Second quarter trading update

RYMAN HEALTHCARE LIMITED 1
NZX & ASX RELEASE
Second quarter trading update
9 October 2025
Ryman Healthcare reports 367 sales of occupation right agreements (ORAs) for the quarter ending
30 September 2025 (Q2 FY26), including 93 new sales and 274 resales. Reported sales figures reflect
retirement village units only and exclude refundable accommodation deposits (RADs) and ORAs
on aged care accommodation.

Sales volumes rose 9% compared to Q1 FY26, marking the second consecutive quarterly increase.
However, volumes were down 18% on Q2 FY25, which was a record quarter for the group.

Volumes were driven by continued improvement in sales effectiveness and strong conversion rates
from contracts to settlements. High-quality lead generation was supported by busy village open
days, targeted price changes and incentives.

Occupancy across Ryman’s mature
1
aged care centres was 95.8% in Q2 FY26, slightly down from
96.3% in Q1, impacted by seasonality through the winter months. In August, Ryman commenced
the closure of its rest-home-level-only care centres at Woodcote and Margaret Stoddart in
Christchurch, which no longer meet current Ryman standards without major reinvestment. This
aligns with Ryman’s previously announced review of its aged care capacity in New Zealand.
Residents are being supported to transfer to other Ryman villages, including the new 80-bed care
centre at Kevin Hickman, which is now almost 50% occupied only three months after opening.

CEO Naomi James said, “It’s pleasing to see our sales continue to improve in a highly competitive
market. Our sales teams have done an outstanding job of adapting their approach to our new
standard pricing model, which has driven a significant uplift in average deferred management fee
(DMF) of close to 40%. While we’ve seen sales improve more quickly than expected, we’re
maintaining a clear focus on rebuilding volumes to a sustainable level amongst inconsistent
housing market conditions.”

Sales volumes totalled 704 in the first half of FY26, down on 827 in first half of FY25 and broadly in-line
with 696 in the second half of FY25. Volumes are currently tracking ahead of the previous FY26
guidance range for 1,100–1,300 ORA sales. An updated guidance range will be provided with the
first half FY26 results on 27 November 2025.



1
Mature aged care centres exclude six developing care centres which have not yet reached 90% occupancy, Woodcote
and Margaret Stoddard (undergoing progressive closure) and Edmund Hillary (care capacity reopened in H1 FY26 following
completion of relevelling works).

RYMAN HEALTHCARE LIMITED 2
Sales of occupation right agreements (ORAs) for retirement village units
Sales volume (#)

FY25 FY26
Q1 Q2 Q3 Q4 Q1 Q2
New sales
Independent
79 90 93 71 56 75

Serviced
22 33 16 12 17 18
Total
101 123 109 83 73 93
Resales
Independent
123 155 137 100 133 119

Serviced
156 169 148 119 131 155
Total
279 324 285 219 264 274
Total
Independent
202 245 230 171 189 194

Serviced
178 202 164 131 148 173
Total
380 447 394 302 337 367
Notes: Includes ORA sales on retirement village units only and exclude ORAs and RADs on aged care accommodation.
Sales are recognised when a resident takes occupation of a retirement village unit, which typically aligns with settlement.


ENDS

Authorised by
Morgan Powell
General Counsel

About Ryman
Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 49 retirement
villages in New Zealand and Australia. Ryman villages are home to 15,200 residents, and the
company employs 7,800 staff.


Contacts
For investor relations information
Hayden Strickett, Head of Investor Relations
hayden.strickett@rymanhealthcare.com


For media information
media@rymanhealthcare.com