Refreshed strategy and new capital management framework

RYMAN HEALTHCARE LIMITED 1
NZX & ASX RELEASE
Refreshed strategy and new capital
management framework
3 February 2026
Ryman Healthcare (Ryman), New Zealand’s largest provider of retirement living and aged care
with an established platform and scale in Australia, today releases its refreshed strategy, new
capital management framework and dividend policy at its Investor Day for investors and analysts.

Ryman Chief Executive Officer Naomi James said, “Our business is uniquely placed with capacity
and flexibility to meet the fastest growing areas of demand in care and assisted living. Our
continuum-of-care model offers residents a true ‘home for life’ helping them stay connected and
supported as their needs change. By continuing to evolve our offering and leverage our scale, we
can provide more choice for our residents while supporting improved long-term returns for our
shareholders.”

Ryman is targeting $150 million in sustainable cash flow improvement by FY29, the top end of the
previously announced range, driven by growing occupancy, reset pricing and cost efficiencies.
Strong cash release of $500 million is expected by FY29, with key levers including new and paid out
resale stock and at least $200 million from land divestments following completion of the landbank
review.

Ryman’s refreshed strategy focuses on growing recurring earnings from its existing $12 billion
portfolio while positioning the business to return to value-creating portfolio growth. The company
has significant optionality to grow and will prioritise the most attractive expansion. This includes
2,500 identified units and beds across uncommitted developments, alongside potential brownfield
expansion within existing villages, supported by existing aged care capacity.

Chair Dean Hamilton said, “The Board has moved beyond its governance and financial reset and,
building on these foundations, is now firmly focused on long-term value creation. Our first priority is
delivering a sustainable return on our existing asset base, and with the balance sheet reset now
complete, we will pursue disciplined growth over time. Our new capital management framework
outlines a path to return to sustainable dividends in FY28. This strategy refresh strengthens our
commitment to delivering value for both residents and shareholders, and I’m confident in Ryman’s
ability to achieve this.”

Naomi James acknowledged the dedication and commitment of the Ryman team, saying, “With
the foundations now in place, the team’s efforts have been integral to what we have already
achieved and will be central to delivering our refreshed strategy.”

Key information of the financial drivers behind the refreshed strategy and capital management
framework provided today are outlined below:

RYMAN HEALTHCARE LIMITED 2
Ryman is uniquely positioned for significant growth in demand with flexible capacity to provide
care and assisted living
• Doubling of 80+ population by 2050 will create scarcity in care and assisted living, increasing
the value of Ryman’s existing capacity.
• Increasing value through a flexible operating model aligned with government reforms, as
more care is delivered in the home and more specialised care in residential care centres.

Targeting $150 million in sustainable cashflow improvement by FY29 through occupancy, reset
pricing, and cost efficiencies
• Material uplift in DMF and weekly fees expected as contract book turns, with around half of
the portfolio expected to be on new DMF terms by FY29.
• Higher occupancy and reset in care accommodation pricing are expected to drive a
target uplift in aged care EBITDAF per bed from ~$15k currently to $25-30k by FY29.
• Continued cost reductions across non-village savings and procurement by FY29.

Strong cash generation expected targeting $500 million cash release by FY29
• Broad range of sales initiatives to drive resales to exceed turnover, reduce vacant stock
and release cash from $800 million of new stock and paid-out resale stock.
• Target to release at least $200 million from land sales following completion of land bank
review; including $110 million contracted to date.
• Evolving serviced apartment offering to attract a broader customer base.

Significant optionality to return to disciplined portfolio growth
• 2,500 identified units/beds in uncommitted development.
• Market demand and care capacity to support brownfield expansion potential in more than
half of Ryman's existing villages.
• Land bank review complete, with six sites retained for potential development.
• Australia favoured for greenfield investment, while New Zealand presents stronger
brownfield expansion opportunities.
• FY27 focus on prioritising the best development opportunities across the portfolio.

New capital management framework and dividend policy
• New capital management framework to drive disciplined capital allocation.
• Near-term focus on releasing excess capital, growing recurring earnings, and creating
optionality for future growth.
• Targeting a return to sustainable dividends in FY28 with a payout policy of 20-50% of cash
flow from existing operations (CFEO) per share.

Accompanying this announcement is a presentation which the Ryman Healthcare Management
team will present today.

Ryman’s existing FY26 guidance is unchanged.

Recording
A delayed recording of the Investor Presentation will be published on Investors | Financial
Information | Ryman Healthcare


ENDS

RYMAN HEALTHCARE LIMITED 3
Authorised by
Morgan Powell
General Counsel

About Ryman
Founded in Christchurch in 1984, Ryman Healthcare is New Zealand’s largest retirement living and
aged care provider, and the leading integrated retirement living and aged care operator in
Victoria. Dual listed on the NZX and ASX, Ryman owns and operates 49 integrated retirement
villages across New Zealand and Australia, providing homes to over 15,000 residents and employing
7,800 dedicated team members.

Ryman’s villages provide a fully integrated continuum of care, bringing together independent
living, assisted living, and aged care services within a single community. This model offers residents
choice, continuity, and a genuine home for life experience as their needs change, while giving
families confidence and peace of mind. Committed to high standards of quality and service,
Ryman delivers exceptional living and care experiences alongside long-term value for residents,
families, and shareholders.


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


For media information
Sarah Greig, GM Corporate Affairs &
Communication
sarah.greig@rymanhealthcare.com

---

A clear plan to grow value
RYMAN HEALTHCARE
Investor Day 2026
3 February 2026

Welcome
Naomi James, Chief Executive Officer
Roger, Patrick Hogan Village

RYMAN HEALTHCARE | Investor Day 2026
William Sanders Village
William Sanders Village tour
Click here to view video

RYMAN HEALTHCARE | Investor Day 2026
1. Introduce Ryman's refreshed strategy and financial drivers underpinning it
2. Demonstrate how Ryman willgrowrecurring earnings from its existing business
3. Outline our approach to pursuing focused portfolio growth opportunities
4.
Introduce new capital management framework and dividend policy
Focus of today’s presentation
The purpose of today is tooutline our plan to grow value
4
All figures in this presentation are in New Zealand dollars (NZD) and are at 30 September 2025 or for the six months ended 30 September 2025, unless otherwise stated. AUD balances at 30 September 2025 are converted
at an NZD/AUD rate of 0.8771.

RYMAN HEALTHCARE | Investor Day 2026
Management team
New team with the right capabilities and skillset to deliver on refreshed strategy
Naomi James
CHIEF EXECUTIVE
OFFICER
Joined: November 2024
Rick Davies
CHIEF CUSTOMER
OFFICER
Joined: July 2019
Di Walsh
CHIEF PEOPLE
AND SAFETY OFFICER
Joined: January 2023
Marsha Cadman
CHIEF OPERATING
OFFICER
Rejoined: January 2024
Marie Bonnemaison
CHIEF TRANSFORMATION
AND CORPORATE
DEVELOPMENT OFFICER
Joined: January 2025
Matt Prior
CHIEF FINANCIAL
OFFICER
Joined: July 2025
Richard Stephenson
CHIEF DEVELOPMENT
AND PROPERTY OFFICER
Joined: February 2026
5
Dr Rachna Gandhi
CHIEF ENTERPRISE
STRATEGY, SYSTEMS AND
GOVERNANCE OFFICER
J
oined: February 2026

RYMAN HEALTHCARE | Investor Day 2026
Agenda
2.00pmWelcome and introduction to Ryman
Naomi James, Chief Executive Officer
Refreshed strategy
Naomi James, Chief Executive Officer
The future of aged care and retirement living
Cam Ansell, Ansell Strategic
Q&A
2.50pmImproving sales effectiveness
Rick Davies, Chief Customer Officer
Operational excellence
Marsha Cadman, Chief Operating Officer
Q&A
3.30pm Break
3.45pm Disciplined portfolio growth
Naomi James, Chief Executive Officer
Refreshed capital management
Matt Prior, Chief Financial Officer
Q&A
4.40pm
Wrap up
Naomi James, Chief Executive Officer
4.50pmBoard perspective
Dean Hamilton, Chair

RYMAN HEALTHCARE | Investor Day 2026
1. Strategy refresh focuses on growing recurring earnings, portfolio optimisation and value-creating portfolio growth
2. Ryman is uniquely positioned for significant growth in demand with flexible capacity to provide care and assisted living
3.
Targeting $150 million in sustainable cash flow improvement by FY29
1
through growing occupancy, reset pricing, and cost
efficiencies
4.
Strong cash generation expected from targeted $500 million cash release by FY29
1
, with significant opportunity sitting
within $800 million of new and paid-out resale stock, and at least $200 million from land sales
5.
Significant optionality within portfolio growth, including over 2,500 units/beds in uncommitted developments and market
demand and care capacity to support higher-return brownfield expansion
6.
Clear capital management framework and reset balance sheet to underpin return to dividends in FY28 and growth in
shareholder returns
Key takeaways from today
A clear plan to deliver value for shareholders and residents
7
1: Compared to FY25.
RYMAN HEALTHCARE | Investor Day 2026

RYMAN HEALTHCARE | Investor Day 2026
Introduction to Ryman
Naomi James, Chief Executive Officer
Patrick Hogan Village

RYMAN HEALTHCARE | Investor Day 2026
A leader in integrated retirement living and aged care
High-quality, scalable portfolio with a trusted brand and unique care offering
Retirement villages
49
NZ: 40 | AU: 9
(includes 4 villages
under construction)
Retirement village units
9,956
NZ: 8,383 | AU: 1,573
Residents
15,312
NZ: 12,939 | AU: 2,373
Sites under active
construction
4
NZ: 3 | AU: 1
(all open and
under construction)
Aged care beds
4,781
NZ: 4,022 | AU: 759
Team members
7,756
NZ: 6,126 | AU: 1,630
Average age of entry –
independent
80.4 years
Average age of entry –
serviced apartments
85.7 years
9
All figures at 30 September 2025.
Introduction to Ryman

RYMAN HEALTHCARE | Investor Day 2026
Leading the sector in customer ratings
Consistently ranked #1 by residents and families
Neil and Jessica, Keith Park Village

RYMAN HEALTHCARE | Investor Day 2026
Independent livingServiced apartmentsAged care
Access to wellbeing programmes including Ryman
Triple A and Engage, social activities and entertainment
24/7 security with a comprehensive resident assistance
call system
Morning or afternoon tea, and weekly happy hour
Hotel services (laundry, linen, housekeeping)
Daily chef-prepared meals
Additional care support if required e.g. administering
medication, showering and dressing, wound care
Electricity and heating cost included
Comprehensive clinical care including hospital and
dementia/memory care
Optional service at additional cost
Continuum of care for our customers
Ryman’s model meets customer needs as they change, with choice, control and community and a home for life
11
Included in base package
Introduction to Ryman

RYMAN HEALTHCARE | Investor Day 2026
Continuum of care in our property portfolio
Each village offers a range of independent living, assisted living and aged care options in a single location
1: Proportion of portfolio by count of retirement village units and aged care beds at 31 March 2025. 2: At 30 September 2025. 3: At 31 March 2025.
Independent livingServiced apartmentsAged care
% of portfolio
1
50%20%30%
Features
One, two and three-bedrooms all
with full kitchens and bathrooms
Attached garage or optional car
park
Includes kitchenette, fridge-freezer
and microwave
Easy access to the village centre
Almost all rooms include a full
ensuite
Rest home, hospital and dementia
levels of care at most villages
Product mix
57% apartments, 43% villas90% one bedroom, 10% studio
NZ: 10% RADs, 74% room premium,
16% no premium
AU: 60% RADs, 17% DAPs, 23% other
Typical size
70–130 sqm30–60 sqm20–30 sqm
Average
tenure
9 years4.5 years1– 2 years
Asset value
$8,005 million
2
$2,304 million
2
$906 million
3
12
Introduction to Ryman

RYMAN HEALTHCARE | Investor Day 2026
Revenue model
Village fees
(for village operating costs)
Care fees
(vary based on level of care)
Deferred management fees
(for property management and capex)
Accommodation premiums
(vary reflecting room features and
enhancements)
Capital gains and use of resident capital
1

(all capital gains retained by Ryman)
Continuum of care and the revenue model
Residents pay for accommodation and services through a combination of fees and use of capital; capital gains
on property values retained by Ryman
Introduction to Ryman
13
1: Resident capital includes occupation right agreements (ORAs), refundable accommodation deposits (RADs) and resident funds (RFs).
Independent livingServiced apartmentsAged care

RYMAN HEALTHCARE | Investor Day 2026
14
Flexibility to deliver service across the continuum
Ryman can meet changing customer needs across the village and optimise property portfolio and utilisation
based on demand
One in four
RV unit residents receive a
Ryman-delivered home care
package in Australia
One in six
Independent residents receive
housekeeping or additional services
in New Zealand
One in seven
Serviced apartment residents
opt for higher packages or residential
aged care (vs ‘base’ packages)
in New Zealand
Madeline, William Sanders Village
Introduction to Ryman

RYMAN HEALTHCARE | Investor Day 2026
8,383
4,022
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Ryman
(New Zealand)
SummersetMetlifecareOceaniaArvidaRadius
Retirement village unitsAged care beds or suites
15
Portfolio mix of NZ scale operators
1
Largest retirement living and aged care provider in NZ
Scale across the full continuum of care with capacity to flex to growing demand
1: Last reported, sourced from company filings and websites. 2: CBRE.
8.3%
Retirement living penetration of
65+ population in NZ
2
Introduction to Ryman

RYMAN HEALTHCARE | Investor Day 2026
1,573
759
2,332
-
1,000
2,000
3,000
4,000
5,000
6,000
KeytonAveoLevandeRyman
(Australia)
OpalCalvaryEstiaArcareRegis
Retirement village unitsAged care beds or suites
16
Established platform and scale in Australia
Only operator in Victoria with integrated retirement living and aged care at all locations
1: Retirement village units across key platform operators sourced from latest available company filings and websites. Aveo based on last disclosed established business property portfolio at June 2019. Levande based on last
disclosed Retirement Living property portfolio at June 2021. Keyton based on last disclosed property portfolio at June 2023. 2: Aged care bed counts in VIC based on Gen Aged Care data June 2025. 3: CBRE.
5.0%
Retirement living penetration of
65+ population in AU
3
Portfolio mix of Victoria scale operators
1,2
Introduction to Ryman

RYMAN HEALTHCARE | Investor Day 2026
80+ population (millions)
17
Well positioned in a market with large demographic tailwinds
80+ population, who are most likely to seek integratedindependent living and care,set to double by 2050
Source: Stats NZ and ABS national population projection.
0.1
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.4
0.4
0.4
0.4
0.5
0.5
0.5
0.5
0.8
0.9
0.9
0.9
1.0
1.0
1.1
1.2
1.3
1.4
1.6
1.7
1.8
1.9
2.0
2.1
2.2
2.3
2.3
2.4
2.4
0.0
0.5
1.0
1.5
2.0
2.5
201020122014201620182020202220242026202820302032203420362038204020422044204620482050
New ZealandAustralia
Introduction to Ryman

RYMAN HEALTHCARE | Investor Day 2026
Scale
Large, integrated portfolio across New Zealand and Victoria creates efficiency and supports a high-quality service
offering to meet growing demands
Integrated care
model
Each village offers a continuum of care designed for customer needs and the growing older population,
driving lifetime value and stable occupancy
Quality of the
portfolio
Premium locations, modern design, build qualityand integrated care facilities underpin strong demand and
long-term asset value
One move
proposition
Residents move once and stay within the same community, supporting retention, predictable cash flows and
customer trust
Flexibility across
the village
Ability to transfer within the village optimises asset utilisation and enhances revenue resilience as care needs evolve
Positioned
for growth
Continuum of care model aligned to the fastest growing segment of assisted living, supported by demographic
tailwinds and increasing demand for integrated living and aged care services
18
Key messages – introduction to Ryman
Unique strengths, and a portfolio that is difficult to replicate, underpin Ryman’s competitive advantage in a
dynamic industry
Introduction to Ryman
RYMAN HEALTHCARE | Investor Day 2026

Refreshed strategy
Naomi James, Chief Executive Officer
Dawn and Julie, Northwood Village

RYMAN HEALTHCARE | Investor Day 2026
Lessons from the past
Refreshed strategy builds on our strengths and addresses key learnings
Attributes critical to success
High-quality integrated RV and care portfolio
Scale and regional diversification (New Zealand/Australia)
Industry-leading resident experience ‘good enough for mum
and dad’
High-quality clinical care
Strong workforce engagement
Industry-leading brand, high community trust
Drivers of poor financial performance
Weekly fees and DMF lagging behind significant growth in costs
Growth in overheads outpacing village growth
Rapid development growth with poor financial outcomes, leading
to increased debt
Lack of performance transparency and reliance on strong
property price growth
Lack of systems investment to match scale and business
complexity
Decisive action being taken to address
Refreshed strategy
Continued focus in refreshed strategy
20

RYMAN HEALTHCARE | Investor Day 2026
Redefining how we create value
Ryman has shifted from a central priority of development to a broader focus on growing high-quality recurring
earnings and value-creating portfolio growth
21
•Central priority of growing build rate to drive ‘underlying profit’
and book values
•Reliance on broad-based house price inflation supporting
development margins and capital gains
•Care and village services subsidised by capital gains
•Higher contract terms in line with peers and cost escalation
•Focus on optimising product mix and maximising occupancy
•Care and other services positioned as meaningful contributors
to recurring earnings
•Portfolio optimised in response to evolving consumer
preferences and future capital growth potential
•Value-creating portfolio growth supported by capital
allocation to markets with enduring demand
•Clear capital management framework to drive financial
discipline and resilience
•Operating model enabled by data, process and technology
21
A focus on development
To a focus on value creation
From
A focus on value creation
To
Refreshed strategy

RYMAN HEALTHCARE | Investor Day 2026
1234
Be the provider of choice Grow recurring earningsOptimise existing portfolioValue-creating portfolio growth
Industry leader in care-centred
living, providing choice, control
and community to growing 80+
population
Grow recurring earnings through
reset pricing, operational
excellence and improved
occupancy
Optimise portfolio for value,
allocate capital to grow returns
and reduce capital intensity
Disciplined capital allocation
to brownfield and greenfield
expansion into markets with
enduring demand
Refreshed strategy
Enhance freedom, connection and wellbeing for people as we grow older
Our purpose
Our strategic pillars
Deliver industry-leading customer satisfaction and growtotal shareholder returns
Focused on core elements critical to value creation for our shareholders and residents
22
Refreshed strategy

RYMAN HEALTHCARE | Investor Day 2026
Preparing
DeliveredUnderwayPreparing
Multi-year transition to execute the strategy
Near-term focus on growing high-quality recurring earnings and optimising the portfolio for value, to improve cash
returns and provide a strong foundation for futureportfolio growth
23
Reset performance
•Right-size support services
•Reset revenue to market
•Refocus development programme
•Reset balance sheet
•Deliver transparent financial
performance and performance
cadence
Optimise for value
•Grow occupancy
•Optimise asset utilisation and pricing
•Drive village and overhead cost
efficiency
•Release capital
•Optimise village investment for value
•Build commercial and development
capability
Grow sustainably
•Renew portfolio growth strategy across
Australia and New Zealand
•Modernise the value proposition
•Build the operating model of the future
•Deliver sustainable dividends
•Shape the future workforce
FY29
FY25
FY29
Refreshed strategy

RYMAN HEALTHCARE | Investor Day 2026
Building Ryman’s future operating model
Driving customer value, productivity uplift and scalable growth across New Zealand and Australia
Process redesign with
AI-enabled efficiency
and automation
Ecosystem of partnerships
meeting customer needs
Aligning workforce models
to funding reforms
Flexible property portfolio
with agile capital allocation
Over
50,000
residents have put their
trust in Ryman
1
Integrated
resident-centred
continuum of care
and services
1: Since 2010 when data is available.
24
Refreshed strategy

RYMAN HEALTHCARE | Investor Day 2026
Strategy refresh builds on our high-quality retirement living and care portfolio, industry-leading resident experience and quality of care
Shift in focus from rapid-growth through development to growing high-quality recurring earnings and value-creating portfolio growth
Well positioned to leverage existing scale and differentiated customer proposition in the fastest growing parts of the market (assisting living
and aged care)
Near-term focus on improving operational performance providing a strong foundation for futureportfolio growth
Key messages – refreshed strategy
Strategy refresh focuses on being the provider of choice in care-centric living, growing recurring earnings, portfolio
optimisation and value-creating portfolio growth
25
RYMAN HEALTHCARE | Investor Day 2026
Refreshed strategy

0
2
0
5
The Future of Aged Care and
Retirement Living
Cam Ansell – Managing Director, Ansell Strategic

The
Aged
Care
Puzzle
Reform
Economics
Generational
Shift
Consumers
Supply
Health
Dynamics
Nurses

Generational Shift
Source: United Nations 2024; OECD Stat 2023; ABS Population Projection 2022 – 2071; Ansell Strategic Assumption
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
202320282033203820432048
Australian Population Aged 70+
BuildersBoomersGen X
Increasing demand
across Australia and
New Zealand.
Changing consumer
profiles.

Consumers
Image Source: Brittanica.com, Silent Generation
Builder Generation
Today
•Modest and
accepting
•Less likely to
challenge policies
or demand reform
•Relatively simple
expectations of
Government

Consumers
Image Source: Brittanica.com, Baby Boomer Generation; Sixtyandme.com
Tomorrow
Baby Boomers
•Value autonomy
and flexibility
•More likely to
challenge policies
and demand reform
•Expect flexibility
and personalised
services

Source: ABS Household Income and Wealth, 201920, Statistics NZ Household Net Worth 2021
Baby Boomers and Builders account for less than a 3
rd
of the population aged 15 years and over
Baby Boomers
and Builders
Proportion of
Population
Generation
X, Y and Z
Consumers
Tomorrow

Baby Boomers
and Builders
Source: ABS Household Income and Wealth, 201920, Statistics NZ Household Net Worth 2021
However, the Baby Boomers and Builders share the highest proportion of wealth
Share of Wealth
Generation
X, Y and Z
Consumers
Tomorrow

Residential Care Supply
Source: Te Whatu Ora Aged Care Resident Projection Model 2025; OECD Stat 2023
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
32,000
34,000
36,000
38,000
40,000
42,000
44,000
2025/262026/272027/282028/292029/302030/312031/322032/332033/342034/352035/362036/372037/382038/392039/40
% NZ Popn. 75+
Projected NZ ARC Residents
Projected Average ARC Residents
Projected Average ARC Residents as a Proportion of 75+ Population
•Constrained supply
exacerbated by limited
development activity and
declining quality of stock.
•Low levels of development
in Australia and New
Zealand will mean a lack
supply to meet demand.
•Australia is now at full
occupancy in metropolitan
areas.
Average ARC Residents Projected to Decline as a Proportion of Population 75 +

Home Care Supply
Source: Home Care Packages Program Data Report
•Lack of residential care
supply places pressure on
home care.
•Home Care waitlist continues
to increase.
•People awaiting assessment
reaches 113,000 in addition
to assessed people on
waitlist.
Support at Home Package Waitlist

-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
Package Waitlist

Health Dynamics
Source: OECD Data Explorer, various sources including Government statistics and research articles
Australia
Canada
Germany
Ireland
Netherlands
New Zealand
Norway
Switzerland
United States
England
Denmark (excl. general
homes for elderly)
Japan
Sweden
0
5
10
15
20
25
30
35
40
02468101214161820
Legnth of Stay (months)
% of Pop. Aged 80+ in LTC
- Long Term Care
•The proportion of people in long term care across Australia and New Zealand will decrease into the future
•Those in residential care will have higher acuity and clinical need

Nurses
The proportion of nurses caring for the senior population will continue to decline at a time when older people
are presenting to care at higher levels of acuity, resulting in the need to pool resource in local areas to meet
demand
-
20
40
60
80
100
120
140
160
0
100,000
200,000
300,000
400,000
500,000
20162022202620312035
Total Nursing StaffRatio of Nurses per 1,000 people aged 70+
Source: Estimates based upon Australian Government population projections and
current clinician trends including migration, graduations, attrition and retirement.

Financial Performance
Source: StewartBrown Aged Care Financial Performance Survey Sector Reports
Australian RAC Financial Performance
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
EBITDA Per Client Per Annum
Reform
m
•Government reform (or lack thereof) is impacting provider financial performance.
•More sustainable returns is needed to invest and grow the sector.
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
2009
ARCSR
2013
GT/Ansell
Strategic
ARCSR
Update
2017
Ansell
Strategic
Pay Equity
Analysis
2018
EY ARC
Funding
Model
Review
2023
Ansell
Strategic
ARC
Financial
Performance
Study
EBITDA Per Occupied Bed Per Annum
New Zealand ARC Financial Performance
Source: Ansell Strategic ARC Financial Survey 2018 & 2023

0
1
2
3
4
5
6
2000202220402060
NZAUS
Source: OECD Population Projections, 2023
Economics
The ratio of working aged people to retirees is declining. The estimated cost of aged care to the average
taxpayer will increase significantly over the next 10 years. Older people with the means to do so, will need to
contribute more to their care.
2.3
3.1
5.4
5.6

Reform
Royal Commission
New Aged Care Act
Support at Home Program
User Pay Fee
Higher Accommodation Payments
New Means Testing
Australia is well ahead on aged care reform; New Zealand only just entering the reform phase with the outcomes
still unknown.
Health New Zealand Aged Care
Funding and Services Review
Parliamentary Health Select
Committee Inquiry Report and
Recommendations
Ministerial Advisory Group

Retirement
Living

Home Care
Aged
Residential Care
Assisted
Living
Where
to From
Here?
•A continuum of care is the future
for village operators.
•Ryman Healthcare is well-placed
with their existing model.
•Delivering a strong value
proposition to the new
consumers is key.

Future Projections
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
20222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050
People Aged 65+
Independent LivingAssisted LivingPrivate Residential Aged CareResidential Aged Care
We project that assisted living will experience the greatest growth in the coming years representing a key area of
opportunity for aged care and retirement living providers across Australia and New Zealand.

Improving sales effectiveness
Rick Davies, Chief Customer Officer
Patrick Hogan Village

RYMAN HEALTHCARE | Investor Day 2026
Strong occupancy across mature villages
High-quality villages and integrated care underpin strong occupancy across retirement living in mature villages
Improving sales effectiveness
1: Occupancy for independent living and serviced apartments at 30 September 2025. Occupancy for aged care for the six months ending 30 September 2025. 2: Villages are classified as mature for independent living and
serviced apartments once fully completed and all accommodation types have maintained at least 90% occupancy for two consecutive financial years. Villages are classified as mature for aged care when the care centre
maintains at least 90% occupancy for a full financial year and excludes villages with operational impacts (Margaret Stoddard, Woodcote and Edmund Hillary in 1H26).
43
Occupancy
1
2
94%
87%
96%
85%
57%
67%
MatureDeveloping
Independent livingServiced apartmentsAged care
32
villages
17
villages
32
villages
17
villages
36
care centres
9
care centres

RYMAN HEALTHCARE | Investor Day 2026
279
324
285
219
264
274274
101
123
109
83
73
93
101
380
447
394
302
337
367
375
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY26
ResalesNew sales
•New sales of independent living
units eased following the opening
of Nellie Melba Stage 4 in the
prior quarter
•New sales of serviced apartments
were strong across New Zealand
and Australia
•Resales steady overall reflecting
regional mix, with relocations from
Margaret Stoddart and Woodcote to
other Christchurch villages contributing
(5 in Q2 FY26, 32 in Q3 FY26)
•FY26 guidance of 1,300–1,400 ORA
sales unchanged
Quarterly sales of ORAs
1
Third quarter trading update
Sales momentum maintained amid mixed housing market conditions and heightened competition
1: Reported sales figures reflect retirement village units only and exclude refundable accommodation deposits (RADs) and ORAs on aged care
accommodation. Q3 FY26 sales reported in third quarter trading update on 15 January 2026 (Link
).
Post pricing model changes
44
Improving sales effectiveness

RYMAN HEALTHCARE | Investor Day 2026
Mixed conditions across external property markets
Victoria recovering; some regions improving throughout New Zealand; Auckland remains subdued
Median house price
1
House sale volumes
1
-
$0.2m
$0.4m
$0.6m
$0.8m
$1.0m
$1.2m
$1.4m
Nov-16Nov-17Nov-18Nov-19Nov-20Nov-21Nov-22Nov-23Nov-24Nov-25
AucklandNZ exc. AucklandVictoria (AUD)
-
10k
20k
30k
40k
50k
60k
70k
80k
Nov-16Nov-17Nov-18Nov-19Nov-20Nov-21Nov-22Nov-23Nov-24Nov-25
AucklandNZ exc. AucklandVictoria
1: Rolling 12-month average. Source: REINZ, REIV.
45
Improving sales effectiveness

RYMAN HEALTHCARE | Investor Day 2026
Customer acquisitionCustomer value proposition
Highly targeted marketing and
quality lead generation
Customer-aligned product positioning
Proactive and timely customer
engagement
Optimal pricing and
competitiveness including
customer choice
Strong team capability
and performance
Impactful sales incentives
Optimising our sales strategy
Adapting to more competitive market conditions with a multi-pronged strategy to lift sales effectiveness
46
Lifting sales
effectiveness
Improving sales effectiveness

RYMAN HEALTHCARE | Investor Day 2026
Improving conversion through sales funnel
Harnessing data and insights to enhance performance at each stage of the sales funnel
Customer enquiry
Appointment
Contract
Settlement
47
•New lead volume and quality
•Lead engagement activity
•Village appointment booking rate
•Village appointment attendance rate
•Contract conversion
•Conversion timeframe
•Time to settlement
•Cancellation rate
Key metricsSales funnel
Improving sales effectiveness

RYMAN HEALTHCARE | Investor Day 2026
Disciplined and targeted pricing
Balancing market responsiveness and occupancy with value optimisation
48
Comprehensive pricing framework and rules embedded into sales process
Village segmentation to optimise sales and marketing resource
Regular pricing reviews across product types
Flexible pricing options within sales team toolkit
Localised, targeted pricing trials ongoing
Pricing performance reporting and oversight
Morton and Martin, Miriam Corban Village
Improving sales effectiveness

RYMAN HEALTHCARE | Investor Day 2026
•Turnover will increase as the portfolio
matures, presenting a significant
opportunity
•Strategic capital investment in
village amenities and facilities to
underpin unit price growth and
increase occupancy
•Predictive insight into future turnover
to enable more proactive sales
strategies
•Ryman already meets proposed
Retirement Village Act reform
changes in New Zealand, returning
customer capital within 12 months
Closing the gap between resales and turnover
Driving resales to exceed turnover, reduce stock, and release cash
49
Resales vs turnover
0
100
200
300
400
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY26
ResalesTurnover (units vacated)
0
50
100
150
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY26
1: Time between signing of application form and settlement. Excludes residents who have transferred internally from other Ryman units.
Post pricing model changes
Resales average days to settle
1
Post pricing model changes
Improving sales effectiveness

RYMAN HEALTHCARE | Investor Day 2026
$125
$208
Vacating
residents
Incoming
residents
Step change in DMF and weekly fees
Significant value unlock from new contract terms – expect around half of portfolio rolled onto new DMF terms
by FY29
+67%
uplift on unit turnover in 1H26
20.7%
28.8%
1H251H26
Independent living unit weekly fees
1
Average DMF on incoming residents
3
1: New Zealand only. 2: Average weekly fee. 3: Excludes residents who have transferred internally from other Ryman units which are included within sales volumes (non-GAAP). 1H26 average of 28.8% includes 75% of incoming
residents on a 30% DMF.
+39%
uplift vs 1H25
50
Improving sales effectiveness
22

RYMAN HEALTHCARE | Investor Day 2026
Unit vacancy (%)
Opportunity to increase utilisation of serviced apartments
Vacant stock and turnover provides opportunity to optimise product offering
51
Improving sales effectiveness
6%
13%
8%
15%
43%
22%
Independent unitsServiced apartmentsAll units
Mature villagesDeveloping villages

RYMAN HEALTHCARE | Investor Day 2026
Potential to evolve serviced apartment offering
Offering greater customer choice, meeting growing demand, and driving occupancy
52
Independent livingAged careServiced apartments
Predominantly
1-bedroom with fixed set of services
Premium care suites
High-end accommodation blending
premium feel with 24/7 clinical care
Ability to ‘age in place’
Apartments for assisted living and
care, which evolve with the care
needs of the resident
Choice of assisted living services
Flexible access to a wide menu of
day-to -day services
Early-stage pilot of options underway
Options to broaden target market
Improving sales effectiveness

RYMAN HEALTHCARE | Investor Day 2026
592
426
317
1,335
Sept-25
Opportunity to release cash from stock
Combined $800 million cash opportunity lies within new sales and paid-out resales stock
Retirement village unit stock
Paid-out resales stock
1
with previous resident repaid
$330 million
New sales stock
$470 million
No. units
Resales stock
with previous resident not yet repaid
$495m
$305m
$800m
Sept-25
Serviced apartments
Combined new sales stock and
paid-out resales stock
Independent living units
Combined new sales stock and
paid-out resales stock
Value ($m)
1: At current pricing.
Improving sales effectiveness
53

RYMAN HEALTHCARE | Investor Day 2026
Broad range of initiatives to drive resales to exceed turnover, reduce vacant stock and release cash
Material uplift in DMF and weekly fees as contract book turns
Evolving serviced apartment offering to attract abroader customer base and accelerate occupancy
Strong cash generation expected from $800 million of new stock and paid-out resale stock, supported by property market recovery and
accelerated by sales effectiveness initiatives
Key messages – improving sales effectiveness
Reset in contract terms, optimising our value proposition, and improving sales effectiveness will increase near-term
cash flow and long-term value
54
Improving sales effectiveness
RYMAN HEALTHCARE | Investor Day 2026

RYMAN HEALTHCARE | Investor Day 2026
Operational excellence
Marsha Cadman, Chief Operating Officer
Natasha and Ivon, Bert Sutcliffe Village

RYMAN HEALTHCARE | Investor Day 2026
Maintain and reinforceOpportunities to reach full potential
High-quality clinical care underpinning
resident trust and brand reputation
Sustained high occupancy in mature
villages with developing villages lifting to
mature levels
Industry-leading resident experience
ranked #1 by residents and families
Optimising for highest value use and
sustainable revenue increases
Skilled and engaged teams capable of
delivering care and services across the
continuum
Focused cost discipline to deliver
short-term and long-term efficiency
An overview of operational excellence
Building on Ryman’s differentiators to unlock full potential from the business
Operational excellence
Operational
excellence
56

RYMAN HEALTHCARE | Investor Day 2026
94%
87%
96%
85%
57%
67%
MatureDeveloping
Strong occupancy across mature care centres
High-quality portfolio and clinical care offering key to maintaining high occupancy in mature care centres and
growing occupancy in developing care centres
1: Occupancy for independent living and serviced apartments at 30 September 2025. Occupancy for aged care for the 6 months ending 30 September 2025. 2: Villages are classified as mature for independent living and serviced
apartments once fully completed and all accommodation types have maintained at least 90% occupancy for two consecutive financial years. Villages are classified as mature for aged care when the care centre maintains at
least 90% occupancy for a full financial year and excludes villages with operational impacts (Margaret Stoddard, Woodcote and Edmund Hillary in 1H26).
57
Occupancy
1
Independent livingServiced apartmentsAged care
2
32
villages
17
villages
32
villages
17
villages
36
care centres
9
care centres
Operational excellence

RYMAN HEALTHCARE | Investor Day 2026
$13m
$13m
NZAU
146
86
NZAU
•Significant revenue opportunity from
232 vacant aged care beds
1
at current
revenue per bed
•Base revenue per bed per day
1

(excluding room premiums and RADs)
of NZ$257 in New Zealand and NZ$421
in Australia, with the latter reflecting
relative funding settings
•Capacity in developing care centres
is filling well with unoccupied beds
reducing by 64
4
from 30 September
2025 to 31 December 2025
58
Opportunity for increased care occupancy
Achieving mature village occupancy at our developing care centres will generate $26 million recurring revenue
Opportunity from filling bed capacity in developing care centres
2
1: At 30 September 2025. 2: Includes six care centres which have not reached 90% occupancy for a full 12-month period and Edmund Hillary
(care capacity recently reopened following releveling works completed in 1H26). 3: Revenue uplift assumes vacant beds in developing villages
reach mature occupancy level of 96%. 4: Including resident relocations from Margaret Stoddart and Woodcote following the closure of care
centres at these villages.
232 vacant aged care beds
$26 million recurring revenue
opportunity
3
Operational excellence

RYMAN HEALTHCARE | Investor Day 2026
$50.5
$52.2
$54.1
$57.4
$59.5
$64.4
1H242H241H252H251H261H26
new residents
•Significant growth in 1H26 with a 10%
uplift year-on-year reflecting price
changes over the past two years
•Meaningful growth expected over
FY27–FY29 with premiums from new
residents 8% above current average
•84% of current New Zealand
residents paying a room premium or
RAD equivalent, up 2 percentage
points year-on-year
•Room premiums can have
equivalent economic value vs care
ORAs with the added benefits of no
tenure risk associated with DMF
terms and greater ability to maintain
high occupancy
Average daily room premiums – New Zealand
($ per day
1
)
Care premium opportunity in New Zealand
Sustainable increase in accommodation premiums supported by rising shortage of aged care capacity and
underpinned by quality of offering and brand position
59
+8%
Fees from
new residents
+10%
YoY
1: Average for rooms occupied with a premium.
Operational excellence

RYMAN HEALTHCARE | Investor Day 2026
•Average RAD balances are up
5% year-on-year, supported by
incoming resident RAD pricing of
$740k, representing an additional
3% uplift on the 1H26 average
•RAD growth in Australia driven by
refreshed pricing framework
•Strong RAD uptake (60%)
demonstrates the premium positioning
and quality of our Australian care
portfolio
•RAD retentions applied at 2% per
annum for new agreements from
1 November 2025
Average RAD balances in Australia (AUD)
Strong RAD growth in Australia
RAD growth in Australia driven by strong demand and refreshed pricing framework
60
+3%
RADs from
new residents
+5%
YoY
$654k
$671k
$681k
$694k
$718k
$740k
1H242H241H252H251H261H26
new residents
Operational excellence

RYMAN HEALTHCARE | Investor Day 2026
•Genuine continuum of care, with
capital following the resident making
the transition to care seamless
•$8.3 million
1
of capital retained since
pilot launch, with post-pilot
conversion rates above 15%
•Increases capital penetration in
aged care without tenure risk which
exists with DMF products
•Creates future growth optionality,
with potential for care and extra
services to be funded through
capital
Increasing flexibility in payment choices
New ‘Resident fund’ product in New Zealand provides residents with choice and streamlines the move into
aged care
61
Initial equity: $500k
30% DMF: $150k
Remaining equity when
transferring to care: $350k
Equity: $350k
Accommodation premium:
Daily premium of $80 is
discounted by $38 to
incentivise the resident to
keep their capital with
Ryman.
Discounted daily premium
of $42 is debited directly
from the resident’s equity.
Example scenario
Mrs Vance moves from her
two bedroom apartment to
a care room, benefiting from
the continuum of care
Resident fund
Allows Ryman residents to use existing equity from their retirement
village unit to pay for daily accommodation premium in care
1: At 22 January 2026. 2: Based on resident tenure of 24 months and assumed interest rate of 5.2%.
Financial impact to Ryman
2
$31k premium collected and $33k interest saving
Operational excellence
Aged care
Independent living
or serviced apartment

RYMAN HEALTHCARE | Investor Day 2026
62
Ongoing focus on cost discipline and efficiency
Targeting enterprise-wide cost efficiencies across support functions, procurement, and operations
1: Target includes expensed costs within CFEO, unit refurbishment (capitalised cost within CFEO) and the capitalised component of gross non-village cost savings (capitalised cost within CFDA).
FY26 guidance
$50–60 million in annualised cost savings
(across all functions)
1
Lower cost structure
in support services
Centralised purchasing
and procurement
Village operating efficiencies
•Transition from regional structure to functional
structure; shift tooutsourced variable-cost
developer model
•Further opportunity in process redesign,
system investment and automation
•Competitive tendering to broaden supplier
partnerships and drive scale efficiency
•Refreshing supply agreements to ensure
competitive value and terms
•Costs linked to revenue through aged care
regulatory frameworks and enterprise
agreements
•Focus on improving gross margin on care and
village fees through resource optimisation
Operational excellence

RYMAN HEALTHCARE | Investor Day 2026
Australia – major reforms now in effect
•New funding model with Government covering clinical costs;
means-testing accommodation and non-clinical costs
•RAD retentions applied at 2% per annum for new agreements
from 1 November 2025
•Twice-yearly indexation of DAPs
•New'Support at Home’ program, targeting reducing waitlists
•Implementation of Aged Care reforms in Australian business
complete, well progressed in meeting new care minutes
Aged care reforms
Australian reforms now in effect; New Zealand review underway with recommendations due before 2026 election –
New Zealand well positioned to move quickly, leveraging Australian experience
63
New Zealand – funding review underway, reform anticipated
•Independent Ministerial Advisory Group formed to design
sustainable funding
•Learnings from Australian reforms anticipated to inform model
design
•Case mix approach to support care in the home and higher
acuity residential care
•Recommendations due before 2026 election, New Zealand
Government targeting implementation in 2027
•Potential for funding changes in 2026 to help ease hospital
bed pressures
202520262027
NZ: Ministerial Advisory Group
recommendations due
NZ: Implementation
targeted
NZ: General
election
AU: Aged Care Act
2024 in effect
Operational excellence

RYMAN HEALTHCARE | Investor Day 2026
15.3
30
25
0
5
10
15
20
25
30
35
1H26 reportedFY29 target
(range)
Performance of aged care operations in
1H26 significantly below sustainable levels
Combination of strategic initiatives will
contribute to FY29 target:
•Filling vacant capacity in developing
care centres
•Closure of two non-performing care
centres in 1H26
•Growth in accommodation charges
(room premiums, RADs and resident
fund)
•Efficiency gains in support services
functions (reducing on-charge)
•Procurement and operational
efficiencies
•Government funding reforms
64
Generating a sustainable margin on aged care
Target to lift aged care EBITDAF per bed from ~$15k currently to $25–30k by FY29
Average EBITDAF per bed
($k per year)
Operational excellence

RYMAN HEALTHCARE | Investor Day 2026
Janice, Nellie Melba Village
Industry-leading
resident experience

RYMAN HEALTHCARE | Investor Day 2026RYMAN HEALTHCARE | Investor Day 2026
High-quality care, resident experience and workforce engagement at the centre of our operational excellence
Occupancy and reset in care accommodation pricing provides opportunity to materially improve care margin
Continued cost reductions across non-village support services and procurement by FY29
Targeting significant improvement from lifting aged care EBITDAF per bed from ~$15k currently to $25-30k by FY29
Key messages – operational excellence
Focused on operational excellence to unlock the full potential of the existing business
66
Operational excellence

Disciplined portfolio growth
Naomi James, Chief Executive Officer
Bert Newton Village

RYMAN HEALTHCARE | Investor Day 2026
Pursuing the best opportunities for portfolio growth
Ryman has a broad range of options to grow its portfolio in line with market demand
Disciplined portfolio growth
68
Increasing complexity and risk
Developing villages
Portfolio of future village
stages, where investment
has already been made in
the village and care
centres, to be developed
in line with market
demand
Brownfield
Untapped opportunitiesto
redevelop and grow around
existing villages and care
capacity where market
demand is established and
there is opportunity for
higher-value use of land
Greenfield
Quality land bank in Australia
and New Zealand for future
new village developments,
in markets with supportive
demographicsand strong
outlook for future capital
growth
M&A
Opportunistic acquisitions
toleverage established
scale and platform in
Australia and New Zealand,
wherebuy vs build economics
support
Work to date
Staging uncommitted
development in line with
demand
Identified sites with
potential to support
increased capacity
Land bank review complete
and divestments underway
Monitoring corporate activity

RYMAN HEALTHCARE | Investor Day 2026
•Established sites with known market
demand
•Significantly reduced development
risk and capex profile with six
1
main
buildings completed in the past two
years and only three yet to be
completed
•Flexibility to develop subsequent
stages in line with market demand,
reducing capital intensity
•Prerequisites for progressing
uncommitted stages:
−Sell down of earlier stages
−Project IRR above hurdle
•Expect next stages of Patrick Hogan
and Northwood to be progressed
in FY27
•New outsourcing model is under
development for Hubert Opperman
main building due to commence
construction in FY27
Developing villages
Uncommitted stages across land bank in developing villages to be phased in line with demand
Disciplined portfolio growth
Developing village land bank
Developing villages
Main building
completion
RV unit
occupancy
Under
construction
or committed
Uncommitted
stages
Deborah Cheetham Complete
66%758
Hubert Opperman Targeting FY29
61%101-
Kevin Hickman Complete
50%-76
Keith Park Complete
63%6448
Northwood Early-FY27
61%14232
Patrick Hogan End-FY27
70%12495
Total
438309
69
1: Includes three completed main buildings shown in table and Miriam Corban, James Wattie and Bert Newton.

RYMAN HEALTHCARE | Investor Day 2026
•Leverage established care and
village infrastructure with capacity
to support additional residents
•Target villages with proven market
demand and property values which
support redevelopment or with high
capital growth potential
•Prioritise opportunities based on IRR,
surrounding competition and
alignment with long-term asset
planning
•Align investment criteria with capital
management framework
Brownfield development
Opportunities within the existing portfolio to deliver better risk-adjusted returns
70
30%
care residents transfer from within villages, with
capacity for higher internal transfers
26
villages with strong independent
living occupancy and waitlists
14
villages with median
house prices >$1.0 million
Disciplined portfolio growth

RYMAN HEALTHCARE | Investor Day 2026
71
Grace Joel – potential redevelopment opportunity
Unique location with proven demand, capacity to leverage existing community and care facilities and higher-value
use of land
Existing village and market
Location
St Heliers, Auckland ~8 km from Auckland CBD
Product mix
74 independent living units, 65 serviced
apartments, 101 care beds
Demand
Proven demand with average independent living
occupancy over 90% in the last 5 years
Property Values
Strong property values in area with median house
price of $1.7 million
Potential opportunity
Land
6,355 m² land owned adjacent to existing village,
occupied by a medical centre
Potential product
mix
96 additional independent living units that maximise
panoramic views and provide enhanced amenity
Timing
Subject to planning approvals, tenant arrangements
and surrounding competition
Indicative cost
estimate
$120–$160 million
Disciplined portfolio growth

RYMAN HEALTHCARE | Investor Day 2026
•Land bank review based on revised
feasibility framework, including:
−Demographics and house prices
to support Ryman’s target market in
catchments with enduring demand
−Level of surrounding competition
−Future capital growth potential
−Desktop feasibility demonstrating
supportive project IRR
•Village design elements are under
review, including product mix, unit
layout and main building form
•Australia more attractive currently,
with lower RV penetration and aged
care reforms complete
•Continuing work throughout FY27 to
prioritise greenfield opportunities
•Opportunity to upgrade land bank
over time
Greenfield land bank review complete
Six high quality sites retained for potential future development
Retained greenfield opportunities
SiteLand parcel (ha)
Potential units and
beds (#)
Essendon
1.5272
Coburg North
2.6481
Ringwood East
2.2396
Karaka
9.9334
Takapuna
0.7134
Taupō
9.9323
Total26.81,940
72
$194 million
book value
27 hectares
total greenfield land bank
60%
land bank weighting
to Australia
1
1: By unit and bed count.
Disciplined portfolio growth

RYMAN HEALTHCARE | Investor Day 2026
Releasing capital for future growth
Targeting at least $200 million in proceeds from land bank divestments; $110 million contracted to date
Contracted sales releasing $110 million
Mt Eliza

Nellie Melba excess land
Karori
Park Terrace
Further opportunities for cash release
Kealba

Kohimarama
Rolleston
Hornby
1

Riccarton
1

73
1: Land located at Woodcote and Margaret Stoddart Retirement Villages (potential future redevelopment/sale).
Disciplined portfolio growth

RYMAN HEALTHCARE | Investor Day 2026
74
Essendon – potential greenfield opportunity
Central location with low competition, supportive house pricing and strong demand
Market
Location
Strong transport connectivity and proximity to
Melbourne CBD, retail hubs and healthcare services
Property values
High median house price of A$1.65 million
Competition
Limited retirement supply and strong Ryman brand
recognition in catchment
Potential opportunity
Land
29,444m² land adjacent to Essendon Terrace
1
,
currently vacant and permitted for aged care and
retirement living
Potential product
mix
162 independent living units, 50 serviced
apartments, 60 care beds
Timing
Subject to planning approvals, staged delivery
and competition
Indicative cost
estimate
$350–$450 million
Disciplined portfolio growth
1: Essendon Terrace is a retirement village owned by Ryman Healthcare.

RYMAN HEALTHCARE | Investor Day 2026
Optionality across the portfolio for growth
Over 2,500 units/beds in uncommitted developments, with flexibility to build in line with demand
1: Includes Grace Joel, Jean Sandel and Murray Halberg.
75
Uncommitted stages
at developing villages
Mature village land bank
1
Retained greenfield opportunities
Proven demand and village infrastructure
Supportive demographics and capital
growth potential
309
units/beds
271
units/beds
1,940
units/beds
Total land bank
2,520
units/beds
Disciplined portfolio growth

RYMAN HEALTHCARE | Investor Day 2026RYMAN HEALTHCARE | Investor Day 2026
Ryman land bank provides significant optionality for portfolio growth with 2,500 units/beds in uncommitted development
Market demand and care capacity to support higher-return additional brownfield expansion in more than half of Ryman's existing villages
Six land bank sites retained, with Australia currently more attractive for greenfield investment and New Zealand more prospectiv e for
brownfield expansion
Target to release at least $200 million from land sales following completion of land bank review; $110 million contracted to date
Following portfolio and land bank review,focus on prioritising development opportunities will continue, led by new Chief Development
and Property Officer
Key messages – disciplined portfolio growth
Significant portfolio optionality for development growth with reduced capital intensity
76
Disciplined portfolio growth

Refreshed capital management
Matt Prior, Chief Financial Officer
Deborah Cheetham Village

RYMAN HEALTHCARE | Investor Day 2026
Retirement livingAged care
Recurring earnings from daily and
weekly fees, less operating costs
•Base weekly fees for accommodation
•Additional services (e.g. home care
and fine dining)
•Base daily fees for clinical / services
•Daily charges for accommodation
−DAP (Australia)
−Room premium (New Zealand)
Deferred management fees (DMF),
less cost to maintain asset base
•DMF payable on exit for independent
living / serviced apartment
accommodation
•Care ORAs with DMF (minor in
portfolio)
•RAD retentions (Australia), similar to DMF
Recurring earnings resilient to economic cycles
Balance sheet leverage to capital gains
•Capital sum paid up front for retirement
living through property ORA
•RADs
•Resident Fund (New Zealand only)
•Care ORAs (New Zealand only)
Portfolio optimisation to maximise capital gains
Recap on how Ryman generates a return
Recurring earnings and capital gains underpin shareholder returns
78
Refreshed capital management

RYMAN HEALTHCARE | Investor Day 2026
Free cash flowPre-interest cash flow from existing operations (CFEO) per share
Use/distribution
Debt servicing
(20–30% gearing)
Dividend payout
(20–50% of CFEO per share)
Enhance / grow asset base
(above hurdle)
Funding sourcesBondBankResidentEquity
Capital allocated
Retirement living
Target: Cash yield on NTA
1

(5%+ yield)
Aged care
Target: Operating EBITDAF per bed
($25–30k)
Development
Target: NPV positive with project
IRR above hurdle
Pre-interest cash flow from
development activities (CFDA)
per share
New capital management framework
Prudent, resilient capital settings with a lower gearing range that reflects leverage from resident funding and a
cash-based dividend
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1: Total CFEO pre interest, excluding aged care segment cash flow and unallocated non-village (support services) costs.
Refreshed capital management

RYMAN HEALTHCARE | Investor Day 2026
710
507
578
444
150
524
246
75
798
353
51
1,322
599
126
FY26FY27FY28FY29FY30FY31FY32FY33
Prior debt facilitiesRetail bondBank debt (NZ)Bank debt (AU)
1: Proforma at 30 September 2025 including impact from refinancing which occurred on 24 November 2025. 2: Rolling 12-month adjusted EBITDA to
interest (excluding interest on development debt) tested on 31 March and 30 September, commencing 30 September 2026. Adjusted EBITDA is defined
as reported net profit after tax, adjusted by excluding income tax, interest income, finance costs, depreciation, amortisation, impairment losses, fair
value movements, deferred management fees, and one-off revenue and expenses, and including non-GAAP items: cash deferred management fees
collected, and gross resale gains on occupation right agreements. ICR covenant excludes interest on designated development debt which is based
on forecast net cash proceeds for committed developments and the cost of New Zealand care centres under development or opened in the past 24
months. Development debt for new projects is included once lenders approve the Company’s feasibility and substantive steps towards the
development have commenced.
$535+ million
Debt headroom
1
5.7%
Average cost of funds
1
1.5x
ICR covenant
2
(adjusted EBITDA to adjusted interest)
Debt facility maturity profile
1
($m)
Balance sheet reset complete
Resilient and flexible balance sheet with lower cost debt, capacity for growth and long debt tenor
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Refreshed capital management

RYMAN HEALTHCARE | Investor Day 2026
OccupancyCare marginVillage marginProcurementOverheadsDMFTotal
Focused on operating cash flow improvement
Targeting $150 million in sustainable CFEO improvement by FY29 through growing occupancy, reset pricing, and cost
efficiencies
Refreshed capital management
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1: Compared to FY25. Occupancy, care margin and village margin reflect net revenue and cost movement, including inflation. Procurement and overheads reflect gross cost savings with underlying cost escalation reflected in
care margin and village margin categories. DMF reflects cash revenue growth.
$150m
Improvement across
identified CFEO
categories
One-off costs of $5–10m
per annum to achieve
targeted improvements
Targeted CFEO improvement across identified categories
1
Village and
care
occupancy
Premiums,
RAD retentions,
funding,
operating
efficiencies
Uplift in weekly
fees and
operating
efficiencies
Centralised
procurement
and purchasing
Non-village
cost savings
Total growth in
DMF

RYMAN HEALTHCARE | Investor Day 2026
Multiple levers to unlock cash release
Targeting $500 millioncash release by FY29
1
from new stock, paid-out resale stock and land sales
1: Combined CFDA over FY26 to FY29 (four years), excluding any capex or cash receipts from new projects (uncommitted stages, greenfield or brownfield), land acquisitions or M&A activity, plus cash release from paid-out resales
stock (from CFEO).
Cash release opportunities
$470 million
New sales stock
$330 million
Paid-out resales stock
$200 million
Land sales
Cash release target by FY29
$500 million
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Refreshed capital management

RYMAN HEALTHCARE | Investor Day 2026
25% - 30%
20% - 25%
20% - 30%
0%
5%
10%
15%
20%
25%
30%
35%
Short term
(FY26-FY27)
Medium term
(FY28-FY29)
Long term
(FY30+)
Indicative gearing
1
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Near-term deleveraging from cash release
Reduced vacant stock and payouts and land bank divestments expected to drive deleveraging and build capacity
for growth or return cash to shareholders
1: Net interest-bearing debt / (Net interest-bearing debt + equity), pre IFRS-16.
Optionality for investment
and/or capital return
Progressive de-gearing through $500 million cash release target
Refreshed capital management

RYMAN HEALTHCARE | Investor Day 2026
12.1
4.1
6.1
1.7
0.2
AssetsEquity
Resident fundingInterest-bearing debt
Other liabilities
NTA per share
$4.06
$12.1 billion
Total asset value – potential for
leveraged return profile (vs equity)
$4.1 billion
Equity / comparable to NTA
$8.0 billion
Liabilities
1
primarily representing
resident funding
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Balance sheet ($b)
Equity holders strongly leveraged to value movements
Optimising our $12 billion asset base for capital gains offers significant upside to equity holders
1: Includes resident funding, interest-bearing debt and other liabilities. 2: Includes ORAs, RADs and revenue received in advance.
2
Refreshed capital management

RYMAN HEALTHCARE | Investor Day 2026
Dividend payout backed by operating cash flow
Cash flow from existing operations (CFEO) reflects recurring cash flows which can be distributed or reinvested in
the business
1: Ryman has substantial carry forward tax losses where it is unlikely to be in a tax payable situation in the foreseeable future (dividends will not be imputed).
Recurring
cash flows
Village operationsResale of ORAsNon-village costsInterest and tax
•Care and village fees
•DMF collected
•Village Opex
•Village Capex
•Net receipts from resales
•Unit refurbishments
•Direct selling expenses
•Non-village Opex
•Non-village Capex
•Office leases
•Net interest paid (excluding
development)
•Cash tax (as applicable)
1
Sustainable
cash flow
Cash flow from existing operations (CFEO) per share
Sustainable
Dividends
20–50% payout of CFEO per share
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•Subject to operating performance
and Board approval
•Potential to distribute surplus capital
released via buy-back
•Expected to recommence from FY28
Refreshed capital management

RYMAN HEALTHCARE | Investor Day 2026
Capital allocation to grow total shareholder returns
Capital management framework provides for both sustainable dividends and optionality for debt reduction,
reinvestment or portfolio growth
Value-creating growth per share
Earnings, cash flow,
TSR performance
Disciplined capital
allocation and execution
Prudent use of leverage to enhance
operating returns
CFEO
(above debt servicing)
Distribute minimum
dividend
(20% CFEO)
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Reinvestment – core value enhancements
Development – greenfield and brownfield
Reduce debt – 20–30% gearing
Larger distribution – dividend up to 50%
CFEO or share buyback
Acquisitive portfolio growth
Optionality within capital management framework
Refreshed capital management

RYMAN HEALTHCARE | Investor Day 2026RYMAN HEALTHCARE | Investor Day 2026
Balance sheet reset complete with lowest in industry gearing, reduced cost of capital and flexible funding capacity for growth
Targeting $150 million in sustainable CFEO improvement by FY29 through growing occupancy, reset pricing, and cost efficiencies
Near-term focus on releasing excess capital, growing recurring earnings, reducing gearing, and creating optionality in funding headroom
Targeting return to sustainable dividends from FY28 with a payout policy of 20–50% of CFEO,underpinned by cash returns
Key messages – refreshed capital management
Clear capital management framework and reset balance sheet to underpin return to dividends and growth in
shareholder returns
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Refreshed capital management

Wrap up
Naomi James, Chief Executive Officer
Priya and Margaret, Bruce McLaren Village

RYMAN HEALTHCARE | Investor Day 2026
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Be the provider of choiceGrow recurring earningsOptimise existing portfolioValue-creating portfolio growth
•Maintain and improve
customer and team NPS
•Streamline customer journey
•Expand Resident Fund
product and care payment
choices
•Actively support New Zealand
care funding reforms
•Grow occupancy in
developing villages
•Optimise care capacity for
pricing, mix and margins
•Evolve serviced apartment
offering to attract abroader
customer base
•Improve operating efficiency
to reduce cost per unit/bed
•Grow resales to exceed
turnover and reduce vacant
stock
•Prioritise value-driven
decisions for village capex,
system investment and
marketing spend
•$200+ million target for land
bank divestments
•Release cash from new sales
stock
•Progress developing village
stages in line with demand
•Establish outsourced delivery
model
•Prioritise best brownfield
and greenfield growth
opportunities
Refreshed strategy – focus in FY27
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Wrap up

RYMAN HEALTHCARE | Investor Day 2026
1. Strategy refresh focuses on growing recurring earnings, portfolio optimisation and value-creating portfolio growth
2. Ryman is uniquely positioned for significant growth in demand with flexible capacity to provide care and assisted living
3.
Targeting $150 million in sustainable cash flow improvement by FY29
1
through growing occupancy, reset pricing, and cost
efficiencies
4.
Strong cash generation expected from targeted $500 million cash release by FY29
1
, with significant opportunity sitting
within $800 million of new and paid-out resale stock, and at least $200 million from land sales
5.
Significant optionality within portfolio growth, including over 2,500 units/beds in uncommitted developments and market
demand and care capacity to support higher-return brownfield expansion
6.
Clear capital management framework and reset balance sheet to underpin return to dividends in FY28 and growth in
shareholder returns
Key takeaways from today
A clear plan to deliver value for shareholders and residents
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1: Compared to FY25.
Wrap up
RYMAN HEALTHCARE | Investor Day 2026

RYMAN HEALTHCARE | Investor Day 2026
Board perspective
Dean Hamilton, Chair
Maria and Alfred, Miriam Corban Village

RYMAN HEALTHCARE | Investor Day 2026
Board of Directors
New independent Board
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Dean Hamilton
CHAIR
Joined: June 2023
James Miller
INDEPENDENT DIRECTOR
Joined: June 2023
Kate Munnings
INDEPENDENT DIRECTOR
Joined: November 2023
David Pitman
INDEPENDENT DIRECTOR
Joined: May 2024
Scott Pritchard
INDEPENDENT DIRECTOR
Joined: November 2024
Additional director with
customer and technology
experience to be appointed
in next 12 months
Paula Jeffs
INDEPENDENT DIRECTOR
Joined: November 2019
Board perspectives

RYMAN HEALTHCARE | Investor Day 2026
Board areas of focus reflecting strategic priorities
Shift from short-term tactical priorities to long-term strategic oversight building value for stakeholders
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1.Maintain industry-leading customer satisfaction and brand reputation
2.Generate sustainable returns on existing capital deployed
3.Disciplined approach to future expansion in markets with enduring demand
4.Prudent capital management with capacity to invest and grow
5.Grow total shareholder returns with aligned management incentives
Board perspectives

RYMAN HEALTHCARE | Investor Day 2026
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Glossary
TermDefinition
AUAustralia
Brownfield landUnused or underutilised land inside an existing village that is capable of being developed
Capex (non-GAAP)Capital expenditure (capex) refers to capital expenditure to acquire, upgrade, maintain property, plant and equipment, investment property and intangible assets
Care bedRest home, hospital and dementia level care
Care capitalAdvances received from residents for rest home, hospital and dementia level care rooms or care suites including RADs or ORAs (with the latter having a DMF charge)
Cash flow from development activity
(non-GAAP)
Cash flow from development activity (CFDA) includes resident receipts from new sales of occupation rights, the net increase in refundable accommodation deposits on aged care
beds, net development capex, cash flow related to purchase and sale of land bank sites, land bank expenses, notional interest on new stock and land bank, and marketing expenses
allocated to new sales
Cash flow from existing operations
(non-GAAP)
Cash flow from existing operations (CFEO) includes operating villages, shared services functions and expensed interest (adjusted for notional interest attributed to CFDA), demonstrating
net cash flow to equity holders on existing business operations, excluding cash flows relating to development of new villages
Continuum of care
Co-location of independent living units, serviced apartments and aged care beds within the same village, alongside a broad range of aged-related healthcare and support services,
including home care in some villages
DMFDeferred management fee
Operating EBITDAF (non-GAAP)Earnings before interest, tax, depreciation, amortisation and fair value movements, excluding non-operating items
Free cash flow
(non-GAAP)
Free cash flow combines cash flow from existing operations (CFEO) and cash flow from development activity (CFDA), reflecting all operating and development cash flows
FYFinancial year ended 31 March
Gearing (non-GAAP)Net interest-bearing debt / (Net interest-bearing debt + equity), pre IFRS-16
Greenfield landPreviously undeveloped sites
Gross Resale Margin
The difference between the previous purchase price of an ORA and its new purchase price divided by the new purchase price. Excludes resident incentives, selling costs, suspended
contributions and unit refurbishment costs
ICRInterest coverage ratio
ILUIndependent living unit
Main building
Main buildings contain care rooms and suites, serviced apartments and a range of village amenities such as a café, library, cinema, pool, gym etc. Some main buildings also contain
independent apartments
Net interest-bearing debtInterest-bearing debt loans and borrowings less cash and cash equivalents. Excludes lease liabilities
Non-GAAP
This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP measure has been
presented to assist investors in understanding Ryman's performance. It may not be comparable to similar financial information presented by other entities

RYMAN HEALTHCARE | Investor Day 2026
TermDefinition
NTANet tangible assets. Calculated as total assets less intangible assets and deferred tax assets, and less total liabilities
NZNew Zealand
ORA
An occupation right agreement within the meaning of the Retirement Villages Act 2003 (for Villages in New Zealand) or a residence and management contract within the meaning of
the Retirement Villages Act 1986 (Vic) (for Villages in Australia)
Payout balanceGross amounts (inclusive of DMF) paid-out on existing RV units for vacating residents or internal transfers where the unit has not been settled under a new ORA
RADRefundable accommodation deposit
ResalesThe sale of an ORA on an existing unit when a resident departs a unit
ResidentA person who is resident in a Ryman Village in an ILU, SA or care bed
Resident fundProduct tailored for Ryman residents moving from ILU or SA to aged care that enables the transfer of some or all equity to reduce room premium. Only available in New Zealand
RVRetirement village. A retirement village unit includes ILUs and SAs, excludes care beds
SAServiced apartment.
Total capex
Net investing cash flows per the consolidated statement of cash flows. This includes purchases of investment properties, property, plant and equipment, land, intangible assets,
capitalised interest paid, excluding proceeds from land or asset sales
UnitAny independent living unit or serviced apartment that can be occupied
Village
Any retirement village owned by Ryman (or its subsidiaries) that:
• in New Zealand is registered as a retirement village under the Retirement Villages Act 2003; or
• in Australia is registered as a retirement village under The Retirement Villages Act 1986 (Vic).
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Glossary

RYMAN HEALTHCARE | Investor Day 2026
Disclaimer
The information in this presentation has been prepared by Ryman Healthcare Limited and includes general background information about
Ryman’s activities. This information is given in summary form and does not purport to be complete.
Information in this presentation has been prepared by Ryman with due care and attention. However, neither Ryman nor any of its directors,
employees, nor any other person gives any warranties or representations (express or implied) as to the accuracy or completeness of this
information. To the maximum extent permitted by law, none of Ryman, its directors, employees, or any other person shall have any liability
whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any
information supplied in connection with it.
This presentation may include forward-looking statements based on Ryman’s current expectations, estimates, and assumptions. These
statements are subject to inherent risks and uncertainties, and actual results may differ materially from those projected. No representation is
made that any forward-looking statements will be achieved or will prove to be correct. Ryman assumes no obligation to update such
statements, subject to disclosure obligations under the applicable law and NZX listing rules.
The information in this presentation is of a general nature and does not constitute guidance, financial product advice, investment advice
or any recommendation. The presentation does not constitute an offer or an invitation, solicitation or recommendation to acquire or sell
Ryman shares or any other financial products in any jurisdiction and may not be relied upon in connection with the purchase or sale of any
security.
The images featured in this presentation are of Ryman residents, team members and villages.
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