)15%
Capitalised borrowing costs53.531.6-41%
Net finance costs on borrowings(16.4)(48.8)198%
Interest on lease liabilities (IFRS16)(0.0)(0.0)-11%
Costs relating to swap amendments (non-cash)(5.3)(4.3)-18%
Total finance costs per P&L(21.7)(53.2)145%
Metrics ($m)1H241H25YoY
Capitalisation by site category:
Sites under construction35.525.2-29%
Land bank sites18.06.4-65%
Total53.531.6-41%
Borrowings:
Gross drawn debt at period end2,5102,5913%
Average cost of debt at period end (%)
1
5.7%6.5%0.8pp
Note: Prior comparative periods have been restated to align with changes to the Group’s financial
reporting. Refer to note 1 of the consolidated interim financial statements for explanation. These are
unaudited.
1Cash benefit of swaps restructured in 1H25 is not reflected in the average cost of debt at period end as
the restructured swaps matured prior to 30 September 2024. Average cost of debt excludes amortisation
of issuance costs, interest on lease liabilities and costs relating to swap amendments.

R Y M A N H E A L T H C A R E | 1H25 Result Presentation23
Cash flow from existing operations (CFEO)
•Net cash flow from village operations increased $24.2 million to $16.6
million reflecting growth in care and village fees broadly in-line with
growth in payments to suppliers and employees, growth in cash DMF
collected, and a reduction in capex on village capex and technology
projects (see appendix 11).
•Net cash flow from resales of ORAs decreased by -$7.5 million to $69.6
million driven by lower gross margins on resale of ORAs (see slide 49).
•Non-village cash flow down -$14.0 million to -$46.3 million driven by
general cost inflation and a lift in payments to suppliers and employees
predominantly driven by lower cost capitalisation (see slide 21).
•Cash flow from existing operations pre interest increased $2.6 million to
$40.0 million.
•Net interest paid materially higher due to a combination of higher debt
and lower capitalisation of interest to land bank sites, which was $11.7
million lower in 1H25 vs 1H24.
•Cash flow from existing operations (CFEO
1
) decreased -$24.8 million from
$17.1 million in 1H24 to -$7.8 million in 1H25, driven by growth in CFEO pre
interest, offset by material lift in net interest paid.
2 Includes purchase of treasury stock (net), shown in net financing cash flows on the statutory cash flow
statement, and advances to employees, included within investing cash flows on the statutory cash flow
statements.
Note: Prior comparative periods have been restated to align with changes to the Group’s financial reporting.
Refer to note 1 of the consolidated interim financial statements for explanation. These are unaudited.
1 This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally
Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in
understanding Ryman's performance. It may not be comparable to similar financial information presented by
other entities.
Financials
$m1H241H25YoY
Village operations
Care and village fees251.6284.132.5
DMF collected33.041.48.4
Payments to suppliers and employees(258.5)(288.1)(29.6)
Village capex(23.1)(17.4)5.7
Capex on technology projects(10.6)(3.4)7.2
Net cash flow from village operations(7.5)16.624.2
Resales of ORAs
Resales settlements of occupation rights353.4407.954.5
Repayment of occupation rights(221.0)(272.8)(51.9)
Gross receipts from resales132.5135.12.6
Less DMF collected (included in village operations)(33.0)(41.4)(8.4)
Net receipts from resales99.493.7(5.8)
Capex on RV unit refurbishments(15.8)(16.4)(0.6)
Direct selling expenses - resales(6.4)(7.6)(1.2)
Net cash flow from resales of ORAs77.269.6(7.5)
Total village cash flow69.686.316.6
Non-village cash flow
Payments to suppliers and employees(26.5)(43.9)(17.4)
Capex on head office and other projects(4.0)(4.9)(0.9)
Office leases(1.9)(2.1)(0.2)
Employee share schemes
2
0.14.64.5
Non-village cash flow(32.3)(46.3)(14.0)
Cash flow from existing operations pre interest37.340.02.6
Net interest paid(20.3)(47.7)(27.5)
Cash flow from existing operations (CFEO)17.1(7.8)(24.8)

R Y M A N H E A L T H C A R E | 1H25 Result Presentation24
Cash flow from development activity (CFDA)
•Cash flow from resident receipts declined by -$10.1 million to $250.9
million reflecting a 5% reduction in volume of occupied new sales ORAs
(see slide 33), and an increase in ORA receivables on new sales (see
appendix 4). Similar cash flow from RADs in 1H25 vs 1H24.
•Net development capex improved $142.7 million to -$295.6 million in
1H25 reflecting (1) lower land acquisition settlements, (2) cash inflow
from land disposal, (3) a reduction in direct construction capex on
reduced inflight projects, and (4) reductions in non-village expenses and
interest capitalised to projects (see slides 21 and 22).
•Cash flow from development activity (CFDA
1
) improved $132.6 million to
-$44.7 million in 1H25.
$m1H241H25YoY
Resident receipts
New sale settlements of occupation rights209.4203.8(5.6)
Direct selling expenses - new sales(2.8)(4.3)(1.4)
Net increase in RADs on aged care beds54.551.4(3.1)
Cash flow from resident funding261.0250.9(10.1)
Development capex
Land acquisitions
2
(55.4)(18.3)37.1
Land disposals
3
-7.17.1
Direct construction capex(287.4)(220.1)67.3
Capitalised interest(53.5)(31.6)21.9
Non-village expenses capitalised to projects(37.8)(32.8)5.1
Village expenses capitalised to projects(4.2)-4.2
Net development capex(438.3)(295.6)142.7
Cash flow from development activity(177.3)(44.7)132.6
Note: Prior comparative periods have been restated to align with changes to the Group’s financial reporting.
Refer to note 1 of the consolidated interim financial statements for explanation. These are unaudited.
1 This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally
Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in
understanding Ryman's performance. It may not be comparable to similar financial information presented by
other entities.
2 Land acquisitions reflect land purchased in prior periods with full or partial deferred settlements. 1H25 land
settlements include Patrick Hogan, Takapuna, Taupo and Deborah Cheetham.
3 Settlement of Newtown.
Financials

R Y M A N H E A L T H C A R E | 1H25 Result Presentation25
Free cash flow
$m1H241H25YoY
Alternative cash flow presentation
Cash flow from existing operations (CFEO
1
)17.1(7.8)(24.8)
Cash flow from development activity (CFDA
1
)(177.3)(44.7)132.6
Free cash flow(160.2)(52.5)107.7
Reconciliation to IFRS cash flow statement
Net operating cash flows333.4282.8(50.6)
Net investing cash flows(491.8)(337.3)154.5
Repayment of lease liabilities
2
(1.9)(2.1)(0.2)
Purchase of treasury stock (net)
2
-4.14.1
Free cash flow(160.2)(52.5)107.7
2 Included in net financing cash flows on IFRS cash flow statement. Included in cash flow from existing
operations (CFEO) in alternative cash flow presentation.
Note: Prior comparative periods have been restated to align with changes to the Group’s financial reporting.
Refer to note 1 of the consolidated interim financial statements for explanation. These are unaudited.
1 This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally
Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in
understanding Ryman's performance. It may not be comparable to similar financial information presented by
other entities.
•Free cash flow
1
improved by $107.7 million from -$160.2 million in 1H24 to
-$52.5 million in 1H25.
•Improvement driven by -$24.8 million decrease in cash flow from existing
operations and $132.6 million increase in cash flow from development
activity.
Financials
(89.8)
(295.0)
(94.6)
(160.2)
(26.7)
(52.5)
(400)
(300)
(200)
(100)
2H221H232H231H242H241H25
Free cash flow
1
($m)

R Y M A N H E A L T H C A R E | 1H25 Result Presentation26
Miriam Corban Village
Photo, 5September 2024
26
Capital
management

R Y M A N H E A L T H C A R E | 1H25 Result Presentation27
Capital management
Balance sheet
•Restatements of several balance sheet items at March 2024, in-line
with updated financial reporting (see slide 18).
•NTA per share of 589.7cps at September 2024, up 22.3cps on restated
March 2024, and down 11.8cps on reported March 2024.
•Investment properties up $756 million on reported March 2024,
reflecting restatements and fair value movements (see slide 28).
•Care centres valued annually at March (no independent valuation
undertaken in 1H25).
Debt and gearing
•Net interest-bearing debt of $2,557 million at September 2024,
up $52 million on March 2024.
•Gearing of 37.3%, up 0.1 percentage points on restated March 2024
(37.2%), and up 1.1 percentage points on reported March 2024
(36.2%). We retain our medium-term target of 30–35%.
Covenants
•Compliant with all lending covenants and obligations at 30 September
2024 (see appendix 5).
•In September, the interest coverage ratio (ICR) covenant, which
applies to bank debt and the ITL, was amended
1
(link to NZX release).
Dividends remain suspended
•As previously communicated the company intends to undertake
a further review of the dividend policy at FY26. Any future dividend
policy is expected to be based on cash flow.
Capital management
Balance sheet ($m)Mar-24
(reported)
Mar-24
(restated)
Sep-24Change
(vs restated)
Cash and cash equivalents424223(19)
Trade and other receivables6881731752
Investment properties10,04110,26210,798536
Property, plant & equipment1,9371,4711,51545
Assets held for sale768653(33)
Deferred tax asset196240167(72)
Other assets10410484(20)
Total assets13,08412,37712,815438
Trade and other payables151151148(2)
Interest bearing loans and borrowings2,5472,5472,58033
Resident loans - net occupancy advances5,3014,7855,023238
Resident loans - RADs42342346946
Other liabilities24524529550
Total liabilities8,6668,1518,515364
Total equity4,4184,2264,30074
MetricsMar-24
(reported)
Mar-24
(restated)
Sep-24Change
(vs restated)
Net tangible assets
Net tangible assets ($m)4,1363,9014,055154
Shares on issue (m)688688688-
NTA per share (cps)601.5567.4589.722.3
Gearing
Net interest-bearing debt ($m)2,5052,5052,55752
Gearing % (debt to debt plus equity)36.2%37.2%37.3%0.1pp
Debt covenants
ICR covenant (>1.75 at Mar >1.50 at Sep)1.871.70-0.17
Adj' total liabilities to NTA (<1.00)0.710.740.03
Note: Prior comparative periods have been restated to align with changes to the Group’s financial reporting.
Refer to note 1 of the consolidated interim financial statements for explanation. These are unaudited.
1 1.50x for 30 September 2024 and 31 March 2025 testing dates, 1.75x for 30 September 2025, 2.00x for 31
March 2026, and reverting to 2.25x thereafter

R Y M A N H E A L T H C A R E | 1H25 Result Presentation28
Investment property movement
Capital management
Restatement of March 2024 investment property
•Land held for development totalling $466.4 million has
been reclassified to investment property from property,
plant and equipment.
•Surplus land at Nellie Melba of $10.9 million has been
transferred to assets held for sale (incorrectly included in
investment property at March 2024).
•Discounting of the accrued DMF within the gross up of
occupancy advances in investment property has been
removed (see slide 18), impacting -$235.0 million.
Fair value movements
•Valuations undertaken by independent valuers CBRE
(New Zealand) and JLL (Australia).
•Fair value movements of investment properties of $280.6
million comprises $308.6 million for completed investment
property, and -$28.0 million for development land.
•Total fair value movement (per P&L) includes -$26.0
million movement on assets held for sale.
•Both valuers have changed their assumption for DMF on
future ORA rollovers from 20% to 30%, reflecting Ryman’s
new RV pricing structure. Discount rates and growth rates
have also been adjusted. The net impact of these
changes for New Zealand villages is approximately $90
million
1
.
Movement in investment property ($m)
1 Assumes all changes to discount rates and growth rates are related to RV pricing structure
changes. Note Ryman has insufficient information to approximate the impact of changes
isolated to Australian villages.
Fair value movements ($m)1H25
Development land – land bank6.6
Development land – land bank WIP(55.1)
Development land – construction sites20.4
Development land – total(28.0)
Completed investment property308.6
Fair value movement of investment property280.6
Fair value movement of assets held for sale(26.0)
Total fair value movement (per P&L)254.6

R Y M A N H E A L T H C A R E | 1H25 Result Presentation29
Investment property valuation
Investment Property ($m)Mar-24Sep-24
Subject to valuation
Independent valuation – units occupied at least once
1
-3,964
Independent valuation – units subject to occupancy
agreement
3,552 -
Transaction costs included in independent valuation
31 -
Independent valuation – completed never occupied units
-393
Independent valuation – completed stock not subject to
agreement to occupy
225 -
Development land – land bank
- 338
Development land - construction sites
- 80
Held at cost
Development land – land bank331-
Development land – land bank WIP135 128
Work in progress – construction WIP692 482
Adjustments
Revenue in advance141 161
Gross occupancy advance – reported 5,597 5,901
Accrued DMF(714)(766)
Occupancy advance adjustments272 117
Total investment property10,262 10,798
Independent valuation assumptions
At 30 September 2024Valuer unit price inflation assumption
Discount
rate
Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland0.0%1.4%2.0%2.9%3.4%13.5%
Rest of New Zealand0.0%1.4%2.0%2.7%3.4%13.7%
Australia2.1%2.1%2.3%2.3%2.6%13.1%
At 31 March 2024Valuer unit price average growth assumption
Discount
rate
Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland1.1%1.8%2.4%3.0%3.5%12.9%
Rest of New Zealand1.1%1.8%2.3%2.9%3.5%13.2%
Australia2.9%3.1%3.3%3.6%3.5%13.2%
Retirement village units held at fair-value in valuation
At 30 September 2024Unit count
Units occupied at least once
1
9,011
Unoccupied new sale units564
Total units9,575
Capital management
1 includes resales units which have previously been occupied and are vacant at valuation date.

R Y M A N H E A L T H C A R E | 1H25 Result Presentation30
104
196
779
521
256
180
473
54
39
150
272
284
819
779
847
295
FY25FY26FY27FY28FY29FY30
Debt facility maturity profile at 30 September 2024 (NZ$m)
Bank debt (NZ)Bank debt (AU)Retail BondInstitutional Term Loan
Funding and treasury
Debt funding
•Total debt facilities of $3,024 million at 30 September 2024.
•Funding headroom, including cash, of $455 million.
•Average term to expiry across all facilities of 2.7 years.
•Annual bank refinance to be conducted prior to March 2025 to
increase tenor.
•Following 30 September, $147 million of bank facilities expiring in FY26
have been extended to 31 May 2029.
Treasury management
•$290 million of hedging entered into in 1H25 at an average fixed swap
rate of 4.26% (both current and forward starting swaps), with an
average tenor of 1.8 years
1
.
•$170 million of existing in the money interest rate swaps shortened and
matured during the half year, providing $7.5 million of cash interest
benefit.
•At 30 September 2024, 64% of drawn debt was on fixed rates, including
the retail bond, fixed component of ITL and active hedging in place
(see appendix 6).
•Weighted Average Cost on Drawn Debt
2
(WACD) of 6.5% at
September 2024, unchanged from March 2024.
Debt facilities (NZ$m)Mar-24Sep-24
NZD & AUD Bank facilities2,6032,602
NZD retail bond150150
AUD institutional term loan273272
Total facilities at face value3,0263,024
Drawn debt at face value2,5602,591
Debt headroom466433
Cash and cash equivalents4223
Total funding headroom508455
Weighted average term to expiry of debt facilities3.1 years2.7 years
Cost of debt and hedging (NZ$m)Mar-24Sep-24
Total active fixed rate debt1,6061,651
Weighted average term of fixed rate debt3.4 years3.3 years
Percentage of drawn debt at fixed rates63%64%
Weighted average cost on fixed rate debt5.7%5.9%
Weighted average cost on drawn debt (WACD)6.5%6.5%
1 Average tenor from swap commencement date.
2 Excludes amortisation of establishment fees.
Capital management
$147m
refinanced post
balance date

R Y M A N H E A L T H C A R E | 1H25 Result Presentation31
Bert Newton Village
Photo, 30 September 2024
31
Sales and stock

R Y M A N H E A L T H C A R E | 1H25 Result Presentation32
Sales of ORAs now recognised on occupation
Sales are now recorded on occupation
From 1H25, ORAs are now recognised on occupation of a retirement unit
(previously when an application form was signed)
1
.
Non-GAAP metrics including sales volumes and gross margins have been
aligned with this.
Benefits of recording on occupation
•Stronger alignment with cash flow as the majority of sales are cash
settled when a unit is occupied.
•Stronger alignment with revenue recognition (weekly fees commence
and DMF begin accruing on occupation).
•Enhances comparability with sector peers.
•Reduces volatility created by cancelled contracts.
•Removes need for judgement on ‘near complete’ units.
Impact on reported non-GAAP metrics
•Modest impact in 1H25 which had a similar number of signed contracts
and occupied contracts.
•596 sales of occupation rights were recognised in previous periods
where the residents had not occupied their unit at March 2024 (would
not have been recognised under the new policy).
•Sales of ORAs on an occupation basis for FY23 and FY24 are shown in
appendix 2 solely for comparative purposes.
Sales and stock
1H25 sales volume
1See page 9 of the consolidated interim financial statements for further detail.
1H25 gross margins
603
611
224
232
827
843
New methodPrevious method
ResalesNew sales
$116.0m
$106.2m
$35.9m
$34.0m
$151.9m
$140.1m
New methodPrevious method
ResalesNew sales
Cumulative historical impact
2

(volume)
Cumulative historical impact
2

(gross margins)
(223)
(373)
(596)
New salesResales
($45.1m)
($96.1m)
($141.2m)
New salesResales
2 Cumulative impact through to 31 March 2024 (FY24 and prior periods)

R Y M A N H E A L T H C A R E | 1H25 Result Presentation33
New sales of ORAs
Independent units
•New sale volumes down -5% YoY to 224
oIndependent units up 2% to 169 sales. Top three villages were
Miriam Corban (26 sales), Keith Park (24 sales) and Northwood
(21 sales).
oServiced apartments down 23% to 55 sales.
•Average ORA sale price up 3% YoY across all new sales
oServiced apartments up 11% to $726,000, predominantly
reflecting mix with higher volumes in recently completed main
buildings in high value locations.
oIndependent units down -1% to $1,035,000.
Serviced apartments
1H241H25YoY
Volume
Independent1651692%
Serviced7155-23%
Total236224-5%
Average unit price
Independent$1,045k$1,035k-1%
Serviced$654k$726k11%
Total$928k$959k3%
84
105
88
110
125
57
137
77
52
44
141
242
165
162
169
-
50
100
150
200
250
300
1H232H231H242H241H25
New ZealandAustralia
Group
40
33
25
16
31
43
40
46
33
24
83
73
71
49
55
-
20
40
60
80
100
1H232H231H242H241H25
New ZealandAustralia
Group
Sales and stock

R Y M A N H E A L T H C A R E | 1H25 Result Presentation34
Resales of ORAs
Independent units
1 Average gross resale margin per unit and average gross resale margin % are non-GAAP measures. Gross resales margins
exclude direct costs associated with resale of ORAs including unit refurbishment costs, resident incentives, and salaries
and commissions for sales advisors. Non-GAAP measures do not have a standardised meaning prescribed by GAAP
(Generally Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in
understanding Ryman's performance. It may not be comparable to similar financial information presented by other
entities.
•Resales volumes up 9% YoY to 603
oResales of independent units steady at 278 (vs 272 in 1H24).
oResales of serviced apartments up +16% to 325 driven by the
maturing of the existing portfolio and health demand.
•Average ORA sale price broadly flat YoY with little change in both
serviced apartments ($578,000) and independent units ($895,000).
•Average gross resales margin down 3.4 percentage points to 26.6%
given continued flat pricing environment.
oIndependent units down 3.1 percentage points to 33.9%.
oServiced apartments down 2.8 percentage points to 16.6%.
Serviced apartments
1H241H25YoY
Volume
Independent2722782%
Serviced27932516%
Total5516039%
Average unit price
Independent$884k$895k1%
Serviced$581k$578k-1%
Total$731k$724k-1%
Average gross resale
margin per unit
1
Independent$328k$304k-7%
Serviced$114k$97k-15%
Total$219k$192k-12%
Average gross resale
margin %
1
Independent37.1%33.9%-3.1pp
Serviced19.6%16.8%-2.8pp
Total30.0%26.6%-3.4pp
192
194
241
246
242
14
20
31
41
36
206
214
272
287
278
-
50
100
150
200
250
300
350
1H232H231H242H241H25
New ZealandAustralia
Group
268
258
259
265
292
16
21
20
24
33
284
279279
289
325
-
50
100
150
200
250
300
350
1H232H231H242H241H25
New ZealandAustralia
Group
Sales and stock

R Y M A N H E A L T H C A R E | 1H25 Result Presentation35
Unoccupied retirement village unit stock
Sales and stock
Mar-24Sep-24Change
All units
Asset base (completed units)9,1879,575388
Total occupied units8,2138,419206
% asset base89.4%87.9%-1.5pp
Total unoccupied units9741,156182
% asset base10.6%12.1%1.5pp
Total contracted units5135229
% asset base5.6%5.5%-0.1pp
Total uncontracted units461634173
% asset base5.0%6.6%1.6pp
New sales stock
Contracted units16218523
Uncontracted units238379141
Total unoccupied new sale units400564164
Resales
stock
Contracted units351337-14
Uncontracted units22325532
Total unoccupied resale units57459218
•Asset base increased by 388 completed units to 9,575.
•Unoccupied retirement unit stock up 182 units from 974 at March 2024 to
1,156 at September 2024, reflecting 12.1% of all completed units.
oLarge increase in new sales stock (up 164 units) driven by high
volume of serviced apartments delivered in 1H25 (across three
main buildings), which typically take two to three years to sell
down. Independent new sales stock modestly down (27 units).
oModerate increase in resales stock (up 18 units), in-line with
growing asset base.
•Unoccupied stock at September 2024 includes 522 contracted units and
634 uncontracted units.
1
1 Includes 245 completed new serviced apartments, and 1 reconfiguration (see appendix 3).

R Y M A N H E A L T H C A R E | 1H25 Result Presentation36
Northwood Village
Photo, 1 October 2024
Development
36

R Y M A N H E A L T H C A R E | 1H25 Result Presentation37
Development summary
Completed build rate
•667 retirement village units and aged care beds delivered in 1H25
1
.
•79% of deliveries driven by the opening of three main buildings including
245 serviced apartments, and 280 aged care beds.
•142 independent units completed, including 62 townhouses across five
sites and 80 independent apartments across three sites.
In-flight developments
•Three main buildings completed with the first care residents welcomed
at Miriam Corban, Keith Park and James Wattie villages.
•Hubert Opperman in Mulgrave opened to its first residents in August.
•Miriam Corban completed and removed from development pipeline.
•Nine sites remained under active construction, with two expected to
complete in 2H25 (Bert Newton and James Wattie).
•Capital recycling projection to be updated annually in March.
Land bank
•Total of 4,704 units and beds in the land bank, including 1,430 at nine
sites under construction, 3,003 at 10 greenfield sites and 271 at three
established villages with extension opportunities.
•Seven of 10 greenfield sites have council approvals, following Essendon
receiving a permit in June 2024.
•No new projects to commence before March 2026.
1H25 completed build rate
Build unit mixBuild country mix
9%
12%
37%
42%
TownhouseApartmentServicedCare
95%
5%
New ZealandAustralia
VillageTownhouseApartmentServicedTotal
RV units
Aged care
beds
Total units
and beds
Miriam Corban-22668871159
James Wattie--787889167
Keith Park-40101141120261
Patrick Hogan7--7-7
Kevin Hickman3--3-3
Northwood1618-34-34
Deborah Cheetham26--26n/a26
Hubert Opperman10--10-10
Total build6280245387280667
Development
1 Total movement in asset base of retirement village units and aged care beds of 668 in 1H25 includes 667
in completed build rate and 1 reconfiguration (refer to appendix 3).

R Y M A N H E A L T H C A R E | 1H25 Result Presentation38
New Zealand development pipeline
Photo, February 2024
5
5
Greenfield sites
in land bank
Sites under
construction
Development pipeline
1
Sites under construction
Main building (final stage) at Miriam
Corban complete and site removed
from active development pipeline.
Main buildings at Keith Park and James
Wattie opened.
Final stages at James Wattie under
construction with village completion
expected in FY25.
Greenfield sites in land bank
No new development to commence
construction before March 2026.
Newtown land sale settled in September
2024.
Kohimarama and Karori remain held for
sale.
Village
2
Land
(ha)
Asset
base
Land
bank
DesignCouncil
approved
Under
construct'
Village
open
Main
building
open
Target
village
complete
Keith Park
Hobsonville, Auckland
4.1385112
●●●●●
FY28
James Wattie
Havelock North
6.129024
●●●●●
FY25
Patrick Hogan
Cambridge
8.573240
●●●●●
FY27
Kevin Hickman
Christchurch
5.0105271
●●●●●
FY29
Northwood
Christchurch
9.288208
●●●●●
FY27
Takapuna
Auckland
0.7-134
●●●●●
TBC
Park Terrace
Christchurch
1.7-259
●●●●●
TBC
Rolleston
9.5-354
●●●●●
TBC
Karaka
10.4-334
●●●●●
TBC
Taupō
8.9-323
●●●●●
TBC
Village extension sites
Three sites
3
3.7-271
●●●●●
TBC
1H25 changes
2,530
Units and beds
in land bank
1 Based on current plans and subject to market conditions.
2 Excludes sites held for sale (Kohimarama and Karori).
3 Village extension opportunities at Murray Halberg, Jean Sandel and Grace Joel (Eastmed Medical Precinct).
At 30 September 2024
Development

R Y M A N H E A L T H C A R E | 1H25 Result Presentation39
Australia development pipeline
VillageLand
(ha)
Asset
base
Land
bank
DesignCouncil
approved
Under
construct'
Village
open
Main
building
open
Target
village
complete
Bert Newton
Highett
1.285124
●●●●●
FY25
Nellie Melba
Wheelers Hill
5.553176
●●●●●
FY26
Deborah Cheetham
Ocean Grove
9.128096
●●●●●
FY27
Hubert Opperman
Mulgrave
4.610279
●●●●●
FY29
Ringwood East
2.2-396
●●●●●
TBC
Mt Eliza
8.9-186
●●●●●
TBC
Essendon
1.8-272
●●●●●
TBC
Kealba
6.0-264
●●●●●
TBC
Coburg North
2.6-481
●●●●●
TBC
Sites under construction
Bert Newton main building (final stage)
opened on 18 November 2024 (early
2H25
1
).
Hubert Opperman opened with Stage 1
units completed in August 2024.
Greenfield sites in land bank
No new development to commence
construction before March 2026.
Essendon received a council permit
following a successful VCAT hearing in
June 2024.
4
5
Greenfield sites
in land bank
Sites under
construction
2,174
Units and beds
in land bank
Development pipeline
2
1H25 changes
1Not reflected in development pipeline table which is at 30 September 2024.
At 30 September 2024
Development
2 Based on current plans and subject to market conditions.

R Y M A N H E A L T H C A R E | 1H25 Result Presentation40
Development progress
Keith Park
Hobsonville, Auckland
Townhouse: 0 | Apartment: 276 | Serviced: 101 | Care: 120
•Stage 7 completed in June 2024 (40 apartments).
•Main building opened in August 2024 (101 serviced, 120 care).
•Stages 8 and 9 under construction.
Miriam Corban
Henderson, Auckland
Townhouse: 32 | Apartment: 176 | Serviced: 66 | Care: 71
•All works fully complete.
•Main building opened in May 2024 (22 apartments, 66 serviced, 71 care).
•Landscaping works and bowling green completed in August 2024.
Stage 7
Main building
Main building
Photo, 26 September 2024Photo, 12 September 2024
Stage 8
Stage 9
At 30 September 2024
Opened: August 2020 Opened: June 2021
Development

R Y M A N H E A L T H C A R E | 1H25 Result Presentation41
Development progress
James Wattie
Havelock North
Townhouse: 103 | Apartment: 44 | Serviced: 78 | Care: 89
•Main building opened in June 2024 (78 serviced, 89 care).
•Stage 7 under construction (9 townhouses).
•Stage 9 (final stage) under construction (15 townhouses).
Patrick Hogan
Cambridge
Townhouse: 185 | Apartment: 0 | Serviced: 60 | Care: 68
•Stage 6 partially completed in September 2024 (7 of 10 townhouses).
•Stage 7 under construction (14 townhouses).
Photo, February 2024Photo, February 2024
Photo, February 2024
Photo, 30 September 2024Photo, 24 September 2024
Stage 6
Stage 7
Main building
Stage 7
Stage 9
At 30 September 2024
Opened: July 2023
Opened: September 2020
Development

R Y M A N H E A L T H C A R E | 1H25 Result Presentation42
Development progress
Northwood
Christchurch
Townhouse: 82 | Apartment: 83 | Serviced: 71 | Care: 60
•Stage 2 (18 apartments) and Stage 7 (16 townhouses) completed in June 2024.
•Stage 6 under construction (34 townhouses).
•Main building under construction.
Kevin Hickman
Riccarton Park, Christchurch
Townhouse: 59 | Apartment: 172 | Serviced: 65 | Care: 80
•Main building under construction, expected to open in 1H26.
•Stage 8 under construction (27 apartments).
•Stage 7b under construction (6 townhouses).
Photo, February 2024Photo, February 2024Photo, February 2024
Photo, 1 October 2024Photo, 8 October 2024
Stage 8
Main building
Stage 7b
Stage 2
Stage 7
Main building
At 30 September 2024
Opened: June 2021Opened: June 2023
Development
Stage 6

R Y M A N H E A L T H C A R E | 1H25 Result Presentation43
Development progress
Bert Newton
Highett, Melbourne
Townhouse: 0 | Apartment: 85 | Serviced: 45 | Care: 79
•Main building under construction (45 serviced and 79 care) at 30 September
2024. Subsequently opened on 18 November 2024.
Nellie Melba
Wheelers Hill, Melbourne
Townhouse: 0 | Apartment: 332 | Serviced: 85 | Care: 190
•Stage 4 (final stage) under construction (76 apartments).
•0.9ha surplus land sold awaiting settlement.
Photo, February 2024Photo, February 2024
Photo, March 2024
Photo, 30 September 2024Photo, 30 September 2024
Stage 4
Main building
At 30 September 2024
Opened: August 2018Opened: June 2023
Development

R Y M A N H E A L T H C A R E | 1H25 Result Presentation44
Development progress
Deborah Cheetham
Ocean Grove
Townhouse: 203 | Apartment: 0 | Serviced: 53 | Care: 120
•Stage 9a completed in August 2024 (13 townhouses).
•Stage 9b completed in September 2024 (13 townhouses).
•Stage 10 under construction (25 townhouses).
Hubert Opperman
Mulgrave, Melbourne
Townhouse: 70 | Apartment: 105 | Serviced: 54 | Care: 60
•Stage 1 completed in August 2024 (10 townhouses).
•Stage 2 (14 townhouses), stage 3 (15 townhouses), stage 5 (8 townhouses) and
stage 6 (4 townhouses) under construction.
Photo, February 2024Photo, February 2024Photo, February 2024
Photo, March 2024
Photo, March 2024
Photo, March 2024
Photo, 26 September 2024Photo, 30 September 2024
Stage 1
Stage 2
Stage 3
Stage 5
Stage 6
Stage 9aStage 9b
Stage 10
At 30 September 2024
Opened: August 2024Opened: December 2020
Development

R Y M A N H E A L T H C A R E | 1H25 Result Presentation45
Bert Sutcliffe Village resident Kerry and her grandchildren
45
Outlook

R Y M A N H E A L T H C A R E | 1H25 Result Presentation46
FY25 outlook
Expect to see continuation of current environment in the second half of FY25
•Current economic conditions remain challenging in both New Zealand and Victoria.
•Residential housing markets continue to be subdued in terms of both volume and prices, which is impacting the ability of prospective residents to
settle on retirement unit ORAs (new and resales) and having a negative impact on resales margins year on year. We expect these conditions to
continue through the second half.
•Previous cash flow guidance assumed higher 2H25 settlements of new ORAs, which are now expected to be deferred to FY26.
Positive progress being made
•Business improvement changes being implemented which will lower costs now and improve revenue materially over time. $18 million of
annualised savings achieved to date in gross non-village operating expenses. Targeting a similar level of savings across the Group by the end of
FY26.
•We are delivering our programme of main buildings – acknowledging that the capital release from these takes time. We have moderated the
development cadence on some existing inflight projects reflecting current stock levels and market conditions.
Guidance for FY25
•Cash flow: We expect to have negative free cash flow between $50–100 million as settlements are deferred into FY26 (previous guidance:
targeting positive free cash flow).
•Capex: We expect to spend $625–675 million on total capex, as a result of slow-down in final stages at some inflight projects and lower investment
in land bank sites. This includes $85–95 million on existing operations, and $540–580 million on development activity (previous guidance: $700 – 820
million total, $600 – 700 million on development activity, and $100 – 120 million on existing operations).
•Build rate: We expect to deliver at the top end of the previously indicated 850–950 retirement village units and aged care beds.
Ryman’s outlook for FY25 is based on current market conditions and its assessment of the future.
Outlook

R Y M A N H E A L T H C A R E | 1H25 Result Presentation47
Artist’s impression of our Northwood Village.
47
Keith Park Village residents John and Robyn
Q&A

R Y M A N H E A L T H C A R E | 1H25 Result Presentation48
Diana Isaac Village resident Russell
48
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation49
Appendix 1: Aged care summary
Unit1H241H25YoY
Operational care centres#34379%
Mature care centres
1
#3433(3%)
Occupancy
Occupied bed days#643,498647,4841%
Capacity bed days#669,961694,5284%
Occupancy%96.1%93.2%-2.8 pp
Occupancy - mature%96.1%96.2%0.2 pp
Revenue
Care fees - base feesNZ$m147.7159.08%
Care fees - room premiumsNZ$m24.225.14%
Imputed income on RADs
2
NZ$m3.24.746%
Total aged care revenueNZ$m175.1188.88%
Revenue per occupied bed per weekNZ$1,9052,0417%
Penetration - premium and RAD rooms
3
Beds with room premium%74%73%-1 pp
Beds with RAD
1
%7%9%2 pp
Beds with room premium or RAD%81%82%1 pp
RAD balance
Total RAD balanceNZ$m131.5163.524%
No. outstanding RADs
4
#31238824%
Average RAD balanceNZ$422,000422,0000%
Unit1H241H25YoY
Operational care centres#660%
Mature care centres
1
#24100%
Occupancy
Occupied bed days#85,482103,46921%
Capacity bed days#112,920124,44010%
Occupancy%75.7%83.1%7.4 pp
Occupancy - mature%98.6%97.7%-0.9 pp
Revenue
Care fees - AN-ACC, basic daily fee, otherNZ$m27.637.937%
Care fees - DAPNZ$m1.92.950%
Imputed income on RADs
3
NZ$m4.311.0153%
Total aged care revenueNZ$m33.951.853%
Revenue per occupied bed per weekNZ$2,7783,50526%
Penetration - non-concessional rooms
3
Beds with DAP%19%20%1 pp
Beds with RAD
2
%57%63%6 pp
Beds with RAD or DAP%77%83%7 pp
RAD balance
Total RAD balanceNZ$m232.7303.230%
Total RAD balance (exc. probate)NZ$m206.1267.930%
No. outstanding RADs
4
#29436524%
Average RAD balanceNZ$701,000735,0005%
New Zealand aged care centresAustralia aged care centres
1 Care centres are considered mature when they first reach 90% occupancy. Mature care centres in New Zealand declined by one due to the exclusion of Edmund Hillary which is undergoing renovation and is partially closed.
2 The implicit interest rate to convert a room premium to a RAD in New Zealand was 6.05% in 1H25 (ranging from 5.20% to 6.05% in 1H24).
3 The maximum permissible interest rate (MPIR) used to convert a DAP to a RAD in Australia ranged from 8.34% to 8.36% in 1H25 (7.46% to 7.90% in 1H24). Imputed income on RADs is not calculated on RAD balances subject to probate
in Australia.
4 Where residents have opted for a room premium / RAD combination in New Zealand, or DAP / RAD combination in Australia, penetration and no. outstanding RADs are presented on a proportional basis.
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation50
Appendix 2: Occupied sales of ORAs
Occupied
new sales
Volume
(#)
Gross value
($000s)
Average unit price
($000s)
Gross margin booked
($000s)
Gross margin
(%)
1H241H25YoY1H241H25YoY1H241H25YoY1H241H25YoY1H241H25YoY
IndependentNZ
8812542%83,649119,05242%9519520%14,10714,7555%16.9%12.4%-4.5%
AU
7744-43%88,84855,797-37%1,1541,26810%34,65312,793-63%39.0%22.9%-16.1%
Group1651692%172,497174,8491%1,0451,035-1%48,76027,548-44%28.3%15.8%-12.5%
ServicedNZ
253124%13,23721,22360%52968529%2,6301,217-54%19.9%5.7%-14.1%
AU
4624-48%33,23018,686-44%7227798%11,7307,116-39%35.3%38.1%2.8%
Group7155-23%46,46739,908-14%65472611%14,3608,333-42%30.9%20.9%-10.0%
All unitsNZ
11315638%96,886140,27545%8578995%16,73715,973-5%17.3%11.4%-5.9%
AU
12368-45%122,07974,482-39%9931,09510%46,38319,908-57%38.0%26.7%-11.3%
Group236224-5%218,965214,757-2%9289593%63,12135,881-43%28.8%16.7%-12.1%
Occupied
resales
Volume
(#)
Gross value
($000s)
Average unit price
($000s)
Gross margin booked
($000s)
Gross margin
(%)
1H241H25YoY1H241H25YoY1H241H25YoY1H241H25YoY1H241H25YoY
IndependentNZ
2412420%207,550211,7652%8618752%83,63679,667-5%40.3%37.6%-2.7%
AU
313616%32,86837,11313%1,0601,031-3%5,5014,795-13%16.7%12.9%-3.8%
Group2722782%240,418248,8784%8848951%89,13684,462-5%37.1%33.9%-3.1%
ServicedNZ
25929213%146,803162,87811%567558-2%30,00228,881-4%20.4%17.7%-2.7%
AU
203365%15,34824,93562%767756-2%1,7242,63453%11.2%10.6%-0.7%
Group27932516%162,152187,81316%581578-1%31,72631,515-1%19.6%16.8%-2.8%
All unitsNZ
5005347%354,353374,6436%709702-1%113,638108,547-4%32.1%29.0%-3.1%
AU
516935%48,21762,04929%945899-5%7,2257,4303%15.0%12.0%-3.0%
Group5516039%402,570436,6928%731724-1%120,863115,977-4%30.0%26.6%-3.5%
Total
7878275%621,534651,4495%790788-0%
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation51
Appendix 2: Occupied sales of ORAs cont.
Occupied
new sales
Volume
(#)
Gross value
($000s)
Average unit price
($000s)
Gross margin booked
($000s)
Gross margin
(%)
FY23FY24YoYFY23FY24YoYFY23FY24YoYFY23FY24YoYFY23FY24YoY
IndependentNZ
1891985%170,212190,28612%9019617%38,38532,673-15%22.6%17.2%-5.4%
AU
194129-34%198,814148,278-25%1,0251,14912%59,17753,491-10%29.8%36.1%6.3%
Group383327-15%369,026338,564-8%9641,0357%97,56286,163-12%26.4%25.4%-1.0%
ServicedNZ
7341-44%36,37022,117-39%4985398%11,3154,470-60%31.1%20.2%-10.9%
AU
8379-5%54,16058,6048%65374214%15,26720,68836%28.2%35.3%7.1%
Group156120-23%90,53080,721-11%58067316%26,58325,158-5%29.4%31.2%1.8%
All unitsNZ
262239-9%206,582212,4033%78888913%49,70037,143-25%24.1%17.5%-6.6%
AU
277208-25%252,974206,882-18%9139959%74,44574,179-0%29.4%35.9%6.4%
Group539447-17%459,556419,284-9%85393810%124,145111,322-10%27.0%26.6%-0.5%
Occupied
resales
Volume
(#)
Gross value
($000s)
Average unit price
($000s)
Gross margin booked
($000s)
Gross margin
(%)
FY23FY24YoYFY23FY24YoYFY23FY24YoYFY23FY24YoYFY23FY24YoY
IndependentNZ
38648726%331,100415,78126%858854-0%129,102157,76322%39.0%37.9%-1.0%
AU
3472112%31,97473,775131%9401,0259%6,42512,830100%20.1%17.4%-2.7%
Group42055933%363,074489,55635%8648761%135,527170,59326%37.3%34.8%-2.5%
ServicedNZ
526524-0%287,482295,4693%5475643%66,13158,536-11%23.0%19.8%-3.2%
AU
374419%26,47433,65927%7167657%4,2174,200-0%15.9%12.5%-3.4%
Group5635681%313,955329,1285%5585794%70,34862,737-11%22.4%19.1%-3.3%
All unitsNZ
9121,01111%618,582711,25015%6787044%195,233216,29911%31.6%30.4%-1.2%
AU
7111663%58,448107,43484%82392613%10,64217,03060%18.2%15.9%-2.4%
Group9831,12715%677,029818,68421%6897265%205,875233,33013%30.4%28.5%-1.9%
Total
1,5221,5743%1,136,5851,237,9699%7477875%
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation52
Appendix 3: Asset base and land bank
Asset baseLand bank
(indicative unit/bed mix)
At 30 September 2024New ZealandAustraliaGroupAt 30 September 2024New ZealandAustraliaGroup
Townhouse2,7621742,936Townhouse8092961,105
Apartment3,1188383,956Apartment7501,0441,794
Total independent units5,8801,0126,892Total independent units1,5591,3402,899
Serviced apartments2,3153682,683Serviced apartments441351792
Total RV units8,1951,3809,575Total RV units2,0001,6913,691
Resthome1,3572351,592Resthome13670206
Hospital1,6502751,925Hospital147224371
Dementia9321701,102Dementia247189436
Aged care beds3,9396804,619Aged care beds5304831,013
Total RV units and aged care beds12,1342,06014,194Total RV units and aged care beds2,5302,1744,704
MovementMovement
March 2024 asset base13,526March 2024 land bank5,371
1H25 build rate (developments)6671H25 build rate (developments)(667)
1H25 Reconfigurations (existing units)
1
1
September 2024 asset base4,704
September 2024 asset base14,194
1 One serviced apartment at Grace Joel added.
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation53
Appendix 4: Unsettled RV units
1 Amounts paid out on existing RV units for vacating residents or internal transfers where the unit has not been settled under a new contract.
Unsettled RV units ($m)Mar-23Sep-23Mar-24
Sep-246-month change
New sales
Gross new sales receivable23.125.027.429.31.9
Contracted and unoccupied new sales units321.9250.4306.2301.9(4.2)
Total unsettled new sales contracts345.0275.5333.5331.2(2.3)
Resales
Gross resale receivable71.280.487.683.5(4.1)
Contracted and unoccupied resales units278.6274.5301.0307.16.1
Gross unsettled resales contracts349.7354.9388.6390.62.0
Expected payouts on unsettled resales contracts95.8101.0111.7117.66.0
Net cash flow realisable on unsettled resales contracts253.9253.9276.9273.0(4.0)
Appendices
Existing payouts on RV units
1
($m)Mar-23Sep-23Mar-24
Sep-246-month change
Existing payouts on contracted units66.572.884.987.5
2.5
Existing payouts on uncontracted units74.582.869.078.89.8
Total payouts141.0155.7154.0166.312.3

R Y M A N H E A L T H C A R E | 1H25 Result Presentation54
Appendix 5: Financial covenants
1 In September 2024, the group’s banking syndicate and institutional term loan lenders agreed to amend the ICR covenant included in the lending facility agreements to1.50x until 31 March 2025, increasing to
1.75x at 30 September 2025, 2.00x at 31 March 2026 and 2.25x at 30 September 2026. The retail bonds are not subject to the Interest Coverage Ratio covenant.
Interest coverage ratio (ICR) for the 12 months ending 30 September 2024
$000sSep-24
Gross interest expense
Total finance costs82,144
Costs for swaps(9,465)
IFRS 16 interest expense1,030
Interest expense73,709
Capitalised interest paid85,783
Interest income(2,164)
Gross interest expense157,328
Adjusted EBITDA
Net profit after tax (NPAT)
(171,124)
Income tax expense
36,725
Interest expense
73,709
Interest income
(2,164)
Costs for swaps
9,465
Depreciation and amortisation
47,496
Management fees
(138,295)
Cash management fees
73,852
Costs for Holidays Act remediation
18,752
Costs for employee share schemes wind-up
10,702
Costs for organisation transformation - redundancy
2,888
Costs for organisation transformation - consultancy
3,647
Write-off of inventory
1,878
Impairment loss
32,771
Unrealised investment property fair value loss
271,274
IFRS 16 adjustments
(4,799)
Adjusted EBITDA266,777
Ratio (adjusted EBITDA to gross interest)1.70
Covenant - greater than:1.50
1
Adjusted total liabilities to net tangible assets at 30 September 2024
$000sSep-24
Adjusted total liabilities
Total liabilities8,514,908
Less net occupancy advances(5,023,200)
Less RADs(469,124)
Less Lease Liability(23,379)
Adjusted total liabilities2,999,205
Net tangible assets
Total equity4,299,970
Less intangible assets(77,500)
Less deferred tax asset(167,382)
Less right-of-use assets(18,012)
Net tangible assets4,037,076
Ratio0.74
Covenant - no greater than:1.00
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation55
Appendix 6: Key funding metrics
Interest bearing debt ($000s)Financial statement referenceSep-22Mar-23Sep-23Mar-24Sep-24
NZD bank loans1,192,740 1,277,5901,415,1301,483,9801,476,980
AUD bank loans686,141 645,179676,357653,099691,889
AUD intitutional term loan284,706 267,265268,183272,807272,183
NZD retail bond150,000 150,000150,000150,000150,000
US Private Placement (USPP)708,644----
Drawn interest bearing debt at face value3,022,230 2,340,0342,509,6702,559,8862,591,052
IFRS adjustments3,721 (9,084)(12.960)(12,939)(11,405)
Interest bearing loans and borrowings per balance sheet
Balance sheet
3,025,951 2,330,9502,496,7102,546,9472,579,647
Cash and cash equivalentsBalance sheet(25,874)(27,879)(33,295)(41,809)(22,573)
Net interest-bearing debt3,000,077 2,303,0712,463,4152,505,1382,557,074
Facilities and headroom ($000s)Financial statement referenceSep-22Mar-23Sep-23Mar-24Sep-24
Total facilities at face value3,477,396 2,889,3733,010,2613,025,6023,023,533
Drawn interest bearing debt at face value3,022,230 2,340,0342,509,6702,559,8862,591,052
Debt headroom455,166 549,339500,591465,717432,481
Cash and cash equivalentsBalance sheet25,874 27,87933,29541,80922,475
Total funding headroom481,040 577,219533,886507,526454,956
Weighted average term to expiry of all debt facilities5.3 years 3.1 years3.6 years3.1 years2.7 years
Interest rate management ($000s)Sep-22Mar-23Sep-23Mar-24Sep-24
Total active fixed rate debt
1
1,148,585 1,570,3871,572,0021,605,6131,651,021
Weighted average term of fixed rate debt4.0 years 2.0 years2.7 years3.4 years3.3 years
Percentage of drawn debt at face value at fixed rates38%67%63%63%64%
Weighted average interest rate on drawn fixed rate debt
2
4.5%4.9%4.7%5.7%5.9%
Weighted average interest rate on all drawn debt
3
5.4%5.4%5.7%6.5%6.5%
1 Includes retail bond, fixed portion of institutional term loan, and interest rate swaps (ref appendix 7).
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 (fixed coupon). Excludes amortisation of establishment fees.
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. Excludes amortisation of establishment fees.
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation56
5.9%
6.0%
6.0%
5.9%
5.9%
6.2%
6.3%
6.3%
6.5%
6.5%
6.5%
6.4%
-
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Sep 24Mar 25Sep 25Mar 26Sep 26Mar 27Sep 27Mar 28Sep 28Mar 29Sep 29Mar 30
Average interest rate on fixed rate debt (%)
Appendix 7: Fixed rate debt profile
1 All amounts shown in NZD. AUD fixed rate debt instruments (ITL and AUD swaps) converted to NZD at 30 September 2024 NZD/AUD rate of 0.9185. Face value of Institutional term loan (ITL) is A$250m, of which A$100m is fixed
(NZ$109m as presented in the chart).
2 Total cost of fixed rate debt including retail bond (fixed coupon), fixed portion of institutional term loan (fixed coupon) and interest rate swaps (fixed swap rate plus average margin and line fees on bank debt, including
margin on undrawn facilities weighted on drawn facilities).
109 109 109 109 109 109 109 109
- - - -
150 150 150 150 150
875
870 870
860
855
640
560
380
330
210 210
35
517
517 517
517
517
484
484
452
397
365
229
229
1,651
1,646 1,646
1,636
1,631
1,233
1,153
941
727
575
439
264
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Sep 24Mar 25Sep 25Mar 26Sep 26Mar 27Sep 27Mar 28Sep 28Mar 29Sep 29Mar 30
Notional value of fixed rate debt ($m)
ITLRetail bondNZD swaps and collarsAUD swaps and collars
Total fixed rate debt
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation57
Appendix 8: Gross resale bank and resales affordability
3 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.
1.60
1.18
0.72
0.96
1.06
0.70
0.74
0.68
0.51
-
$0.3m
$0.6m
$0.9m
$1.2m
$1.5m
$1.8m
Melbourne (A$)Auckland (NZ$)Rest of NZ (NZ$)
Resales affordability ($m)
Median house price - village areasRyman - 2 bed independentRyman - serviced
3
1Gross resale bank reflects the cumulative difference between current pricing for RV units and the unit
pricing on existing contracts. This excludes the cost of unit refurbishment and direct selling costs.
2September 2024 is calculated on an occupation basis, while prior periods are on a contracted basis.
Appendices
1.74
1.77
1.60
1.55
1.43
1.45
0.13
0.18
0.18
0.16
0.18
0.18
1.87
1.95
1.78
1.71
1.61
1.63
-
$0.40b
$0.80b
$1.20b
$1.60b
$2.00b
Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24
Gross resale bank ($b)
1
New ZealandAustralia
Total
2

R Y M A N H E A L T H C A R E | 1H25 Result Presentation58
Appendix 9: Cash flow from ORA settlements
Resident funding from RV units ($m)Financial statement reference1H241H25YoY
New sales of occupation rights
Gross new sale settlements
210.9206.1(4.8)
Suspended contributions on new sales
(1.5)(2.4)(0.8)
Settlements on new sales
209.4203.8(5.6)
Resales of occupation rights
Gross resale settlements
377.6431.654.0
Suspended contributions on resales
(24.2)(23.6)0.5
Settlements on resales
353.4407.954.5
Total sales of occupation rights
Gross settlements on total sales
588.5637.749.2
Suspended contributions on total sales
(25.7)(26.0)(0.3)
Settlements on total salesCash flow statement
562.8611.748.9
Repayment of occupation rights
Gross resale repayments
(232.9)(285.1)(52.2)
Suspended contributions on repayments
11.912.30.4
Repayment of occupation rightsCash flow statement
(221.0)(272.8)(51.9)
Suspended contributions
Suspended contributions balance - opening balanceNote 11
(74.5)(98.2)(23.7)
Suspended contributions balance - closing balanceNote 11
(88.3)(111.9)(23.6)
Movement in suspended contributions
(13.8)(13.7)0.1
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation59
Appendix 10: Alternative cash flow detail
Cash management fees ($m)Financial statement reference1H241H25YoY
Accrued DMF - openingNote 11
(597.3)(713.8)(116.4)
Accrued DMF - closingNote 11
(651.5)(766.2)(114.6)
Movement in accrued DMF
(54.2)(52.4)1.8
Revenue in advance - openingBalance sheet
99.3140.941.6
Revenue in advance - closingBalance sheet
118.7160.842.2
Movement in revenue in advance
19.420.00.6
Plus: DMF revenue
67.765.8(1.9)
Plus: Historical GST adjustment
-8.38.3
Plus: Accommodation credit adjustment / FX movement
0.2(0.2)(0.4)
Cash management fees
(included in cash flow from existing operations)
33.041.48.4
Payments to suppliers and employees ($m)Financial statement reference1H241H25YoY
Included in cash flow from existing operations
Village cash flow(258.5)(288.1)(29.6)
Non-village cash flow(26.5)(43.9)(17.4)
Direct selling expenses - resales of RV units(6.4)(7.6)(1.2)
Subtotal(291.4)(339.6)(48.2)
Included in cash flow from development activity
Direct selling expenses - new sale of RV units(2.8)(4.3)(1.4)
Total payments to suppliers and employeesCash flow(294.3)(343.9)(49.6)
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation60
Appendix 11: Capex on existing operations
Capex on existing operations ($m)1H241H25YoY
Property projects
1
12.210.3(1.9)
Property general
2
10.97.1(3.8)
Technology projects
1
5.62.4(3.2)
Technology general
2
5.11.0(4.1)
Capex on existing villages and technology
33.720.8(12.9)
RV unit refurbishments
2
15.816.40.6
Head office and other projects
1
4.04.90.9
Total capex on existing operations
53.542.1(11.4)
1 Included in “care / systems / projects” category in prior year reporting.
2 Included in “village upgrades” category in prior year reporting.
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation61
Glossary
TermDefinition
AUAustralia.
Care bedRest home, hospital and dementia level care.
Care suiteRest home, hospital and dementia level care rooms subject to an
ORA with a DMF.
Continuum of careCo-location of aged care beds / care suites and RV units at the
same village.
DMFDeferred management fee.
Free cash flow
(non-GAAP)
Free cash flow combines cash flow from existing operations (CFEO)
and cash flow from development activity (CFDA), reflecting all operating and
development cash flows.
Cash flow from
existing operations
(non-GAAP)
Cash flow from existing operations (CFEO) includes operating villages, group and
regional office and shared services functions and net interest, demonstrating net cash
flow to equity holders on existing business operations, excluding cash flows relating to
development of new villages.
Cash flow from
development activity
(non-GAAP)
Cash flow from development activity (CFDA) includes resident
receipts from new sales of occupation rights, the net increase
in refundable accommodation deposits on aged care beds and
net development capex.
FYFinancial year.
Gearing
(non-GAAP)
Net debt / (Net debt + equity), pre IFRS-16.
ILUIndependent living unit.
ITLInstitutional term loan.
Main buildingMain buildings contain care beds, serviced apartments and a range of village
amenities such as a café, library, cinema, pool, gym etc. Some main buildings also
contain independent apartments.
NZNew Zealand.
ORAAn 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
Non-GAAPThis is a non-GAAP measure which does not have a standardised meaning
prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP
measure has been presented to assist investors in understanding Ryman's
performance. It may not be comparable to similar financial information presented
by other entities.
RADRefundable accommodation deposit.
ResalesThe sale of an ORA contract on an existing unit when a resident departs a unit.
Gross resale gain
(non-GAAP)
Resale gains occur in the event resale price is higher than outgoing ORA.
Gross resale bank
(non-GAAP)
Gross resale bank reflects the cumulative difference between the price paid by the
last resident and the standard price that would be paid by an incoming resident
across the portfolio.
ResidentA 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.
RVRetirement village. A retirement village unit includes ILUs and SAs, excludes
care beds.
SAServiced apartment.
Suspended
contribution
The portion of the unit price that is suspended until the resident’s occupation comes
to an end and they vacate the unit.
UnitAny independent unit or serviced apartment.
USPPUS private placement.
VillageAny 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).
Appendices

R Y M A N H E A L T H C A R E | 1H25 Result Presentation62
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 half year result for the period to
30 September 2024 presented on 28 November
2024.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
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.
Financial results
The consolidated interim financial statements for the six months ended 30 September 2024 and the
comparative six months ended 30 September 2023 are unaudited. The periods ended 31 March 2024
and 31 March 2023 were subject to external audit by Deloitte Limited; however, balances have been
restated. The same applies to the financial results included within this results presentation.
The consolidated interim financial statements have been prepared using the same accounting
policies, estimates, judgements and assumptions as the 31 March 2024 consolidated financial
statements, except otherwise stated. Refer to note 1 of the consolidated interim financial statements
for a complete list of the changes that have been implemented in the current period, includingthe
impact on comparative periods.

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-GAAP measures which do
not have a standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice).
You should not considerany of these financial measures in isolation, or in substitution for the
information provided in the financial statements for the 6 months ended 30September 2024.
Appendices

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