Rapid Insights Conference – Ryman Healthcare Presentation

Presented 25 June 2025
All figures in this presentation are in New Zealand dollars (NZD) and are at 31 March 2025 or for the twelve months ended 31 March 2025, unless otherwise stated.
RYMAN HEALTHCARE
Rapid Insights Conference
Presentation

RYMAN HEALTHCARE | Rapid Insights Conference2
Investment proposition
1
Market leader - in integrated retirement living and aged care across New Zealand and Australia
2
Unique offering - capitalising on growing demand for care-centric retirement living with continuum of
care model unmatched in size and flexibility
3
Renewed performance focus - with revenue and cost reset well underway, focused on delivering
efficiencies and operating leverage
4
Reset balance sheet - with greater financial stability post equity raise to be improved further with cash
realisation from renewed performance
5
Further value unlock – from portfolio and landbank review with a disciplined approach to development
and future growth
6
Attractively positioned – to benefit from the recovery in housing and economic cycle as well as broader
aging demographic trends of higher acuity care

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A leader in integrated retirement living and aged care
Ryman owns and operates 49 villages that offer integrated retirement living and aged care to over 15,000 residents
1: By the number of existing units and number of aged care beds in NZ. 2: Award relates to New Zealand, in the Aged Care and Retirement Villages category. 3: Includes units under construction at 31 March 2025 or committed to
start construction in 1H26.
Average age of
independent resident
83.1 years
March 2024: 82.5 years
Retirement village units
9,777
NZ: 8,290 | AU: 1,487
A market leader
1
#1
Largest retirement village and
aged care operator in NZ
(+393 committed
build
3
)
Aged care beds
4,700
NZ: 3,941 | AU: 759
A trusted brand
Reader’s Digest
Most Trusted Brand
2

for the 11
th
time
(+204 committed
build
3
)
RV unit occupancy
(mature villages)
92.8%
March 2024:93.7%
Aged care occupancy
(mature villages)
96.3%
FY24: 96.3%
Residents
15,156
NZ: 12,921 | AU: 2,235

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3Q: 60%4Q: 75%
50%
65%
63%
75%
72%
77%
Sales contracts
Contracting momentum has improved since the time of the equity raise, but remains below prior periods
FY25 gross sales contracts
1
vs average two-year pcp
2
•Retirement village market conditions remain
challenging with elevated industry stock
and heightened competition
•Housing market uncertainty and longer
selling times are impacting sales contracting
levels
•3Q sales contracts were impacted by
concurrent changes to the ORA and DMF
pricing model, organisational restructuring,
and reduced sales incentives
•Ongoing focus on sales effectiveness
through a range of initiatives, including
targeted promotions and incentives, front-
line sales team capability build, and
targeted pricing initiatives
Pricing model changes
(DMF / weekly fees)
1: Gross sales contracts reflect signed RV unit application forms, including internal transfers from existing residents, and exclude the impact of
cancelled applications. Gross sales contracts are a lead indicator to booked sales, with the latter being recognised when a resident takes
occupation of an RV unit which typically aligns with settlement. 2: Given the month-to-month movement in number of gross sales contracts due to
sales activities over the course of a year, comparison is made against the average of the prior two equivalent months or quarters (PCP) to provide a
measure of trend.
1H: 106%

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Sales and stock
Step change in DMF building a higher value future contract book
•FY26 outlook impacted by lower contracting
in 2H25, with FY26 sales weighted
to the second half
•Significant opportunity for release of cash
with over $700 million of new sales stock and
paid out resales stock
•New flexible pricing model offers choice of
Deferred Management Fee (DMF) level and
fixed or indexed weekly fees
•Average DMF for new resident contracts
1

increased 38% from 20.6% in 1H25 to 28.5% in
2H25,lifting the value of future contract book
•Pricing reviewed with targeted pricing
strategies in place for higher stock villages
and stable or increasing prices in low
stock villages
•Investing in the capability and performance
of sales team and targeted strategies for
villages with greatest opportunity in stock
Annual sales of ORAs
917
887
957
983
1,127
1,107
472
474
528
539
447
416
1,389
1,361
1,485
1,522
1,574
1,523
FY20FY21FY22FY23FY24FY25FY26
outlook
ResalesNew sales
1,100-
1,300
RV unit stock (units)
2
344
277
400
578
394
544
574
661
-
100
200
300
400
500
600
700
Mar-22Mar-23Mar-24Mar-25
New sales stockResales stock
New resident contracts (by DMF type)
94%
9%
15%
73%
1H252H25
20%25%30%35%40%
Resales ORA pricing
1: Excludes contracts from internal transfers. 2: Includes units which are vacant
$689k
$726k
$735k
FY23FY24FY25

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Development and land bank
Portfolio review underway to ensure a disciplined approach to future allocation of capital
•FY25 build rate highest on record
with four main buildings opened and three
villages completed
•Nellie Melba expected to complete in
FY26 and in-flight stages at Kevin Hickman,
Keith Park and Deborah Cheetham
expected to complete in the next 12 months
•Reviewing existing villages and land bank
to prioritise best opportunities for
value-accretive growth
•Each land bank site being reviewed for
demographics, demand, build complexity,
staged delivery and competition
•Land bank (valued at $369 million) represents
an opportunity to release significant cash
from sites that are not likely to be developed
Completed units and beds
460
464
301
27
101
290
74
120
359
561
685
950
FY23FY24FY25FY26
outlook
CareServicedIndependent
3
Villages
completed
950
Units/beds
completed
4
Main buildings
opened
266 - 330

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14.8
82.6
(48.7)
1.0
9.5
(13.6)
45.5
FY24
Operating
EBITDAF
Village
operating
revenue
movement
Village
opex
movement
Non-village
revenue
movement
Non-village
opex
movement
Non-village
Capitalisation
movement
FY25
Operating
EBITDAF
FY25 Financial performance
Operational reset beginning to be realised through improved core operating performance
Operating EBITDAF
1
•FY25 village operating EBITDAF
1
driven by
revenue growth across fees and DMF,
and cost control within villages
•Non-village cost out of $9.5 million in FY25
reflects part-year impact of new support and
services structure and cost control across
corporate expenses
•$23 million of annualised cost removed in
the 2H25 and targeting to double this
by the end of FY26
Free cash flow
1
•Business transformation programme focussed
on improving operating cash flows and
deploying capital into assets which generate
positive cash yields
•Targeting further improvement in free cash
flow in FY26
Operating EBITDAF movement
(270.5)
(436.3)
(206.8)
(389.6)
(186.9)
(94.2)
FY20FY21FY22FY23FY24FY25
Free cash flow
Margin expansion at
village level
Non-village improvement
before cost capitalisation
impact
50% reduction
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

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Reset capital
structure
•Net interest-bearing debt reduced by $840 million to $1,665 million (March 2024: $2,505)
•Annualised interest savings of $50-$55 million expected from FY26
•Gearing from 37.3% to 28.1%.
•Facility headroom of $523 million at 31 March 2025
•Simplified debt book with repayment of ITL in March 2025
Lender support
•18-month waiver of ICR covenant with testing to occur next at 30 September 2026
•Provides flexibility to undertake operational reset and manage the business to optimise
cash generation
•Intention to further optimise the overall debt funding structure and strategy in FY26
Strong
foundation for
shareholder
value creation
•Consistent with previous communications, the Board remains committed to reviewing capital
management and dividend policies in FY26
•ASX foreign-exempt listing planned in 1H26
Capital management reset
$1.0 billion equity raise enhanced financial stability and resilience in the current market

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Ryman is uniquely positioned to leverage sector dynamics
Large-scale, integrated retirement living and care assets with capacity to flex and adjust to industry changes
1: Sapere (2024). A review of aged care funding and service models. 2: Te Whatu Ora Annual Report 2023/2024. Represents all types of hospital
beds and bed spaces.
Adaptable portfolio to meet rising care needs
NZ aged care resident beds
1
expected to enter scarcity
Expected gap
of over 10,000
care beds in NZ
10,000
20,000
30,000
40,000
50,000
60,000
2014201720202023202620292032
Required supply based on demandSupply forecast (historic build rate)
2024 public hospital beds
2
10,745
Larger care
presence and
scalable model,
with flexibility to
repurpose units
to meet needs
•Growing 80’s+ with increased demand
for age-related healthcare services
•Aged care capacity investment not
matching demand
•Increasing acuity in residential aged care
and growing home-care
7,051
5,109
5,486
2,726
462
1,185
4,700
1,102
1,299
-
5,000
10,000
15,000
RymanSummersetMetlifecare
IndependentServicedCare

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FY25 progress
Pause in future developments, pending sell down of current stock
Reset of design, development and construction (DDC) overhead base to align with
in-flight projects
Commenced planning for transition to outsourced approach
Strategic priorities – Release cash
Reduced capital intensity represents a significant opportunity to reduce debt and improve returns
Release cash
from the business
•Sell-down existing stock through targeted
pricing and marketing strategies
•Pause future RV unit stages until
market conditions support development
•Increase resident capital in aged care
through RADs/ORAs
•Portfolio optimisation
1
Target over $500m in the next 3–5 years
FY26 priorities
Building sales effectiveness to release cash from RV unit stock (Over $700 million in new
sales stock and paid out resales stock)
Care ORAs in New Zealand to grow resident capital in care (currently 70% RADs
in Australia and 10% RADs in NZ)
Divestment programme for selected land bank sites
Value drivers
Vacant stockCare capitalLand bank

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Sustainable business
improvement
•Improve operating performance
of villages
•Leverage continuum of care
•Optimise non-village support functions
2
Target $100–150m annualised cash
improvement
1
over 3–5 years
Strategic priorities – Improve performance
Significant operating leverage in the existing portfolio across a range of value drivers
1: Both revenue and cost opportunities. 2: Excludes contracts from internal transfers.
FY25 progress
Reset revenue base: Average DMF of 28.8% on new resident contracts
2
in 2H25,
a 38% uplift
Enhanced revenue streams: introduction of variable weekly fees
$23 million of annualised costs savings in 2H25
Preparations for Australian aged care reforms from 1 November 2025 including
2% per annum RAD retention
FY26 priorities
Continue to build sales effectiveness, increasing number of units on new contract terms
Targeting doubling of annualised cost savings to $46 million
NZ care funding reforms & review of aged care capacity
Review of DMF terms for care and serviced apartments
Organisation-wide performance cadence, including segmentation of care and RV
reporting
Value drivers
DMFUnit refurbishmentsWeekly feesOccupancy
Operating
costs

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Disciplined approach
to growth
•Grow around existing villages
•Deliver future villages with flexibility and
reduced peak capital intensity
•Explore value creating consolidation
opportunities, particularly in Australia
Target lower peak capital intensity and
increased flexibility
Strategic priorities – Disciplined growth
Creating flexibility and a clear plan for value-accretive portfolio growth
FY25 progress
Revised plans for Hubert Opperman development, with staged approach to main
building development
Reduced spend on land bank, pending portfolio review
Separation of development and operating performance to enable clearer view
on cash return from invested capital
Value drivers
Capital
recycling
Development returnsRV cash yieldCare EBITDAFunding
FY26 priorities
Portfolio and strategy review to identify best opportunities to optimise and grow:
Customer offering (unique competitive advantage)
Portfolio mix (RV, assisted living, care and flex across these)
Geographies (NZ vs Australia)
Growth opportunities (existing villages, land bank, M&A)
Operating model aligned with strategy & value creation
Align design with future development opportunities in existing villages and land bank
Capital management framework aligned to strategy & plans for growth
3

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Four-year summary
FY22FY23FY24FY25
RV unit occupancy
Occupied7,4127,8078,2138,538
Unoccupied7388219741,239
Occupancy (%)90.9%90.5%89.4%87.3%
Occupancy (%) - maturen/an/a93.7%92.8%
Units paid out (#)
146271295358
Payout balance
5
($m)
$79.3$156.1$174.4$223.5
Aged care
Mature care centres32343637
Developing care centres6547
Total open care centres38394044
Occupancy (%)91.4%90.9%93.3%90.9%
Occupancy (%) - mature96.0%94.6%96.3%96.3%
Residents
Total residents13,16313,90814,54515,156
Age of entry - independent RV77.877.877.977.9
Age of entry - serviced RV84.884.885.084.9
Age of entry - aged care beds87.186.784.486.8
Average age - independent RV
82.682.782.583.1
Average age - serviced RV87.887.787.787.9
FY22FY23FY24FY25
Villages
Open
1
45454849
Under construction
2
1614107
Land bank
3
13111011
Portfolio
RV units8,1508,6289,1879,777
Aged care beds4,1654,2174,3394,700
Total12,31512,84513,52614,477
Build rate (completed)
4
RV units487565591
Aged care beds74120359
Total561685950
RV unit sales
New sales of ORAs528539447415
Resales of ORAs9579831,1271,107
Total sales of ORAs1,4851,5221,5741,522
Vacated units1,0021,1491,1401,200
Turnover (% portfolio)12.3%13.3%12.4%12.3%
13
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. 5: Payout balance reflects gross ORA value including DMF (presented net of DMF in previous presentations).
RYMAN HEALTHCARE | Rapid Insights Conference

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Disclaimer
This presentation has been prepared by Ryman
Healthcare Limited and its group companies
("Ryman") for informational purposes.This
disclaimer applies to this document and the
verbal or written comments of any person
presenting it.
This presentation should be read in conjunction
with all other material which we have released, or
may release, to NZX from time to time. That
material is also available on our website at
rymanhealthcare.com
.
Purpose of this presentation
This presentation isnot an offer of financial products, or a proposal or invitation to make
any such offer.It is not investment advice, or any otheradvice, or a recommendation in
relation to financial products, and does not take into account any person’s individual
circumstances or objectives. Every investor should make an independent assessment of
Ryman on the basis of expert financial advice.
Forward-looking statements
This presentation contains forward-looking statements and projections.These reflect our
current expectations, based on what we think are reasonable assumptions.However, any
of these forward-looking statements or projections may be materially different due to a
range of factors and risks. Ryman gives no warranty or representation as to our future
financial performance or any future matter.Actual results may differ materially from those
projected.Except as required by law or the NZX Listing Rules, Ryman undertakes no
obligation to update any forward-looking statements whether as a result of new
information, future events, or otherwise.
Non-GAAP information
A number offinancial measures used in this presentation are based on non-Generally
Accepted Accounting Practice (GAAP) measures which do not have a standardised
meaning prescribed by GAAP. You should not considerany of these financial measures in
isolation, or in substitution for the information provided in the financial statements for the
year ended 31March 2025.