Annual report and climate related disclosures report

RYMAN HEALTHCARE 2025
Annual Report

Our latest Annual Report covers Ryman’s business operations for the period 1 April 2024 to 31 March 2025.
The report has been prepared in accordance with the guiding principles of the International Integrated
Reporting Framework as well as the NZX Listing Rules and Corporate Governance Code. The framework
encourages businesses to report on issues most material to their stakeholders, as well as provide insights into
how their businesses create value and how this value contributes to sustainable returns over the long term.
Our Climate-Related Disclosures Report is published separately and is available on our website.
On the front cover: Bruce McLaren Village resident Margaret and caregiver Priya share a spontaneous hug in the village gardens.
On the left: William Sanders Village resident Suellen with granddaughters Sadie and Ellie.
Ryman is an industry leader, proudly owning and operating 49 villages that offer retirement living
and aged care to over 15,000 residents.
Our purpose is to enhance freedom, connection, and wellbeing for people as we grow older. Our villages
provide community and living options that allow our residents to choose the lifestyle that suits them,
with the peace of mind that they can access industry-leading care in our villages, should they need it.
About Ryman Healthcare
Contents
At a glance 03
Letter from our Chair
04
Letter from our CEO 08
Our year in review 10
Transforming Ryman for the future 14
Our purpose, our people, our places 17
Directors 28
Senior Executive Team 30
Results 33
Corporate governance 123
Our villages and directory 156
1

Patrick Hogan Village.
2
RYMAN HEALTHCARE ANNUAL REPORT 2025

At a glance
2024 Canstar Blue Most Satisfied Customers Award
2024 Reader’s Digest Most Trusted Brand
2024 Aged Advisor Best Provider Nationwide
$600,000

Donated to our annual charity
partners Leukaemia & Blood
Cancer New Zealand and
Royal Flying Doctor Service
Victoria
Recognised by our residents
and industry
4,700
Aged care beds
NZ: 3,941
AU: 759
7
Sites under construction
(all open and under construction)
NZ: 4
AU: 3
15,156
Residents
NZ: 12,921
AU: 2,235
9,777
Retirement village units
NZ: 8,290
AU: 1,487
49 open villages
(includes 7 villages under construction)
NZ: 40
AU: 9
7,7 78
Team members
NZ: 6,231
AU: 1,547
#1
A market leader
Largest retirement village and
aged care operator in NZ (by the
number of existing retirement village
units and aged care beds in NZ)
3

Letter from
our Chair
Dean Hamilton
Chair
Welcome to our 2025 Annual Report
The past year has seen significant change for Ryman.
The Board recognised the need for a more disciplined,
transparent and resilient business, to materially improve
our operating performance whilst continuing to deliver
great care for our residents. We have been focussed on
resetting our business in order to provide a foundation
to deliver improved returns for shareholders.
40 years of Ryman
Ryman celebrated a special anniversary in September
2024, marking 40 years since our founders Kevin Hickman
and John Ryder set out to create retirement living and
aged care that is ‘good enough for Mum and Dad’. Sadly,
just before this anniversary, Kevin passed away, leaving
an incredible legacy that
he and his family can be proud
of, offering world-leading
care to ageing New Zealanders
and Australians.
Navigating a challenging environment
The operating environment remained difficult throughout
the financial year, shaped by a subdued property market,
increases in operating costs such as rates, insurance
and electricity, high interest rates, increased competition
with elevated industry stock levels, and continued
underfunding of aged care in New Zealand.
We have responded through a reset of our governance and
management, financial reporting, operational performance,
approach to development and our capital structure, all as
part of our transformation programme.
Strong foundations for transformation –
Governance, Board and Executive changes
The Board appointed new leadership to drive
transformation and performance, including a new
Senior Executive Team (SET), alongside a substantial
Board renewal since June 2023.
We were delighted to appoint Naomi James as CEO,
commencing in November 2024. Following a period
of handover, I stepped down as Executive Chair on
29 November 2024 and moved back to my role of
Board Chair.
Naomi brings extensive trans-Tasman commercial
experience through previous senior leadership roles.
She was most recently the CEO of NZX-listed Channel
Infrastructure where she successfully led a significant
change programme of both the company and the
New Zealand fuel industry with a complex stakeholder
environment involving government, customers, over

1,000 employees and contractors, local community, iwi,
investors and lenders.
Our executive team was reduced from nine to six with
a new structure based on functional responsibilities
(previously a regional structure with regional leadership).
We also appointed a new executive team role, Chief
Strategy and Corporate Development Officer
focussed
on transformation, portfolio optimisation and disciplined
growth, bringing the executive team to seven.

As part of our Board changes, we appointed Scott Pritchard
as an independent director from 1 November 2024, bringing
significant property development and company leadership
experience as CEO of Precinct Properties.
Claire Higgins stepped down on 31 December 2024,
and Anthony Leighs has advised of his intention to step
down at this year’s Annual Shareholder Meeting on
30 July 2025. We thank both Claire and Anthony for their
contribution to Ryman.
RYMAN HEALTHCARE ANNUAL REPORT 2025
4

Resetting our financial reporting
In late 2023, we embarked on a process to review our
financial reporting to enhance the transparency of
our results and ensure greater comparability with others
in the sector.
This extensive Board-led review is now complete and
has seen Ryman adopt a more conservative
stance
on revenue recognition, removing director judgement
from asset valuations, adopting a more conservative
approach to cost capitalisation, increasing transparency
of performance and improving the comparability of our
accounts to others in the sector.
In addition, we have written down the value of our
intangible assets as they relate to an expected shorter
life for our internally generated systems and applications,
and have moved to align with the industry and not
account for deferred tax assets (primarily tax accumulated
losses) above our deferred tax liabilities.
The impact of these changes has been significant on
our financial accounts for the last two financial years.
While it has been challenging to work through, and
complex for the reader of our accounts, we believe the
improved transparency and consistency will put us in
a stronger position.
Additionally, recent governance changes include:
• Change of our external auditor to PwC Auckland
in accordance with our revised independence
policy, with PwC undertaking its first audit with the
FY25 accounts;
• A new executive remuneration structure, aligned
with long-term value creation with the long-term
incentive (LTI) component linked to total shareholder
returns; and
• Minimum shareholding requirements over time
for executive team and directors.
Decisive action to reset balance sheet
To provide resilience and flexibility through challenging
market conditions, in March 2025, we successfully
completed a $1 billion equity raise. The new equity
materially reduces our debt levels and provides Ryman
with the time and capacity to achieve an improved
performance through our transformation initiatives
and return to growth as market conditions improve.
The raise was fully underwritten and comprised
a $688 million 1 for 3.05 pro-rata accelerated
non-renounceable entitlement offer and a $313 million
institutional placement.
Net interest-bearing debt has reduced $840 million
to $1,665 million with gearing falling to 28.1%.
We appreciate the support from our retail shareholders
in the face of the challenging market conditions, and
the breadth of support received from both new and
existing institutional shareholders who participated
strongly in the offer.
We acknowledge the impact on existing shareholders
of the raise, which came two years after the $0.9 billion
raise in February 2023. I reiterate the commitment
of the Board and management to deliver greater value
for shareholders.
Dividends remain suspended and we will undertake
a review of our capital management policy, including
the dividend policy, in FY26, noting that any future
dividend policy is expected to be based on cash flow.
5

Thank you
The Board remains focussed on improving Ryman’s
financial performance and delivering great care and
experience for our residents. These goals need to
coexist. We need to deliver sustainable business
performance and ensure that our business is fit for the
next 40 years to deliver industry leading retirement
living and care for New Zealanders and Australians.
We believe that the changes being made will deliver
improved performance, and the Board is confident
that these changes will deliver a return to more
sustainable value for our residents, team members
and shareholders.
Thank you for your continued support.
Continued delivery
FY25 reflects a record build year for Ryman. We delivered
950 new units and beds, including 301 independent
living units, 290 serviced apartments and 359 aged
care beds, and completed four main buildings, welcoming
residents to Miriam Corban, Keith Park, James Wattie,
and Bert Newton villages. Hubert Opperman in Mulgrave
also opened its first independent townhouses
, bringing
the total number of operational villages to 49: nine in
Victoria and 40 in New Zealand.
At year end, we had over 15,000 residents, a record
number and testament to the Ryman offering. I wish
to thank all of our teams for their ongoing effort and
commitment to providing care that is ‘good enough
for Mum and Dad’.
Financial performance
We fell short of what we wanted to deliver financially
this year. Whilst Naomi will cover this in more detail
on the following pages, we were pleased to deliver a
10% increase in revenue with new villages improving
occupancy and increases in average weekly fees
received for retirement and care beds. However, free
cash flow ended at -$94 million against an initial target of
breakeven, primarily due to slower sales of occupation
rights, compounded by increased buyback payments
for units which remained vacant after six months.
Net tangible asset (NTA) backing was $4.18 per share
at 31 March 2025, a disappointing reduction but reflective
of a more conservative approach to cost capitalisation,
work in progress write-downs on land not the subject
of current construction, an increase in shares outstanding
from the equity raise at $3.05 per share, and changes
to valuation methodology for our care centres.
Dean Hamilton
Chair
Ryman Healthcare

RYMAN HEALTHCARE ANNUAL REPORT 2025
6

Deborah Cheetham Village rest home resident Joy, with her daughter Alison.
7

Naomi James
Chief Executive Officer
Letter from
our CEO
Since I commenced as CEO in November 2024, I have
been fortunate enough to visit over half of our villages in
New Zealand and Australia and hear directly from our
team and residents about their experiences.
There are two things I consistently hear: how committed
our people are to caring for every Ryman resident, and how
much our residents value the care, support and connection
they experience living in a Ryman village.
Unlocking the full potential of Ryman
As New Zealand’s leading provider of retirement living and
aged care and with a growing portfolio in Victoria, Ryman
is well positioned for future growth in demand. As ageing
populations in both countries grow, and the gap between
aged care bed supply and demand widens, our model will
become increasingly valuable to the residents we serve,
and to our shareholders.
By pioneering the continuum of care model in New Zealand,

and bringing it to Australia, Ryman’s portfolio offers more
care capacity and capability than any of our retirement
competitors. We offer the security that a move into a
Ryman village will provide our residents with access to the
levels of care they might need.
To achieve a better financial performance, we need to
unlock
the full potential of our existing assets and transform
the way we operate. We are ensuring our business is both
commercially strong, sustainable, and resident focussed
– one that secures our leadership in retirement living and
aged care and continues to give older Kiwis and Australians
choice, support and peace of mind as they grow older.
Following the progress made, with multiple initiatives
across our pricing model, support services and development
activities, and our successful equity raise, we’re entering
the next phase of transformation, driven by an operational
focus across three priorities: releasing cash from the
business, sustainable business improvement, and taking

a disciplined approach to growth.
Our FY25 results
This has been a year of significant reset, which
started before I joined as CEO, and a lot has already
been achieved.
We removed $23 million of annualised costs in the
second half of FY25 and are targeting a doubling of
this figure by the end of FY26. Following the previously
signalled soft third quarter, sales contracting (lead
indicator to sales) improved in the fourth quarter, with
this momentum continuing into early FY26 trading.
Pricing model changes implemented in the second half
of FY25 have driven an almost 40% increase in average
DMF to 28.8% on new contracts increasing the value
of the future contract book.
In FY25, we achieved revenue growth of 10%, increasing
to $760.7 million and our operating EBITDAF
1
increased
by $30.7 million reflecting improvements in both village
and non-village performance. Our free cash flow of
-$94.2 million improved from -$186.9 million year on
year reflecting moderated levels of development spend
and was in line with our February outlook.
Our reported NPAT was a loss of -$436.8 million
(restated FY24: -$169.7 million), impacted by one-off
costs, non-cash asset write-downs and a higher
interest expense.
As previously signalled, our FY25 financial statements
were significantly impacted by accounting changes
across revenue recognition, valuations and cost
capitalisation. All FY25 outlook, cost savings and capital
management targets outlined at the time of the equity
raise were met or exceeded. The completion of the
financial reporting review did mean that additional NTA
impacts were identified and reflected in the accounts.
1
The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under 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. Refer to Ryman Healthcare FY25 Results Presentation for definitions of non-GAAP
measures and further detail.
RYMAN HEALTHCARE ANNUAL REPORT 2025
8

Naomi James
Chief Executive Officer
Ryman Healthcare

Outlook
We continue to drive operating performance with a
clear focus on releasing cash and reducing costs and
recognising the need to change how we grow and allocate
capital in the future. Cash performance in FY26 will
benefit from lower cost structures in support services,
lower capital spend as in-flight stages complete,
increasing occupancy in the four main buildings opened
in FY25 and lower interest costs following the
capital raise.
Selling down existing stock remains a significant
opportunity to drive cash flow. Our sales effectiveness
continues to strengthen, and we are confident this
will drive ongoing improvement in sales performance
throughout FY26 as the team builds a stronger pipeline
of contracts from levels seen in the second half of FY25.
Importantly, we are achieving a significantly higher
DMF on new occupation right agreements (ORAs)
and high occupancy in our mature care centres which
will underpin revenue growth and improved business
performance in the years ahead.
Thank you
A heartfelt thank you to every Ryman team member
for your commitment to delivering exceptional care and
experiences for all our residents every day. I’m proud
of how you’re embracing change, living our purpose,
and supporting our business reset with such dedication.
I acknowledge the patience and support of our
shareholders as we progress towards delivering better
financial returns. I am confident that the changes we
are making to our business will enhance our financial
performance and strengthen our position as industry
leaders in retirement living and aged care.
Lastly, a sincere thank you to our residents, who remain
at the heart of everything we do. We deeply value the
positive impact you bring to our communities, and we
look forward to continuing to support our residents
and future residents in New Zealand and Australia for
the next 40 years and beyond.
9

Our year in review
Key milestones
2024 marked the 40-year anniversary of Ryman
Healthcare. Since 1984, Ryman has set the benchmark
for retirement living and quality of care for our residents,
guided by the ethos that what we do has to be ‘good
enough for Mum and Dad’. Our teams celebrated this
milestone alongside our residents with 1980s themed
parties throughout our villages in New Zealand
and Australia.
Occupancy remains high in Ryman’s mature villages
across both aged care (96.3%) and retirement
living (92.8%). Resident sentiment is positive as
demonstrated by a stable net promoter score (NPS)
across care and independent residents.
We were honoured to be recognised by our residents
and the industry, achieving the following awards during
FY25, and for the first time, holding all three:
2024 Canstar Blue Most Satisfied Customers Award
2024 Reader’s Digest Most Trusted Brand; and
2024 Aged Advisor Best Provider Nationwide
We also had our ‘myRyman’ resident app awarded the
Value of Design Award at the 2024 Best Design Awards,
presented by The Designers Institute of New Zealand.
Our residents are at the heart of everything we do,
and these awards recognise the dedication of team
members who deliver our purpose for our residents
every day.
Canstar Blue
Most Satisfied
Customers Award
Reader’s Digest
Most Trusted Brand
Aged Advisor
Best Provider
Nationwide
RYMAN HEALTHCARE ANNUAL REPORT 2025
10

Sales and stock of occupation right agreements
In challenging market conditions, we achieved 1,523 ORA
sales, in line with February guidance and broadly flat
on the year prior. Unoccupied units rose from 974
(10.6% of portfolio) to 1,239 (12.7% of portfolio) largely
driven by new serviced apartments following the opening
of four main buildings in the period, which is an
unprecedented level for Ryman.
We have been busy reviewing and improving our
sales and marketing effectiveness. We are working on
sales strategies that support prospective customers
throughout their journey, alongside improved pricing,
incentives, and more targeted marketing, to achieve
higher sales in an increasingly competitive market.
A new pricing model offering resident choice
and long-term sustainability
Our new pricing model, introduced in October,
recognises that our residents are staying longer
and the need to cover rising village operating costs,
particularly rates, insurance and electricity, which have
increased significantly in recent years.
Our standard DMF increased to 30% (previously 20%),
and is now supported by flexible pricing options where
DMF and unit prices can be adjusted to suit individual
customer preferences if required. Additionally, new
residents can choose between our standard indexed
weekly fees or locking in fixed fees.
Our development milestones
We completed four main buildings, welcoming
residents to Miriam Corban, Keith Park, James Wattie,
and Bert Newton villages. Hubert Opperman in
Mulgrave also opened its first independent townhouses,
bringing the total number of operational villages to
49: nine in Victoria and 40 in New Zealand, home
to over 15,000 residents.
The Kevin Hickman main building is close to completion,
with the care centre scheduled to open to residents
in June, and the Patrick Hogan main building will
commence
in the first half of FY26.
The build rate for the year totalled 950 units and beds,

including 301 independent living units, 290 serviced
apartments and 359 aged care beds (all on a completed
basis). Three villages were completed, reducing the
number of sites under construction from 10 to seven.
Ryman remains focussed on completing in-flight stages
and selling down existing stock, with the timing of future
development to be aligned with market demand.
Resetting our approach to development
New development remains on hold while we complete
villages under construction. The pause allows us time to
complete priority villages, sell-down existing stock, and
to reprioritise our land bank sites based on an improved
risk-return framework.
Going forward, we are looking for potential development
sites with staged delivery (once market conditions support
those developments), lower build
complexity, and
supportive demographics in catchment areas.
11

Progressive reform changes in Australia
In November, the Australian Government passed the
Aged Care Act 2024, a crucial step towards enhancing
the quality, sustainability, and accessibility of aged
care services.
We strongly support the reforms announced, particularly
the introduction of more flexible funding models and the
means-tested co-contribution model for both residential
aged care and the Support at Home Programme. We
believe these changes demonstrate how reform can
improve the delivery and economics of aged care,
making it more equitable for ageing citizens and more
sustainable for providers.
Aged care reform in New Zealand
As life expectancy increases and health needs become
more complex, demand for specialised age-related
healthcare services in New Zealand will increase. This
is driving greater care requirements within villages and
increasing acuity in residential aged care.
The New Zealand Government’s report
1
into aged care
funding has identified that the sector is underfunded

and a substantial increase in the regulated care price
is required to sustain current capacity and promote
new capacity. We confirmed earlier this year that we are
reviewing our aged care capacity in New Zealand.
The issue is sector wide and needs to be addressed
urgently to ensure the medium to long-term ability of
the sector to provide enough aged care beds for older
New Zealanders. We look forward to the Government
concluding its review to address this.
Progressing sustainable outcomes
To position our business for sustainable growth, over
the year our ESG focus has been on governance –
ensuring that we have the foundations in place to lead
Ryman to a sustainable future.
Additionally, we took a step closer to achieving our
ambition to build climate-resilient villages and to achieve
close to 100% electricity from renewable sources
in New Zealand through construction starting on the
Ryman Healthcare solar farm, Te Papa Reireia
in Northland.
You can read more about our sustainability achievements
in the Our purpose, our people, our places section
on page 17.
1
tewhatuora.govt.nz/assets/For-the-health-sector/Specific-life-stage/Health-of-older-people/FINAL_A-review-of-aged-care-
funding-and-service-models_strategic-assessment.pdf
RYMAN HEALTHCARE ANNUAL REPORT 2025
12

Patrick Hogan Village resident Roger in the village workshop.
13

Transforming Ryman for the future
Our strategy to transform our business over the next three to five years is based
around three key focus areas.
2.
Sustainable business
improvement
Target: $100–150 million
annualised cash improvement
over three to five years
1.
Releasing cash from the
business
Target: Over $500 million in
the next three to five years
Significant opportunities to release cash and reduce the level of debt and
capital intensity of our business
Our immediate focus is on selling existing retirement unit stock through targeted
pricing and marketing strategies and pausing future development stages until
market conditions improve. We also aim to release cash from resale stock where
previous ORAs have been paid out.
We are considering the introduction of ORAs with a DMF for premium aged care
across our New Zealand portfolio.
Our land bank represents a significant opportunity to release cash with undeveloped
land holdings valued independently at $369 million at 31 March 2025. Our portfolio
optimisation review will assess opportunities for divestment of land bank sites
where they can deliver better shareholder value through sale.
Focus on the performance of our existing portfolio, ensuring that the assets
that we have, deliver a better return
We will improve the operating performance of our villages through increased
occupancy and a higher revenue per unit following the recent changes to
DMF and weekly fees. This will deliver growing benefits over time, as well as
cost savings through procurement and other operational efficiencies.
Increased scarcity in aged care bed supply is a significant opportunity to leverage
our continuum of care model. With the opportunity to expand the ORA model
into aged care and maximise our delivery of aged care services into serviced
apartments, we will increase our aged care revenue over time.
We are also optimising non-village support functions through our new functional
structure and outsourced design, development and construction model.
3.
Disciplined approach
to growth
Target: Lower peak capital
intensity and increased
flexibility
Instilling confidence that the capital we deploy will generate an attractive return
We continue to review our existing villages and land bank to prioritise the
best opportunities for value-accretive growth.
Within existing villages, we will target growth opportunities that are supported by
demand. This includes the future stages of our in-flight projects, our land bank at
existing villages, and opportunities to expand near to existing villages, maximising
asset utilisation of our existing care capacity and facilities.
As we plan new villages, we will refine our designs to better meet the evolving
needs
of our future residents, with the flexibility to adapt to changing preferences,
government policies, and anticipated demand over the life of these assets.
Our approach will also focus on reducing peak capital intensity by phasing
development stages and limiting the number of concurrent projects.
Finally, we are looking at consolidation opportunities in Australia, where Ryman
can add additional value by leveraging our unique continuum of care model,
supported by more attractive regulatory settings.
RYMAN HEALTHCARE ANNUAL REPORT 2025
14

Bert Newton Village.Residents Morton and Martin at Miriam Corban Village bowling green.
15

Miriam Corban Village resident Alfred and caregiver Maria.
16
RYMAN HEALTHCARE ANNUAL REPORT 2025

Our purpose, our people,
our places
In 2022 we launched our sustainability strategy focussing
on initiatives under three key areas: our purpose, our people,
our places.

Over a period of transformation of our business, we are revisiting our strategy to ensure
it supports our goal of improving our business performance and achieving a more
disciplined approach to growth. This will include reviewing our materiality assessment
in FY26 to ensure our KPIs address the issues that are material to our business today
and into the future.
Importantly, we now have new governance in place to ensure that our sustainability
strategy delivers meaningful social and environmental outcomes.
Our Climate-Related Disclosures Report and Modern Slavery Statement are published
separately from this report. You can find them on our website.
17

Resident Bruce and caregiver Monika in the Miriam Corban Village care centre.
18
RYMAN HEALTHCARE ANNUAL REPORT 2025
18

Our purpose
We deliver our purpose through providing a range of options that allow our
residents to choose the lifestyle that suits them, with the peace of mind that they
can access industry-leading care in our villages, should they need it.
Home care across our villages
From 1 November 2025, Australia’s home care system
will undergo a significant overhaul, transitioning from
the Home Care Packages Programme and Short-Term
Restorative Care (STRC) to the Support at Home
programme, to improve access, support, and quality
of home care.
The demand for home care services remained strong
during the year, as we continue to focus on our existing
residents. Within this context, home care packages
have increased by 28% in the past 12 months, reflecting
the size of the opportunity for our teams to provide
services to residents who already have strong, trusted
relationships with our village teams.
Ahead of the 1 November changes, our home care
team is helping residents with initial assessments or
reassessment of the appropriate home care package.
Delivering for our residents
Every year, we measure our residents’ loyalty through
their likelihood to recommend us to others through our
net promoter score (NPS). Our NPS for FY25 is stable,
reflecting the
unwavering commitment and focus of our
village teams on resident experience and quality care.
The new services and support structure has re-aligned
the Clinical and Resident Services functions alongside
a flatter management structure, providing additional
agility for villages, and improved reporting. This will
increase our effectiveness in delivering services for
all residents.
Digital innovation to enhance our
resident experience
Our award-winning myRyman care and lifestyle apps
provide essential tools for care delivery, and for our
residents to engage with the vibrant village lifestyle on
offer. Over the last year we have made improvements
that support greater accessibility for residents with
vision impairments, and improved support for team
members in the delivery of our care services.
We believe that supporting our residents to learn and
embrace technology is a key enabler to enhancing
their freedom, connection, and wellbeing.
19

Upskilling for leadership in dementia care
Seventy thousand New Zealanders are living with
dementia, and this is set to more than double by 2050
1
.
In Australia, the number of people living with dementia
is 400,000, and this is set to double by 2058
2
.
We believe the lack of available care beds will increase
the demand for Ryman’s services and therefore our
teams need to be on top of the latest dementia
research to provide the best care for our residents.
Over the year, over 100 team members completed
a comprehensive dementia care programme, and a
research project that uses AI technology to enhance
team members’ knowledge and skills about how
to communicate effectively with residents that
have dementia.
1

alzheimers.org.nz/explore/facts-and-figures/
2

aihw.gov.au/reports/dementia/dementia-in-aus/contents/summary
Enhancing our indigenous engagement
Our goal is to cultivate meaningful relationships with
Ngā iwi Māori in Aotearoa New Zealand and First Nations
People of Australia to empower an indigenous perspective
across our business model and into all of our services.
To support this, Ryman is developing a Māori Engagement
strategy, Pasifika Engagement strategy and has completed
the registration of our Reflect Reconciliation Action Plan
in Australia.
Building relationships with iwi
With guidance and in partnership with Māori partner
agencies and iwi, we want to support and address the
challenges kaumātua Māori face.
Over the year, we have been working to establish the
foundations and relationships for ongoing engagement
with iwi, and will continue to build and nurture relationships
in the communities where we operate.
Ryman’s reconciliation journey in Australia
While we are at the beginning of our journey, we celebrate
Aboriginal and Torres Strait Islander peoples and cultures
and recognise reconciliation is essential in creating a
better and more sustainable Australia for the future.
Our commitment to Aboriginal and Torres Strait Islander
engagement is reflected in our Reflect Reconciliation
Action Plan (RAP) which was launched in September 2024.
At that time, we joined a network of more than 3,000
corporate, government, and not-for-profit organisations
that have made a formal commitment to reconciliation
so that we can continuously develop and strengthen
reconciliation commitments in new ways.

RYMAN HEALTHCARE ANNUAL REPORT 2025
20

Our charity partnerships
Each year we have a proud tradition of selecting a
charity partner to work with over the next 12 months. Our
residents and teams then actively fundraise throughout
the year, and we match the total amount raised, up to
$250,000 in New Zealand, and $100,000 in Australia.
In association with our teams and residents, we raised
$466,640 for Leukaemia & Blood Cancer New Zealand,
and in Australia we raised $138,479 for the Royal Flying
Doctor Service Victoria.
We are proud to have helped raise funds for these
important charities.
Our New Zealand 2025 charity partner is Hato Hone
St John and our Australia 2025 charity partner is the
Olivia Newton John Wellness & Research Centre.
Supporting the passions of our residents
This year Ryman partnered with the Royal New Zealand
Ballet, and we celebrated with our ‘Love to Dance’
community grant programme that supports local dance
groups across New Zealand with three $5,000 grants.
We remain a sponsor of the Senior New Zealander of
the Year Award Te Mātāpuputu o te Tau – part of the
Kiwibank New Zealander of the Year awards. This
year,
we were delighted to extend our heartfelt congratulations
to Elizabeth Ellis CNZM JP, the 2025 recipient of the
Ryman Healthcare Senior New Zealander of the Year
Te Mātāpuputu o te Tau.
To p : Senior New Zealander of the Year Award recipient, Elizabeth Ellis
and Ryman CEO Naomi James.
Bottom: Mayu Tanigaito and Laurynas Vėjalis in The Ryman Healthcare
Season of A Midsummer Night’s Dream.
21

Bruce McLaren Village care staff Priya, Saggita and Simarjeet.
22
RYMAN HEALTHCARE ANNUAL REPORT 2025

Our people
We are proud to employ team members who are dedicated to providing industry-leading
retirement living and care for our residents. We are committed to investing in people,
enhancing leadership, and fostering a high-performance culture, all of which are
critical to the success of our transformation journey.
Driving a performance culture through
transformation and leadership
Changes through our transformation programme have
enhanced clarity, transparency, and accountability
for all team members. To ensure our teams fully
understand their role in driving transformation, we
are embedding a high-performance culture.
This year we launched several initiatives to support our
leaders to drive our high-performance culture including:
• The introduction of the Lead and Empower
Programme to foster leadership growth
• A review and refinement of our Induction
Programme,
setting new team members up
for success from day one
• Clinician to Manager Training, empowering care
team members with clinical backgrounds to
transition into leadership roles.
Health, safety and wellbeing at Ryman
We strive to provide health, safety and wellbeing
initiatives that ensure our teams aim for excellence
and are supported to deliver our purpose for
our residents.
We are proud to report a reduction in our recordable
injury rate reflecting improved safety performance
and
incident prevention, driven by increased leadership
engagement, an enhanced reporting culture, and
more accountable investigation processes and
corrective actions.
In May we launched our ‘Leading Safe and Well’
Programme equipping leaders with the skills to foster
a culture of health, safety, and wellbeing across the
organisation. With tailored workshops for different
business areas, the programme has successfully
engaged 225 leaders, achieving an 86% completion
rate since its launch.
We are pleased to report that there have been no critical
injuries across the company.
We verify our villages’ critical risks through comprehensive
safety audits. Safety systems across the villages
demonstrated strong performance, averaging 86.7%
compliance in village audits over the past year.
Our teams, contractors, and subcontractors work together
to create safer environments, where speaking up and
stepping in is part of our daily operations. We streamlined
our high-potential incident alert and reporting process to
fast-track key information and drive faster action.
We are pleased to report that recordable injuries have
dropped year on year.
23

Supporting emerging talent
We are committed to supporting the next generation
of healthcare leaders, proudly offering the following
financial support for students:
• Māori and Pasifika scholarships, offering a one-off
payment of $6,000 to assist recipients in their final
year of nursing school
• $15,000 James Wattie scholarship for a business
student who has made considerable adjustment
in their lives to pursue their studies despite
challenges
• The Graeme Rabbits Scholarship, offering two
team members $10,000 each towards their
tertiary education fees
• The Cashin Scholarship, offering one team member
$10,000 towards their tertiary education fees.
Team member NPS
Overall NPS increased significantly year-on-year
indicating that our team members feel positive about
the teams they work with, the culture and environment
they work in, and the relationships they have with the
residents they care for.
Diversity, equity and inclusion
Ryman’s approach to diversity is to continually develop
a work environment that supports equality and inclusion,
regardless of difference. Our diversity, equity and
inclusion policy is available on our website.
As at 31 March 2025, Ryman’s Board gender diversity
is slightly below 30%. The NZX recommends a minimum
of 30%. This will be considered when new Board roles
are up for nomination.
Ryman aims for a minimum of 40% representation
for males and females in our senior leadership group,
with the remaining 20% comprising any gender. As of
31 March 2025, we have 57% female representation in
the SET, and a notable 60% across all leadership positions.
Ryman’s gender pay gap
We recognise that transparency, equity, and accountability
are critical to attracting and maintaining talent and
building long-term value. For FY25 we are pleased to
report that we have no gender pay gap across all team
members in New Zealand, and in Australia have a gender
pay gap of 0.45% in favour of female employees. This
shows Ryman’s commitment to gender equality.
RYMAN HEALTHCARE ANNUAL REPORT 2025
24

Soaring beyond boundaries
Frances, resident of Jane Winstone Village in Whanganui,
exemplifies determination and pioneering spirit. Now
86, Frances was one of New Zealand’s first female
commercial flight instructors, defying the odds in a
male-dominated field.
“I wanted to fly from the age of 12,” Frances recalls,
inspired by her brothers’ service in the Air Force and
a school project on jet engines. Despite being told she
had to be 16 to apply for a student licence, she kept her
dream alive.
“On my 16th birthday, I rang Civil Aviation at 9am. They
said, ‘We know who you are – your licence is in the mail!’”
Frances earned her commercial pilot’s licence
at 19,
later becoming the first full-time female flight instructor in
New Zealand in 1962. Her roles ranged from scenic tours
to emergency medical flights, and she was a founding
member of the New Zealand Association of Women in
Aviation.
“We wanted to show women that aviation could
be their future too,” she says.
Even after a 25-year break to raise a family, Frances
regained her instructor rating, proving her passion
never faded.
Ryman CEO Naomi James says, “When I hear about the
achievements of residents like Frances, I feel huge respect
and admiration. It’s impossible not to feel inspired.”
Living in a village named after fellow aviatrix Jane Winstone,
Frances finds it fitting: “She was fantastic – a real pioneer.”
Brian’s blueprint for an epic retirement
Brian, a former construction business owner, moved
with his wife Karlene to Raelene Boyle Village in
Aberfeldie in 2022.
Seeking purpose in retirement, Brian found it in the
village workshop, using his construction skills to craft
wooden items such as bowling ball carriers, interactive
boards, and festive decorations for fellow residents,
especially those in aged and dementia care.
“I enjoy making things that help people feel more
connected. These aren’t things you can buy in a shop.
They’re unique, and the residents can add their own
touch by decorating them,” says Brian.
Beyond the various things he has created, the village
workshop has also become a new home to the many
tools Brian owned through his construction business.
Because Brian is always on hand to help, he has been
affectionately nicknamed ‘Mr Fix-It’ by fellow residents.
“If something’s broken, Brian’s your man,” one resident
shared with a smile.
In addition to his workshop projects, Brian has continued
his 37-year volunteer service with the Victoria State
Emergency Service (SES), reflecting his commitment
to helping others.
For Brian, the key to living a fulfilling retirement is staying
active, whether it’s through volunteering or spending
time in the village workshop.
“As long as I’m busy, I’m happy,” he says.
The unique contributions of our residents
As our ageing populations grow, so too does the incredible value that our older New Zealanders and Australians
bring to our societies. We believe our role is to enable and support our residents in how they choose to age.
Image: Jane Winstone Village resident Frances with her pilot log books.Image: Raelene Boyle Village resident Brian and one of his many DIY projects.
25

Kevin Hickman Village.
26
RYMAN HEALTHCARE ANNUAL REPORT 2025

Our places
Pioneering renewable energy for
retirement villages
In November, construction began on a landmark
21 megawatt solar array on farmland near Maungatūroto,
Northland, setting a new standard for renewable
energy adoption in New Zealand’s aged care sector.
Developed in partnership with Harbour Infrastructure,
the Ryman Healthcare Solar Farm, Te Papa Reireia, is
expected to generate approximately 32 gigawatt hours
of electricity annually, helping to power our New Zealand
villages. In FY25, our electricity usage across our
New Zealand villages was approximately 53 gigawatt
hours, meaning the solar farm could supply around
66% of near-term future needs.

Delivering future ready villages
Our new villages reflect a shift toward more sustainable
energy systems. Our focus is on ensuring that newly
designed villages move away from traditional gas, using
electric hot water systems and other energy-efficient,
low-carbon alternatives.
At Kevin Hickman Village we undertook a pilot study
constructing an apartment building using cross-laminated
timber (CLT), an innovative approach that significantly
reduces reliance on concrete and structural steel.
This reduces embodied carbon and results in a lighter
building structure with reduced foundation and seismic
requirements. The building also became the first in our
portfolio to be fitted with a high-efficiency heat pump
water system, marking a key step away from conventional
gas-powered hot water heating.
Building on this progress, we are integrating these
learnings into the design of future villages to enhance
environmental performance across both construction
and operational emissions.
You can read more about our commitment to carbon
reduction and our strategy to mitigate climate risk in our
Climate-Related Disclosures Report on our website.
We strive to minimise any adverse impact on our communities and seek to leave the
environment in better shape for generations to come. Our villages are not only places
for our residents to reside, they are communities that provide freedom, connection
and wellbeing.
27

Dean Hamilton
Chair,
Independent Director
BCA, CMINSTD
Dean joined the Board on 1 June 2023 and assumed the
role of Chair on 1 August 2023. From 22 April 2024 to
28 November 2024, he assumed the role of Executive
Chair while the search for a new Chief Executive Officer
was underway. The Board determined that Dean was a
non-independent director while he was the Executive Chair,
before confirming his position as an independent director
from 29 November 2024. He has an extensive background
in governance, large company leadership and financial
markets across New Zealand and Australia. He is currently
Chair of Fulton Hogan and holds director roles at Auckland
International Airport and The Warehouse Group.
Directors
As at 31 March 2025
Paula Jeffs
Independent Director
BA, GRAD DIP (IR),
GAICD
Paula joined the Board in 2019. She is a Melbourne-based
executive, currently holding the position of Executive
General Manager People and Transformation at Melbourne
Water. She brings more than 25 years’ experience leading
culture, capability and safety in organisations across
the healthcare and finance sectors. Early in her working
life, Paula spent several years as a carer in the aged and
disability sector.
Anthony Leighs
Independent Director
NZCB, CFINSTD,
NZIOB FELLOW
Anthony joined the Board in 2018. Based in Christchurch,
he is also a director of Leighs Construction, which he
founded in 1992 and built into one of New Zealand’s leading
commercial
construction contractors. He is a former Chair
of the New Zealand Registered Master Builders Association.
Anthony has advised the Ryman Board that, due to increasing
international travel commitments, he will not be standing for
re-election at the 2025 Annual Meeting in July and will retire

at the conclusion of the meeting.
James Miller
Independent Director
BCOM, AMP HBS,
CFINSTD
James joined the Board in June 2023. He has extensive
knowledge in both audit and risk and financial markets and
is the Chair of Channel Infrastructure and a director of
Mercury NZ, Vista Group, and Fletcher Building. James was
also previously Chair of NZX.
RYMAN HEALTHCARE ANNUAL REPORT 2025
28

Kate Munnings
Independent Director
LLB, AMP INSEAD,
BHSC (NURSING)
Kate joined the Board in November 2023. Based in Sydney,
Kate is the Managing Director of Vitrafy Life Sciences
Ltd.
Kate’s previous roles include Managing Director and Chief
Executive Officer of Virtus Health Limited and Chief
Operating Officer of Ramsay Health
Care. Kate has extensive
experience across the construction, law and healthcare
sectors. She is a former partner at law firm Baker Mackenzie
and is currently the Chair of Digital Health CRC in Australia
and a non-executive director at Wesfarmers Limited.
David Pitman
Independent Director
BENG (AERO, HONS),
MBA, MAICD
David joined the Board on 1 May 2024. Based in Sydney,
he has over 35 years’ experience in general, operational
and financial management, strategy development and
M&A. As a Group Executive at Stockland for more than
six years, he led Group Strategy and was the CEO of
Stockland Retirement Living. He is a former partner
with Boston Consulting Group and served as the firm’s
Global Finance Director, based in Boston.
Scott Pritchard
Independent Director
BED, DIPTCHG,
PGDBA, MMGT
Scott joined the Board in 2024. Based in Auckland, Scott
has been CEO of Precinct Properties, New Zealand’s largest
owner, developer, and manager of premium real estate in
Auckland and Wellington, since 2010.
Scott has extensive experience in property development,
property funds management and asset management.
Scott also serves as the Independent Chair of the Auckland
Council City Centre Advisory Panel and is a Trustee of the
Tania Dalton Foundation. Scott was previously a Board
member of Property Council New Zealand for 14 years and
Chair for four of those years.
Claire Higgins retired on 31 December 2024 and Anthony Leighs will retire at the 2025 Annual Meeting. Our thanks
go to both for their dedication to the Board over many years.
29

Senior Executive Team
Naomi James
Chief Executive Officer
LLB (HONS), MLM,
AMP HBS
Naomi joined Ryman in November 2024. Naomi brings
extensive commercial and operational experience leading
people, asset and regulatory intensive businesses in Australia
and New Zealand. She was most recently the CEO of NZX-
listed Channel Infrastructure where she led a significant
transformation of the company and the New Zealand fuel
industry. Naomi has previously held senior operational and
strategy roles at ASX-listed companies Santos and Arrium
and brings healthcare and governance experience having
previously been a non-executive Board member of Central
Adelaide Health, an operator of two major public hospitals.
As at 31 March 2025
Rob Woodgate
Chief Financial Officer
ACMA, CMINSTD, BA
(HONS)
Rob joined Ryman in November 2023. He is an accomplished
senior finance leader with international experience across a
range of industries. Rob was previously Group Chief Financial
Officer at trans-Tasman construction and infrastructure
provider Fulton Hogan, where he led the finance, treasury,
risk, IT and shared service functions for the Group. He has
also held roles in NZX-listed entities, co-operatives and
private companies, including PGG Wrightson Limited and
Silver Fern Farms Limited.
Chris Evans
Chief Development
and Property Officer
BE (HONS)
Chris joined Ryman in 2021. He is an experienced construction
leader, with more than 25 years working for John Holland Group
in a range of operational and senior leadership positions in
Australia. More recently Chris worked at Sydney Airport,
where he was Chief Assets and Infrastructure Officer.
Marsha Cadman
Chief Operating Officer
BA (COMMS), MBA,
GAICD
Marsha rejoined Ryman in April 2024 as Chief Transformation
and Strategy Officer, before being appointed to Chief Operating
Officer in September 2024. Previously she was Chief Sales and
Marketing Officer, leading the function across New Zealand and
Australia. She has extensive experience in senior leadership
roles across customer engagement, strategy, marketing and
sustainability, including as Group Manager Customer, Strategy
and Marketing at South East Water in Melbourne and General
Manager Strategy, Customer and Sustainability at Waste
Management New Zealand.
RYMAN HEALTHCARE ANNUAL REPORT 2025
30

Rick Davies
Chief Customer and
Technology Officer
B S C
Rick joined Ryman in 2019. He has significant experience
in technology, customer and commercial leadership
roles. Rick has worked extensively within the e-commerce
sector, and has held a range of senior roles, including
leader of Trade Me’s iconic retail marketplace division.
Di Walsh
Chief People and
Safety Officer
NZCS
Di joined Ryman in 2023. She began her career in
biochemistry and held diverse operational roles before
building an extensive career in senior people and culture
roles across Australia and New Zealand. Prior to joining
Ryman, she worked in senior roles at Lion Breweries and
most recently was Group Executive Manager – People
at Fulton Hogan.
Marie Bonnemaison
Chief Strategy
and Corporate
Development Officer
MECON
Marie joined Ryman in January 2025 as Chief Strategy and
Corporate Development Officer, overseeing the delivery of
Ryman’s transformation strategy. Previously Marie held roles at
leading global management consultancy McKinsey & Company
where she partnered with businesses to deliver sustainable
transformational change, specifically in the Aged Care, Hospital
sectors and with ASX20 companies.
Chris Evans will be leaving the business in August 2025, after leading the initial stages of the transition in the
Design, Development and Construction team to an outsourced model. Paul Blackler (currently GM Project
Delivery NZ) will act in this role as the new outsourced model is designed and implemented.
31

32
RYMAN HEALTHCARE ANNUAL REPORT 2025

Results
Four-year summary 34
Key financial metrics 35
Consolidated financial statements 36
Notes to the consolidated financial statements 42
Independent auditor’s report 118
On the left: Kevin Hickman Village residents Ian and Jo.
33

RYMAN HEALTHCARE ANNUAL REPORT 2025
34
Four-year summary
FOR THE YEAR ENDED 31 MARCH 2025
FY22FY23FY24FY25
Villages
Open
1
45454849
Under construction
2
1614107
Land bank
3
13111011
Portfolio
RV units
8,1508,6289,1879,777
Aged care beds
4,1654,2174,3394,700
Total
12,31512,84513,52614,477
Build rate (completed)
4
RV units
-487565591
Aged care beds
-74120359
Total
-561685950
RV unit sales
New sales of ORAs
528539447415
Resales of ORAs
9579831,1271,107
Total sales of ORAs
1,4851,5221 ,5741,522
Vacated units
1,0021,1491,1401,200
Turnover (% portfolio)
12.3%13.3%12 .4%12.3%
RV unit occupancy
Occupied
7,4 1 27,8078,2138,538
Unoccupied
7388219741,239
Occupancy (%)
90.9%90.5%89.4%87.3 %
Occupancy (%) – mature
--93.7%92.8%
Units paid out (#)
146271295358
Payout balance
5
($m)
$79.3$156.1$174.4$223.5
Aged care
Mature care centres
32343637
Developing care centres
6547
Total open care centres
38394044
Occupancy (%)
91.4%90.9%93.3%90.9%
Occupancy (%) – mature
96.0%94.6%96.3%96.3%
Residents
Total residents
13,16313,90814,54515,156
Age of entry – independent RV
7 7. 87 7. 87 7. 97 7. 9
Age of entry – serviced RV
84.884.885.084.9
Age of entry – aged care beds
87.186.784.486.8
Average age – independent RV
82 .682 .782.583.1
Average age – serviced RV
87. 887.787.787. 9
1
Considered open when first independent stage is completed.
2
Includes villages which are open and yet to be completed.
3
Excludes sites held for sale. Increase of one in FY25 relates to the reclassification of Kohimarama land from held for sale to land bank.
4
Does not match movement in portfolio due to reconfigurations of existing villages and acquisitions.
5
Payout balance reflects gross ORA value including DMF (presented net of DMF in previous results presentations).

35
Key financial metrics
FOR THE YEAR ENDED 31 MARCH 2025
($94.2m)
Free cash flow
1,3

($384.6m)
IFRS profit/(loss)
before tax and fair
value movements
(PBTF)
1,2
$92.7m
$1,665m
Net interest-bearing
Debt
1
Gearing: 28.1%
($118.6m)
Cash flow from
existing operations
(CFEO)
1,2
$45.5m
Operating EBITDAF
1,2
-$840m
($436.8m)
Net profit after tax
(NPAT)
1,2
418.2 cps
NTA per share
2
$24.4m
Cash flow from
development
activity (CFDA)
1,2
-82.9 cps
$771.1m
Operating
revenue
1

1
The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under 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. Refer to Ryman Healthcare FY25 Results Presentation
for definitions of non-GAAP measures and further detail.
2
Prior period restated due to new accounting policies.
3
ITL cash break costs of $19.0 million excluded for consistency with free cash flow guidance provided at the time of the equity raise.
-$267.1m
$30.7m
12.1%-$141.8m
-$103.6m
$196.3m

RYMAN HEALTHCARE ANNUAL REPORT 2025
36
The accompanying notes form part of these consolidated financial statements.
Consolidated income statement
FOR THE YEAR ENDED 31 MARCH 2025
Note2025
2024
(restated)
$000$000
Care and village fees570,855510,380
Deferred management fees (DMF)142,942140,154
Interest received1,5312,326
Imputed interest income on refundable accommodation deposits332,49924,455
Other income12,86812,571
Total revenue3760,695689,886
Operating expenses4(751,093)(711,915)
Depreciation and amortisation expenses5(4 8,461)(45,985)
Finance costs6(140,263)(53,831)
Imputed interest charge on refundable accommodation deposits 3(32,499)(24,455)
Impairment losses11(172,941)(96,480)
Total expenses(1 ,1 4 5 , 2 5 7 )(932,666)
Profit/(loss) before income tax and fair-value movements (PBTF)(384,562)(242,780)
Fair-value movement of investment properties10,12169,173(39,149)
Profit/(loss) before income tax(215,389)(281,929)
Income-tax (expense)/credit7(221,442)112,264
Net profit/(loss) after tax (NPAT)(436,831)(169,665)
Earnings per share (cents per share)
Basic14(61.5)(24.7)
Diluted14(61.5)(24.7)
Profit/(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 the Group’s performance. It may not be comparable to similar financial information presented by other entities.
Consolidated financial statements

37
The accompanying notes form part of these consolidated financial statements.
Consolidated statement of comprehensive income
FOR THE YEAR ENDED 31 MARCH 2025
Note2025
2024
(restated)
$000$000
Net profit/(loss) after tax(436,831)(169,665)
Items that will not be later reclassified to profit or loss
Revaluation of property, plant and equipment net of tax7,11,15a(9,641)(282,382)
(9,641)(282,382)
Items that may be later reclassified to profit or loss
Fair-value movement and reclassification of cash-flow hedge reserve,
net of tax15b(19,070)(10,181)
Gain/(loss) on hedge of foreign-owned subsidiary net assets15c(639)(1,552)
Gain/(loss) on translation of foreign operations15c4,06712,239
(15,642)506
Other comprehensive income/(loss)(25,283)(281,876)
Total comprehensive income/(loss)(462,114)(451,541)

RYMAN HEALTHCARE ANNUAL REPORT 2025
38
The accompanying notes form part of these consolidated financial statements.
Consolidated statement of changes in equity
FOR THE YEAR ENDED 31 MARCH 2025
Note
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
2025
As at 1 April 2024
– reported952,887358,5672 0,7 744,107 (34,730) - 3,116,0024,417,607
Adjustment for
prior period1-(232,277)-(556)--(438,401)(671,234)
As at 1 April 2024
– restated952,887126,2902 0,7 743,551 (34,730) - 2,677,6013,746,373
Net profit/(loss) after tax 15------(436,831)(436,831)
Other comprehensive
income/(loss)15-(9,641)(19,070)3,428---(25,283)
Total comprehensive
income/(loss) 15-(9,641)(19,070)3,428--(436,831)(462,114)
Issue of ordinary
shares – equity raise14970,157------970,157
Sale of treasury stock
and loss on sale15----18,450-(12,091)6,359
Equity-settled
share-based payment15-----348-348
As at 31 March 20251,923,044116,6491,70 46,979(16,280)3482,228,6794,261,123
2024
As at 1 April 2023
– reported953,239610,34130,955(7,136)(34,729)-3,111,2274,663,897
Adjustment for
prior period1-(201,669)----(263,961)(465,630)
As at 1 April 2023
– restated953,239408,67230,955(7,136)(34,729)-2,847,2664,198,267
Net profit/(loss) after tax 15------(169,665)(169,665)
Other comprehensive
income/(loss) 15-(282,382)(10,181)10,687---(281,876)
Total comprehensive
income 15-(282,382)(10,181)10,687--(169,665)(451,541)
Issue of ordinary shares
– equity raise costs14(352)------(352)
Treasury stock
movement15----(1)--(1)
Dividends paid to
shareholders 15--------
As at 31 March 2024952,887126,2902 0,7 743,551(34,730)-2,677,601 3,746,373

39
The accompanying notes form part of these consolidated financial statements.
Consolidated statement of financial position
AS AT 31 MARCH 2025
Note2025
2024
(restated)
2023
(restated)
$000$000$000
Assets
Cash and cash equivalents817,65841,80927, 87 9
Trade and other receivables9163,921172,583140,243
Inventory132,38614,618
Advances to employees261,5056,16914,217
Derivative financial instruments20,231,38516,8003 6 ,474
Property, plant and equipment111,019,5951,134,8171,445,331
Investment properties1210,812,54210,142,1999,557,482
Intangible assets1313,81740,73243,772
Deferred tax asset 7-259,583140,043
12,030,43611,817,07811,420,059
Assets held for sale1032,92686,42431,379
Total assets12,063,36211,903,50211,451,438
Equity
Issued capital141,923,044952,887953,239
Reserves15109,400115,885397,762
Retained earnings152,228,6792 ,677,6012,847,266
Total equity4,261,1233,746,3734,198,267
Liabilities
Trade and other payables16113,578150,620205,784
Employee entitlements1780,24076,28949,7 73
Revenue in advance3184,020140,85799,271
Refundable accommodation deposits18496,639423,163300,314
Derivative financial instruments20,2315,34012,1575,988
Interest-bearing loans and borrowings191,682,5522,546,9472,330,950
Occupancy advances (non-interest bearing) 215,217,1584,784,9794,247,304
Lease liabilities2212,71222 ,11713,787
Total liabilities 7,802,2398,157,1297,253,171
Total equity and liabilities12,063,36211,903,50211,451,438
Authorised for issue on 28 May 2025 on behalf of the Board.
James Miller
Director and Chair of the
Audit, Finance and Risk committee
Dean Hamilton
Director and Chair of the Board

RYMAN HEALTHCARE ANNUAL REPORT 2025
40
The accompanying notes form part of these consolidated financial statements.
Consolidated statement of cash flows
FOR THE YEAR ENDED 31 MARCH 2025
Note2025
2024
(restated)
$000$000
Operating activities
Receipts from residents
• Care and village fees583,061518,781
• Net refundable accommodation deposits83,723108,651
• New sale and resales of occupation rights1,156,3411,145,967
Interest received1,5912,394
Payments to suppliers and employees(736,044)(684,550)
Repayment of occupation rights(532,284)(459,194)
Institutional Term Loan termination costs(19,043)-
Interest paid(127,095)(36,788)
Net operating cash flows410,250595,261
Investing activities
Development of property, plant and equipment(85,517)(97,309)
Purchase of land(18,374)(56,998)
Proceeds of land sales7,1 2 815,284
Purchase of intangible assets(3,109)(6,720)
Development of investment properties(376,588)(533,691)
Capitalised interest paid6(51,700)(104,514)
Receipt of employee loans2,5815,116
Net investing cash flows(525,579)(778,832)
Financing activities
Proceeds/(costs) from equity raise (net)14970,157(352)
Repayment of bank loans (net)(605,970)201,218
Sale of treasury stock (net)6,359-
Repayment of Institutional Term Loan(275,088)-
Repayment of lease liabilities (4, 280)(3,365)
Net financing cash flows9 1 ,1 7 8197,501
Net increase/(decrease) in cash and cash equivalents(24,151)13,930
Cash and cash equivalents at the beginning of the period41,80927, 87 9
Cash and cash equivalents at the end of the period17,65841,809

41
The accompanying notes form part of these consolidated financial statements.
Consolidated statement of cash flows
FOR THE YEAR ENDED 31 MARCH 2025
Reconciliation of net profit/(loss) after tax with net cash flow from operating activities
2025
2024
(restated)
$000$000
Net profit/(loss) after tax(436,831)(169,665)
Adjusted for:
Movements in statement of financial position items
Occupancy advances570,059678,119
Deferred management fees(126,268)(136,677)
Refundable accommodation deposits83,723108,651
Revenue in advance4 3,16341,586
Trade and other payables6,349(2,025)
Trade and other receivables(3,924)(21,976)
Inventory2,3732,939
Employee entitlements3,95126,516
Non-cash or non-operating items
Depreciation and amortisation44,58342,214
Depreciation of right-of-use assets3,8783,7 71
Close out of employee share scheme2,0832,931
Share-based payment reserve348-
Impairment172,94196,480
Inventory write-off5,1909,293
Deferred tax221,442(112,264)
Unrealised foreign exchange (gain)/loss(13,637)(13,781)
Fair-value movement of investment properties(169,173)39,149
Net operating cash flows410,250595,261
Net operating cash flows includes the following:
20252024
$000$000
Deferred management fees collected78,77366,530

RYMAN HEALTHCARE ANNUAL REPORT 2025
42
Notes to the consolidated
financial statements
FOR THE YEAR ENDED 31 MARCH 2025
The notes to the consolidated financial statements include information that is considered relevant and material
to assist the reader in understanding changes in the Group’s financial position and performance. Information is
considered relevant and material if:
• The amount is material because of its size or nature
• It is important for understanding the results of the Group
• It helps explain changes in the Group’s business
• It relates to an aspect of the Group’s operations that is important to future performance.
1. GENERAL INFORMATION
Reporting entity
The consolidated financial statements presented are those of Ryman Healthcare Limited (the Company) and its
subsidiaries (the Group). The Company is the ultimate reporting entity of the Group.
The Company is a for-profit 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.
All trading subsidiaries operate in the aged care sector in New Zealand and Australia, are 100% owned and have
balance dates of 31 March. The operating subsidiaries are listed below.
• Anthony Wilding Retirement Village Limited
• Bert Newton Retirement Village Pty Ltd
• Bert Sutcliffe Retirement Village Limited
• Bob Owens Retirement Village Limited
• Bob Scott Retirement Village Limited
• Bruce McLaren Retirement Village Limited
• Café Ryman Russley Road Limited
• Charles Brownlow Retirement Village Pty Ltd
• Charles Fleming Retirement Village Limited
• Charles Upham Retirement Village Limited
• Deborah Cheetham Retirement Village Pty Ltd
• Diana Isaac Retirement Village Limited
• Edmund Hillary Retirement Village Limited
• Ernest Rutherford Retirement Village Limited
• Essie Summers Retirement Village Limited
• Evelyn Page Retirement Village Limited
• Frances Hodgkins Retirement Village Limited
• Grace Joel Retirement Village Limited
• Hilda Ross Retirement Village Limited
• Hubert Opperman Retirement Village Pty Ltd
• James Wattie Retirement Village Limited
• Jane Mander Retirement Village Limited
• Jane Winstone Retirement Village Limited
• Jean Sandel Retirement Village Limited
• John Flynn Retirement Village Pty Ltd
• Julia Wallace Retirement Village Limited
• Keith Park Retirement Village Limited
• Kevin Hickman Retirement Village Limited
• Kiri Te Kanawa Retirement Village Limited
• Linda Jones Retirement Village Limited
• Logan Campbell Retirement Village Limited
• Malvina Major Retirement Village Limited
• Margaret Stoddart Retirement Village Limited
• Miriam Corban Retirement Village Limited
• Murray Halberg Retirement Village Limited
• Nellie Melba Retirement Village Pty Ltd
• Ngaio Marsh Retirement Village Limited
• Patrick Hogan Retirement Village Limited
• Possum Bourne Retirement Village Limited
• Raelene Boyle Retirement Village Pty Ltd
• Rita Angus Retirement Village Limited
• Rowena Jackson Retirement Village Limited
• Ryman Aged Care (Australia) Pty Ltd
• Ryman Construction Pty Ltd
• Ryman Healthcare (Australia) No. 11 Pty Ltd
• Ryman Healthcare (Australia) Pty Ltd

43
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
• Ryman Napier Limited
• Ryman Northwood Retirement Village Limited
• Shona McFarlane Retirement Village Limited
• Weary Dunlop Retirement Village Pty Ltd
• William Sanders Retirement Village Limited
• Yvette Williams Retirement Village Limited
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 financial statements comply with these Acts.
The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting
Principles in New Zealand (NZ GAAP), International Financial Reporting Standards Accounting Standards
(IFRS Accounting Standards), the New Zealand equivalents to International Financial Reporting Standards
(NZ IFRS) and other applicable financial reporting standards, as appropriate for a Tier 1 for-profit entity.
Basis of preparation
These consolidated 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 consolidated financial statements have been prepared on a historical cost basis, except when:
• Certain property, plant and equipment is subject to revaluation (note 11)
• Assets held for sale and investment property are measured at fair value (notes 10 and 12)
• Certain financial assets and liabilities are measured at fair value (note 20).
The information is presented in thousands of New Zealand Dollars ($ or NZD), 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$ or AUD).
Key estimates and judgements
In applying the Group’s accounting policies, management has made judgements, estimates, and assumptions
about the carrying values of assets and liabilities and the reported amounts of income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that
are reasonable under the circumstances. Actual results may differ from these estimates. The estimates and
underlying assumptions are reviewed on an ongoing basis, with the effect of any change in an accounting estimate
recognised prospectively.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements are disclosed in the following notes:
• Revenue recognition, specifically relating to deferred management fees (note 3)
• Deferred tax, specifically related to recognition of tax losses (note 7)
• Valuation of assets held for sale (note 10)
• Valuation of property, plant and equipment (note 11)
• Valuation of investment property (note 12)
• Impairment of intangible assets (note 13)
Additionally, the matters described below affect multiple asset types and related notes.

RYMAN HEALTHCARE ANNUAL REPORT 2025
44
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Classification of property assets
The Group provides aged care and retirement living co-located within retirement villages. The classification of
the property assets determines the accounting treatment and judgement is required. NZ IAS 40 – Investment
Property requires an entity to develop criteria so that it can exercise that judgement consistently and to disclose
the criteria when classification is difficult.
Business model or intention
• Property held for use in the production or supply of goods and services would be property, plant and
equipment. Therefore, if the business model is the provision of care, the property should be classified
as property, plant and equipment.
• Property held to earn rentals and/or for capital appreciation would be investment property. Therefore, if
the business model is the provision of retirement accommodation, the property should be classified as
investment property.
Level of ancillary services provided
• For a property to be classified as investment property, the services provided to the residents must
be insignificant to the arrangement.
• Guideline of 20% of total revenue to determine whether the services provided are significant.
Property type and service descriptionBusiness model or intention
Level of ancillary
services providedClassification
Independent unit – Private accommodation
with access to shared community facilities.
No care or assistance is included beyond
standard weekly fee services, but additional
support can be arranged if required.
Held to earn rentals
and/or for capital
appreciation
Optional and
below 20%
guideline
Investment
property
(note 12)
Serviced apartment – Private accommodation
offering additional services for assisted living,
such as regular housekeeping, meals, and
personal care support.
Held to earn rentals
and/or for capital
appreciation
Compulsory
and below 20%
guideline
Investment
property
(note 12)
Care bed – A room within a care facility where
residents receive full-time care at rest home,
hospital, or dementia care levels. Room
options range from standard to premium.
Provision of careCompulsory Property, plant
and equipment
(note 11)
Care suite – As per care bed, but subject to
an occupation right agreement with a deferred
management fee.
Typically, larger than standard care rooms,
care suites may include higher-quality
furnishings, a kitchenette, and other
enhanced amenities.
Provisions of careCompulsory Property, plant
and equipment
(note 11)

45
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
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
the Group’s new integrated retirement villages and aged care facilities, and the refurbishment and enhancement
of its existing portfolio of villages.
While there currently is no significant impact identified for asset valuations; this may change in the future. To date,
the independent valuers have made no explicit adjustments to valuation of property, plant and equipment (note 11)
and the valuation of investment property (note 12) in respect of climate change.
Seismic risk
The Group operates several villages in geographies that have a higher earthquake risk, particularly the villages
located along the Hikurangi fault line in New Zealand. None of the Group’s properties have been notified by a
territorial authority in New Zealand as being potentially “earthquake prone” (being a New Building Standard
(NBS) rating of less than 34%). If the buildings were to be formally classified as “earthquake prone”, the maximum
period of time for carrying out remedial works would be 15 years for buildings located in high-risk zones (such as
Wellington), through to 35 years for buildings located in low-risk zones (such as Auckland).
The Group is currently undertaking seismic assessments across a number of buildings located in higher-risk
seismic zones with the assistance of independent experts. These assessments are at varying stages of completion.
Improvement works have already been carried out on a limited number of buildings. For other buildings where
issues have been identified to date, the Group is actively exploring remediation options and estimates of the
associated costs. Other assessments remain at preliminary stages and further investigation is required.
Independent experts have confirmed that there are no life safety concerns and no need to vacate any buildings.
While the final scope and cost of works can only be confirmed once assessments are complete, preliminary
internal estimates for known issues are in the range of $30-35 million. These estimates have been provided to the
Group’s independent valuer to inform their valuation of property, plant and equipment (note 11) and investment
property (note 12). The valuer has made an allowance for major capital expenditure of the estimated value
provided by management.
Remedial works
The Group has undertaken relevelling works of the main building and one of the apartment buildings at
Edmund Hillary Retirement Village in Auckland, New Zealand, with the aged care facilities in the main building
being re-operationalised in May 2025. The exterior remediation is expected to be completed in June 2025.
These works were undertaken in response to ground settlement over time.
The cost of the current relevelling works is approximately $8.0 million, the majority of which has been incurred
in the current financial year. This information has been provided to the Group’s independent valuer to inform the
valuation of property, plant and equipment (note 11) and investment property (note 12). Both the discount rate for
the valuation of investment property and the capitalisation rate for the valuation of property, plant and equipment
adopted at Edmund Hillary have been revised, reflecting the potential requirement for future remedial works/
relevelling in respect of the main building and apartment building that have been relevelled.
The Group monitors ongoing settlement at Edmund Hillary and relevelling works are likely to also be required
to various other buildings in the future.

RYMAN HEALTHCARE ANNUAL REPORT 2025
46
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Changes in financial reporting
Accounting policies are selected and applied in a way that seeks to ensure the resulting financial information
satisfies the concepts of relevance and reliability, and the substance of the underlying transactions or other
events is reported.
The Group disclosed at 31 March 2024 that it had made changes to accounting estimates with the effect of
any change recognised prospectively. These changes 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 aged care facility to independent residents and inclusion of
completed unsold investment property in the valuation. Refer to the 31 March 2024 financial statements for
more information.
The Group has continued its 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. As a result, there have been further
accounting estimate changes and corrections to the Group’s financial reporting, some of which were reported in
the 30 September 2024 half year unaudited consolidated interim financial statements. The financial statements for
the period ended 31 March 2024 and opening balance sheet at 1 April 2023 have been restated, where applicable.
The accounting estimate changes (note 1e) and corrections (notes 1a–1d and notes 1f–1g) have been summarised
below, with the impact of these on the comparative periods reported in the table following.
a. Investment properties – discounting accrued deferred management fees
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 discounted cash flow approach.
This includes occupancy advances for retirement village units which are recognised as a liability net of
deferred management fees and suspended contributions (resident loans). The Group had previously
discounted the deferred management fees when adjusting investment property.
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 liability 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.

47
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
The remaining occupancy advance receivable (included in trade and other receivables) 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.
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 independent 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 12.
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 aged care facilities 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 was
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.
There may be two components to development land: the land itself and capitalised work in progress (WIP).
Land will be valued by independent 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 changes or is no longer feasible.
This change requires retrospective application, but the Group has found it impractical to restate comparative
amounts to fair value. This being due to the independent 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 deems 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.
Consequently, assets held for sale are now recorded at fair value.
The Group has determined that the difference between fair value less costs to sell and fair value 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 accordingly.

RYMAN HEALTHCARE ANNUAL REPORT 2025
48
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
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 seven years for independent units and three 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 nine
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 first occupied the unit since 1 April 2024. This change was made at 30 September 2024 and backdated
to 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 $1.8 million reduction is not material to the
Group financial statements. Given the change has been applied in the underlying systems, it is not possible
to quantify the impact to the full financial year.
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 $12.0 million overstatement of deferred management fee
revenue has been corrected in the current period. This related to uncapped internal transfers and incorrect
inclusion of GST. The GST treatment 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. Support and services capitalisation
Property, plant and equipment and investment property
The Group has operated a shared services model with resources centralised in the head office entities in
New Zealand and Australia. These resources support the operation of the village entities, asset management
of existing villages, development of new villages and general administration and compliance activities for
the business as a whole. The cost of a development (whether investment property or plant, property and
equipment) includes directly attributable costs of constructing the development for it to be capable of
operating in the manner intended by the Group. Since the majority of shared services resources support
multiple development projects, an allocation methodology must be applied.
The Group has reviewed this allocation methodology and revised its policy, with the change retrospectively
applied. Where completed investment property and property, plant and equipment are held at fair value, any
changes to the historical cost base of assets which had previously been valued, will not impact the carrying
value. The revised policy reduces the cost base of assets, reduces capitalised costs and increases reported
expenses, and increases the fair-value movement (investment properties) or asset revaluation reserve
movement (property, plant and equipment). To the extent that property, plant and equipment was impaired in
previous periods, this policy change will reverse the impairment before uplifting the asset revaluation reserve.
There will also be consequential reductions in the annual depreciation expenses for property plant and
equipment. Given the quantum of the development activity in recent years, this is a complex change to the
financial results.

49
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Intangible assets
The previous methodology saw support and services costs capitalised to all qualifying assets, including
internally generated intangible assets (software). Intangible assets are held at cost less amortisation and
impairment (if any). The change to the policy will result in a permanent reduction in the value of intangible
assets and increase in reported expenses. There will also be consequential reductions in the annual
amortisation expenses. The comparatives have been restated.
g. Aged care facility valuation
The Group has historically engaged independent valuers to provide a valuation of completed care facilities.
The valuation was performed on a freehold going concern basis which incorporated land, buildings, furniture,
plant and equipment, and goodwill. In the absence of a detailed component breakdown, fair-value movements
were previously allocated to land first, followed by buildings as needed.
The Group has revised its valuation instructions to require an explicit apportionment of value among land,
buildings, furniture, plant and equipment, and goodwill. Goodwill is now excluded from the reported asset
value, as it is internally generated and cannot be recognised as an asset. This change has been applied
retrospectively. Furniture, plant and equipment continues to be held at cost less accumulated depreciation
and impairment.
The independent valuer has provided the required apportionment for comparative periods, resulting in an
overall reduction in the carrying value of aged care facilities and either a reduction in the asset revaluation
reserve or recognition of an impairment expense where the reserve has been fully utilised. The property,
plant, and equipment note has also been updated to reflect the revised valuation methodology.
In addition, the aged care facility freehold going concern valuation previously included a gross-up for
refundable accommodation deposits. This gross-up was to reflect that the valuation of the freehold
going concern included a deduction for the value lost from an absence of premium charging on rooms
subject to refundable accommodation deposits. The Australian valuer incorporated the gross-up directly
in their valuation, consistent with market practice. As the Group is the only provider offering refundable
accommodation deposits for aged-care in New Zealand, this gross-up is not captured by the New Zealand
valuer, and was historically incorporated by the Group. Following the change to value only land and buildings,
this gross-up is no longer required.
h. Reclassifications
Certain comparative balances have been reclassified to ensure consistency with the current reporting format.
Derivative financial instruments
During the year, the Group revised its presentation of derivative financial instruments in the statement of financial
position. Derivative assets and derivative liabilities within note 20 are now presented separately, whereas in
prior periods, a net derivative position was reported. The comparative figures for the previous financial year
have been restated to reflect this change and ensure consistency with the current year’s presentation.

RYMAN HEALTHCARE ANNUAL REPORT 2025
50
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
i. Opening balance sheet significant estimates
The opening balance sheet at 1 April 2024 has been presented to reflect the restatements referenced above.
Significant accounting estimates were included in the opening balance sheet that are no longer applied in the
current or comparative reporting periods. This disclosure provides context for the values presented in the
opening balance sheet.
Allowance for value provided by aged care facility
The March 2023 land and building valuation, included within property, plant and equipment, incorporated an
allowance for the value attributed to the aged care facility supporting independent and serviced apartment
residents. This allowance was determined as a portion of the deferred management fees (DMF) paid by those
residents and was excluded from the investment property valuation.
In March 2024, prompted by changes in economic conditions, financial returns, and strategic plans, the Group
reassessed the appropriateness of this estimate. As a result, the allocation was reduced from 25% to zero and
has not been reinstated. The March 2023 allowance included in the carrying value of land and buildings was
$320.7 million. If applied consistently, the equivalent 2024 allowance would have increased to $370.7 million.
The removal of this allowance contributed to a $429.7 million increase in the March 2024 investment property
valuation. The difference between the $429.7 million increase and the $370.7 million comparative allowance
reflects the removal of allowances previously deducted from investment properties that are not associated
with a care centre valuation.
Directors range assumption within the investment property valuation
In March 2023, the directors exercised judgement in determining the adopted fair value of investment
property by using a range of inputs, including both 20% and 30% DMF rates. This approach benchmarked
Ryman’s DMF structure against broader industry practices, resulting in the application of a 30% assumption
on future rollovers.
In March 2024, these assumptions were reviewed. Independent registered valuers advised that Ryman’s
actual contractual DMF terms—primarily 20% at the time—are appropriate for determining the fair value of
the operator’s interest. Although this differs from the sector’s maximum DMF rates, the valuers considered
other valuation inputs, such as the discount rate, to sufficiently reflect potential variability.
Consequently, the March 2024 investment property valuation was based solely on the independent valuation.
The impact of this change was a $398.6 million reduction in the investment property valuation.

51
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Comparative period impact – consolidated statement of financial position
Note20242023
$000$000
Assets
Trade and other receivables – reported688,398719,121
Adjustment – occupancy advance recognition1b(515,815)(578,878)
Trade and other receivables – restated172,583140,243
Derivative financial instruments – reported 10,3313 6 ,474
Adjustment – reclassification1h6,469-
Derivative financial instruments – restated
16,8003 6 ,474
Property, plant and equipment – reported 1,936,9692,205,428
Adjustment – development land1c(466,373)(523,863)
Adjustment – capitalised cost1f(31,247)(25,232)
Adjustment – valuation adjustments for capitalised cost1f19,35016,644
Adjustment – removal of internally generated goodwill1g(180,356)(126,194)
Adjustment – removal of RAD gross-up1g(143,526)(101,452)
Property, plant and equipment – restated1,134,8171,445,331
Investment properties – reported 10,041,3699,322,902
Adjustment – discount of accrued DMF1a(235,023)(194,373)
Adjustment – development land1c466,373523,863
Adjustment – Nellie Melba land1d(10,910)-
Adjustment – capitalised cost1f(278,251)(220,627)
Adjustment – valuation adjustments for capitalised cost1f158,641125,717
Investment properties – restated 10,142,1999,557,482
Intangible assets – reported 85,06584,832
Adjustment – capitalised costs1f(61,047)(52,285)
Adjustment – amortisation impact1f16,71411,225
Intangible assets – restated 40,73243,772
Deferred tax asset – reported 196,0725 3 ,7 74
Adjustment – discount of accrued DMF1a43,52171,378
Adjustment – capitalised costs1f19,99014,891
Deferred tax asset – restated 259,583140,043
Held for sale – reported 75,51431,379
Adjustment – Nellie Melba land1d10,910-
Held for sale – restated86,42431,379

RYMAN HEALTHCARE ANNUAL REPORT 2025
52
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Note20242023
$000$000
Liabilities
Derivative financial instruments – reported 5,6885,988
Adjustment – reclassification1h6,469-
Derivative financial instruments – restated12,1575,988
Net occupancy advances – reported 5,300,7944,826,182
Adjustment – occupancy advance recognition1b(515,815)(578,878)
Net occupancy advances – restated 4,784,9794,247,304
Deferred tax liability – reported -14,678
Adjustment – discount of accrued DMF1a-(14,678)
Deferred tax liability – restated --
Equity
Reserves – reported 348,718599,431
Adjustment – foreign currency movements1f(1,013)-
Adjustment – removal of internally generated goodwill1g(180,356)(126,194)
Adjustment – removal of RAD gross-up1g(143,526)(101,452)
Adjustment – valuation adjustments for capitalised cost1f19,35016,644
Adjustment – insufficient reserves (impairment)1f72 ,7129,333
Reserves – restated 115,885397,762
Retained earnings – reported 3,116,0023,111,227
Adjustment – foreign currency movements1f1,013-
Adjustment – capitalised costs (Intangibles)1f(44,333)(41,060)
Adjustment – capitalised costs (IP)1f(278,251)(220,627)
Adjustment – capitalised costs (PPE)1f(31,247)(25,232)
Adjustment – insufficient reserves (impairment)1f(72,712)(9,333)
Adjustment – valuation adjustments for capitalised cost1f158,641125,717
Adjustment – discount of accrued DMF (deferred tax)1a43,52186,056
Adjustment – discount of accrued DMF1a(235,023) (194,373)
Adjustment – capitalised costs (deferred tax)1f19,99014,891
Retained earnings – restated 2 ,677,6012,847,266

53
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Comparative period impact – consolidated income statement
Note2024
$000
Expenses
Operating expenses – reported(651,883)
Adjustment – capitalised costs1f(60,032)
Operating expenses – restated(711,915)
Finance costs – reported(50,642)
Adjustment – capitalised costs1f(3,189)
Finance costs – restated
(53,831)
Depreciation and amortisation expense – reported (43,803)
Adjustment – capitalised costs1f(2,182)
Depreciation and amortisation expense – restated (45,985)
Impairment loss – reported (243,573)
Adjustment – write down of development WIP1c147,472
Adjustment – write down on held for sale land1d63,330
Adjustment – capitalised costs1f(63,709)
Impairment loss – restated(96,480)
Fair-value movement
Fair-value movement of investment properties – reported 179,545
Adjustment – discount of accrued DMF 1a(40,650)
Adjustment – development land WIP1c(147,472)
Adjustment – write down on held for sale land1d(63,330)
Adjustment – capitalised costs1f33,365
Adjustment – correction of negative reserves1f(607)
Fair-value movement of investment properties – restated (39,149)
Income tax
Income-tax credit – reported149,700
Adjustment – discount of accrued DMF1a(42,535)
Adjustment – capitalised costs1f5,099
Income-tax credit – restated112,264

RYMAN HEALTHCARE ANNUAL REPORT 2025
54
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Comparative period impact – consolidated statement of cash flows
Note2024
$000
Operating activities
Payments to suppliers and employees – reported (624,518)
Reclassification – capitalised costs1f(60,032)
Payments to suppliers and employees – restated(684,550)
Investing activities
Development of property, plant and equipment – reported (99,719)
Reclassification – capitalised costs1f(8,477)
Adjustment – development land 1c12,543
Adjustment – capitalised costs1f(1,656)
Development of property, plant and equipment – restated (97,309)
Development of investment property – reported(582,551)
Reclassification – capitalised costs1f8,477
Adjustment – development land 1c(12,543)
Adjustment – capitalised costs1f52,926
Development of investment property – restated(533,691)
Purchase of intangible assets – reported(15,482)
Adjustment – capitalised costs1f8,762
Purchase of intangible assets – restated(6,720)
Comparative period impact – earnings per share (EPS)
Note2024
$000
Net profit after tax – reported
4,7 75
Adjustments(174,440)
Net profit/(loss) after tax – restated14(169,665)
Weighted average number of shares (in ’000)14687,642
Basic and diluted EPS – reported0.7
Basic and diluted EPS – restated 14(24.7)

55
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Comparative period impact – net tangible assets (NTA) per share
Note2024
$000
NTA ($000) – reported
4,136,470
Adjustments(690,412)
NTA ($000) – restated143,446,058
Ordinary shares at reporting date (in ’000)14687,642
NTA per share (cents per share) – reported601.5
NTA per share (cents per share) – restated 14501.1
NTA is calculated as total assets less intangible assets and deferred tax assets, and less total liabilities.
New and amended standards and interpretations
The following standards and interpretations became effective during the current period and are relevant to the
Group’s financial reporting:
• Supplier Finance Arrangements (Amendments to NZ IFRS 7 – Financial Instruments: Disclosures and
NZ IAS 7 – Statement of Cash Flows)
• Non-current Liabilities with Covenants (Amendments to NZ IAS 1 – Presentation of Financial Statements)
• Disclosure of Fees for Audit Firms’ Services (Amendments to FRS 44 – New Zealand Additional Disclosures)
• IFRIC agenda decision on Segment reporting
These changes did not have a material impact on the Group’s consolidated financial statements. The Group’s
segment reporting has changed during the period, driven by changes to the organisational structure, roles and
responsibilities. These changes are unrelated to the IFRIC agenda decision. The amendments to FRS 44 were
early adopted in FY24.
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. The effect of these have not
yet been determined.
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.

RYMAN HEALTHCARE ANNUAL REPORT 2025
56
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Summary of material accounting policies
Material accounting policies that are pervasive throughout the consolidated financial statements are set out
below. Material accounting policies that are specific to certain balances or transactions are set out within the
notes to which they relate.
Basis of consolidation
The consolidated financial statements are prepared by combining the financial statements of all the entities
that comprise the Group, being the Company (the parent entity) and its subsidiaries as defined in NZ IFRS 10
– Consolidated Financial Statements. The financial statements of subsidiaries are prepared for the same
reporting period as the parent company, using consistent accounting policies. All significant inter-company
transactions and balances are eliminated in full on consolidation.
Income and expenses for each subsidiary whose functional currency is not NZD are translated at exchange
rates that approximate the rates at the actual dates of the transactions. Assets and liabilities of such subsidiaries
are translated at exchange rates at balance date. All resulting exchange differences are recognised in the
foreign-currency translation reserve.
Foreign currency translation
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange
rates that approximate the rates at the actual dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate at the
reporting date. Non-monetary items that are measured at historical cost in a foreign currency are translated
using the exchange rates at the dates of the initial transactions. Non-monetary items carried at fair value that
are denominated in foreign currencies are retranslated using the exchange rates at the date when the fair
values were determined.
Foreign exchange differences are generally recognised in profit or loss. However, exchange differences relating
to the translation of a foreign operation and the effective portion of a hedge of a net investment in foreign
operations are recognised in other comprehensive income.
Goods and Services Tax (GST)
Revenue, expenses, assets and liabilities are recognised net of GST except when:
• The GST incurred is not recoverable from the taxation authority, in which case the GST is recognised
as part of the cost of the asset or expense, as applicable.
• Receivables and payables are stated with the amounts of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of the
receivables or payables in the statement of financial position.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to,
the taxation authority.
Statement of cash flows
The statement of cash flows is prepared exclusive of GST. This is consistent with the method used in the
income statement.
• Operating activities are the principal revenue-producing activities of the Group and other activities that are
not investing or financing activities. Cash flows from operating activities include receipts and repayments of
occupancy advances and refundable accommodation deposits.
• Investing activities are the acquisition and disposal of property, plant and equipment, investment properties,
intangible assets, and other investments.
• Financing activities are activities relating to changes in the equity and debt structure of the Group.

57
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2. SEGMENT INFORMATION
The Group operates in a single industry: the provision of integrated aged care facilities and retirement villages
for older people in New Zealand and Australia. The service delivery process is consistent across all villages, with
similar customer classes, distribution methods, and regulatory environments. As a result, the Group does not
separately report on care and village operations, and these are aggregated within each region.
The Group’s chief operating decision maker is the Board of Directors and Chief Executive Officer.
The Group has undergone significant structural and operational changes in recent years.
• In late 2023, the Group announced it would no longer use underlying profit as a key performance measure,
shifting focus to cash flow from existing operations, cash flow from development, and IFRS profit/(loss) before
tax and fair-value movements.
• In April 2024, the Board Chair became Executive Chair following the resignation of the Group CEO, and a
significant business improvement programme was initiated.
• In September 2024, the Group transitioned to a function-based services and support structure, replacing
the previous regional model to improve efficiency. This restructure disestablished the Group/Regional
reporting structure used in prior segmental results, with team members appointed to functional roles
regardless of location.
• A new Chief Executive Officer commenced in November 2024 to continue leading the transformation.
As a result of these changes, the internal reporting structure is still being reset, and updates are being embedded
in reporting systems and management processes. During this period, the Board of Directors and Chief Executive
Officer primarily review Group-level financials. Segmentation is relevant in respect of the integrated village
operating earnings before interest expense, tax, depreciation, amortisation and fair-value moments (EBITDAF)
performance of each country and the non-village EBITDAF (mainly centralised support services) across
New Zealand and Australia combined. Currently there is no allocation of support services costs (e.g. clinical or
operations teams) from the non-village to village segments. The segment note has been revised to reflect these
changes and the comparatives have been restated on this basis.
Non-current assets are based on the geographical locations of the assets. Loans and borrowings are based on
the geographical location of the borrower, with an adjustment between regions to account for start-up funding
borrowed in New Zealand which was used as equity in the Australian operation. The accounting policies of the
reportable segments are the same as the Group’s accounting policies.

RYMAN HEALTHCARE ANNUAL REPORT 2025
58
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
New Zealand
villages
Australia
villagesNon-villageGroup
$000$000$000$000
2025
Care and village fees458,695112,160-570,855
Deferred management fees118,20136,708-154,909
Imputed interest income on refundable
accommodation deposits9,63722,862-32,499
Other income7,4 4 02,8312,59712,868
Total operating revenue (adjusted)593,973174,5612,597771,131
Employee expenses(316,693)(99,431)(81,170)(497,294)
Operations(65,546)(13,868)(3,342)(82,756)
Building and grounds(76,785)(13,522)(2,828)(93,135)
Direct selling expenses(8,361)(2,230)-(10,591)
Marketing(8,142)(1,312)(11,833)(21,287)
Software and technology(1,025)(79)(20,724)(21,828)
Administration(3,992)(1,187)(16,097)(21,276)
Capitalised to qualifying assets--22,56022,560
Total operating expenses (adjusted)(480,544)(131,629)(113,434)(725,607)
Operating earnings before interest, tax,
depreciation, amortisation, and fair-value
movements (EBITDAF)113,42942,932(110,837)45,524
2024 (restated)
Care and village fees426,93583,445-510,380
Deferred management fees110,69329,461-140,154
Imputed interest income on refundable
accommodation deposits7,6 2 616,829-24,455
Other income8,4682,4961,60712,571
Total operating revenue (adjusted)553,722132,2311,607687,560
Employee expenses(295,189)(85,621)(85,937)(466,747)
Operations(65,561)(12,287)(1,043)(78,891)
Buildings and grounds(62,085)(10,084)(3,281)(75,450)
Direct selling expenses(18,443)(1,008)-(19,451)
Marketing(5,617)(2,073)(13,455)(21,145)
Software and technology(201)(88)(24,050)(24,339)
Administration(4,190)(1,006)( 1 7,70 3 )(22,899)
Capitalised to qualifying assets--36,18536,185
Total operating expenses (adjusted)(451,286)(112,167)(109,284)(672,737)
Operating earnings before interest, tax,
depreciation, amortisation and fair-value
movements (EBITDAF)102,43620,064(107,677)14,823

59
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Reconciliation to the net profit/(loss) after tax
2025
2024
(restated)
$000$000
Operating earnings before interest, tax, depreciation,
amortisation, and fair-value movements (EBITDAF)45,52414,823
Non-operating revenue
1
(11,967)-
Interest received 1,5312,326
Non-operating expenses
1
(25,486)(39,178)
Depreciation and amortisation expense(4 8,461)(45,985)
Finance costs(140,263)(53,831)
Imputed interest charge on refundable accommodation deposits(32,499)(24,455)
Impairment losses(172,941)(96,480)
Profit/(loss) before income tax and fair-value movements (PBTF)(384,562)(242,780)
Fair-value movement of investment properties169,173(39,149)
Income-tax (expense)/credit(221,442)112,264
Net profit/(loss) after tax (NPAT)(436,831)(169,665)
1
Non-operating revenue and expenses have been presented in the table below.

RYMAN HEALTHCARE ANNUAL REPORT 2025
60
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Non-operating revenue and expenses
20252024
$000$000
Reduction to DMF for GST and uncapped transfers(11,967)-
Total non-operating revenue(11,967)-
Cash settled share-based payments-(1,194)
Other leadership Share Scheme (LSS) costs(212)(3,802)
Employee Share Scheme (ESS) loan write-off(60)(1,277)
Other LSS and ESS costs(2 ,7 76)(2,827)
Holidays Act 2003 remediation-(18,000)
Payroll remediation(2,198)-
Organisation transformation costs – redundancy(5,234)-
Total non-village employee expenses(10,480)(27,100)
Close-out of employee share schemes – consultancy(780)(2,080)
Holiday Act 2003 remediation – consultancy(250)(705)
Organisation transformation costs – consultancy(4,955)-
Total non-village administration expenses(5,985)(2 ,7 8 5 )
Loss on sale of construction assets(3,831)-
Total non-village building and grounds expenses(3,831)-
Inventory write-downs (non-village)(5,190)(7,444)
Inventory write-downs (village)-(1,849)
Total operations expenses(5,190)(9,293)
Total non-operating revenue and expenses ( 3 7, 4 5 3 )(39,178)
Operating earnings before interest expense, tax, depreciation, amortisation and fair-value movements (EBITDAF)
and non-operating revenue and expenses are a non-GAAP measure which do not have a standardised meaning
prescribed by GAAP (Generally Accepted Accounting Practice). These non-GAAP measures have been
presented as they are used internally by chief operating decision makers to understand the Group’s performance.
It may not be comparable to similar financial information presented by other entities.
Non-current assets
2025
2024
(restated)
$000$000
New Zealand9,239,9378,894,875
Australia 2,606,0172,422,872
Total11,845,95411,317,747
Non-current assets includes property, plant and equipment, investment properties and intangible assets.

61
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Loans and borrowings
2025
2024
(restated)
$000$000
New Zealand6 74 , 2 3 21,629,265
Australia 1,008,320917,682
Total1,682,5522,546,947
Information about major customers
Included in total revenue is revenue that arose from sales to the Group’s largest customers.
The Group derives care-fee revenue for eligible government-subsidised residents who receive aged residential
care, and in Australia, home care. In New Zealand, the government aged care subsidies received from Health
New Zealand – Te Whatu Ora amounted to $171.5 million (2024: $157.5 million). In Australia, subsidies received
from Australian Government Services Australia amounted to $63.3 million (2024: $46.6 million). There are no
other significant customers.
3. REVENUE
Accounting policy: Revenue
The Group recognises revenue from the following major sources:
• Care and village fees
• Deferred management fees
• Imputed interest income on refundable accommodation deposits.
Care and village fees
Care fees relate to the provision of accommodation, care and related services to aged care residents. Village
fees relate to the provision of accommodation and related services to independent residents in the Group’s
retirement villages.
Care-facility and retirement village service fees are linked to providing services on specific days (service dates).
Revenue from care-facility and retirement village service fees is recognised on completion of the service dates.
Deferred management fees
Residents of the Group’s independent-living units and serviced apartments pay a deferred management fee
for lifetime occupation (or a shorter period at the resident’s discretion) and the right to share in the use of the
community facilities. The deferred management fee is calculated as a percentage of the occupation right
agreement amount. The fee accrues monthly, for a set period, based on the terms of individual contracts.
Deferred management fees are payable when residents exit their unit and are netted off the gross occupation
advance which is returned to residents.
Revenue from deferred management fees is recognised on a straight-line basis over the period of service,
which is determined as the greater of the expected period of tenure or the contractual right to receive deferred
management fees. The timing of revenue recognition is an accounting estimate, with expected tenure based on
historical experience across villages. These assumptions are reviewed periodically and may change to reflect
evolving life expectancy. In the current year, more sophisticated methods were applied, incorporating actuarial
tables and consideration of resident mix. For residents entering from 1 April 2024, the tenure estimate was revised.
The impact of this change is disclosed in Note 1.

RYMAN HEALTHCARE ANNUAL REPORT 2025
62
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
In 2024 the Group began offering care suites under an occupation right agreement with a deferred management
fee, instead of a daily accommodation premium or refundable accommodation deposit paid by residents.
20252024
Expected period of tenure, based on date of entry
Independent unit residents9 years7 years
Serviced apartment residents 4.5 years3 years
Care suites 2 years-
Imputed interest income on refundable accommodation deposits
For residents who pay for accommodation using a refundable accommodation deposit, the Group has determined
that these arrangements qualify as leases under NZ IFRS 16 – Leases, with the Group acting as the lessor. In
accordance with NZ IFRS 16, the fair value of the non-cash consideration—represented by an interest-free loan
from the resident—must be recognised as income, with a corresponding interest expense. There is no net impact
on profit or loss. This only applies to refundable accommodation deposits and not where there is another form of
payment for accommodation such as daily accommodation premiums or deferred management fees.
The Group has determined the use of the Maximum Permissible Interest rate (MPIR) as the interest rate to be used
in the calculation of the imputed interest income on Australian refundable accommodation deposits and bonds.
The MPIR is a rate set by the Australian Government and is used to calculate the Daily Accommodation Payment
(DAP) to applicable residents. This ranged between 8.34%–8.42% (2024: 7.46%–8.38%).
In New Zealand, the implicit interest rate used to convert a room premium to a refundable accommodation
deposit is used to calculate the imputed interest income. This is currently 6.06% (2024: 5.20%–6.06%).
Accounting policy: Revenue in advance
Revenue in advance represents those amounts by which the deferred management fees over the contractual
period exceed recognition of the deferred management fees based on expected tenure.
4. OPERATING EXPENSES
2025
2024
(restated)
$000$000
Employee expenses5 07,7 74493,847
Operations87, 9 4 688,184
Building and grounds96,96675,450
Direct selling expenses10,59119,451
Marketing21,2872 1,145
Software and technology21,82824,339
Administration27, 2 6 125,684
Gross operating expenses773,653748,100
Capitalised to qualifying assets(22,560)(36,185)
Reported operating expenses751,093711,915

63
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
The Group has revised its cost capitalisation methodology and a lower proportion of centralised support services
costs are capitalised. As a change in accounting policy, the comparatives have been restated.
Employee expenses relating to sales advisors, including commission payments, which were previously classified
as direct selling expenses, have been reclassified to employee expenses. This amounted to $9.0 million in 2024
and was reclassified in the comparative period.
20252024
$000$000
Employee expenses include:
Post-employment benefits (KiwiSaver/Superannuation)16,8401 7,5 24
Holiday Act 2003 remediation-18,000
Cash-settled share-based payments (note 26)-1,194
Other Leadership Share Scheme (LSS) costs (note 26)2123,802
Employee Share Scheme (ESS) loan write-off (note 26)601,277
Other LSS and ESS costs (note 26)2 ,7 762,827
Organisation transformation – redundancy5,234-
Operations includes:
Inventory write-downs5,1909,293
Building and grounds includes:
Loss on sale of construction assets3,831-
Administration includes:
Directors’ fees (note 25)1,0381,162
Close out of employee share schemes – consultancy7802,080
Holiday Act 2003 remediation – consultancy250705
Organisation transformation – consultancy4,955-
Auditor’s remuneration comprises:
Audit of financial statements – PwC613-
Other assurance services related to Australia aged care – PwC12-
Climate-related disclosure assurance-readiness services – PwC58-
Other services – whistleblower services – PwC23-
Audit of financial statements – Deloitte-573
Other assurance services related to Australia aged care – Deloitte-11
Climate-related disclosure assurance-readiness services – Deloitte-13
Marketing includes:
Donations^414699
^ No donations have been made to any political party (2024: $Nil).
There has been no change to the $24.0 million provision held for Holiday Act 2003 remediation (refer to note 17).
The methodology proposed by the Group is currently under review by the Ministry of Business, Innovation and
Employment (MBIE).

RYMAN HEALTHCARE ANNUAL REPORT 2025
64
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
5. DEPRECIATION AND AMORTISATION EXPENSE
Accounting policy: Depreciation and amortisation
Property, plant and equipment
Depreciation is provided on all property, plant and equipment, other than freehold land, at straight-line (SL) rates
calculated to allocate the asset’s cost or valuation, less estimated residual value, over their estimated useful lives,
starting from the time the assets are ready for use, as follows.
• Buildings 2% SL
• Plant and equipment 4–25% SL
• Furniture and fittings 10–20% SL
• Motor vehicles 20% SL
• Right of use assets Term of lease SL.
Software
Amortisation is provided on internally generated software assets and acquired software assets as follows.
• Internally generated software 10–25% SL
• Acquired software 10–25% SL.
The estimated useful lives, residual value and depreciation/amortisation method are reviewed at the end of each
reporting period, with the effects of any changes in estimates accounted for on a prospective basis.
2025
2024
(restated)
$000$000
Depreciation (note 11)
Buildings13,91811,707
Plant and equipment13,77713,772
Furniture and fittings7,8685,864
Motor vehicles1,1701,393
Right-of-use assets5,1226,417
Gross depreciation41,85539,153
Capitalised to qualifying assets(2,984)(3,783)
Reported depreciation38,87135,370
Amortisation (note 13)
Software9,59010,615
Capitalised to qualifying assets--
Reported amortisation9,59010,615
Total48,46145,985

65
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
6. FINANCE COSTS
Accounting policy: Loans and borrowing costs
Loan and borrowing costs directly attributable to the acquisition, construction or production of qualifying assets
(assets that take a substantial period of time to get ready for their intended use) are added to the costs of those
assets until the assets are substantially ready for their intended use.
Capitalisation of interest commences when expenditure and borrowing costs are incurred and the activities
necessary to prepare the asset for its intended use are in progress. The activities necessary to prepare the asset
for its intended use encompass more than the physical construction of the asset and therefore the capitalisation
of interest costs may commence before the physical construction of the properties.
If development activities are suspended for an extended period, capitalisation of the borrowing costs should
also cease until such time as the activities are resumed. This does not apply where substantial technical and
administrative work continues during a suspension in physical construction, or if it is a temporary delay that is a
necessary part of the process of getting an asset ready for its intended use or sale. Capitalisation of interest costs
continues until the assets are substantially ready for their intended use. For independent units, this occurs when
occupation is permitted, and for main buildings, when the aged care facility is certified for use.
All other borrowing costs are recognised in profit or loss in the periods in which they are incurred.
Note2025
2024
(restated)
$000$000
Interest expense on loans and borrowings 175,333175,992
Amortisation of issue costs on loans and borrowings193,7873,194
Release of cash-flow hedge reserve 15( 1 7,6 3 0)(30,323)
Less capitalised interest 11,13(51,700)(104,514)
Interest expense on loans and borrowings109,79044,349
Interest on lease liabilities 22490250
Lease modification22-(1,17 7)
Interest rate swaps and collars amendments and terminations204,33110,409
Institutional Term Loan termination costs19b19,043-
Release of capitalised Institutional Term Loan costs19b1,956-
Fair value swap termination costs
1
19b4,653-
Total finance costs140,26353,831
The weighted-average capitalisation rate on funds borrowed is 6.24% per annum (2024: 5.82% per annum).
During the period, it was determined that certain development land no longer met the criteria for interest
capitalisation due to paused activity (2024: all development land met the threshold).
1
The fair value swap termination payment was paid early April 2025.

RYMAN HEALTHCARE ANNUAL REPORT 2025
66
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
7. INCOME TAX
Accounting policy: Income tax
Tax expense comprises current and deferred tax. Tax expense is recognised in the income statement except
when it relates to items recognised in other comprehensive income or directly in equity. In this case, tax expense
is recognised in other comprehensive income or in equity.
Deferred tax is provided for temporary differences between the carrying amount of assets and liabilities for
financial reporting and the amounts used for taxation purposes. Deferred tax is not provided for on land and on
temporary differences arising from the initial recognition of assets or liabilities that affect neither accounting
profit nor taxable profit, and do not give rise to equal taxable and deductible temporary differences.
The amount of deferred tax provided is based on the way the carrying amount of assets and liabilities are
expected to be realised and settled. The Group assesses deferred tax on investment properties on the basis that
the asset value will be realised through use. The carrying value of the Group’s investment properties is determined
on a discounted cash flow basis and includes cash flows that are both taxable and non-taxable in the future. The
Group recognises deferred tax on cash flows with a future tax consequence.
A deferred tax asset is recognised to the extent that the entity has sufficient taxable temporary differences or it
is probable that future taxable profits will be available against which the asset can be used.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation
authority and the Group intends to settle current tax assets and liabilities on a net basis.
Income tax recognised in income statement
20252024
$000$000
Tax expense comprises:
Current tax expense--
Deferred tax expense/(credit)221,442(112,264)
Total income-tax expense/(credit)221,442(112,264)
The tax rate used in the below reconciliation is the corporate tax rate in New Zealand of 28% (2024: 28%).
The corporate tax rate in Australia is 30% (2024: 30%).

67
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Reconciliation between prima facie taxation and tax expense
20252024
$000$000
(Loss)/profit before income tax (215,389)(281,929)
Income tax expense calculated at 28%(60,309)(78,940)
Tax effects of:
• Non-taxable fair-value movement of investment property(47,5 4 5 )11,028
• Buildings tax base adjustment-78,871
• Property movements6,434(141,397)
• Capitalised interest (14,949)(29,933)
• Non-deductible impairment43,23426,894
• Capitalised cost restatement-15,280
• Tax losses not recognised269,190-
• Interest deductions not recognised25,308-
• Other795,933
Total income-tax expense/(credit)221,442(112,264)
Effective tax rate(102.8%)39.8%
Amounts charged or credited to other comprehensive income or equity
20252024
$000$000
Tax effect of:
• Revaluation of property, plant and equipment45,961-
• Fair value movement in cash-flow hedge reserve(5,917)(5,796)
• Other(1,903)(1,480)
Total income-tax expense/(credit)38,141( 7, 2 7 6 )

RYMAN HEALTHCARE ANNUAL REPORT 2025
68
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Deferred tax asset/liability
Opening balance
(restated)
Recognised
in income
Recognised
in equity
Closing
balance
$000$000$000$000
2025
Property, plant and equipment(80,582)1 7,0 2 6(45,980)(109,536)
Investment properties20,503(42,342)12(21,827)
Deferred management fee ( 1 3 7,6 9 0)(10,596)(199)(148,485)
Derivative financial instruments(2,897)236,8523,978
Other18,6353,1802121,836
Tax losses recognised441,614(188,733)1,153254,034
Total deferred tax asset/(liability)259,583(221,442)(38,141)-
2024 (restated)
Property, plant and equipment(52,442)(28,111)(29)(80,582)
Investment properties(43,608)64,0347720,503
Deferred management fee(111,821)(25,449)(420)( 1 3 7,6 9 0)
Derivative financial instruments(12,158)-9,261(2,897)
Other11,7166,8922718,635
Tax losses recognised348,35694,898(1,640)441,614
Total deferred tax asset/(liability)140,043112,2647, 2 7 6259,583
Tax losses
The Group has the following amounts of gross tax losses available to offset future taxable income in New Zealand
and Australia.
2025202520242024
NZ
NZ$000
AU
A$000
NZ
NZ$000
AU
A$000
Tax losses – revenue1,378,782415,5211,168,442349,606
Tax losses – capital-25,619-25,605
Total gross tax losses available1,378,7824 4 1 ,1 4 01,168,442375,211
Recognised tax losses873,11828,9641,168,442349,606
Unrecognised tax losses505,664412 ,176-25,605
Total gross tax losses1,378,7824 4 1 ,1 4 01,168,442375,211

69
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Unrecognised deductible temporary differences – tax losses
The Group has reassessed the recoverability of the deferred tax asset recognised in respect of unused tax losses
as at year end. In conducting this assessment, the Board considered the Group’s recent financial performance
relative to previous forecasts, its updated financial forecast, and prevailing economic conditions.
Under NZ IAS 12 – Income Taxes, the recognition of a deferred tax asset for unused tax losses requires robust
evidence that it is probable future taxable profits will be available against which the losses can be utilised. Given
the Group’s recent financial results, the challenging operating environment, and the increase in the unused tax
loss balance during the current year, management has determined that this threshold is not currently met.
Accordingly, the Group now recognises a deferred tax asset on tax losses only to the extent that it offsets existing
deferred tax liabilities. This is a change in estimate and prospectively applied. As a result, a deferred tax asset
of $188.5 million has been derecognised, with a corresponding income tax expense recognised in the income
statement for the current period.
The derecognised tax losses remain available to the Group for future use, provided the relevant requirements
under applicable tax legislation are met. This includes satisfying the shareholding continuity requirements, or
where applicable, the New Zealand and Australian business continuity tests.
Unrecognised tax losses of NZ$505.7 million and A$412.2 million can be carried forward indefinitely and
continue to represent a potential future tax benefit to the Group, notwithstanding their current derecognition
for accounting purposes.
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 effective 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, subject to satisfying certain integrity rules at the time the denied interest deductions
are sought to be recouped. The Group has decided to not recognise a deferred tax asset in respect of its denied
net interest deductions balance of A$76.7 million.
2025202520242024
NZ
NZ$000
AU
A$000
NZ
NZ$000
AU
A$000
Denied interest deductions -76,666--
Imputation credit memorandum account
20252024
$000$000
Closing balance1,0241,295
Imputation credits available directly and indirectly
to shareholders of the parent company, through:
• Parent company1,0241,294
• Subsidiaries-1
Closing balance1,0241,295

RYMAN HEALTHCARE ANNUAL REPORT 2025
70
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
8. CASH AND CASH EQUIVALENTS
Accounting policy: Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, cash in banks and on-demand deposits, and other short
term, highly liquid investments readily convertible to a known amount of cash and subject to an insignificant risk
of changes in value. This includes all call borrowing, such as bank overdrafts, used by the Group as part of its
day-to-day cash management.
In accordance with the Construction Contracts (Retention Money) Amendment Act 2023, commencing
5 October 2023 retention money is held in a separate bank account on trust. This is held in a compliant account
with a registered bank and is not subject to the nightly sweep. This amounts to $11.1 million at 31 March 2025
(2024: $13.9 million).
The Group has access to an overdraft facility. The bank overdraft facility is secured by a General Security Deed
and mortgages over the freehold land and buildings of the Group in the same manner as the bank loans (note 19).
Interest is payable at the ANZ Institutional Overdraft Base Rate. The interest rate on all overdraft facilities at
31 March 2025 was 7.05% (2024: 10.75%).
The Group has no bank accounts outside of the regions in which we currently operate (New Zealand and Australia).
9. TRADE AND OTHER RECEIVABLES
Accounting policy: Trade and other receivables
Trade receivables are measured at amortised cost, less any impairment. This is equivalent to fair value, being
the receivable face (or nominal) value, less appropriate allowances for estimated irrecoverable amounts. The
allowance recognised is the lifetime expected credit losses based on an assessment of each individual debtor.
It is estimated based on the Group’s historical credit loss experience and general economic conditions. Expected
credit loss represents the expected credit losses that will result from all possible default events in the expected
life of a debtor. Trade receivables are written off when there is no realistic chance of recovery.
These debtors are non-interest bearing, although the Group has the right to charge interest on overdue
settlements of occupancy advances or overdue care and village fees.
Care and village fees receivables are amounts due from residents and various government agencies in the
ordinary course of business.
Occupancy advance receivable and liability is recognised at the point when the resident takes possession of the
unit. Possession marks the point at which the resident will typically fully pay the occupancy advance. Previously
this was when a legally binding contract was in place and the unit was either complete or considered to have met
the threshold for inclusion in the investment property valuation.
The receivables balance 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. There is limited credit risk for this
population as the previous equity balance or a deposit is retained which will likely cover any accrued DMF.
The refundable accommodation deposit balance has significantly decreased due to a change in business
practices, whereby refundable accommodation deposit benefits are no longer provided until funds are received
from internally transferring residents.

71
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
(restated)
$000$000
Care and village fees receivables22,90221,677
Allowance for expected credit losses(800)-
Net trade receivables22,10221,677
New sale occupancy advance receivables20,62527,3 57
Resale occupancy advance receivables91,67787,597
Refundable accommodation deposit receivables5,50518,091
Prepayments and other receivables24,01217,861
Total trade and other receivables163,921172,583
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.
10. ASSETS HELD FOR SALE
Accounting policy: Assets held for sale
Non-current assets are classified as assets held for sale if it is highly probable that they will be recovered primarily
through sale rather than through continuing use.
Investment property held for sale is measured at fair value, with any valuation adjustment recognised through
fair-value movements in the profit or loss.
Property, plant and equipment held for sale is measured at the lower of the carrying amount and fair value less
costs to sell. Any impairment losses on their initial classification as assets held for sale and any subsequent gains
and losses on remeasurement are recognised in profit or loss.
Where a contracted sale price is available, this is considered the best indicator for fair value. Where no contracted
price is available, the fair value is determined by independent valuers. These valuations use comparable
transactions and hypothetical development methods. The valuation reflects the highest and best use of the
assets. This assessment considers the use of the asset that is physically possible, legally permissible and
financially feasible.
2025
2024
(restated)
$000$000
Balance at 1 April 86,42431,379
Net additions/(disposals)(6,613)(14,766)
Transfers from/(to) investment property(20,984)79,685
Fair-value movement(25,901)(9,874)
Balance at 31 March32,92686,424

RYMAN HEALTHCARE ANNUAL REPORT 2025
72
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
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.
A sale and purchase agreement has been signed for the Karori land (Wellington, New Zealand) at a price
of $23.0 million, conditional on certain matters to be satisfied by the Group. Settlement is anticipated by
October 2025.
Excess land at Nellie Melba (Melbourne, Australia) has been sold for A$9.0 million (NZ$9.9 million), with
settlement expected by December 2025.
The land at Kohimarama (Auckland, New Zealand) no longer meets the definition of held for sale and has been
reclassified back to investment property. The Group is still committed to selling the site, but it does not meet
the definition of actively marketed and likely to be sold within 12 months.
The Newtown land was settled in the period and all monies were received by the Group.
11. PROPERTY, PLANT AND EQUIPMENT
Accounting policy: Property, plant and equipment
Property, plant and equipment includes completed aged care facilities (land, buildings, plant and equipment,
fixtures and fittings), aged care facilities under development, corporate assets and right-of-use assets (refer note
22). The Group has revised its accounting policy, now recognising development land within investment property.
This was previously included in property, plant and equipment. This change was retrospectively applied.
All property, plant and equipment is initially recorded at cost. Cost includes cost of land, materials, wages and
interest incurred during the period required to complete and prepare an asset for its intended use. It also includes
centralised support services costs directly attributable to the construction of the aged care facilities. The Group
has revised its capitalisation policy following an assessment of the eligibility of the underlying cost base, resulting
in a lower level of capitalisation. This change was retrospectively applied.
Once an aged care facility reaches practical completion and is ready for use, land and buildings are carried
at a revalued amount, which is the fair value at the date of the revaluation less any subsequent accumulated
depreciation and accumulated impairment losses, if any, since the assets were last revalued. Furniture and
fittings and plant and equipment for the aged care facility are carried at cost less accumulated depreciation and
impairment. Independent valuations are performed with sufficient regularity to ensure that the carrying amount
does not differ materially from the asset’s fair value at the balance sheet date. Previously, newly completed
facilities that had not operated for a full financial year were held at cost and assessed to ensure no material
difference from fair value.
For aged care facilities under development, land and buildings are carried at cost, with land initially recorded
at its most recent valuation prior to construction. An assessment is made to determine whether carrying value
materially differs from fair value, and impairment is recognised if required.
Revaluations to fair value are based on a valuation report prepared by independent valuers at the reporting date in
line with NZ IFRS 13 – Fair Value Measurement. Valuations are currently performed annually by CBRE Limited and
CBRE Valuations Pty Limited. All valuers are registered valuers and industry specialists in valuing the aged care
sector. Fair value is determined by reference to market-based evidence, which is the amount for which the assets
could be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller in an arm’s length
transaction as at the valuation date.
The Group’s aged care facilities were previously valued on a freehold going concern basis, which reflected the
integrated value of land, buildings, furniture. plant and equipment, and goodwill associated with the facility, with the
assumption that goodwill was immaterial. The Group has revised its approach to value only the land and buildings.
This change was retrospectively applied.

73
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
As the fair value of land and buildings is determined using inputs that are unobservable (such as capitalisation
rates and market value per care bed), the Group has categorised property, plant and equipment as Level 3 under
the fair-value hierarchy in line with NZ IFRS 13 – Fair Value Measurement.
Any revaluation surplus is recorded in other comprehensive income, unless it reverses a revaluation decrease of
the same asset previously recognised in the income statement. In this case, the increase is credited to the income
statement to the extent of the decrease previously charged. Any revaluation deficit is recognised in the income
statement unless it directly offsets a previous surplus of the same asset in the asset revaluation reserve, in which
case the revaluation deficit is recorded in other comprehensive income. Any accumulated depreciation at the
revaluation date is eliminated against the gross carrying amount of the asset, and the net amount is restated to
the revalued amount of the asset.
All other plant and equipment are stated at historical cost less depreciation and impairment.
Where the Group enters into a long-term lease of land and obtains control over the land such that it can direct its
use without significant restrictions, and the present value of lease payments substantially reflects the fair value
of the land, the arrangement is assessed as being economically similar to a purchase of land. In these cases, the
Group accounts for the land under NZ IAS 16 – Property, Plant and Equipment, rather than recognising a right-of-
use asset under NZ IFRS 16 – Leases. This accounting reflects the substance of the transaction and the transfer
of control and economic benefits to the Group. Leasehold land is included in the fair value of aged-care facilities,
as determined by the independent valuer.
An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are
expected to arise from the continued use of the asset. On disposal, any resulting gain or loss is included in the
income statement and any revaluation reserve relating to a particular asset being disposed of is transferred to
retained earnings.

RYMAN HEALTHCARE ANNUAL REPORT 2025
74
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Freehold
land at
valuation
Buildings
at valuation
Property
under
development
at cost
Plant and
equipment
at cost
Furniture
and fittings
at cost
Motor
vehicles
at cost
Right-of-
use
assetsTotal
$000$000$000$000$000$000$000$000
2025
Gross carrying amount
Balance at 1 April 2024
– reported529,439630,711688,638137,80375,19518,06035,9162,115,762
Adjustment for prior period
(note 1)(266,489)(77,805)(475,820)3413,923--(806,157)
Balance at 1 April 2024
– restated262,950552,906212,818137,83789,11818,06035,9161,309,605
Additions1549,07167,8682 ,6271,245144,48585,464
Net foreign-currency
exchange difference1,2071,56138393915313,371
Transfer from property
under development28,072156,861(201,061)3,84712,281---
Transfer (to)/from
investment property--(26,138)(7,499)---(33,637)
Disposals---(3,617)--(19,418)(23,035)
Impairment(26,634)(102,171)(23,109)---(4 80)(152,394)
Revaluation
1
(108,581)130,231-----21,650
Balance at 31 March 2025157,168748,4593 0,76 1133,288102,73518,07920,5341,211,024
Accumulated depreciation
Balance at 1 April 2024-( 7, 47 2 )-(81,911)(61,326)(14,159)(13,925)(178,793)
Adjustment for prior period
(note 1)-6,720--(2 ,715)--4,005
Balance at 1 April 2024
– restated-(752)-(81,911)(64,041)(14,159)(13,925)(174,788)
Depreciation-(13,918)-(12,037)(7,868)(1,170)(3,878)(38,871)
Depreciation capitalised
to property under
development---( 1 ,74 0 )--(1,244)(2,984)
Disposals------10,54410,544
Revaluation
1
-14,670-----14,670
Balance at 31 March 2025---(95,688)(71,909)(15,329)(8,503)(191,429)
Total book value157,168748,4593 0,76 137,60030,8262 ,75 012,0311,019,595
1
The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax, refer note 7

75
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Freehold
land at
valuation
Buildings
at valuation
Property
under
development
at cost
Plant and
equipment
at cost
Furniture
and fittings
at cost
Motor
vehicles
at cost
Right-of-
use
assetsTotal
$000$000$000$000$000$000$000$000
2024 (restated)
Gross carrying amount
Balance at 1 April 2023
– reported772,336594,661747, 8 7 8133,05069,98117,56227,8902,363,358
Adjustment for prior period
(note 1)(201,258)(42,008)(529,978)-13,147--(760,097)
Balance at 1 April 2023
– restated571,078552,653217,900133,0508 3 ,1 2 817,56227,8901,603,261
Additions1,5412 ,17595,72 12,2272,27548015,926120,345
Net foreign-currency
exchange difference3,7833,0782,36418619018509,669
Transfer from property
under development20,9164 4 ,74 6(71,061)2 ,1373,262---
Transfer (to)/from
investment property(540)1,462(23,228)237263--(21,806)
Disposals------(7,950)(7,950)
Impairment(51,986)(35,616)(8,878)----(96,480)
Revaluation
1
(281,842)(15,592)-----(297,434)
Balance at 31 March 2024262,950552,906212,818137,83789,11818,06035,9161,309,605
Accumulated depreciation
Balance at 1 April 2023-(5,912)-(68,139)(56,362)(12,766)(14,751)(157,930)
Adjustment for prior period
(note 1)-1,815--(1,815)---
Balance at 1 April 2023
– restated-(4,097)-(68,139)(58,177)(12,766)(14,751)(157,930)
Depreciation-(11,707)-(12,635)(5,864)(1,393)(3,771)(35,370)
Depreciation capitalised
to property under
development---(1,137)--(2 ,646)(3,783)
Disposals------7,2437,243
Revaluation
1
-15,052-----15,052
Balance at 31 March 2024-(752)-(81,911)(64,041)(14,159)(13,925)(174,788)
Total book value262,950552,154212,81855,92625,0773,90121,9911,134,817
1
The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax, refer note 7

RYMAN HEALTHCARE ANNUAL REPORT 2025
76
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
The Group has revised several accounting policies during the period, as discussed in note 1. The comparative
period has been restated.
• Reclassification of development land: Development land is now recognised within investment property,
whereas it was previously classified under property, plant, and equipment.
• Updated cost capitalisation methodology: A lower proportion of centralised support services costs are
now capitalised under the revised approach.
• Valuation of aged care facilities: These are now valued as land and buildings, rather than as freehold going
concern. This results in internally generated goodwill no longer recognised for financial reporting purposes,
and the gross-up of New Zealand refundable accommodation deposits is no longer recognised with the
revised valuation process.
The Group has also reclassified building fit-out related to corporate right-of-use assets from buildings to furniture
and fittings. This has been applied consistently in the comparative period. The 2024 closing accumulated
depreciation relates to operating aged-care facilities which were not subject to valuation.
Valuation methodology
The independent valuers determine the fair value of land and buildings using a capitalisation of notional annual
rental income. In this context, ‘rent’ refers to the estimated amount a third-party operator would pay to lease the
facility, assuming the Group were the landlord rather than the operator. This notional rent does not reflect the
accommodation charges paid by current residents.
The predominant method used by the independent valuer to determine a market rental for land and buildings
is the direct comparison approach on a dollars per bed basis, with some consideration given to the rental as a
percentage of gross revenue. A value is then established for the land using market-based evidence reflecting
highest and best use. The residual amount is attributed to buildings.
The independent valuers note that the aged care market is subject to government subsidies which regulate, and
in many cases, cap the level of revenue a facility can generate. Therefore, unlike the general commercial market,
regardless of quality, a facility will receive the same government fee rate per bed irrespective of location, room size,
scale, age, and quality to the detriment of higher quality facilities. Aged care facilities are a specialised form of realty
and market rental can be no greater than that able to be generated by an appropriately managed and marketed
enterprise. In the independent valuers opinion, premium charging is mostly attributable to the operator of an aged
care facility, rather than the landlord, and included in the freehold going concern valuation of the business.

77
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Property, plant and equipment
2025
2024
(restated)
$000$000
Aged care facilities
Land and buildings – at fair value905,627718,603
Land and buildings – at cost, less accumulated depreciation and
impairment (if any) – previous immature aged care facility policy-96,501
Property under development – at cost, less impairment (if any)30,761212,818
Furniture and fittings – at cost21,68716,655
Plant and equipment – at cost32,51142 ,736
990,5861,087,313
Other
Furniture and fittings – at cost9,1398,422
Plant and equipment – at cost5,08913,190
Motor vehicles – at cost2 ,7503,901
Right of use assets – at cost12,03121,991
29,00947,504
Total property, plant and equipment1,019,5951,134,817
The independent valuers used a range of significant assumptions to value the care facilities as follows. Care suites
under an occupation right agreement were valued as a care bed in the current year as their recent introduction
means they represent an immaterial portion of the Group’s asset base.
20252024
$ per bed per week$ per bed per week
Range by village / portfolio weighted average
Range of market rental value – New Zealand 118-225113-218
Range of market rental value – Australia 448-836549-628
Average market rental value – New Zealand 1801 74
Average market rental value – Australia 603592
A significant increase (decrease) in the market rental value may result in a higher (lower) fair value measurement.
The variability between countries reflects significant differences in the relative profitability of villages, driven
primarily by the more favourable aged care funding model in Australia. This increases the rent a market
participant may be willing to pay.
The Australian valuer notes that quality, new aged care facilities are seldomly leased to a third party and where
they are the information is not freely available to the market. The New Zealand valuer notes that less than 6.5%
of the market is subject to third party lease arrangements. Many operations are owner occupied, agreements are
between related parties, or subject to formula-based reviews.

RYMAN HEALTHCARE ANNUAL REPORT 2025
78
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Cost model
If freehold land and buildings were measured using the cost model (before any impairment), the carrying amounts
would be as follows.
Freehold landBuildingsTotal
$000$000$000
Carrying amount under cost model – 31 March 2025234,167733,714967,881
Carrying amount under cost model – 31 March 2024 (restated)204,733585,395790,128
Classification of property interests
The Group holds a freehold interest in all land and improvements other than the following properties which
Ryman holds a leasehold interest in the land: Princess Alexander (Napier – part of site), Bob Scott (Wellington),
William Sanders (Auckland), and Miriam Corban (Auckland). In the majority of these instances the ground rental
has been either fully or partially prepaid. The interest in the right-of-use asset is held at fair value, as determined
by the independent valuer.
Security
Some residents make interest-free advances (refundable accommodation deposits and occupancy advances)
to the aged care facilities in exchange for the right to occupy a care room. Under the terms of the New Zealand
occupancy agreements, the refundable accommodation deposit and occupancy advance is secured by a
registered first mortgage in favour of the Statutory Supervisor over the assets of the aged care facility. Residents
in Victoria, Australia have the benefit of a government guarantee under the Aged Care (Accommodation Payment
Security) Act 2006 and there is no security against the Group’s assets.
Right-of-use assets
Included within property, plant and equipment are the right-of-use assets relating to leases.
Buildings
Plant and
equipmentTotal
$000$000$000
Balance at 1 April 2024
20,6551,33621,991
Additions4,485-4,485
Net foreign-currency exchange difference31-31
Depreciation(3,878)-(3,878)
Depreciation capitalised to property under development-(1,244)(1,244)
Disposals/derecognition(8,810)(64)(8,874)
Impairment(452)(28)(4 80)
Balance at 31 March 202512,031-12,031
Balance at 1 April 202311,5491,59013,139
Additions13,5342,39215,926
Net foreign-currency exchange difference50-50
Depreciation(3,771)-(3,771)
Depreciation capitalised to property under development-(2 ,646)(2 ,646)
Disposals/derecognition (707)-(707)
Balance at 31 March 202420,6551,33621,991

79
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Impairment losses
The exclusion of internally generated goodwill from the aged-care facility valuation, along with the removal of the
New Zealand refundable accommodation deposit gross-up, resulted in impairment of several aged-care facilities.
As the change was applied retrospectively, additional impairment was recognised in the comparative period.
2025
2024
(restated)
$000$000
Aged care facility impairments
Bert Sutcliffe Retirement Village Limited-2,587
Bob Scott Retirement Village Limited-6,626
Charles Upham Retirement Village Limited-1,011
Frances Hodgkins Retirement Village Limited-2 ,679
James Wattie Retirement Village Limited
1
29,012-
Jane Winstone Retirement Village Limited
-362
Keith Park Retirement Village Limited136,768-
Kevin Hickman Retirement Village Limited
2
23,109-
Linda Jones Retirement Village Limited-18,083
Logan Campbell Retirement Village Limited-11,643
Malvina Major Retirement Village Limited-1,057
Miriam Corban Retirement Village Limited
1
24,386-
Murray Halberg Retirement Village Limited-16,952
Possum Bourne Retirement Village Limited-4,556
Rita Angus Retirement Village Limited3,506-
William Sanders Retirement Village Limited-12,463
John Flynn Retirement Village Pty Ltd-6,845
Charles Brownlow Retirement Village Pty Ltd-2 ,738
Deborah Cheetham Retirement Village Pty Ltd
1
23,584-
Bert Newton Retirement Village Pty Ltd
1
11,549-
151,91487,602
Other impairment
Capital work-in-progress-8,878
Right-of-use assets480-
Intangible assets (note 13)20,544-
Other3-
Balance at 31 March 2025172,94196,480
1
Aged care facility included in the independent valuation for the first time.
2
Following the impairment of a number of recently released aged care facilities within the Group’s portfolio, this was considered to
be an indicator of impairment for any other aged care facilities in advanced stages of construction. Kevin Hickman Retirement
Village, which is scheduled to open in June 2025, was not independently valued as it remained incomplete at the reporting date.
An internal desktop assessment was undertaken, and it was concluded that an impairment charge should be recognised for this
facility. This was based on a market rental value and capitalisation rate of comparable villages.

RYMAN HEALTHCARE ANNUAL REPORT 2025
80
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
12. INVESTMENT PROPERTIES
Accounting policy: Investment properties
Investment properties are intended to be held for the long term to earn rental income and for capital appreciation.
It includes land and buildings (including long-term leases of land), equipment and furnishings relating to retirement
village units and community facilities, including units and facilities under development. The Group has revised its
accounting policy regarding the classification of land. Land acquired with the intention of constructing investment
property or held for an undetermined future use is now classified as investment property from the date of
acquisition. Previously, such land was included in property, plant, and equipment.
Investment property is initially measured at cost. Cost includes cost of land, materials, wages and interest
incurred during the period required to complete and prepare an asset for its intended use. It also includes
centralised support and services costs directly attributable to the construction of the investment property.
The Group has revised its head office capitalisation policy following an assessment of the eligibility of the
underlying cost base, resulting in a lower level of capitalisation.
Land purchases are recognised as assets when the Group obtains control of the land and it is probable that
future economic benefits will flow to the Group, and the cost can be measured reliably. Control is typically
evidenced by the transfer of legal title or an equivalent contractual right. Prior to settlement and transfer of
title, deposits paid are recognised as other receivables. The remaining commitment is disclosed in the
commitments note to the financial statements. The Group will often negotiate terms whereby the title is
transferred with settlement deferred. In such instances, the land is recognised as an asset at the full purchase
price upon transfer of title. A corresponding liability is recognised for the deferred settlement amount,
measured at its present value, and the associated cash outflow is recognised accordingly.
Completed retirement village units and community facilities are subsequently measured at fair value.
The Group has revised its accounting policy and no longer holds units and community facilities under
development at fair value, instead carrying them at cost. In prior years a proportion of units and community
facilities which were nearing completion were valued.
Development land is land pending physical construction on site. There may be two components to development
land: the land itself and capitalised WIP. The land is carried at fair value and the capitalised WIP 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
doesn’t have a sufficiently certain likelihood of commencing.
Any change in fair value is recognised in the income statement. Investment properties are not depreciated.
Fair value is determined by independent valuers, CBRE Limited (New Zealand retirement villages), and
Jones Lang LaSalle Advisory Services Pty Ltd (Australian retirement villages), in line with NZ IFRS 13 – Fair
Value Measurement. Fair value is assessed twice a year, with a desktop review at interim reporting periods
and a full valuation at year-end reporting periods. All valuers are registered valuers and industry specialists
in valuing the retirement living sector. These valuations consider the requirement of NZ IFRS 13 – Fair Value
Measurement to assume that market participants act in their economic best interests. Previously multiple
valuations were obtained for completed investment properties and a midpoint of the two valuations was applied
to provide a more stable estimate of value. The Group has moved to a single valuation in the current year.
Development land is valued using the direct comparison approach and retirement villages are valued using
a discounted cash flow approach. 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.
As required by NZ IAS 40 – Investment Property, the fair value as determined by the independent registered
valuer is adjusted for assets and liabilities already recognised on the balance sheet which are also reflected
in the discounted cash flow analysis.

81
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Where the Group enters into a long-term lease of land and obtains control over the land such that it can direct its
use without significant restrictions, and the present value of lease payments substantially reflects the fair value
of the land, the arrangement is assessed as being economically similar to a purchase of land. In these cases,
the Group accounts for the land under NZ IAS 40 – Investment Property, rather than recognising a right-of-use
asset under NZ IFRS 16 – Leases. This accounting reflects the substance of the transaction and the transfer of
control and economic benefits to the Group. Leasehold land is included in the fair value of investment property,
as determined by the independent valuer.
Revenue associated with investment properties, being the management fee and retirement village service fees,
is accounted for in line with note 3.
2025
2024
(restated)
$000$000
At fair value
Balance at 1 April10,142,1999,557,482
Additions (including transfers to/from property, plant and equipment) 4 3 7,5 2 1655,679
Fair-value movement195,074(29,275)
Transfers (to)/from assets held for sale (note 10)20,984(79,685)
Net foreign-currency exchange differences16,76437,998
Balance at 31 March10,812,54210,142,199
The Group has revised several accounting policies and classifications, including:
• Reclassification of development land: Development land is now recognised as investment property, whereas
it was previously classified under property, plant, and equipment.
• Updated cost capitalisation methodology: A lower proportion of centralised support services costs are now
capitalised under the revised approach.
• Reclassification of Nellie Melba land: Since March 2024, Nellie Melba land has been held for sale; however,
it was previously classified as investment property.
The comparative period has been restated, with further detail in note 1.

RYMAN HEALTHCARE ANNUAL REPORT 2025
82
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Valuation methodology
For retirement village assets, the predominant form of income is ‘roll-over’ income which typically occurs on the
departure of village residents who have owned an occupation licence. The independent valuer uses a discounted
cash flow methodology, which estimates the present value of future cash flows from occupation right agreements,
deferred management fees, and village fees
Development land is valued using the direct comparison approach, whereby recent sales of block land preferably
of similar potential and characteristics in terms of size, average section realisation values and development costs
have been compared to the relevant Group property. Consideration is then given to the individual characteristics
of the Group’s property including consent status.
The independent valuers have adopted several changes to their valuation methodology to reflect updated
business practices and improve alignment with the Group’s contractual arrangements and operational data.
Key changes in the current period include:
• Adoption of the 30% deferred management fee model: Reflecting the Group’s shift to a 30% DMF as the
preferred contractual arrangement for new residents from 1 October 2024, the valuers have modelled this
structure for all future incoming residents.
• Indexation of weekly fees: Adoption of the indexed weekly fee for future residents, following the introduction
by the Group from 1 October 2024.
• Inclusion of development land: The valuation scope has been expanded to include land held for future
development, including land adjacent to existing villages, undeveloped portions of active construction sites,
and land yet to be developed.
• Inclusion of leased property: For the first time, the Group has valued the Eastmed Medical Centre
(located next to Grace Joel, Auckland) which is owned by the Group, to better reflect its fair value.
• Valuation based on possession date: Occupation right agreements are now valued based on the current
contract in possession, consistent with the Group’s recognition of unit ‘sales’ on possession rather than
on application.
• Modelling of repaid resales stock: Units where the exiting resident has been repaid are no longer treated
as occupied by the independent valuer. The incoming resident’s cash inflow is now considered separately,
using an “in one line” valuation approach that incorporates a discount for profit and risk.
• Inclusion of carparks: Carparks subject to a separate occupation right agreement are now included in
the valuation.
• Modelling of bespoke contractual arrangements: Valuation assumptions now incorporate bespoke ORA
terms where applicable, reverting standard terms on future rollovers.
• Transaction costs: Transaction costs are no longer deducted within the valuation by the Australian
independent valuer. The Group had previously added-back this amount.
• Internal transfers with deferred management fee cap implications: Internal transfers of existing residents,
where impacted by deferred management fee caps or suspended capital contributions, are now modelled
within the valuation framework. The independent valuer has confirmed that no explicit allowance has been
made within the valuation for internal transfers on future rollovers.

83
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Independent valuation
A reconciliation between the valuation and the amount recognised as investment property is as follows:
2025
2024
(restated)
$000$000
Subject to valuation
Operators interest3,972,9183,552,034
Transaction costs
-30,770
Completed new units not occupied-224,668
Completed new units not occupied, and repaid resale units616,556-
Development land – land bank368,692-
Development land – construction sites64,196 -
Commercial property16,400 -
Held at cost
Development land – land bank -331,210
Development land – land bank WIP-103,893
Work in progress – construction WIP283,499603,536
Adjustments
Revenue in advance184,020140,857
Gross occupancy advance 6,166,9715,596,912
Accrued DMF(830,449)(713,757)
Occupancy advance adjustments(30,261)272,076
Total investment property10,812,54210,142,199
The fair value of investment property determined by the independent valuer includes an allowance for the amount
that is payable by the Group to existing residents. However, this occupancy advance liability is already recognised
by the Group (see note 21). To avoid double counting, the Group adds this liability to the external valuation to gross
up the fair value of investment property in accordance with NZ IAS 40.
Occupancy advance adjustments in the prior year 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 (repaid resale units) 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. In the current year the independent valuer has adjusted their valuation
approach to model repaid resale stock using an ‘in one line’ methodology and this limits the requirement for
adjustments to the external valuation.
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 and reduced cost
capitalisation led to a reduction in the value of investment property. Additional details can be found in note 1.

RYMAN HEALTHCARE ANNUAL REPORT 2025
84
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
20252024
Number of units included in the valuation
Currently occupied, and vacant not repaid units8,898-
Completed new units not occupied, and repaid resale units881-
Currently subject to an occupancy agreement-8,949
Completed, not yet subject to an occupancy agreement-238
Under development at reporting date (‘near-complete’)-63
Total units included in the valuation9,7 7 99,250
The independent valuers used a range of significant assumptions to value the retirement villages as follows:
20252024
New Zealand
%
Australia
%
New Zealand
%
Australia
2

%
Growth rate (nominal) – year 1 to 4 0.0–3.00.0–2.50.5–3.02.0–3.5
Growth rate (nominal) – year 5+2.5-3.53.52.5-3.53.5
Discount rate 13.0–16.513.0–14.012.0–16.513.0–14.0
A change in the independent valuers’ assumptions would impact the fair-value measurement as follows:
0.5% decrease0.5% increase
$000$000
Growth rate (nominal)(270,004)244,880
Discount rate146,921(183,673)
Other inputs used in the fair-value measurement of the Group’s investment property portfolio include the average
age of residents and the stabilised departing occupancy periods. An increase in the average age of residents or
decrease in the occupancy periods would result in a higher fair-value measurement. Conversely, a decrease in the
average age of residents or increase in the occupancy periods would result in a lower fair-value measurement.
20252024
New ZealandAustraliaNew ZealandAustralia
2
Range by village / portfolio weighted average
1
Independent current average age75–88 78–87 76–8975–87
Serviced current average age80–92 84–9179–91 83–89
Independent stabilised departing
occupancy period
6.6–8.6 / 8.0 7.5–8.9 / 8.06.9–8.7 / 8.17.4–8.1 / 7.9
Serviced stabilised departing occupancy period3.9–4.7 / 4.23.9–5.0 / 4.64.0–4.6 / 4.44.3–5.0 / 4.6
1
Weighted by value for metrics where data is available.
2
The March 2024 Australian valuation was undertaken by a panel of two independent valuers: CBRE and JLL. The growth rates,
discount rates, current average age and stabilised departing occupancy periods in the March 2024 period are reflective of JLL’s
assumptions only to improve consistency with March 2025, where only JLL performed the valuation.

85
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Market risk identified by the independent valuers
The independent valuers comment that the global and local economic outlook remains uncertain due to
geopolitical tensions, trade fragmentation, and recent tariff announcements. In New Zealand, the Official Cash Rate
(OCR) was reduced to 3.50% in April 2025 with the valuers noting that there was an expectation of further cuts
to come. Mortgage rates are not expected to move materially below current levels as further cuts have already
been priced in. Market sentiment in the commercial property sector is gradually improving after the historical lows
experienced in 2024. 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’.
Classification of property interests
The Group holds a freehold interest in all land and improvements other than the following properties which
Ryman holds a leasehold interest in the land: Princess Alexander (Napier – part of site), Bob Scott (Wellington),
William Sanders (Auckland), Miriam Corban (Auckland) and Kohimarama (Auckland – development land). In the
majority of the instances the ground rental has been either fully or partially prepaid. The interest in the right-of-use
asset related to these sites is held at fair value, as determined by the independent valuer.
Capitalised WIP
2025
2024
(restated)
$000$000
Breakdown of capitalised WIP
Sites which have commenced construction287,530191,619
Sites which are classified as land bank-134,617
Total capitalised WIP287,530326,236
Capitalised WIP for land bank relates to development sites where construction has not yet commenced,
undeveloped land at existing villages that are not classified as active sites, or early-stage construction sites that
have been reclassified as land bank.
Capitalised WIP is written off once a decision to sell has been confirmed, if not already expensed. Impairment
testing is conducted at reporting dates, considering factors such as uncertainty about future development plans
or the suspension of early-stage construction with no confirmed resumption date. Following changes to the
Group’s strategy and review of the land bank portfolio in 2025, the capitalised WIP at the remaining land bank
sites was determined to be impaired.

RYMAN HEALTHCARE ANNUAL REPORT 2025
86
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
(restated)
$000$000
Fair value write-down related to development WIP
New Zealand
Rolleston, Canterbury11,047-
Park Terrace, Christchurch2 1,739-
Taupō, Waikato12 ,727-
Karaka, Auckland14,720-
Kohimarama, Auckland-12,114
Takapuna, Auckland7,49249,405
Karori, Wellington-32,014
Brownfield land bank
Murray Halberg, Auckland21,351-
Grace Joel, Auckland3,931-
Jean Sandel, New Plymouth2,936-
Australia
Ringwood East, Melbourne15,89548,215
Essendon, Melbourne19,912-
Kealba, Melbourne18,107-
Mt Eliza, Victoria-31,404
Coburg North, Melbourne20,884-
Fair value write-down related to development WIP1 70,741173,152
Operating expenses
Direct operating expenses arising from investment property that generated income from deferred management
fees during the period amounted to $73.8 million (31 March 2024: $70.7 million). Operating expenses include
building and grounds costs, repairs and maintenance and sales expenses. All investment property generated
income for the Group, except for assets under development and those held for sale.
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 the Group 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.

87
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
13. INTANGIBLE ASSETS
Accounting policy: Intangible assets
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Internally generated software assets
An internally generated intangible software asset arising from development (or from the development phase
of an internal project) is only recognised if all the following criteria have been demonstrated.
• It is technically feasible to complete the intangible asset so that it is available for use or sale.
• The Group intends to complete the intangible asset and use or sell it.
• The intangible asset can be used or sold.
• Probable future economic benefits of the intangible asset can be generated.
• Adequate technical, financial, and other resources are available to complete the development and use
or sell the intangible asset.
• The expenditure attributable to the intangible asset can be measured during its development.
Where no internally generated intangible asset can be recognised, development expenditure is recognised in
profit or loss in the period in which it is incurred.
Internally generated intangible assets are initially measured at cost. This includes the cost of materials and
services, wages and interest incurred during the period required to complete and prepare an asset for its intended
use. It also includes centralised support services costs directly attributable to development of the asset. The
Group has revised its capitalisation policy following an assessment of the eligibility of the underlying cost base,
resulting in a lower level of capitalisation.
After initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation
and accumulated impairment losses.
Acquired software assets
Acquired software assets are reported at cost less accumulated amortisation and any accumulated
impairment losses.
Software-as-a-Service (SaaS)
SaaS arrangements are service contracts providing the Group with the right to access a cloud provider’s
application software over the contract period.
Costs incurred to configure or customise, and the ongoing fees to obtain access to a SaaS provider’s application
software, are recognised as operating expenses when the services are received.
However, where costs incurred are for the development of software code that enhances or modifies, or creates
an additional capability for, existing software assets and meets the definition of and recognition criteria for an
intangible asset, those costs are recognised as software assets and amortised over the useful life of the software
on a straight-line basis.

RYMAN HEALTHCARE ANNUAL REPORT 2025
88
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
(restated)
$000$000
Gross carrying amount
Opening balance77,56469,989
Additions3,1097, 2 5 1
Net foreign-currency exchange differences110324
Closing balance8 0,7 8 377,564
Accumulated amortisation
Opening balance(36,832)(26,217)
Amortisation (note 5)(9,590)(10,615)
Impairment (20,544)-
Closing balance(66,966)(36,832)
Total book value13,81740,732
The Group has revised its accounting policy regarding the capitalisation of centralised support services costs and
determined a lower proportion of these costs should be capitalised. As a result, the Group has reduced the level
of capitalisation for the current period, and comparative figures have been restated to reflect the revised policy.
Refer to note 1 for further details.
Impairment review
The Group has identified indicators of impairment relating to its internally developed software applications in
the current year following the strategic changes within the business. Ernst & Young Strategy and Transactions
Limited was engaged to perform a valuation to support the identification of impairment. The valuation
considered the replacement cost method, using two variants – replacement cost using proxy subscription
costs and replacement cost at current costs having regard to obsolescence. A cross check was performed
against broad level estimates of comparable development / purchase costs for patient administration systems
or admin / enterprise software systems.
The fair value of the internally developed software applications was assessed to be within a range of $11.4 million
to $19.3 million by an independent valuer. In light of the uncertainty surrounding the ongoing use of the assets, the
timing and extent of future economic benefits, and potential replacement plans, the directors have adopted the
lower end of the valuation range. As a result, an impairment expense of $20.5 million has been recognised in the
current period.

89
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
14. SHARE CAPITAL
Accounting policy: Ordinary shares
Incremental costs directly attributable to the issue of ordinary shares are recognised as deductions from equity.
Although the shares purchased for the leadership share scheme are treated as treasury stock under financial
reporting standards, they are not of the type contemplated by section 67A of the Companies Act 1993. They
carry the usual rights attached to shares such as the right to receive dividends (albeit subject to contractual
requirements under the share scheme to apply dividend payments to repay loans) and the right to participate
in corporate actions. On this basis, the treasury stock has been included in the calculation of basic and diluted
earnings per share.
Issued and paid-up capital consists of 1,015,712,784 fully paid ordinary shares (2024: 687,641,738 shares) less
treasury stock of 1,170,990 shares (2024: 2,494,282 shares). All shares rank equally in all respects.
Shares historically purchased on market under the leadership share scheme (note 26) are treated as treasury
stock (note 15) until they are vested to the employees.
Fully paid ordinary shares
Weighted average number
of ordinary shares
2025202420252024
’000’000’000’000
Total ordinary shares (including treasury stock)
at 1 April687,642687,642687,642687,642
Ordinary shares issued:
• Dividend reinvestment plan----
• Equity raise328,071-22,550-
Total ordinary shares
(including treasury stock) at 31 March1,015,713687,642710,192687,642
Equity raise
The Company raised a total of approximately $1 billion under the Placement and Entitlement Offer announced on
24 February 2025. This included gross proceeds of approximately $721 million received under the Placement and
Institutional Entitlement Offer, and approximately $280 million in gross proceeds under the Retail Entitlement Offer.
The purpose of the equity raise was to enhance the Group’s financial position in the current market and provide
the platform to achieve improved performance and value for shareholders as market conditions recover.
The increase in share capital of $970.2 million was net of directly attributable share issue costs of $30.5 million.
The Company issued 328,071,046 new ordinary shares in February to March 2025 in respect of the equity raise.

RYMAN HEALTHCARE ANNUAL REPORT 2025
90
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Basic and diluted earnings per share (EPS)
2025
2024
(restated)
Net profit/(loss) after tax ($000)(436,831)(169,665)
Weighted average number of shares (in ’000)710,192687,642
Basic EPS (cents per share)(61.5)(24 .7 )
Net profit/(loss) after tax ($000)(436,831)(169,665)
Fair value of shares to settle share rights ($000)(179)-
Adjusted net profit/(loss) after tax ($000)(437,010)(169,665)
Weighted average number of shares (in ’000)710,192687,642
Diluted EPS (cents per share)(61.5)(24 .7 )
Diluted earnings per share has been calculated with the assumption that shares are purchased from the market to
settle the share rights, rather than issuing new shares. The Board has not yet determined their preferred approach.
Net tangible asset (NTA) per share
2025
2024
(restated)
NTA ($000)4,247,3063,446,058
Ordinary shares at 31 March (in ’000)1,015,713687,642
NTA per share (cents per share)418.2501.1
NTA is calculated as total assets less intangible assets and deferred tax assets, and less total liabilities.

91
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
15. RESERVES AND RETAINED EARNINGS
Note2025
2024
(restated)
$000$000
Reserves
Asset revaluation reserve15a116,649126,290
Cash-flow hedge reserve15b1,7042 0,7 74
Foreign-currency translation reserve15c6,9793,551
Treasury stock15d(16,280)(34,730)
Share-based payments reserve15e348-
109,400115,885
a. Asset revaluation reserve
Opening balance126,290408,672
Asset revaluation1136,320(282,382)
Deferred tax movement7(45,961)-
Closing balance116,649126,290
b. Cash-flow hedge reserve
Opening balance2 0,7 7430,955
Valuation of interest rate derivatives20(903)18,809
Released to income statement( 1 7,6 3 0)(30,323)
Reclassification adjustment to income statement
– modified interest rate swaps20c(6,454)(4,463)
Deferred tax movement 75,9175,796
Closing balance1,70 42 0,7 74
c. Foreign-currency translation reserve
Opening balance3,551(7,136)
(Loss)/gain on hedge of foreign-owned subsidiary net assets(639)(1,552)
Gain/(loss) on translation of foreign operations4,06712,239
Closing balance6,9793,551
d. Treasury stock
Opening balance(34,730) (34,729)
Acquisitions--
(Vesting)/forfeiture of shares2618,450(1)
Closing balance(16,280)(34,730)
e. Share-based payments reserve
Opening balance--
Equity-settled share-based payment27338-
Deferred tax movement710-
Closing balance348-

RYMAN HEALTHCARE ANNUAL REPORT 2025
92
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Note2025
2024
(restated)
$000$000
Retained earnings
Opening balance2 ,677,6012,847,266
Net profit/(loss) attributable to shareholders(436,831)(169,665)
Loss on disposal of treasury stock(12,091)-
Dividends paid--
Closing balance
2,228,6792,677,601
Nature of reserves
• Asset revaluation reserve reflects unrealised gains from the upward revaluation of aged care facilities,
recognised directly in equity rather than through profit or loss.
• Cash-flow hedge reserve reflects the cumulative effective gains or losses on cash-flow hedges, deferred in
equity until the hedged cash-flows impact profit or loss.
• Foreign-currency translation reserve captures exchange differences from translating the financial statements
of foreign operations into the Group’s reporting currency.
• Treasury stock represents shares purchased on market under the previous leadership share scheme where
they have not vested to the employee.
• Share-based payments reserve represents the accumulated value of equity-based compensation that has
been recognised as an expense but not yet exercised.
Dividends paid
In 2023 the directors determined that it was in the best interests of the Company to suspend dividends as the
balance sheet is reset. No dividends have been declared or paid in the 12 months to March 2025 (2024: nil).
The directors plan to review the dividend policy during the 2026 financial year. Any future dividend policy is
expected to be based on cash flow. Under the terms of the Syndicated Facility Agreement, the Group cannot
pay a dividend without the consent of the majority lenders until Interest Cover Ratio compliance is reported
for the 30 September 2026 testing period.

93
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
16. TRADE AND OTHER PAYABLES
Accounting policy: Trade and other payables
Trade and other payables are measured at amortised cost. This is equivalent to the face (or nominal) value of
payables, which is assumed to approximate their fair value.
20252024
$000$000
Trade payables85,089117,502
Land purchase accruals9,50027,819
Other payables18,9895,299
Total trade and other payables113,578150,620
Trade payables are typically paid within 30 days of the invoice date or on the 20th of the month following the
invoice date.
When purchasing land, the Group will often negotiate terms where title is transferred with settlement deferred.
Land purchase accruals reflect this liability.
17. EMPLOYEE ENTITLEMENTS
Accounting policy: Employee entitlements
A liability for benefits accruing to employees for wages and salaries, annual leave and long-service leave is
accrued and recognised in the statement of financial position when it is probable that settlement will be required,
and the liabilities are capable of being measured reliably.
Holidays Act remediation
The Group has identified that past and present New Zealand employees may have received incorrect payments
dating back to 2010 due to the complexity of the Holidays Act 2003 and the nature of our dynamic workforce.
The issues relate to entitlements under the Holidays Act 2003, and how a range of allowances and entitlements
have been interpreted and calculated. External consultants supported management in 2024 to propose a
remediation strategy to the Ministry of Business, Innovation and Employment (MBIE). This remains under review
by MBIE at balance date. A provision of $24.0 million is held on balance sheet from March 2024, with no change
in the current period.

RYMAN HEALTHCARE ANNUAL REPORT 2025
94
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
18. REFUNDABLE ACCOMMODATION DEPOSITS
Accounting policy: Refundable accommodation deposits
Refundable accommodation deposits relate to deposits held on behalf of residents who reside in rooms in the
care facilities in Australia and New Zealand. Refundable accommodation deposits confer to residents the right
of occupancy of the rooms for life, or until the residents terminate the agreements. The deposit is repayable
following the termination of the right to occupy.
Amounts payable under refundable accommodation deposits are non-interest bearing and recorded as a
liability in the statement of financial position.
As a resident may terminate their occupancy with limited notice, and the refundable accommodation deposit is
non-interest bearing and has demand features, it is carried at face value, which is the original deposit received.
In New Zealand, a refundable accommodation deposit is repayable within 30 working days of a resident vacating
their care room. The Group is liable to pay interest if it does not repay the deposit within that period.
In Australia, the repayment obligation is within 14 days of a resident vacating their care room, or of sighting
the probate or letters of administration. The Group is liable to pay interest at a base interest rate within the
14-day period, and at the higher maximum permissible interest rate after that. These rates are published by
the Department of Health and Aged Care on a quarterly basis.
Refundable accommodation deposits in Australia must only be used for permitted uses in accordance with
the Aged Care Act 1997 and the Fees and Payments Principles 2014 (No.2). Permitted uses of refundable
deposits include:
• Capital expenditure to invest in new residential aged care infrastructure
• To repay debt accrued for capital expenditure
• Investments in certain financial products and/or Religious Charitable Development Funds (RCDFs)
• To make a loan under specific conditions
• To refund refundable deposit balances
• To meet reasonable business losses that are incurred during the first 12 months that the approved provider
receives residential care subsidy.
Refundable accommodation deposits in Australia must not be used to pay for the day-to-day costs of operating
a service such as staff wages or the purchase of consumables.
There are no such restrictions in respect of the New Zealand refundable accommodation deposits, which are
structured as an occupation right agreement.
19. INTEREST-BEARING LOANS AND BORROWINGS
Accounting policy: Interest-bearing loans and borrowings
Bank loans and borrowings are initially recorded at fair value, less directly attributable transaction costs. After
initial recognition, loans and borrowings are measured at amortised cost. Any differences between the initial
amounts recognised and the redemption values are recognised in profit and loss using the effective interest
rate method.

95
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
At 31 March 2025 interest-bearing loans and borrowings include secured bank loans and unsubordinated
fixed-rate retail bonds (2024: secured bank loans, an Institutional Term Loan and unsubordinated fixed-rate
retail bonds).
Note20252024
$000$000
Bank loans19a1,536,4362 ,1 3 7,07 9
Institutional Term Loan 19b-272,807
Retail bonds – RYM01019c150,000150,000
Total loans and borrowings at face value1,686,4362,559,886
Issue costs for bank loans capitalised19a(2,885)(3,805)
Issue costs for the Institutional Term Loan capitalised19b-(1,717)
Issue costs for the retail bond capitalised19c(999)(1,557)
Total loans and borrowings at amortised cost1,682,5522,552,807
Fair value adjustment on hedged borrowings 19b-(5,860)
Total loans and borrowings1,682,5522,546,947
a. Bank loans (secured)
The bank loan facilities have varying maturity dates through to May 2029 (2024: April 2029) and are subject
to floating interest rates. The average interest rates disclosed below exclude the impact of interest rate swap
agreements described in note 20.
20252024
$000$000
Bank loans (secured) – NZD527,2001,483,980
Bank loans (secured) – AUD in NZD equivalent1,009,236653,099
Total bank loans (secured) 1,536,4362 ,1 3 7,0 7 9
Issue costs for bank loans capitalised
Opening balance(3,805)-
Reclassified from trade and other receivables-(4,130)
Capitalised during the year(1,833)(2,039)
Amortised during the year2 ,7532,364
(2,885)(3,805)
Total bank loans at amortised cost1,533,5512 ,1 3 3 , 2 74
Maturing in less than 1 year--
Maturing within 1–5 years1,536,4362 ,1 3 7,07 9
Total bank loans (secured)1,536,4362 ,1 3 7,0 7 9
Nominal interest rates for bank loans – NZD7. 2 9 %8.12%
Nominal interest rates for bank loans – AUD6.07%6.35%
The nominal interest rates are calculated by adding floating interest rates, the applicable margin rate and
facility fees. It excludes establishment fees and hedging impacts.

RYMAN HEALTHCARE ANNUAL REPORT 2025
96
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
b. Institutional Term Loan (secured)
The Group entered into an A$250.0 million seven-year Institutional Term Loan in May 2021, originally set to
mature May 2028. A portion of the loan (A$153.9 million) was subject to a fixed interest rate and the remaining
portion of the loan (A$96.2 million) was subject to floating interest rates. In March 2025, the Group elected
to prepay the loan. The prepayment involved make-whole, prepayment fees and other costs close out of
associated interest rate swap amounting to $25.7 million and costs previously capitalised to the loan were
expensed to the income statement.
20252024
$000$000
Institutional Term Loan-272,807
Total Institutional Term Loan at face value -272,807
Issue costs for the Institutional Term Loan capitalised
Opening balance(1,717)(726)
Capitalised during the year(709)(1,259)
Amortised during the year470268
Repayment of loan – expense of issue costs1,956-
-(1,7 1 7 )
Total Institutional Term Loan at amortised cost-271,090
Fair value adjustment on hedged borrowings -(5,860)
Total Institutional Term Loan-265,230
Average interest rate (which includes both the fixed and the floating portion)-6.49%
c. Retail bonds (secured)
The Group issued a retail bond for $150.0 million in December 2020. The retail bond has a maturity date of
18 December 2026 and is listed on the NZX Debt Market (NZDX) with the ID RYM010. The coupon rate for
the retail bond is 2.55%.
20252024
$000$000
Retail bond – RYM010150,000150,000
Total retail bonds at face value 150,000150,000
Issue costs for the retail bond capitalised
Opening balance(1,557)(2,109)
Capitalised during the year(6)(10)
Amortised during the year564562
(999)(1,557)
Total retail bonds at amortised cost149,001148,443

97
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Security
The bank loans and retail bonds are secured by a General Security Deed over the parent and subsidiary
companies and supported by mortgages over the freehold land and buildings and a General Security Agreement
(GSA). The GSA and mortgages are first ranking, other than when subordinated to the statutory supervisor who
holds registered mortgages for the benefit of residents over:
• The aged care facilities, as security for residents’ refundable accommodation deposits and occupancy
advances (see note 11); and
• The retirement village (excluding aged care facilities), as security for residents’ occupancy advances
(see note 12).
The subsidiary companies listed in note 1 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. The Group obtained amendments to the interest cover ratio in
September 2024 and March 2025. These amendments are detailed below.
The following summarises financial covenants which were in place for the year ended 31 March 2025:
• Interest cover ratio (ICR) – the ratio of Adjusted EBITDA to Interest Expense of not less than 1.50x from
30 September 2026 onwards on a 12-month rolling basis. Both Adjusted EBITDA and Interest Expense
are terms defined in the Syndicated Facilities Agreement
• Adjusted total liabilities to net tangible assets ratio – the total liabilities of the Group (after deducting resident
occupancy advances, Australian resident loans and accommodation bonds owing or held by the Group) to
net tangible assets of the Group is no greater than 1.00x.
The covenants are tested six monthly at 30 September and 31 March, and the Group has complied with all
amended covenants during the period, noting that the ICR is waived for 31 March 2025, 30 September 2025
and 31 March 2026.
In exchange for the lender’s agreement to waive the ICR detailed above, the Group is subject to the following
conditions until it demonstrates compliance with the ICR covenant as at the September 2026 test date (or any
subsequent date):
• No dividends will be paid by the Group without the consent of the majority lenders;
• The Group will not commence any new developments (being development at any village which was not listed
as “under construction” in the 30 September 2024 result) other than with the prior written consent of the
majority lenders; and
• The Group will provide to the lenders a report within 45 days of the end of each quarter (with extension for
financial year-end), setting out the ICR, development updates by village, resales by village, new sales by village
and available stock by village.

RYMAN HEALTHCARE ANNUAL REPORT 2025
98
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Interest-bearing loans and borrowings facility limits
During the period, the Group refinanced and extended certain bank loan facilities to address the expiry of
short-dated facilities, cancel and repay others using proceeds from the equity raise, and repay the Institutional
Term Loan. The facility limits of all interest-bearing loans and borrowings, by maturity and type, are detailed below:
Maturity Currency FCYNZD
$000$000
2025
NZD bank loan31 May 27NZD226,000226,000
NZD bank loan31 May 28NZD521,150521,150
Dual currency (NZD and AUD) bank loan30 Nov 26NZD81,92781,927
Dual currency (NZD and AUD) bank loan1 Apr 29NZD294,522294,522
Dual currency (NZD and AUD) bank loan31 May 29NZD103,850103,850
AUD bank loan 30 Nov 26AUD419,500461,598
AUD bank loan31 May 27 AUD246,462271,195
AUD bank loan31 May 28AUD50,00055,018
AUD bank loan31 May 29AUD40,00044,014
Retail bond18 Dec 26NZD150,000150,000
Total 2,209,274
Less loans and borrowings at face value(1,686,436)
Facility headroom522,838
2024
NZD bank loan30 Sep 24NZD115,000115,000
NZD bank loan31 May 26NZD75,00075,000
NZD bank loan31 May 27NZD778,980778,980
NZD bank loan31 May 28NZD521,150521,150
Dual currency (NZD and AUD) bank loan31 May 25NZD103,850103,850
Dual currency (NZD and AUD) bank loan31 May 26NZD81,92781,927
Dual currency (NZD and AUD) bank loan1 Apr 29NZD294,522294,522
AUD bank loan 1 Apr 25AUD40,00043,649
AUD bank loan31 May 24AUD125,000136,403
AUD bank loan1 Apr 26AUD20,00021,825
AUD bank loan31 May 26AUD344,500375,928
AUD bank loan31 May 28AUD50,00054,561
Retail bond18 Dec 26NZD150,000150,000
Institutional Term Loan 19 May 28AUD250,000272,807
Total 3,025,602
Less loans and borrowings at face value(2,559,886)
Facility headroom465,716
In addition to the above, the Group has an unarranged Institutional Credit Agreement that provides a $2,850,000
overdraft facility.

99
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
20. DERIVATIVE FINANCIAL INSTRUMENTS
Accounting policy: Derivative financial instruments
Derivative financial instruments are initially recognised at fair value on the date a contract is entered into and
remeasured to their fair value 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 derivatives are derived using inputs that are observable, either
directly (prices) or indirectly (derived from prices). The fair value of interest rate instruments 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.
Hedge accounting
The Group designates most of its derivatives as hedging instruments. At inception, each hedge relationship is
formalised in hedge documentation. The Group determines the existence of an economic relationship between
the hedging instrument and the hedged item based on the currency, amount and timing of respective cash flows,
interest rates, tenors, repricing dates, maturities and notional amounts at inception. The Group assesses whether
the derivative designated in each hedging relationship is expected to be, and has been, effective in offsetting the
changes in cash flows of the hedged item.
When the derivatives meet the requirements of cash-flow hedge accounting, the effective portion of the change
in the fair value of the derivatives are recognised in other comprehensive income and accumulated as a separate
component of equity. Amounts deferred in equity are recycled to the income statement in the periods when the
hedged item is recognised in the income statement. The ineffective portion is recognised in the income statement.
When the derivatives meet the requirements of fair value hedge accounting, changes in the fair value of the
derivatives are taken directly to the income statement for the year, to offset the change in fair value of the hedged
item also recorded in the income statement.
Hedge accounting is discontinued when the hedge instrument expires, is terminated or no longer qualifies for
hedge accounting. When hedge accounting for cash-flow hedges is discontinued, the amount accumulated in the
hedging reserve remains in equity until it is reclassified to income statement in the same periods as the hedged
expected future cash flows affect the income statement. If the hedged future cash flows are no longer expected
to occur, the amounts accumulated in the hedging reserve are immediately reclassified to the income statement.