FY26 marks significant year of progress
acc
RYMAN HEALTHCARE LIMITED
Consolidated
financial statements
31 MARCH 2026
RYMAN HEALTHCARE LIMITED
1
Consolidated income statement
FOR THE YEAR ENDED 31 MARCH 2026
Note 2026
2025
(restated)
$000 $000
Care and village fees 3.1 639,915 570,855
Deferred management fees (DMF) 3.1 158,570 142,942
Imputed interest income on refundable accommodation
deposits 3.1 35,624 32,499
Interest received 3.1 1,119 1,531
Other income 3.1 20,362 12,868
Total revenue
855,590 760,695
Operating expenses 3.2 (773,694) (751,093)
Depreciation and amortisation expenses 5.2 (42,553) (48,461)
Finance costs 3.3 (80,839) (140,263)
Imputed interest charge on refundable accommodation
deposits 3.1 (35,624) (32,499)
Impairment credit/(loss) 5.2 3,811 (172,941)
Total expenses (928,899) (1,145,257)
Profit/(loss) before income tax and fair value
movements (PBTF) (73,309) (384,562)
Fair value movement of investment properties 5.1,5.3 (104,304) 92,257
Profit/(loss) before income tax (177,613) (292,305)
Income-tax (expense)/credit 9.1 6,268 (221,442)
Net profit/(loss) after tax (NPAT) (171,345) (513,747)
Earnings per share (cents per share)
Basic 6.6 (16.9) (72.3)
Diluted 6.6 (16.9) (72.4)
The accompanying notes form part of these financial statements.
RYMAN HEALTHCARE LIMITED
2
Consolidated statement of comprehensive income
FOR THE YEAR ENDED 31 MARCH 2026
Note 2026
2025
(restated)
$000 $000
Net profit/(loss) after tax (171,345) (513,747)
Items that will not be later reclassified to profit or loss
Revaluation of property, plant and equipment net of tax 5.2,6.7a,
9.1 38,578 (9,641)
38,578 (9,641)
Items that may be later reclassified to profit or loss
Fair value movement and reclassification of cash-flow
hedge reserve, net of tax
6.7b 7,075 (19,070)
Gain/(loss) on hedge of foreign-owned subsidiary net
assets
6.7c (6,999) (639)
Gain/(loss) on translation of foreign operations 6.7c 24,539 4,067
24,615 (15,642)
Other comprehensive income/(loss) 63,193 (25,283)
Total comprehensive income/(loss) (108,152) (539,030)
The accompanying notes form part of these financial statements.
RYMAN HEALTHCARE LIMITED
3
Consolidated statement of changes in equity
FOR THE YEAR ENDED 31 MARCH 2026
Issued capital
Asset
revaluation
reserve
Cash-flow
hedge
reserve
Foreign
translation
reserve
Treasury
stock
Share-
based
payments
reserve
Retained
earnings
Total
equity
$000 $000 $000 $000 $000 $000 $000 $000
2026
As at 1 April 2025
reported
1,923,044 116,649 1,704 6,979 (16,280) 348 2,228,679 4,261,123
Adjustment for prior
period (note 1.0) - - - - - - (76,916) (76,916)
As at 1 April 2025
restated 1,923,044 116,649 1,704 6,979 (16,280) 348 2,151,763 4,184,207
Net profit/(loss) after
tax - - - - - - (171,345) (171,345)
Other comprehensive
income/(loss) - 38,578 7,075 17,540 - - - 63,193
Total comprehensive
income/(loss) - 38,578 7,075 17,540 - - (171,345) (108,152)
Issue of ordinary
shares – share option 58 - - - (58) - -
Sale of treasury stock
and loss on sale - - - - 4,170 - (3,323) 847
Equity-settled
share-based payment
- - - - - 762 - 762
As at 31 March 2026 1,923,102 155,227 8,779 24,519 (12,110) 1,052 1,977,095 4,077,664
Issued capital
Asset
revaluation
reserve
Cash-flow
hedge
reserve
Foreign
translation
reserve
Treasury
stock
Share-
based
payments
reserve
Retained
earnings
Total
equity
$000 $000 $000 $000 $000 $000 $000 $000
2025
As at 1 April 2024 952,887 126,290 20,774 3,551 (34,730) - 2,677,601 3,746,373
Net profit/(loss)
after tax restated
(note 1.0)
- - - - - - (513,747) (513,747)
Other comprehensive
income/(loss) - (9,641) (19,070) 3,428 - - - (25,283)
Total comprehensive
income (restated) - (9,641) (19,070) 3,428 - - (513,747) (539,030)
Issue of ordinary shares
– equity raise 970,157 - - - - - - 970,157
Sale of treasury stock
and loss on sale - - - - 18,450 - (12,091) 6,359
Equity-settled
share-based payment - - - - - 348 - 348
As at 31 March 2025
restated 1,923,044 116,649 1,704 6,979 (16,280) 348 2,151,763 4,184,207
The accompanying notes form part of these financial statements.
RYMAN HEALTHCARE LIMITED
4
Consolidated statement of financial position
AS AT 31 MARCH 2026
Note 2026
2025
(restated)
$000 $000
Assets
Cash and cash equivalents
9,697 17,658
Trade and other receivables 4.1 165,269 165,426
Inventory 12 13
Derivative financial instruments 6.5 10,590 1,385
Property, plant and equipment 5.2 1,098,580 1,019,595
Investment properties 5.3 10,930,038 10,735,626
Intangible assets
10,042 13,817
12,224,228 11,953,520
Assets held for sale 5.1 42,000 32,926
Total assets 12,266,228 11,986,446
Equity
Issued capital 6.6
1,923,102 1,923,044
Reserves 6.7 177,467 109,400
Retained earnings 6.7 1,977,095 2,151,763
Total equity 4,077,664 4,184,207
Liabilities
Trade and other payables 4.2 95,816 113,578
Employee entitlements
72,557 80,240
Revenue in advance 3.1 258,530 184,020
Derivative financial instruments 6.5 6,688 15,340
Resident loans – aged care 6.1 625,671 500,449
Resident loans – retirement living 6.2 5,537,404 5,213,348
Interest-bearing loans and borrowings 6.3 1,581,036 1,682,552
Lease liabilities 10,862 12,712
Deferred tax liability 9.1 - -
Total liabilities 8,188,564 7,802,239
Total equity and liabilities 12,266,228 11,986,446
The accompanying notes form part of these financial statements.
Authorised for issue on 25 May 2026 on behalf of the Board.
Dean Hamilton James Miller
Director and Chair of the Board Director and Chair of the Audit, Finance and Risk Committee
RYMAN HEALTHCARE LIMITED
5
Consolidated statement of cash flows
FOR THE YEAR ENDED 31 MARCH 2026
2026 2025
$000 $000
Operating activities
Receipts from residents
Care and village fees and other income
653,262 583,061
Care resident loans (net)
81,387 83,723
New sale of occupation rights
310,783 399,046
Resales of occupation rights
733,439 757,295
Interest received 1,165 1,591
Payments to suppliers and employees (788,992) (736,044)
Repayment of occupation rights (566,664) (532,284)
Interest paid (85,852) (127,095)
Institutional Term Loan fair value swap termination costs (4,560) (19,043)
Net operating cash flows 333,968 410,250
Investing activities
Additions to investment properties (159,944) (376,588)
Additions to property, plant and equipment (37,803) (86,171)
Capitalised interest paid (14,290) (51,700)
Additions to intangible assets (253) (3,109)
Purchase of land (9,500) (18,374)
Proceeds from land sales 71,584 7,128
Proceeds from sale of property, plant and equipment 2,227 654
Receipt of employee loans 364 2,581
Net investing cash flows (147,615) (525,579)
Financing activities
Proceeds/(costs) from equity raise (net) - 970,157
Sale of treasury stock (net) 847 6,359
Repayment of bank loans (net) (191,872) (606,085)
Repayment of Institutional Term Loan - (275,088)
Repayment of lease liabilities (3,479) (4,280)
Net financing cash flows (194,504) 91,063
Net increase/(decrease) in cash and cash equivalents (8,151) (24,266)
Cash and cash equivalents at the beginning of the period 17,658 41,809
Effect of exchange rate changes on cash and cash equivalents 190 115
Cash and cash equivalents at the end of the period 9,697 17,658
Cash and cash equivalents include
Restricted funds – construction contract retentions 4,698 11,075
The accompanying notes form part of these financial statements.
RYMAN HEALTHCARE LIMITED
6
Reconciliation of net profit/(loss) after tax with net cash flow from operating activities
2026
2025
(restated)
$000 $000
Net profit/(loss) after tax (171,345) (513,747)
Adjusted for:
Movements in statement of financial position items
Resident loans – retirement living
319,034
481,153
Resident loans – aged care 81,387 83,723
Trade and other payables (11,155) 7,679
Trade and other receivables (74) (5,601)
Inventory - 2,373
Employee entitlements (8,821) 3,863
Non-cash or non-operating items
Fair value movement of investment properties 104,304 (92,257)
Depreciation and amortisation 42,553 48,461
Impairment (credit)/loss (3,811) 172,941
Deferred tax (6,268) 221,442
Share-based payment reserve and share scheme closure 737 2,431
Finance costs (7,332) (7,401)
Asset write-off or loss on sale 166 5,190
Ravenstonedale land development surplus (5,407) -
Net operating cash flows 333,968 410,250
The 2025 numbers have been reclassified to align with 2026 presentational categories.
2026 2025
$000 $000
Net operating cash flows include the following:
Deferred management fees collected 84,589 78,773
caccd
The accompanying notes form part of these financial statements.
RYMAN HEALTHCARE LIMITED
7
Notes to the consolidated
financial statements
FOR THE YEAR ENDED 31 MARCH 2026
1.0 General information
Reporting entity
The consolidated financial statements presented are those of Ryman Healthcare Limited (the Company) and its
subsidiaries (the Group). The Company is the ultimate reporting entity of the Group.
The Company is a for-profit entity incorporated and registered in New Zealand under the Companies Act 1993. The
Company’s registered office is at 92d Russley Road, Christchurch, New Zealand. The Company is listed on the New
Zealand Stock Exchange (NZX), being the Company’s primary exchange. It is also registered as a foreign company in
Australia under the Corporations Act 2001 and is listed on the Australian Securities Exchange (ASX) as a foreign
exempt listing.
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. Ryman owns and operates
integrated retirement villages across New Zealand and Australia. All trading subsidiaries operate in the aged care
and retirement living sector in New Zealand and Australia, are 100% owned and have balance dates of 31 March.
The operating subsidiaries are listed in note 8.4.
The Company is a Financial Markets Conduct reporting entity under the Financial Reporting Act 2013 and the
Financial Markets Conduct Act 2013. Its consolidated financial statements comply with these Acts.
Basis of preparation
The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP), International Financial Reporting Standards Accounting Standards (IFRS
Accounting Standards), the New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and
other applicable financial reporting standards, as appropriate for a tier 1 for-profit entity.
These consolidated financial statements have been prepared on a going concern basis, which requires the Board to
have reasonable grounds to believe that the Group will be able to pay its debts as and when they become due.
The consolidated financial statements have been prepared on a historical cost basis, except when:
Certain property, plant and equipment is subject to revaluation (note 5.2)
Assets held for sale and investment property are measured at fair value (notes 5.1 and 5.3)
Certain financial assets and liabilities are measured at fair value (note 6.4).
The information is presented in thousands of New Zealand Dollars ($ or NZD), except when otherwise indicated. The
functional currency of the Company and its New Zealand subsidiaries is New Zealand Dollars. The functional
currency for its Australian subsidiaries is Australian Dollars (A$ or AUD).
Key estimates and judgements
In applying the Group’s accounting policies, management has made judgements, estimates, and assumptions about
the carrying values of assets and liabilities and the reported amounts of income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that are reasonable
under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis, with the effect of any change in an accounting estimate recognised prospectively.
RYMAN HEALTHCARE LIMITED
8
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements are separately disclosed in the following notes:
Revenue recognition, specifically relating to deferred management fees (note 3.1)
Valuation of assets held for sale (note 5.1)
Valuation of certain property, plant and equipment (note 5.2)
Valuation of investment property (note 5.3)
Classification of property assets (note 5.4)
Valuation of derivative financial instruments (note 6.4)
Deferred tax, specifically related to recognition of tax losses (note 9.1).
Non-GAAP measures
The consolidated statement of comprehensive income includes a non-GAAP measure referred to as profit/(loss)
before income tax and fair value movements (PBTF).
The segment note includes non-GAAP measures referred to as operating earnings before interest expense, tax,
depreciation, amortisation and fair value movements (EBITDAF) and non-operating revenue and expenses.
These non-GAAP measures have been presented as they are used internally by chief operating decision makers to
understand the Group’s performance and to assist investors in understanding the Group’s performance. They do
not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented
by other entities.
Investment property gross-up rectification
Subsequent to 31 March 2025, the Group identified the determination of the gross-up adjustment relating to
investment property valuations did not adjust for suspended contributions, which reduced the occupancy advance
liability. As a result, investment property and fair value gains were overstated in the financial statements for the
year ended 31 March 2025. This matter was identified and reported in the Group’s consolidated interim financial
statements for the period ended 30 September 2025.
This matter has been corrected by restating each of the affected financial statement line items for the prior period,
as shown below. Comparative information has been amended accordingly. The correction had no effect on cash
flows, or profit before income tax and fair value movements.
Comparative period impact
2025
(reported) Adjustment
2025
(restated)
$000 $000 $000
Consolidated income statement
Fair value movement of investment properties 169,173 (76,916) 92,257
Consolidated statement of financial position
Assets
Investment property 10,812,542 (76,916) 10,735,626
Equity
Retained earnings 2,228,679 (76,916) 2,151,763
RYMAN HEALTHCARE LIMITED
9
2025
(reported) Adjustment
2025
(restated)
$000 $000 $000
Earnings per share
Basic earnings per share (61.5) (10.8) (72.3)
Diluted earnings per share (61.5) (10.9) (72.4)
Net tangible assets (NTA) per share
NTA per share 418.2 (7.6) 410.6
New and amended standards and interpretations
NZ IFRS 18 – Presentation and Disclosure in Financial Statements (issued May 2024)
This standard will apply to reporting periods beginning on or after 1 January 2027. NZ IFRS 18 introduces new
requirements on presentation within the statement of comprehensive income, including specified totals and
subtotals. It also requires disclosure of management-defined performance measures and includes new
requirements for the aggregation and disaggregation of financial information based on the identified ‘roles’ of the
primary financial statements and the notes. The Group has not assessed the impact of initial application of the
standard on our financial statements.
There are no other new standards, amendments or interpretations that have been issued and are not yet effective,
that are expected to have a significant impact on the Group.
Significant events and transactions
Land divestment programme
During the year ended 31 March 2026 a total of three sites were divested for proceeds totalling $67.4 million. The
sites divested were Karori (Wellington, New Zealand), surplus land at Nellie Melba (Melbourne, Australia) and Mt
Eliza (Melbourne, Australia). In addition, the Group received $4.2 million deposit for the sale of the Park Terrace
properties which is shown as a land sale deposit in note 4.2. The Group continues to operate a divestment
programme and sites which meet the accounting definition of held for sale are disclosed in note 5.1.
Main building openings
During the period, construction of the Kevin Hickman main building (including care centre) was completed and
opened to residents.
Care centre and village closures
The decision was made to close the care centre operations and relocate retirement village residents at two
Christchurch, New Zealand villages (Woodcote and Margaret Stoddart), and the Group is progressing options for
divestment of these sites.
Capital structure
In November 2025, the Group successfully completed a full refinancing of its bank loans, extending the average
tenor of its bank loan facilities to five years and introducing a new structure designed to enhance funding flexibility.
This refinancing marked the completion of the Group’s balance sheet reset. The key terms of the refinancing were
as follows:
Total committed facilities of NZD $845 million and AUD $1,055 million
Facility maturities ranging from 4.5 to 7.0 years, with a pro forma weighted average term to maturity of 5.0
years at 30 September 2025
Improved pricing, including reductions in loan margins and line fees
An interest cover ratio (ICR) covenant of 1.50x, first tested at September 2026
The ICR covenant excludes interest attributable to designated development debt
Development debt subject to agreed development-specific controls.
Refer to note 6.3 for details of interest-bearing loans and borrowings at 31 March 2026.
RYMAN HEALTHCARE LIMITED
10
Ryman listed on the ASX under the ticker ASX: RYM. Ryman retains its primary listing on the NZX and foreign exempt
listing status on the ASX, ensuring streamlined compliance while enabling investors to directly trade Ryman shares.
The dual listing was a pivotal step in expanding Ryman’s investor base while reinforcing its commitment to the
Australian market.
Australian aged care reform
The new Aged Care Act, effective 1 November 2025, revises funding and pricing arrangements in Australia. The
Government continues to fund clinical care, while residents with financial capacity contribute more toward
non‑clinical care and everyday living costs.
Accommodation reforms include higher permitted room pricing thresholds, retention by providers of 2% per annum
of new refundable accommodation deposits (capped at 10%), and twice‑yearly indexation of daily accommodation
payments.
The introduction of the Support at Home programme replaces multiple home care funding programmes with a
single funding model, with pricing informed by the Independent Health and Aged Care Pricing Authority and
increased means‑tested participant contributions.
Mandatory minimum care minutes of resident care have been formalised, strengthening consistency of care
delivery and aligning funding with demonstrated staffing levels.
Summary of material accounting policies
Material accounting policies applied throughout the consolidated financial statements are set out below. Policies
specific to particular balances or transactions are disclosed in the relevant notes.
Basis of consolidation
The consolidated financial statements are prepared by combining the financial statements of all the entities that
comprise the Group, being the Company (the parent entity) and its subsidiaries as defined in NZ IFRS 10 –
Consolidated Financial Statements. The financial statements of subsidiaries are prepared for the same reporting
period as the parent company, using consistent accounting policies. All significant inter-company transactions and
balances are eliminated in full on consolidation.
Income and expenses for each subsidiary whose functional currency is not NZD are translated at exchange rates that
approximate the rates at the actual dates of the transactions. Assets and liabilities of such subsidiaries are
translated at exchange rates at balance date. All resulting exchange differences are recognised in the foreign-
currency translation reserve.
Foreign currency translation
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates
that approximate the rates at the actual dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate at the
reporting date. Non-monetary items that are measured at historical cost in a foreign currency are translated using
the exchange rates at the dates of the initial transactions. Non-monetary items carried at fair value that are
denominated in foreign currencies are retranslated using the exchange rates at the date when the fair values were
determined.
Foreign exchange differences are generally recognised in profit or loss. However, exchange differences relating to
the translation of a foreign operation and the effective portion of a hedge of a net investment in foreign operations
are recognised in other comprehensive income.
RYMAN HEALTHCARE LIMITED
11
Goods and Services Tax (GST)
Amounts in the financial statements are recognised net of GST except when:
The GST incurred is not recoverable from the taxation authority, in which case the GST is recognised as part of
the cost of the asset or expense, as applicable
Receivables and payables are stated with the amounts of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of the receivables
or payables in the statement of financial position.
Statement of cash flows
The statement of cash flows is prepared exclusive of GST. This is consistent with the method used in the income
statement.
Operating activities are the principal revenue-producing activities of the Group and other activities that are not
investing or financing activities. Cash flows from operating activities include receipts and repayments of
occupancy advances and care resident loans.
Investing activities are the acquisition and disposal of property, plant and equipment, investment properties,
intangible assets, and other investments.
Financing activities are activities relating to changes in the equity and debt structure of the Group.
2.0 Operating segments
The Group operates in a single industry: the provision of integrated retirement living and aged care for older people
in New Zealand and Australia. The service delivery process is consistent across all villages, with similar customer
classes, distribution methods, and regulatory environments.
The Group’s chief operating decision makers are the Board of Directors and Chief Executive Officer.
The Board of Directors and Chief Executive Officer primarily review Group-level financials. Segmentation is relevant
in respect of the integrated village operating earnings before interest expense, tax, depreciation, amortisation and
fair value movements (EBITDAF) performance of each country and the non-village EBITDAF (mainly centralised
support services) across New Zealand and Australia combined.
Non-current assets are based on the geographical locations of the assets. Interest-bearing loans and borrowings are
based on the geographical location of the borrower, with an adjustment between regions to account for start-up
funding borrowed in New Zealand which was used as equity in the Australian operation. The accounting policies of
the reportable segments are the same as the Group’s accounting policies.
RYMAN HEALTHCARE LIMITED
12
New Zealand
villages
Australia
villages Non-village Group
$000 $000 $000 $000
2026
Care and village fees 498,752 141,163 - 639,915
Deferred management fees 119,490 39,080 - 158,570
Imputed interest income on refundable
accommodation deposits 9,945 25,679 - 35,624
Other income 10,594 2,510 1,851 14,955
Total operating revenue (adjusted) 638,781 208,432 1,851 849,064
Employee expenses (333,651) (119,340) (63,442) (516,433)
Operations (65,596) (15,115) (1,532) (82,243)
Building and grounds (83,479) (15,852) (2,575) (101,906)
Direct selling expenses (3,183) (1,029) - (4,212)
Marketing (9,750) (5,064) (5,710) (20,524)
Software and technology (834) (270) (18,009) (19,113)
Administration (4,305) (1,258) (17,287) (22,850)
Gross operating expenses (adjusted) (500,798) (157,928) (108,555) (767,281)
Capitalised to qualifying assets - - 6,516 6,516
Total operating expenses (adjusted) (500,798) (157,928) (102,039) (760,765)
Operating earnings before interest, tax,
depreciation, amortisation, and fair value
movements (EBITDAF)
137,983 50,504 (100,188) 88,299
New Zealand
villages
Australia
villages
Non-village Group
$000 $000 $000 $000
2025
Care and village fees 458,695 112,160 - 570,855
Deferred management fees 118,201 36,708 - 154,909
Imputed interest income on refundable
accommodation deposits
9,637 22,862 - 32,499
Other income 7,440 2,831 2,597 12,868
Total operating revenue (adjusted) 593,973 174,561 2,597 771,131
Employee expenses (316,693) (99,431) (81,170) (497,294)
Operations (65,546) (13,868) (3,342) (82,756)
Building and grounds (76,785) (13,522) (2,828) (93,135)
Direct selling expenses (8,361) (2,230) - (10,591)
Marketing (8,142) (1,312) (11,833) (21,287)
Software and technology (1,025) (79) (20,724) (21,828)
Administration (3,992) (1,187) (16,097) (21,276)
Gross operating expenses (adjusted) (480,544) (131,629) (135,994) (748,167)
Capitalised to qualifying assets - - 22,560 22,560
Total operating expenses (adjusted) (480,544) (131,629) (113,434) (725,607)
Operating earnings before interest, tax,
depreciation, amortisation, and fair value
movements (EBITDAF) 113,429 42,932 (110,837) 45,524
RYMAN HEALTHCARE LIMITED
13
Reconciliation to the net profit/(loss) after tax:
1
Non-operating revenue and expenses have been presented in the table below.
Non-operating revenue and expenses
Non‑operating revenue and expenses are one‑off, material items of income or expense arising from events or
transactions outside the Group’s ordinary activities and are not expected to recur.
1
Relates to the wind-up of Ravenstonedale historical property development activities, which occurred surrounding a New Zealand village.
2
Relates to payroll remediation activities in New Zealand and Australia. Payments related to the Holidays Act 2003 remediation have been made
to current employees, with remediation for former employees expected to commence post balance date. All payroll remediation activities are
provisioned based on best estimates of expected cost to settle.
3
Organisational transformation costs relate to initiatives aimed at delivering targeted improvements in business performance. These costs
include items such as redundancies, consultants, and contractor expenses.
2026
2025
(restated)
$000 $000
Operating earnings before interest, tax, depreciation,
amortisation, and fair value movements (EBITDAF) 88,299 45,524
Non-operating revenue
1
5,407 (11,967)
Non-operating expenses
1
(12,929) (25,486)
Depreciation and amortisation expense (42,553) (48,461)
Interest received 1,119 1,531
Finance costs (80,839) (140,263)
Imputed interest charge on refundable accommodation deposits (35,624) (32,499)
Impairment credit/(loss) 3,811 (172,941)
Profit/(loss) before income tax and fair value movements (PBTF) (73,309) (384,562)
Fair value movement of investment properties (104,304) 92,257
Income-tax (expense)/credit 6,268 (221,442)
Net profit/(loss) after tax (NPAT) (171,345) (513,747)
2026 2025
$000 $000
Reduction to DMF for GST and uncapped transfers - (11,967)
Ravenstonedale land development surplus
1
5,407 -
Total non-operating revenue 5,407 (11,967)
Close-out of employee share schemes (698) (3,828)
Payroll remediation
2
(549) (2,448)
ASX listing related costs (1,329) -
Organisational transformation costs
3
(9,982) (10,189)
Loss on sale of construction assets - (3,831)
Inventory write-downs - (5,190)
Village decommissioning expenses (371) -
Total non-operating expenses (12,929) (25,486)
Total non-operating revenue and expenses (7,522) (37,453)
RYMAN HEALTHCARE LIMITED
14
Non-current assets
Non-current assets include property, plant and equipment, investment properties and intangible assets.
Interest-bearing loans and borrowings
2026 2025
$000 $000
New Zealand 623,646 674,232
Australia 957,390 1,008,320
Total 1,581,036 1,682,552
Information about major customers
Included in total revenue is revenue that arose from sales to the Group’s largest customers.
The Group derives care-fee revenue for eligible government-subsidised residents who receive aged residential care,
and in Australia, Support at Home services. In New Zealand, the government aged care subsidies received from
Health New Zealand – Te Whatu Ora amounted to $182.1 million (2025: $171.5 million). In Australia, subsidies
received from Australian Government Services Australia amounted to A$77.5 million (2025: A$63.3 million). There
are no other significant customers.
3.0 Financial performance
3.1 Revenue
Accounting policy: Revenue
The Group recognises revenue from the following major sources:
Care and village fees
Deferred management fees
Imputed interest income on refundable accommodation deposits.
Care and village fees
Care fees relate to the provision of accommodation, care and related services to aged care residents. Village fees
relate to the provision of accommodation and related services to the Group’s retirement living residents.
Care and village service fees are linked to providing services on specific days (service dates) and revenue is
recognised on completion of the service dates.
2026
2025
(restated)
$000 $000
New Zealand 9,144,154 9,163,021
Australia 2,894,506 2,606,017
Total 12,038,660 11,769,038
RYMAN HEALTHCARE LIMITED
15
Deferred management fees
Residents of the Group’s independent-living units, serviced apartments and care suites pay a deferred management fee
for lifetime occupation (or a shorter period at the residents’ discretion) and the right to share in the use of the community
facilities. The deferred management fee is calculated as a percentage of the occupation right agreement amount. The fee
accrues monthly, for a set period, based on the terms of individual contracts. Deferred management fees are payable
when residents exit their unit and are netted off the gross occupation advance which is returned to residents.
Revenue from deferred management fees is recognised on a straight-line basis over the period of service, which is
determined as the greater of the expected period of tenure or the contractual right to receive deferred management fees.
The current expected period of tenure for incoming residents is 9 years for independent residents, 4.5 years for
serviced apartment residents and 2 years for care suites. This is unchanged from the prior year. The timing of
revenue recognition is an accounting estimate, with expected tenure based a range of factors including historical
experience across Ryman villages, actuarial tables for life expectancy and factors related to resident mix. The
underlying models were subject to independent expert review at the time of their development, and both the
methodology and assumptions applied remain unchanged. Expected tenure assumptions are reviewed periodically
and may be revised as circumstances change.
Imputed interest income on refundable accommodation deposits
For residents who pay for accommodation using a refundable accommodation deposit, the Group has determined
that these arrangements qualify as leases under NZ IFRS 16 – Leases, with the Group acting as the lessor. In
accordance with NZ IFRS 16, the fair value of the non-cash consideration, represented by an interest-free loan from
the resident, must be recognised as income, with a corresponding interest expense. This is calculated daily where
the unit is occupied. There is no net impact on profit or loss. This only applies to refundable accommodation
deposits and not where there is another form of payment for accommodation such as daily accommodation
payments, premium accommodation charges or deferred management fees.
The Group has determined the use of the Maximum Permissible Interest Rate (MPIR) as the interest rate to be used
in the calculation of the imputed interest income on Australian refundable accommodation deposits and bonds. The
MPIR is a rate set by the Australian Government and is used to calculate the Daily Accommodation Payment to
applicable residents. This ranged between 7.61%–8.17% (2025: 8.34%–8.42%).
In New Zealand, the implicit interest rate used to convert a room premium to a refundable accommodation deposit is
used to calculate the imputed interest income. This currently ranges between 4.90%–6.06% (2025: 6.06%).
Interest income
Interest income is recognised using the effective interest method and typically relates to interest derived from the
settlement of occupancy advances.
Other income
Other income comprises income earned from activities that are not part of the Group’s core operations. It is
recognised when or as the Group satisfies the relevant performance obligation and control of the goods or services
is transferred to the customer. Other income includes, but is not limited to, hospitality income generated outside of
care operations, rental income, insurance proceeds, government subsidies, research and development tax credits,
and other sundry income-generating activities.
Accounting policy: Revenue in advance
Revenue in advance represents those amounts by which the deferred management fees over the contractual period
exceed recognition of the deferred management fees based on expected tenure.
RYMAN HEALTHCARE LIMITED
16
3.2 Operating expenses
2026 2025
$000 $000
Employee expenses 521,568 507,774
Operations 82,512 87,946
Building and grounds
1
102,000 96,966
Direct selling expenses 4,213 10,591
Marketing 20,531 21,287
Software and technology 19,113 21,828
Administration 30,273 27,261
Gross operating expenses 780,210 773,653
Capitalised to qualifying assets
2
(6,516) (22,560)
Reported operating expenses 773,694 751,093
1
During the year, the Group enhanced its internal reporting and classification of retirement living unit refurbishment activities. As a result, a proportion of
retirement living unit refurbishments have been classified as repairs and maintenance (expensed) rather than asset enhancements (capitalised). In the
current year $4.0 million of retirement living unit refurbishment costs have been recognised in building and grounds operating expenses (2025: nil).
2
Capitalised costs decreased in the current year following changes in the composition of shared services and a reduction in development activity. Cost
capitalisation is applied only to costs that are directly attributable.
2026 2025
$000 $000
Employee expenses include:
Post-employment benefits (KiwiSaver/Superannuation) 21,225 16,840
Administration expenses include fees for audit firms’ services:
Audit and review
1
of financial statements, including subsidiaries 774 613
FY25 additional financial statement audit fees 175 -
Total audit or review of financial statements 949 613
Australia Aged Care Financial Report assurance 13 12
Total audit or review related services 13 12
Climate-related disclosure assurance 80 58
Climate-related disclosure assurance (Australia) 78 -
Total other assurance services and other agreed-upon procedures 158 58
Other services – whistleblower services 22 23
Total other services 22 23
Total fees incurred by audit firm 1,142 706
Marketing includes:
Donations
2
275 414
1
First interim review engagement performed for 30 September 2025.
2
No donations have been made to any political party (2025: $Nil).
RYMAN HEALTHCARE LIMITED
17
3.3 Finance costs
Accounting policy: Loan and borrowing costs
Loan and borrowing costs directly attributable to the acquisition, construction or production of qualifying assets
(assets that take a substantial period of time to get ready for their intended use) are added to the costs of those
assets until the assets are substantially ready for their intended use.
Capitalisation of interest commences when expenditure and borrowing costs are incurred and the activities
necessary to prepare the asset for its intended use are in progress. The activities necessary to prepare the asset for
its intended use encompass more than the physical construction of the asset and therefore the capitalisation of
interest costs may commence before the physical construction of the properties.
If development activities are suspended for an extended period, capitalisation of the borrowing costs should also
cease until such time as the activities are resumed. This does not apply where substantial technical and
administrative work continues during a suspension in physical construction, or if it is a temporary delay that is a
necessary part of the process of getting an asset ready for its intended use or sale. Capitalisation of interest costs
continues until the assets are substantially ready for their intended use. For retirement living units, this occurs when
occupation is permitted, and for main buildings, when the aged care centre is certified for use.
All other borrowing costs are recognised in profit or loss in the periods in which they are incurred and are calculated
using the effective interest rate method.
Note 2026 2025
$000 $000
Interest expense – loans and borrowings 92,455 174,563
Interest expense – resident loans 1,489 770
Amortisation of transaction costs – loans and borrowings 6.3 2,199 3,787
Net interest rate hedging 6.7b 4,835 (17,630)
Less capitalised interest (14,290) (51,700)
Interest expense on loans and borrowings 86,688 109,790
Interest on lease liabilities 1,407 490
Interest rate hedging amendments and terminations 6.7b (7,256) 4,331
Institutional Term Loan termination costs - 19,043
Release of capitalised Institutional Term Loan costs 6.3 - 1,956
Institutional Term Loan fair value swap termination costs - 4,653
Total finance costs 80,839 140,263
The weighted‑average interest rate on borrowings capitalised to qualifying assets was 6.02% per annum (2025:
6.24% per annum).
RYMAN HEALTHCARE LIMITED
18
4.0 Working capital
4.1 Trade and other receivables
Accounting policy: Trade and other receivables
Trade receivables are measured at amortised cost, less any impairment. The allowance recognised is the lifetime
expected credit losses based on an assessment of each individual debtor. It is estimated based on the Group’s
historical credit loss experience and general economic conditions. Trade receivables are written off when there is no
realistic chance of recovery.
These debtors are non-interest bearing, although the Group has the right to charge interest on overdue settlements
of occupancy advances or overdue care and village fees.
Care and village fees receivable represent amounts due from residents and various government agencies in the
ordinary course of business.
Occupancy advance receivables and the corresponding liabilities are recognised when the resident takes possession
of the unit, which is typically the point at which the occupancy advance is paid in full.
2026 2025
$000 $000
Care and village fees receivable 25,767 22,902
Allowance for expected credit losses (803) (800)
Net trade receivables 24,964 22,102
New sale occupancy advance receivable 24,933 20,625
Resale occupancy advance receivable 74,205 91,677
Refundable accommodation deposit receivable 3,175 5,505
Resident Fund occupancy advance receivable 14,789 -
Prepayments and other receivable 23,203 25,517
Total trade and other receivables 165,269 165,426
Care and village fees are typically invoiced on a monthly basis and collected within 30 days.
The new sale and resale occupancy advance receivables relate to residents who have transferred within the village
and whose units have not been cash-settled, as their equity is retained in their previous unit, or to residents who
have been granted possession of a unit prior to cash receipt, primarily for health-related reasons. Receivables
related to the Resident Fund reflect a structural feature of the product, whereby residents can utilise their existing
equity when transitioning into the care centre. There is limited credit risk for occupancy advance or Resident Fund
receivables as the resident’s previous equity balance or a deposit is retained by Ryman, which will be used to satisfy
any amounts owing to Ryman.
RYMAN HEALTHCARE LIMITED
19
4.2 Trade and other payables
Accounting policy: Trade and other payables
Trade and other payables are measured at amortised cost.
Land purchase accruals represent land purchases where the title has been obtained, with settlement deferred.
2026 2025
$000 $000
Trade payables 72,199 85,089
Land purchase accruals - 9,500
Land sale deposits 4,200 500
Other payables 19,417 18,489
Total trade and other payables 95,816 113,578
Trade payables are typically paid within 30 days of the invoice date or on the 20
th
of the month following the invoice
date.
5.0 Property assets
5.1 Assets held for sale
Accounting policy: Assets held for sale
Non-current assets are classified as assets held for sale if it is highly probable that their carrying amount will be
recovered primarily through sale rather than through continuing use.
Investment property held for sale is measured at fair value, with any valuation adjustment recognised through fair
value movements in the profit or loss.
Property, plant and equipment held for sale is measured at the lower of the carrying amount and fair value less
costs to sell. Any impairment losses on their initial classification as assets held for sale and any subsequent gains and
losses on remeasurement are recognised in profit or loss.
Where a contracted sale price is available, this is considered the best indicator for fair value. Where no contracted
price is available, the fair value is determined by independent valuers.
2026 2025
$000 $000
Opening balance 32,926 86,424
Net additions/(disposals) (32,921) (6,613)
Transfers from/(to) investment property (note 5.3) 42,000 (20,984)
Fair value movement (5) (25,901)
Closing balance 42,000 32,926
Karori land (Wellington, New Zealand) and Nellie Melba excess land (Melbourne, Australia), which were previously
classified as held for sale, have been settled.
The held for sale asset relates to the sites at Park Terrace (Christchurch, New Zealand) which are subject to
unconditional sale and purchase agreements for total consideration of $42.0 million. Settlement is expected within
12 months of reporting date.
RYMAN HEALTHCARE LIMITED
20
5.2 Property, plant and equipment
Accounting policy: Property, plant and equipment
Property, plant and equipment includes completed aged care centres (land, buildings, plant and equipment, fixtures
and fittings), aged care centres under development, corporate assets and right-of-use assets.
Initial recognition
All property, plant and equipment is initially recorded at cost. Cost includes cost of land, materials, wages and
interest incurred during the period required to complete and prepare an asset for its intended use. It also includes
centralised support services costs directly attributable to the construction of the aged care centres.
Measurement after recognition
Aged care centres: Once an aged care centre reaches practical completion and is ready for use, land and
buildings are carried at fair value less any subsequent accumulated depreciation and accumulated impairment
losses, if any, since the date of revaluation. Independent valuations are performed with sufficient regularity to
ensure that carrying amounts do not differ materially from fair value at the reporting date.
Aged care centres under development: Fair value measurement is only applied if the fair value is reliably
measurable. Where the fair value of property under construction cannot be reliably determined the value is the
fair value of the land plus the cost of work undertaken. This is subject to impairment testing and is monitored
for indicators of impairment.
Other property, plant and equipment: Furniture and fittings, and other property, plant and equipment, are
measured at cost less accumulated depreciation and impairment.
Fair value basis
Fair value represents the price that would be received to sell an asset in an orderly transaction between
knowledgeable, willing market participants at the valuation date.
The valuation of aged care centres represents the fair value of land and buildings only. No value is attributed to
internally generated goodwill.
Revaluation
Revaluations are accounted for as follows:
Revaluation increases are recognised in other comprehensive income and accumulated in the asset revaluation
reserve, unless they reverse a previous revaluation decrease recognised in profit or loss.
Revaluation decreases are recognised in profit or loss unless they offset a previous revaluation surplus for the
same asset, in which case they are recognised in other comprehensive income.
At the date of revaluation any accumulated depreciation is eliminated against the gross carrying amount of the
asset.
Depreciation
Depreciation is charged on all property, plant and equipment, except freehold land, on a straight-line basis from the
date the asset is ready for use.
Buildings 2% SL
Plant and equipment 4–25% SL
Furniture and fittings 10–20% SL
Motor vehicles 20% SL
Right of use assets Term of lease SL.
RYMAN HEALTHCARE LIMITED
21
Leasehold land
Where the Group enters into a long‑term lease of land and obtains control over the land with minimal restrictions, and
where the present value of lease payments substantially represents the fair value of the land, the arrangement is
accounted for as a purchase of land under NZ IAS 16 rather than as a right‑of‑use asset under NZ IFRS 16.
This treatment reflects the substance of the transaction and the transfer of control and economic benefits to the Group.
Leasehold land is included in the fair value of aged care centres as determined by the independent valuer.
Derecognition
An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected
to arise from the continued use of the asset. On disposal, any resulting gain or loss is included in the income statement
and any revaluation reserve relating to a particular asset being disposed of is transferred to retained earnings.
Freehold
land Buildings
Property
under
development
Plant and
equipment
Furniture
and fittings
Motor
vehicles
Right-of-use
assets Total
$000
$000
$000 $000 $000 $000 $000 $000
2026
Gross carrying amount
Balance at 1 April 2025 157,168 748,459 30,761 133,288 102,735 18,079 20,534 1,211,024
Additions 80 4,259 23,889 11,195 39 209 718 40,389
Net foreign-currency
exchange difference 6,044 27,781 - 830 933 18 120 35,726
Transfer from property
under development 1,250 13,549 (18,142) 990 2,353 - - -
Transfer (to)/from
investment property - - (772) - - - - (772)
Disposals - - - (8,627) (2,436) (3,035) (618) (14,716)
Impairment credit/(loss) 541 40,084 (35,471) - - - (1,343) 3,811
Revaluation
1
(3,735) 31,407 - - - - - 27,672
Balance at 31 March 2026 161,348 865,539 265 137,676 103,624 15,271 19,411 1,303,134
Accumulated depreciation
Balance at 1 April 2025 - - - (95,688) (71,909) (15,329) (8,503) (191,429)
Depreciation - (15,339) - (10,554) (8,711) (944) (2,857) (38,405)
Depreciation capitalised to
property under
development - - - (993) - - - (993)
Disposals - - - 6,968 1,579 2,387 - 10,934
Revaluation
1
- 15,339 - - - - - 15,339
Balance at 31 March 2026 - - - (100,267) (79,041) (13,886) (11,360) (204,554)
Total book value 161,348 865,539 265 37,409 24,583 1,385 8,051 1,098,580
1
The revaluation noted in the statement of comprehensive income differs from the above due to deferred tax, refer note 9.1.
RYMAN HEALTHCARE LIMITED
22
Freehold
land
Buildings
Property
under
development
Plant and
equipment
Furniture
and fittings
Motor
vehicles
Right-of-use
assets
Total
$000 $000 $000 $000 $000 $000 $000 $000
2025
Gross carrying amount
Balance at 1 April 2024 262,950 552,906 212,818 137,837 89,118 18,060 35,916 1,309,605
Additions 154 9,071 67,868 2,627 1,245 14 4,485 85,464
Net foreign-currency
exchange difference 1,207 1,561 383 93 91 5 31 3,371
Transfer from property
under development 28,072 156,861 (201,061) 3,847 12,281 - - -
Transfer (to)/from
investment property
- - (26,138) (7,499) - - - (33,637)
Disposals - - - (3,617) - - (19,418) (23,035)
Impairment credit/(loss) (26,634) (102,171) (23,109) - - - (480) (152,394)
Revaluation
1
(108,581) 130,231 - - - - - 21,650
Balance at
31 March 2025 157,168 748,459 30,761 133,288 102,735 18,079 20,534 1,211,024
Accumulated depreciation
Balance at 1 April 2024 - (752) - (81,911) (64,041) (14,159) (13,925) (174,788)
Depreciation - (13,918) - (12,037) (7,868) (1,170) (3,878) (38,871)
Depreciation capitalised to
property under
development - - - (1,740) - - (1,244) (2,984)
Disposals - - - - - - 10,544 10,544
Revaluation
1
- 14,670 - - - - - 14,670
Balance at
31 March 2025 - - - (95,688) (71,909) (15,329) (8,503) (191,429)
Total book value 157,168 748,459 30,761 37,600 30,826 2,750 12,031 1,019,595
1
The revaluation noted in the statement of comprehensive income differs from the above due to deferred tax, refer note 9.1.
RYMAN HEALTHCARE LIMITED
23
Valuation methodology for aged care centres
Revaluations to fair value are based on a valuation report prepared by independent valuers at the reporting date in
line with NZ IFRS 13 – Fair Value Measurement. Valuations are currently performed annually by CBRE Limited (New
Zealand care centres) and CBRE Valuations Pty Limited (Australian care centres). All valuers are registered valuers and
industry specialists in valuing the aged care sector.
The independent valuers determine the fair value of land and buildings using a capitalisation of market rental income
of a notional lease. In this context, ‘rent’ refers to the estimated amount a third-party operator would pay to lease the
facility, assuming the Group were the landlord only. This market rental does not reflect the accommodation charges
paid by current residents.
The predominant method used by the independent valuer to determine a market rental for land and buildings is the
direct comparison approach on a dollars per bed basis, with some consideration given to the rental as a percentage of
gross revenue or earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) for an efficient operator.
A value is then established for the land using market-based evidence reflecting highest and best use. The residual
amount is attributed to buildings.
As the fair value of land and buildings is determined using inputs that are unobservable (such as capitalisation rates
and market rental), the Group has categorised property, plant and equipment as Level 3 under the fair value hierarchy
in line with NZ IFRS 13.
Care suites in New Zealand, which are subject to occupancy advances with a DMF, represent an immaterial proportion
of the Group’s asset base and are currently valued using methodology consistent with that applied to the Group’s
other care beds. No gross‑up has been applied in the valuation of land and buildings for occupancy advances relating
to care suites or refundable accommodation deposits or resident funds relating to care beds.
The fair value of land associated with aged care facilities undergoing active construction has been transferred from
investment property to property, plant and equipment for the first time at 31 March 2026. This amount was
subsequently impaired. Refer to the care centres under development section for further detail.
Property, plant and equipment
2026 2025
$000 $000
Aged care centres
Land and buildings
1
1,026,887 905,627
Property under development (land only)
1
- -
Property under development
2
265 30,761
Furniture and fittings
2
19,055 21,687
Plant and equipment
2
34,493 32,511
1,080,700 990,586
Other
Furniture and fittings
2
5,528 9,139
Plant and equipment
2
2,916 5,089
Motor vehicles
2
1,385 2,750
Right of use assets
2
8,051 12,031
17,880 29,009
Total property, plant and equipment 1,098,580 1,019,595
1
Measured at fair value.
2
Measured at historical cost less accumulated depreciation and any accumulated impairment losses.
RYMAN HEALTHCARE LIMITED
24
The independent valuers used a range of significant assumptions to value the care facilities as follows. All assumption
ranges and sensitivities below exclude closed facilities.
2026 2025
Range by village / portfolio weighted average
% %
Capitalisation rates – New Zealand 5.8–8.5 / 6.7 6.0–8.8 / 7.1
Capitalisation rates – Australia 6.8–7.5 / 7.0 6.8–7.5 / 7.0
A significant increase (decrease) in the capitalisation rate applied to a market rental value may result in a lower
(higher) fair value measurement.
Adopted value
Capitalisation rate
-50 bp
Capitalisation rate
+50 bp
$000 $000 $000
2026
Valuation 1,022,312
Difference
82,931 (71,403)
2025
Valuation 905,627
Difference 75,461 (66,097)
The fair value measurement of the care facilities also uses assumptions regarding the market rental, expressed on a
value per bed per week. A significant increase (decrease) in the market rental rate may result in a higher (lower) fair
value measurement.
2026 2025
Range by village / portfolio weighted average
$ per bed per week $ per bed per week
Market rental value – New Zealand 129–242 / 189 118–225 / 180
Market rental value – Australia – AUD 446–840 / 639 448–836 / 603
The market rental variability between countries reflects significant differences including due to the relative
profitability of villages, driven primarily by the more favourable aged care funding model in Australia. This increases
the rent a market participant may be willing to pay.
Cost model
If freehold land and buildings were measured at historical cost less accumulated depreciation (before any
impairment), the carrying amounts would be as follows.
Freehold land Buildings Total
$000 $000 $000
Carrying amount under historical cost model – 31 March 2026 241,540 763,964 1,005,504
Carrying amount under historical cost model – 31 March 2025 234,167 733,714 967,881
RYMAN HEALTHCARE LIMITED
25
Classification of property interests
The Group holds a freehold interest in all land and improvements other than the following properties which Ryman
holds a leasehold interest in the land: Princess Alexandra (Napier – part of site), Bob Scott (Wellington), William
Sanders (Auckland), and Miriam Corban (Auckland). In the majority of these instances the ground rental has been
either fully or partially prepaid. The interest in the right-of-use asset is held at fair value, as determined by the
independent valuer.
Security
Some residents make interest-free advances to the Group in exchange for the right to occupy a care room (note 6.1).
Under the terms of the New Zealand occupancy agreements, the resident loan is secured by a registered first
mortgage in favour of the Statutory Supervisor over the assets of the aged care centre. Residents in Victoria, Australia
have the benefit of a government guarantee under the Aged Care (Accommodation Payment Security) Act 2006 and
there is no security against the Group’s assets.
Impairment losses and reversals
Completed care centres
Property devaluations through the profit or loss were recognised in the prior year for several facilities following
changes to financial reporting practices, whereby only the value of land and buildings is recognised (previously
recognised on a freehold going concern basis). These devaluations related to James Wattie Retirement Village Limited,
Keith Park Retirement Village Limited, Miriam Corban Retirement Village Limited, Rita Angus Retirement Village
Limited, Deborah Cheetham Retirement Village Pty Ltd, and Bert Newton Retirement Village Pty Ltd.
As a result of uplifts in the assessed fair value of the care centres, driven by increases in assumed market rents, some
of the devaluation losses recognised in prior periods have been reversed through the profit or loss.
Care centres under development
Care centres under development are carried at cost and are therefore tested for impairment once they reach an
advanced stage of construction. Impairment testing is performed using a market rental value and capitalisation rate of
comparable villages. The Group has recognised an impairment of $23.1 million in respect of Ryman Northwood
Retirement Village Limited (Richard Hadlee Retirement Village) care centre, which is expected to open and be valued
for the first time in FY27. An impairment of $12.2 million has also been recognised in relation to the care centre at
Patrick Hogan Retirement Village Limited, which is expected to open and be valued for the first time in FY28.
In the comparative period, a similar impairment assessment was performed in respect of Kevin Hickman Retirement
Village. The village subsequently opened and was subject to valuation in the current period. There was no material
difference between the valuation amount and the carrying amount adopted at that time.
Closed care centres
The Group announced the closure of Woodcote and Margaret Stoddart aged care centres in August 2025. The fair
value for these care centres has been assessed on a vacant possession basis by CBRE Limited in 2026.
2026 2025
$000 $000
Impairment loss/(credit)
Care centre impairment/devaluations through profit or loss 37,362 151,914
Reversal of care centre impairment/devaluations through profit or loss (42,516) -
Right-of-use assets 1,343 480
Intangible assets - 20,544
Other - 3
Total impairment (credit)/loss (3,811) 172,941
RYMAN HEALTHCARE LIMITED
26
5.3 Investment properties
Accounting policy: Investment properties
Investment properties are intended to be held for the long term to earn rental income and for capital appreciation.
They include land and buildings (including long-term leases of land), equipment and furnishings relating to retirement
village units and community facilities, including units and facilities under development.
Initial recognition
Investment property is initially measured at cost. Cost includes cost of land, materials, wages and interest incurred
during the period required to complete and prepare an asset for its intended use. It also includes centralised support
and services costs directly attributable to the construction of the investment property.
Land acquisitions
Land purchases are recognised as assets when the Group obtains control of the land and it is probable that future
economic benefits will flow to the Group, and the cost can be measured reliably. Control is typically evidenced by the
transfer of legal title or an equivalent contractual right. Prior to settlement and transfer of title, deposits paid are
recognised as other receivables. The remaining commitment is disclosed in the commitments note to the financial
statements. The Group will often negotiate terms whereby the title is transferred with settlement deferred. In such
instances, the land is recognised as an asset at the full purchase price upon transfer of title. A corresponding liability is
recognised for the deferred settlement amount, measured at its present value, and the associated cash outflow is
recognised accordingly.
Measurement after recognition
Completed retirement village units and community facilities: Once retirement village units and community
facilities reach practical completion and are ready for use they are measured at fair value.
Development land: Development land is measured at fair value. This relates to land pending physical
construction, whether full site or remaining stages to develop, and land relating to stages under development.
Work in progress: Capitalised work in progress is carried at cost until the earlier of the point at which its fair value
becomes reliably measurable or the completion of the development. This is subject to impairment testing and is
monitored for indicators of impairment, including circumstances where the likelihood of development
commencement is no longer sufficiently certain.
Fair value basis and revaluation
Fair value represents the price that would be received to sell an asset in an orderly transaction between
knowledgeable, willing market participants at the valuation date.
Any change in fair value is recognised in the income statement. Investment properties are not depreciated.
Leasehold land
Where the Group enters into a long‑term lease of land and obtains control over the land with minimal restrictions,
and where the present value of lease payments substantially represents the fair value of the land, the arrangement is
accounted for as a purchase of land under NZ IAS 40 rather than as a right‑of‑use asset under NZ IFRS 16.
This treatment reflects the substance of the transaction and the transfer of control and economic benefits to the
Group. Leasehold land is included in the fair value of investment property as determined by the independent valuer.
Lessor arrangements
The Group acts as a lessor under occupation right agreements with residents. These arrangements are classified as
operating leases, and the assets leased by the Group are investment properties.
Revenue derived from investment properties, comprising management fees (lease income) and retirement village
service fees, is recognised in accordance with the accounting policies set out in note 3.1.
RYMAN HEALTHCARE LIMITED
27
2026
2025
(restated)
$000 $000
At fair value
Opening balance 10,735,626 10,142,199
Additions 173,116 403,884
Transfers to/from property, plant and equipment 772 33,637
Fair value movement (104,299) 118,158
Transfers (to)/from assets held for sale (note 5.1) (42,000) 20,984
Disposals (33,561) -
Net foreign-currency exchange differences 200,384 16,764
Closing balance 10,930,038 10,735,626
The 31 March 2025 balance has been restated to adjust for the portion of suspended contributions which were
reflected in the valuation performed by the independent valuer. Further detail is included in note 1.0.
Disposals relate to the sale of Mt Eliza land (Melbourne, Australia) in December 2025. This was sold for A$30.5 million.
Valuation methodology for investment property
Fair value is determined by independent valuers, CBRE Limited (New Zealand retirement villages), and Jones Lang
LaSalle Advisory Services Pty Ltd (Australian retirement villages), in line with NZ IFRS 13. Fair value is assessed twice a
year, with a desktop review at interim reporting periods and a full valuation at year-end reporting periods. All valuers
are registered valuers and industry specialists in valuing the retirement living sector. These valuations consider the
requirements of NZ IFRS 13 to assume that market participants act in their economic best interests.
For retirement village assets, the predominant form of cash flow is ‘roll-over’ cash flow which typically occurs on the
departure of village residents who have owned an occupation licence. The independent valuer uses a discounted cash
flow methodology, which estimates the present value of future cash flows from occupation right agreements,
deferred management fees, and village earnings.
Development land is valued by comparing it with recent sales of similar land, taking into account characteristics such
as size and development potential. The valuer then adjusts for property‑specific factors, including planning and
consent status. Some undeveloped land sits within an existing retirement village. When valuing this land, the valuer
may also consider the benefit of existing village infrastructure such as the main building.
As the fair value of investment property is determined using inputs that are unobservable, the Group has categorised
investment property as Level 3 under the fair value hierarchy, in line with NZ IFRS 13.
RYMAN HEALTHCARE LIMITED
28
Independent valuation
A reconciliation between the valuation and the amount recognised as investment property is as follows:
2026
2025
(restated)
$000 $000
Subject to valuation
Operator’s interest 4,068,800 3,972,918
Completed new units not occupied, repaid resale units and closed
facilities 612,456 616,556
Development land 351,079 432,888
Commercial property 16,600 16,400
Held at cost
Work in progress 106,671 283,499
Adjustments
Revenue in advance 258,530 184,020
Gross occupancy advance 6,664,374 6,162,672
Accrued DMF (988,135) (829,959)
Suspended contributions (138,835) (76,916)
Occupancy advance adjustments (21,502) (26,452)
Total investment property 10,930,038 10,735,626
As required by NZ IAS 40 – Investment Property, the fair value as determined by the independent registered valuer is
adjusted for assets and liabilities already recognised on the balance sheet which are also reflected in the discounted
cash flow analysis.
Occupancy advance adjustments relate to differences between the value of net occupancy advances included for
future repayment within the independent valuation and the net occupancy advances recognised on the balance sheet.
These differences arise when a unit has two occupancy advances recognised on the balance sheet but only one
occupancy advance is included within the valuation cash flows. The adjustment ensures that the total adjustment to
the independent valuation of completed units is consistent with the liabilities included within that independent
valuation.
In the prior period, occupancy advances and accrued DMF included amounts related to care suites which were then
removed through adjustment lines. These have now been removed from the comparatives following the updated
presentation of resident loans for retirement living (excluding those related to care suites) in note 6.2. This change is
presentational only and has no impact on investment property balances.
The units included in valuation, all assumption ranges and sensitivities below exclude closed facilities.
2026 2025
Units included in the valuation
Currently occupied, and vacant not repaid units 9,097 8,898
Completed new units not occupied, and repaid resale units 862 881
Total units included in the valuation 9,959 9,779
RYMAN HEALTHCARE LIMITED
29
The independent valuers used a range of significant assumptions to value the retirement villages as follows:
2026 2025
Portfolio range / portfolio
weighted average
New Zealand Australia New Zealand Australia
% % % %
Growth rate (nominal) – year 1–4 0.0–3.0 / 2.3 1.0–3.0 / 2.0 0.0–3.0 / 1.9 0.0–2.5 / 1.9
Growth rate (nominal) – year 5+ 2.5–3.5 / 3.4 1.8–3.5 / 2.6 2.5–3.5 / 3.4 1.8–3.5 / 2.6
Discount rate 13.0–16.0 / 13.8 13.0–14.0 / 13.2 13.0–16.5 / 13.8 13.0–14.0 / 13.2
A change in the independent valuers’ assumptions would impact the fair value measurement of investment property
as follows:
Adopted value
Discount rate
-50 bp
Discount rate
+50 bp
Growth rate
-50 bp
Growth rate
+50 bp
$000 $000 $000 $000 $000
2026
Operators interest 4,068,800
Difference 178,470 (165,894) (255,413) 280,060
2025
Operators interest 3,972,918
Difference 146,921 (183,673) (270,004) 244,880
Other inputs used in the fair value measurement of the Group’s investment property portfolio include the average age
of residents and the stabilised departing occupancy periods. An increase in the average age of residents or decrease in
the occupancy periods would result in a higher fair value measurement. Conversely, a decrease in the average age of
residents or increase in the occupancy periods would result in a lower fair value measurement.
2026 2025
Portfolio range / portfolio
weighted average
New Zealand Australia New Zealand Australia
Independent current average age 76–88 / 83.4 78–87 / 83.6 75–88 / 82.8 78–87 / 82.9
Serviced current average age 81–92 / 87.7 83–91 / 87.2 80–92 / 87.6 84–91 / 87.7
Independent stabilised departing
occupancy period 6.7–8.5 / 8.0 7.5–8.8 / 8.0 6.6–8.6 / 8.0 7.5–8.9 / 8.0
Serviced stabilised departing
occupancy period
3.8–4.7 / 4.3 4.3–5.0 / 4.6 3.9–4.7 / 4.2 3.9–5.0 / 4.6
Market risk identified by the independent valuers
The valuers state that their conclusions are based on data and market sentiment as at the date of valuation and
acknowledge global events and uncertainty. For the avoidance of doubt, this does not constitute a ‘material valuation
uncertainty’.
RYMAN HEALTHCARE LIMITED
30
Classification of property interests
The Group holds a freehold interest in all land and improvements other than the following properties which Ryman
holds a leasehold interest in the land: Princess Alexandra (Napier – part of site), Bob Scott (Wellington), William
Sanders (Auckland), Miriam Corban (Auckland) and Kohimarama (Auckland – development land). In the majority of the
instances the ground rental has been either fully or partially prepaid. The interest in the right-of-use asset related to
these sites is held at fair value, as determined by the independent valuer.
Capitalised WIP
No costs have been capitalised to land bank sites in the current period.
Operating expenses
Direct operating expenses arising from investment property amounted to $74.8 million (31 March 2025: $73.8
million). Operating expenses include building and grounds costs, repairs and maintenance and sales expenses. All
investment property generated income for the Group, except for assets under development, land bank sites, those
held for sale and those which have been closed in anticipation of disposal.
Security
Residents make interest-free advances (occupancy advances) to the Group in exchange for the right to occupy
retirement village units. Under the terms of the majority of New Zealand occupancy agreements, the occupancy
advance is secured by a registered first mortgage in favour of the Statutory Supervisor over the assets of the
retirement village. There are a relatively small number of older occupancy agreements where the residents instead
received a life interest in their unit, with the Group holding the reversionary interest. These residents’ occupancy
advances are secured by a registered first mortgage over that residual interest. Residents in Victoria, Australia have
the benefit of a charge over the title for the land under the Retirement Villages Act 1986.
5.4 Classification of property assets
The Group provides integrated retirement living and aged care within retirement villages. The classification of the
property assets determines which accounting treatment and judgement is required. NZ IAS 40 – Investment Property
requires an entity to develop criteria so that it can exercise that judgement consistently and to disclose the criteria
when classification is difficult.
Business model
or intention
Property held for use in the production or supply of goods and services would be property,
plant and equipment. Therefore, if the business model is the provision of aged care, the
property should be classified as property, plant and equipment.
Property held to earn rentals and/or for capital appreciation would be investment property.
Therefore, if the business model is the provision of retirement accommodation, the property
should be classified as investment property.
Level of ancillary
services provided
For a property to be classified as investment property, the services provided to the residents
must be insignificant to the arrangement.
Guideline of 20% of total revenue to determine whether the services provided are significant.
2026 2025
$000 $000
Sites which have commenced construction 106,671 287,530
Sites which are classified as land bank - -
Total capitalised WIP 106,671 287,530
RYMAN HEALTHCARE LIMITED
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Property type and service description
Business model
or intention
Level of ancillary
services provided Classification
Independent unit: Private accommodation with
access to shared community facilities. No care or
assistance is included beyond standard weekly
fee services, but additional support can be
arranged if required.
Held to earn
rentals and/or
for capital
appreciation
Optional and
below 20%
guideline
Investment
property
(note 5.3)
Serviced apartment: Private accommodation
offering additional services for assisted living,
such as regular housekeeping, meals, and
personal care support.
Held to earn
rentals and/or
for capital
appreciation
Compulsory and
below 20%
guideline
Investment
property
(note 5.3)
Care bed: A room within a care facility where
residents receive full-time care at rest home,
hospital, or dementia care levels.
Provision of care Compulsory Property, plant
and equipment
(note 5.2)
Care suite: As per care bed, but subject to an
occupation right agreement with a deferred
management fee.
Typically, larger than standard care rooms, care
suites may include higher-quality furnishings, a
kitchenette, and other enhanced amenities.
Provision of care Compulsory Property, plant
and equipment
(note 5.2)
5.5 Property related risks
Climate change risk
Property values may be impacted by climate-related risks in the future. These include physical risks, including increased
frequency and severity of extreme weather events and longer-term changes in climate conditions, and transition risks,
including customer expectations for increased thermal comfort control and energy transition risks. These factors may also
require additional or accelerated future capital investment, which could impact on property values.
The Group continues to assess the impact of climate change on its assets and operations. There is currently no
significant impact identified for property valuations. To date, the independent valuers have made no explicit
adjustments to the valuation of property, plant and equipment (note 5.2) and the valuation of investment property
(note 5.3) in respect of climate change.
Seismic risk
The Group operates several villages in geographies that have a higher earthquake risk, particularly the villages located
along the Hikurangi fault line in New Zealand. None of the Group’s properties have been notified by a territorial
authority in New Zealand as being potentially "earthquake prone" (being a New Building Standard (NBS) rating of less
than 34%).
The Group has been undertaking seismic assessments across a number of buildings located in higher-risk seismic
zones with the assistance of independent experts.
In September 2025, the New Zealand Government announced proposed legislative changes to the earthquake-prone
building regime and is currently progressing major reforms through the Building (Earthquake-prone Building System
Reform) Amendment Bill, which removes low-risk regions and buildings from the regime and replaces the %NBS
metric with a more proportionate, risk-based framework.
Given the potential significant legislative changes, the Group is awaiting the outcome of the Government process
before formally progressing seismic assessments. Independent experts have confirmed that there are no life safety
concerns and no need to vacate any buildings. Prior to the announcement of the proposed legislative changes,
preliminary internal estimates for known issues are in the range of $30.0–35.0 million (2025: $30.0–35.0 million).
These estimates have been provided to the Group’s independent valuer to inform their valuation of property, plant
and equipment (note 5.2) and investment property (note 5.3). The valuer has made an allowance for major capital
expenditure of the estimated value provided by management.
RYMAN HEALTHCARE LIMITED
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6.0 Capital structure and funding
6.1 Resident loans – aged care
Accounting policy: Refundable accommodation deposits
Refundable accommodation deposits relate to deposits held on behalf of residents who reside in rooms in care
centres in Australia and New Zealand. Refundable accommodation deposits confer to residents the right of occupancy
of the rooms for life, or until the residents terminate the agreements. The deposit is repayable following the
termination of the right to occupy.
Amounts payable under refundable accommodation deposits are non-interest bearing while the Group provides
accommodation services and are recognised as a liability in the statement of financial position.
As a resident may terminate their occupancy with limited notice, and the refundable accommodation deposit is non-
interest bearing and has demand features, it is carried at face value, which is the original deposit received.
In New Zealand, a refundable accommodation deposit is repayable within 30 working days of a resident vacating their
care room. The Group is liable to pay interest if it does not repay the deposit within that period.
In Australia, the repayment obligation is within 14 days of a resident vacating their care room, or of sighting the
probate or letters of administration. The Group is liable to pay interest at a base interest rate within the 14-day
period, and at the higher maximum permissible interest rate after that. These rates are published by the Department
of Health and Aged Care on a quarterly basis.
Under the Aged Care Act 2024 in Australia, the Group is required to regularly deduct a retention amount from the
refundable accommodation deposit paid by residents who have entered into care on or after 1 November 2025. The
amount to be deducted is calculated daily at a rate of 2% per annum and capped at five years. All deducted amounts
reduce the total balance, and therefore further reduce any future retention deductions. There is no restriction on the
use of the retention funds.
Refundable accommodation deposits in Australia must only be used for permitted uses in accordance with the Aged
Care Act 2024. Permitted uses of refundable deposits include:
Capital expenditure to invest in new residential aged care infrastructure
To repay debt accrued for capital expenditure
Investments in certain financial products and/or Religious Charitable Development Funds (RCDFs)
To make a loan under specific conditions
To refund refundable deposit balances
To cover reasonable business losses incurred during the first 12 months in which the approved provider receives
the residential care subsidy.
Refundable accommodation deposits in Australia must not be used to pay for the day-to-day costs of operating a
service such as staff wages or the purchase of consumables.
There are no such restrictions in respect of the New Zealand refundable accommodation deposits, which are
structured as an occupation right agreement.
RYMAN HEALTHCARE LIMITED
33
Accounting policy: Care occupancy advances
Care occupancy advances are only offered in New Zealand and represent a capital payment option for care
accommodation costs. Care occupancy advances are accounted for in the same manner as retirement living occupancy
advances, as the economic substance of the arrangements is consistent. Refer to note 6.2.
Care occupancy advances are repayable within 90 days of a resident vacating their care room.
Accounting policy: Resident Fund occupancy advances
Resident Fund occupancy advances are a flexible capital payment option used to meet costs for care residents. This
product is offered only in New Zealand and legally structured as an occupancy advance. The flexible capital amount
transferred from the resident’s previous retirement living unit provides a discount on ongoing fees, with remaining
fees deducted from the capital balance over time.
Resident Fund occupancy advances are generally repayable within 90 days of a resident vacating their care room or
terminating their agreement (although this can vary where the repayment obligation for the previous retirement living
unit has not arisen).
2026 2025
$000 $000
Gross care occupancy advances 5,740 4,300
Less deferred management fees (955) (490)
Net care occupancy advances 4,785 3,810
Refundable accommodation deposits – New Zealand 172,284 162,069
Refundable accommodation deposits – Australia 431,638 334,570
Resident Fund occupancy advances 16,964 -
Total resident loans – aged care 625,671 500,449
Occupancy advances relating to care accommodation were previously included within total occupancy advances.
These balances are now presented separately as care occupancy advances with retirement living occupancy advances
detailed in note 6.2. In 2025, this resulted in the reclassification of $4.3 million of occupancy advances and $0.5 million
of deferred management fees, with a corresponding reduction to retirement living occupancy advances.
RYMAN HEALTHCARE LIMITED
34
6.2 Resident loans – retirement living
Accounting policy: Retirement living occupancy advances
An occupation right agreement confers on a resident a right to occupy a retirement village unit for life, or until the
resident terminates the agreement. The Group recognises the occupancy advance asset and liability at the point when
the resident takes possession of the unit.
The occupancy advance liability, net of deferred management fee, is repayable following both the termination of the
occupation right agreement and the settlement of a new occupancy advance for the same retirement village unit. In
New Zealand, the Group is liable to pay interest if the occupancy advance has not been repaid within six months from
the date residents vacate their unit. In Australia, the Group is contractually required to repay occupancy advances no
later than six months after the resident vacates the unit. In alignment with the revised Retirement Villages Act 1986,
the repayment period for new Australian residents entering into agreements was extended to 12 months from May
2026.
Occupancy advances are non-interest bearing and recorded as a liability in the statement of financial position, net of
deferred management fees and suspended contributions receivable. The occupancy advance is initially recognised at
fair value and later at amortised cost. As a resident may terminate their occupancy with limited notice, and the
occupancy advance is non-interest bearing and has demand features, it is carried at face value, which is the original
advance received.
2026 2025
$000 $000
Gross occupancy advances
Opening balance 6,162,672 5,596,912
Gross receipts – occupation right agreements for new units 314,876 403,929
Net receipts – occupation right agreements for resale units 78,483 153,167
Net foreign-currency exchange differences 108,343 8,664
Closing balance 6,664,374 6,162,672
Net occupancy advances
Less deferred management fees (988,135) (829,959)
Less suspended contributions (138,835) (119,365)
Total Resident loans – retirement living 5,537,404 5,213,348
Occupancy advances related to care accommodation were previously included within total occupancy advances. These
have now been reclassified to care occupancy advances (refer note 6.1), with the above amounts now reflecting only
retirement living occupancy advances. This amounted to $4.3 million in occupancy advances and $0.5 million in
deferred management fees in 2025.
RYMAN HEALTHCARE LIMITED
35
6.3 Interest-bearing loans and borrowings
Accounting policy: Interest-bearing loans and borrowings
Bank loans and borrowings are initially recorded at fair value, less directly attributable transaction costs. After initial
recognition, loans and borrowings are measured at amortised cost. Any differences between the initial amounts
recognised and the redemption values are recognised in profit or loss using the effective interest rate method.
2026 2025
$000 $000
Bank loans (secured) – NZD 476,000 527,200
Bank loans (secured) – AUD in NZD equivalent 960,269 1,009,236
Retail bond – RYM010 150,000 150,000
Total interest-bearing loans and borrowings at face value 1,586,269 1,686,436
Transaction costs capitalised
Opening balance (3,884) (7,079)
Capitalised during the year (3,548) (2,548)
Amortised during the year 2,199 3,787
Repayment of Institutional Term Loan – expense of transaction
costs - 1,956
Total transaction costs (5,233) (3,884)
Total interest-bearing loans and borrowings at amortised cost 1,581,036 1,682,552
Current 149,623 -
Non-current 1,431,413 1,682,552
Total interest-bearing loans and borrowings at amortised cost 1,581,036 1,682,552
In November 2025, the Group refinanced its syndicated loan facilities, delivering improved pricing on loan margins and
line fees (refer note 1.0).
The nominal interest rates for bank loans includes the BKBM rate for NZD facilities and BBSW for AUD facilities, plus
margin and line fees. It excludes the impact of transaction costs or interest rate swap agreements described in note
6.5.
2026 2025
$000 $000
Nominal interest rates for bank loans – NZD 5.02% 7.29%
Nominal interest rates for bank loans – AUD 6.05% 6.07%
Coupon rate for retail bond – RYM010 2.55% 2.55%
RYMAN HEALTHCARE LIMITED
36
A breakdown of movements in total interest-bearing loans and borrowings is presented in the following table:
2026 2025
$000 $000
Opening balance 1,682,552 2,546,947
Drawdown/(repayment) of bank loans (net) (191,872) (606,105)
Drawdown/(repayment) of Institutional Term Loan - (275,088)
Fair value adjustment on hedged borrowings movements - 5,909
Foreign exchange movements 91,705 7,694
Movements in prepaid transaction costs (1,349) 3,195
Closing balance 1,581,036 1,682,552
Covenants
The Group has the following financial covenants which are tested six monthly at 30 September and 31 March:
Interest Cover Ratio (ICR) of 1.50x with the first testing date of 30 September 2026, calculated on a rolling 12-
month Adjusted EBITDA to adjusted interest (excluding development debt interest). 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, and gross resale gains on occupation
right agreements.
Adjusted total liabilities-to-net tangible assets ratio of 1.0x. Adjusted total liabilities is defined as liabilities of the
Group (after deducting resident occupancy advances, Australian resident loans and accommodation bonds owing
or held by the Group).
The Group has complied with tested covenants during the period.
Designated development debt 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 feasibility and substantive steps towards the development have commenced.
Security
The bank loans and retail bonds are secured by a General Security Deed over the parent and subsidiary companies and
supported by mortgages over the freehold land and buildings and a General Security Agreement (GSA). The GSA and
mortgages are first ranking, other than when subordinated to the Statutory Supervisor who holds registered
mortgages for the benefit of residents over:
The aged care centres, as security for residents’ refundable accommodation deposits and occupancy
advances related to the care centre (see note 5.2 and 6.1); and
The retirement village (excluding aged care centres), as security for residents’ retirement living occupancy
advances (see note 5.3 and 6.2).
The subsidiaries listed in note 8.4 have guaranteed the Group’s secured loans under the GSA.
RYMAN HEALTHCARE LIMITED
37
Interest-bearing loans and borrowings facility limits
The facility limits of all interest-bearing loans and borrowings, by maturity and type, are detailed below:
2026 Maturity Currency FCY NZD
$000 $000
NZD bank loan 31-May-30 NZD 374,000 374,000
NZD bank loan 31-May-31 NZD 246,000 246,000
NZD bank loan 30-Nov-32 NZD 75,000 75,000
Dual currency (NZD and AUD) bank loan 31-May-30 NZD 150,000 150,000
AUD bank loan 31-May-30 AUD 700,000 840,235
AUD bank loan 31-May-31 AUD 310,000 372,104
AUD bank loan 31-May-32 AUD 45,000 54,015
Retail bond 18-Dec-26 NZD 150,000 150,000
Total 2,261,354
Less: loans and borrowings at face value (1,586,269)
Facility headroom 675,085
In addition to the above, the Group has an Institutional Credit Agreement that provides a $2,850,000 overdraft facility.
6.4 Financial instruments – categorisation and fair value
The Group has the following categories of financial assets and financial liabilities:
Note
2026 2025
$000 $000
Financial assets
Financial assets at amortised cost:
Cash and cash equivalents
9,697 17,658
Trade and other receivables
4.1 143,206 141,414
Financial liabilities at fair value through profit or loss:
Derivative financial instruments
6.5 10,590 1,385
163,493 160,457
Financial liabilities
Financial liabilities at amortised cost:
Trade and other payables
4.2 95,816 113,578
Resident loans – aged care
6.1 625,671 500,449
Resident loans – retirement living
6.2 5,537,404 5,213,348
Interest-bearing loans and borrowings
6.3 1,581,036 1,682,552
Lease liabilities
10,862 12,712
Financial liabilities at fair value through profit or loss:
Derivative financial instruments
6.5 6,688 15,340
7,857,477 7,537,979
Apart from the financial instruments noted below, the carrying amounts of financial instruments in the Group’s
statement of financial position are the same as their fair value in all material aspects, due to the demand features of
these instruments and/or their interest rate profiles. The face (or nominal) value less estimated credit adjustments of
trade receivables and payables is assumed to approximate their fair values.
RYMAN HEALTHCARE LIMITED
38
Carrying amount
2026
Fair value
2026
Carrying amount
2025
Fair value
2025
$000 $000 $000 $000
Retail bond 149,623 147,870 149,001 143,370
The fair value of the retail bond is based on the price traded on the NZX market at 31 March 2026. The fair value of
the retail bond is categorised as Level 1 under the fair value hierarchy in accordance with NZ IFRS 13.
The fair value of interest rate derivatives is derived using inputs supplied by third parties that are observable, either
directly (prices) or indirectly (derived from prices). The fair value of these derivatives is categorised as Level 2 under
the fair value hierarchy contained within NZ IFRS 13 (note 6.5).
6.5 Derivative financial instruments
Accounting policy: Derivative financial instruments
Derivative financial instruments are initially recognised at fair value on the date a contract is entered into and
remeasured to their fair value at each reporting date.
Hedge accounting
The Group designates most of its derivatives as hedging instruments. At inception, each hedge relationship is
formalised in hedge documentation. The Group determines the existence of an economic relationship between the
hedging instrument and the hedged item based on the currency, amount and timing of respective cash flows, interest
rates, tenors, repricing dates, maturities and notional amounts at inception. The Group assesses whether the
derivative designated in each hedging relationship is expected to be, and has been, effective in offsetting the changes
in cash flows of the hedged item.
When the derivatives meet the requirements of cash-flow hedge accounting, the effective portion of the change in the
fair value of the derivatives is recognised in other comprehensive income and accumulated as a separate component
of equity. Amounts deferred in equity are recycled to the income statement in the periods when the hedged item is
recognised in the income statement. The ineffective portion is recognised in the income statement.
When the derivatives meet the requirements of fair value hedge accounting, changes in the fair value of the
derivatives are taken directly to the income statement for the year, to offset the change in fair value of the hedged
item also recorded in the income statement.
Hedge accounting is discontinued when the hedge instrument expires, is terminated or no longer qualifies for hedge
accounting. When hedge accounting for cash-flow hedges is discontinued, the amount accumulated in the hedging
reserve remains in equity until it is reclassified to the income statement in the same periods as the hedged expected
future cash flows affect the income statement. If the hedged future cash flows are no longer expected to occur, the
amounts accumulated in the hedging reserve are immediately reclassified to the income statement.
RYMAN HEALTHCARE LIMITED
39
The Group’s derivative financial instruments, comprising interest rate swaps and collars, are used to manage exposure
to cash flow variability and interest rate risk. The majority are designated as hedging instruments and are recognised
as derivative financial instruments in the statement of financial position. The details of the Group’s hedging
instruments are as follows.
Currency
Interest
rates Maturity
Notional
amount of
hedging
instrument
Carrying
amount of the
hedging
instrument:
asset
Carrying
amount of
the hedging
instrument:
liability
Change in value
used for
calculating
hedge
effectiveness
Years NZ$000 NZ$000 NZ$000
2026
Cash-flow hedges
Interest rate
derivatives NZD
2.440%–
4.613% 0–5
NZ$530
million 1,131 (6,060) 3,821
Interest rate
derivatives AUD
3.561%–
4.836% 0–5
A$600
million 9,459 (628) 14,036
10,590 (6,688) 17,857
Currency
Interest
rates Maturity
Notional
amount of
hedging
instrument
Carrying
amount of the
hedging
instrument:
asset
Carrying
amount of
the hedging
instrument:
liability
Change in value
used for
calculating
hedge
effectiveness
Years NZ$000 NZ$000 NZ$000
2025
Cash-flow hedges
Interest rate
derivatives NZD
2.440%–
4.815% 0–5
NZ$645
million 1,132 (9,882) (21,438)
Interest rate
derivatives AUD
3.561%–
4.378% 2–6
A$475
million 253 (5,458) (2,848)
1,385 (15,340) (24,286)
The fair values of these derivatives are categorised as Level 2 under the fair value hierarchy in NZ IFRS 13. The fair
values of these derivatives are derived using inputs that are observable, either directly (prices) or indirectly (derived
from prices). The fair value of interest rate instruments is determined by discounting the future cash flows using the
yield curves at the end of the reporting period and the credit risk inherent in the contract.
Cash-flow hedges
The Group holds various interest rate derivatives to provide an effective cash-flow hedge against floating interest rate
variability on a defined portion of core debt. The hedge ratio is 1:1 as the notional amount of the interest rate
derivatives matches the face value of the hedged bank loans. As the critical terms of the interest rate derivative
contracts and the hedged item are the same, significant hedge ineffectiveness is not expected.
At 31 March 2026, the Group had a number of interest rate derivatives that were designated as cash-flow hedges.
These derivatives have a total notional principal amount of approximately NZ$1,250.2 million, which is made up of
NZ$530.0 million and A$600.0 million (2025: NZ$1,167.7 million). These derivatives cover terms of up to five years
(2025: six years) and are effective for various periods. Some of these derivatives will become effective at a future date.
RYMAN HEALTHCARE LIMITED
40
2026 2025
$000 $000
Notional principal amount
Already effective at balance date 1,065,160 987,667
Forward starting 185,042 180,000
1,250,202 1,167,667
These interest rate derivatives effectively change the Group’s interest rate exposure on the principal covered from a
floating rate to an average fixed rate ranging from 4.046% to 4.222% (2025: 3.997% to 4.264%). The notional principal
amounts covered by these derivatives and the average contracted fixed interest rates for their remaining maturities
are shown below.
Average contracted
fixed interest rate
Notional principal
amount covered
2026 2025 2026 2025
% % $000 $000
Within 1 year 4.046% 3.997% 1,250,202 1,082,667
1–2 years 4.062% 3.969% 1,174,192 1,052,667
2–3 years 4.216% 3.989% 898,181 899,657
3–4 years 4.167% 4.189% 592,113 651,629
4–5 years 4.222% 4.264% 287,071 421,074
5–6 years - 4.022% - 55,018
6.6 Share capital
Accounting policy: Ordinary shares
Incremental costs directly attributable to the issue of ordinary shares are recognised as deductions from equity.
Although the shares purchased for the leadership share scheme are treated as treasury stock under financial reporting
standards, they are not of the type contemplated by section 67A of the Companies Act 1993. They carry the usual
rights attached to shares such as the right to receive dividends (albeit subject to contractual requirements under the
share scheme to apply dividend payments to repay loans) and the right to participate in corporate actions. On this
basis, the treasury stock has been included in the calculation of basic and diluted earnings per share.
Issued and paid-up capital consists of 1,015,729,081 fully paid ordinary shares (2025: 1,015,712,784 shares) less
treasury stock of 873,784 shares (2025: 1,170,990 shares). All shares rank equally in all respects.
Shares historically purchased on market under the leadership share scheme are treated as treasury stock (note 6.7)
until they are vested to the employees.
RYMAN HEALTHCARE LIMITED
41
2026 2025 2026 2025
Shares
’000
Shares
’000
$000
$000
Total ordinary shares (including treasury
stock) opening balance
1,015,713 687,642 1,923,044 952,887
Ordinary shares issued:
Long-term incentive plan
16 - 58 -
Equity raise
- 328,071 - 970,157
Total ordinary shares (including treasury
stock) closing balance
1,015,729 1,015,713 1,923,102 1,923,044
Basic and diluted earnings per share (EPS)
2026
2025
(restated)
Net profit/(loss) after tax ($000) (171,345) (513,747)
Weighted average number of shares (in ’000) 1,015,722 710,192
Basic EPS (cents per share) (16.9) (72.3)
Net profit/(loss) after tax ($000) (171,345) (513,747)
Fair value of shares to settle share rights ($000) - (179)
Adjusted net profit/(loss) after tax ($000) (171,345) (513,926)
Weighted average number of shares (in ’000) 1,015,722 710,192
Diluted EPS (cents per share) (16.9) (72.4)
Diluted earnings per share in 2025 were calculated with the assumption that shares were purchased from market to
settle the share rights, rather than issuing new shares, as at that time the Board had not determined their preferred
approach. The purchase of shares from the market to settle share rights does not affect the number of outstanding
ordinary shares or the income statement. However, it does impact equity and is considered dilutive when share rights
are out of the money.
The Board has since confirmed its intention to issue shares rather than purchasing on market and did so during the
period. There is no dilutive impact on earnings per share for 2026, as the Group is in a loss-making position.
Net tangible asset (NTA) per share
2026
2025
(restated)
NTA ($000) 4,067,622 4,170,389
Ordinary shares at 31 March (in ’000) 1,015,729 1,015,713
NTA per share (cents per share) 400.5 410.6
NTA is calculated as total assets less intangible assets and deferred tax assets, and less total liabilities.
RYMAN HEALTHCARE LIMITED
42
6.7 Reserves and retained earnings
Note 2026
2025
(restated)
$000 $000
Reserves
Asset revaluation reserve 6.7a 155,227 116,649
Cash-flow hedge reserve 6.7b 8,779 1,704
Foreign-currency translation reserve 6.7c 24,519 6,979
Treasury stock 6.7d (12,110) (16,280)
Share-based payments reserve 6.7e 1,052 348
Closing balance 177,467 109,400
a. Asset revaluation reserve
Opening balance
116,649 126,290
Asset revaluation
42,929 36,320
Deferred tax movement
9.1
(4,351) (45,961)
Closing balance
155,227 116,649
b. Cash-flow hedge reserve
Opening balance 1,704 20,774
Change in fair value of interest rate derivatives 6.5 14,777 (903)
Reclassifications to profit or loss
As hedged transactions occurred
4,835 (17,630)
Terminated derivatives released over the original
term of the instrument
(7,256) (6,454)
Deferred tax movement 9.1 (5,281) 5,917
Closing balance 8,779 1,704
c. Foreign-currency translation reserve
Opening balance 6,979 3,551
(Loss)/gain on hedge of foreign-owned subsidiary net
assets (6,999) (639)
Gain/(loss) on translation of foreign operations 22,579 4,100
Deferred tax movement 9.1 1,960 (33)
Closing balance 24,519 6,979
d. Treasury stock
Opening balance (16,280) (34,730)
Acquisitions - -
Sale of treasury stock 4,170 18,450
Closing balance (12,110) (16,280)
e. Share-based payments reserve
Opening balance 348 -
Equity-settled share-based payment 8.2 802 338
(Vesting)/forfeiture of share rights 8.2 (122) -
Deferred tax movement 9.1 24 10
Closing balance 1,052 348
RYMAN HEALTHCARE LIMITED
43
2026
2025
(restated)
$000 $000
Retained earnings
Opening balance 2,151,763 2,677,601
Net profit/(loss) attributable to shareholders (171,345) (513,747)
Loss on disposal of treasury stock (3,323) (12,091)
Dividends paid - -
Closing balance 1,977,095 2,151,763
Nature of reserves
Asset revaluation reserve reflects unrealised gains from the revaluation of aged care centres.
Cash-flow hedge reserve reflects the cumulative effective gains or losses on cash-flow hedges.
Foreign-currency translation reserve captures exchange differences from translating the financial statements
of foreign operations into the Group’s reporting currency.
Treasury stock represents shares purchased on market under the previous leadership share scheme where
they have not vested to the employee.
Share-based payments reserve represents the accumulated value of equity-based compensation that has
been recognised as an expense but not yet exercised.
Dividends paid
No dividends have been declared or paid in the 12 months to March 2026 (2025: nil).
7.0 Financial risk management
7.1 Financial risk management
The Group’s activities expose it to a variety of financial risks being credit risk, market risk (including interest rate and
foreign exchange risk) and liquidity risk. The Group’s overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial
performance. The Group uses derivative financial instruments to hedge certain risk exposures.
7.2 Credit risk
Credit risk is the risk of a failure of a debtor or counterparty to honour its contractual obligations, resulting in financial
loss for the Group. The Group’s exposure to credit risk relates to cash and cash equivalents, derivative financial
instruments, trade and other receivables, and advances to employees. The maximum credit risk at 31 March 2026 is
the carrying amount of these financial assets.
In the normal course of business, the Group does not have significant concentrations of credit risk. The most
significant individual debtor group comprises government organisations, with no other material concentrations
identified. The Group typically requires settlement of the occupancy advance (either through payment, equity from a
previous unit, or a deposit) before occupation of a unit, which significantly reduces credit exposure relating to
residents. Credit risk associated with cash and cash equivalents and derivative financial instruments is managed by
placing funds only with creditworthy financial institutions and by limiting exposure to any single institution.
The Group does not take security over the assets of its debtors but may require a guarantor. The Group has the right
to set off any unpaid fees against an occupancy advance or refundable accommodation deposit. There were no
material overdue debtors at 31 March 2026 (2025: $Nil).
RYMAN HEALTHCARE LIMITED
44
7.3 Market risk
Market risk is the risk that changes in market prices such as interest rates and exchange rates will affect the Group’s
assets, liabilities and financial performance.
a. Interest rate risk
Interest rate risk is the risk that fluctuations in interest rates affect the Group’s financial performance or future cash
flows or the fair value of its financial instruments.
The Group’s interest rate risk arises mainly from loans and borrowings. Fixed rate borrowings expose the Group to
changes in the fair value of the borrowings, while variable-rate borrowings expose the Group to variability in cash
flows due to changes in interest rates.
The Group manages its exposure through a mix of fixed and variable-rate debt, and by using interest rate derivatives
designated as hedging instruments for these borrowings (note 6.5).
The Group also has interest rate exposure under the terms of its occupancy agreements in New Zealand, and in
respect of its refundable accommodation deposits in both New Zealand and Australia. Refer to notes 6.1 and 6.2.
Although the occupancy agreements in New Zealand provide that the occupancy advance is repayable at the
earlier of the receipt of the new occupancy advance from the incoming resident or at the end of a specified
period (being either three years for contracts entered into before 1 October 2025 or 12 months for
occupancy agreements entered into after that date), the Group is liable to pay interest if it does not repay
the occupancy advance within six months from the date residents vacate their unit. The Group has the ability
to manage its interest rate exposure by repaying the occupancy advance within six months.
In New Zealand, a refundable accommodation deposit is repayable within 30 working days of a resident
vacating their care room. The Group is liable to pay interest if it does not repay the deposit within that
period. In Australia, the repayment obligation is within 14 days of a resident vacating their care room, or of
sighting the probate or letters of administration. The Group is liable to pay interest at a base interest rate
within the 14-day period, and at the higher maximum permissible interest rate after that. The Group
manages these interest rate exposures by repaying the deposits within the prescribed refund period where
possible.
Sensitivity
The following sensitivity analysis is based on the interest rate risk exposures in existence at the reporting date. The net
exposure at balance date is representative of what the Group was and is expecting to be exposed to in the 12 months
from balance date. At balance date, had the floating interest rates increased or decreased by 50 basis points, with all
other variables held constant, profit and equity would have been affected as follows:
2026 2025
$000 $000
Increase in interest rates of 50 basis points
Effect on profit after taxation – increase/(decrease) (605) (757)
Effect on equity after taxation – increase/(decrease) 9,982 11,386
Decrease in interest rates of 50 basis points
Effect on profit after taxation – increase/(decrease) 605 757
Effect on equity after taxation – increase/(decrease) (10,125) (11,837)
RYMAN HEALTHCARE LIMITED
45
b. Foreign currency risk
Foreign currency risk is the risk that the value of the Group’s assets, liabilities and financial performance will fluctuate
due to changes in foreign currency rates.
The Group is exposed to currency risk in AUD primarily due to its subsidiaries in Australia. The risk to the Group is that
the value of the Australian subsidiaries’ financial position and financial performance will fluctuate in economic terms
and as recorded in the consolidated financial statements, due to changes in the NZD/AUD exchange rate.
The Group hedges the currency risk relating to its Australian subsidiaries by holding a portion of its borrowings (bank
debt) in AUD. Any foreign currency movement in the net assets of the Australian subsidiaries is partially offset by an
opposite movement in the AUD debt.
Sensitivity
The following sensitivity analysis is based on the foreign currency risk exposures in existence at the reporting date.
The net exposure at balance date is representative of what the Group was and is expecting to be exposed to in the 12
months from balance date. At balance date, had the NZD moved either up or down by 10%, with all other variables
held constant, profit and equity would have been affected as follows:
2026 2025
$000 $000
Increase in value of NZ dollar of 10%
Effect on profit after taxation – increase/(decrease) 2,384 10,296
Effect on equity after taxation – increase/(decrease) (18,198) (15,530)
Decrease in value of NZ dollar of 10%
Effect on profit after taxation – increase/(decrease) (2,914) (12,584)
Effect on equity after taxation – increase/(decrease) 22,242 18,982
7.4 Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group evaluates its liquidity requirements on an ongoing basis and manages liquidity risk by maintaining
undrawn banking facilities and sufficient cash. It regularly monitors both forecast and actual cash flows, as well as the
maturity profiles of its financial assets and liabilities.
The Group manages the liquidity risk on occupancy advances through the contractual requirements in the occupation
right agreement. The terms of these are discussed in note 7.3.
RYMAN HEALTHCARE LIMITED
46
Nature and exposure of risk
The following table sets out the Group’s liquidity profile for financial instruments, based on contractual
undiscounted cash flows.
Less than 1
year
1–5
years
Greater than
5 years Total
$000 $000 $000 $000
2026
Financial liabilities
Trade and other payables 95,816 - - 95,816
Resident loans – aged care
1
625,671 - - 625,671
Resident loans – retirement living
1
5,537,404 - - 5,537,404
Bank loans 66,312 1,171,520 497,939 1,735,771
Retail bond 152,734 - - 152,734
Lease liabilities 2,998 7,762 102 10,862
Total
6,480,935 1,179,282 498,041 8,158,258
2025
Financial liabilities
Trade and other payables 113,578 - - 113,578
Resident loans – aged care
1
500,449 - - 500,449
Resident loans – retirement living
1
5,213,348 - - 5,213,348
Bank loans 78,641 1,651,043 - 1,729,684
Retail bond 3,690 152,869 - 156,559
Lease liabilities 3,620 10,426 1,051 15,097
Total 5,913,326 1,814,338 1,051 7,728,715
1
These liabilities have demand features and therefore have contractual maturity dates that could occur in less than one year. They are unlikely
to be called on demand due to the Group’s long history of gradual resident turnover, the highly diverse and geographically spread resident base,
and the absence of alternative accommodation models at scale. In the current year the Group repaid $566.7 million relating to retirement living
occupancy advances (2025: $532.3 million).
7.5 Capital management
The Group’s capital includes share capital, reserves and retained earnings. The objective of the Group’s capital
management is to ensure that long-term business plans can be achieved in a profitable and financially sustainable
manner that enhances shareholder returns and benefits all stakeholders.
The Group’s capital is managed at the parent company level, with oversight from the Board of Directors.
Adjustments are made to the structure with Board approval, considering economic conditions at the time.
The Group is also subject to capital requirements imposed by its banks and lenders.
RYMAN HEALTHCARE LIMITED
47
8.0 Related party transactions
8.1 Key management personnel compensation
Key management personnel are those who have authority and responsibility for planning, directing and controlling the
activities of the Group. The Group considers that this is the directors and the Senior Executive Team.
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related
to key management personnel.
2026 2025
$000 $000
Short-term employee benefits 5,711 7,179
Employer contributions to post-employment benefits
– KiwiSaver/Superannuation 227 239
Termination benefits 1,161 2,799
Share-based payment transactions (long-term incentive plan)
(note 8.2) 737 338
Directors’ fees 1,064 1,038
Total key management personnel and directors’ compensation 8,900 11,593
8.2 Equity-settled share-based payments
The Group operates a long‑term incentive plan (LTIP) under which performance share rights are granted to eligible
members of the Senior Executive Team, as approved by the Board. These rights entitle participants to receive
ordinary shares in Ryman Healthcare Limited upon vesting. The awards have no exercise price and no contractual
term, and there are no cash‑settlement alternatives. The Group has no past practice of cash settlement, and
accordingly, the LTIP is accounted for as an equity‑settled share‑based payment.
The number of share rights allocated is determined by applying the 10‑day volume‑weighted average price (VWAP)
of the Company’s shares to a specified percentage of base salary. Share rights vest over a three‑year period, subject
to market‑based performance conditions.
The grant‑date fair value of the share rights is expensed on a straight‑line basis over the three‑year vesting period,
based on the number of awards expected to vest, with a corresponding increase in equity. At each reporting date,
the Group reviews its estimate of the number of share rights expected to vest and adjusts the cumulative expense
recognised to date accordingly. If the service requirement is not met and the share rights are forfeited, the Group
reverses the cumulative expense previously recognised in the period of forfeiture. If market‑based vesting
conditions (such as total shareholder return hurdles) are not met, the share rights do not vest, and no adjustment is
made to the grant‑date fair value or to the cumulative expense already recognised.
The cumulative expense recognised for performance share rights is credited to the share-based payment reserve
within equity over the vesting period. Upon vesting, the balance relating to vested awards is transferred from the
share-based payment reserve to share capital.
RYMAN HEALTHCARE LIMITED
48
2026 2025
Number outstanding Number outstanding
Opening balance 525,361 -
Granted during the year 1,161,276 525,361
Forfeited during the year (122,129) -
Vested during the year (16,296) -
Closing balance 1,548,212 525,361
Share rights granted during the year are subject to the following three-year performance hurdles:
Up to 50% vest based on absolute annual compounded total shareholder return relative to the Group’s
cost of equity
Up to 50% vest based on relative total shareholder return performance compared with the NZX50 Index.
Valuation methodology
The fair value of the performance share rights is measured at the grant date using a Monte Carlo simulation model.
The valuation incorporates all market‑based performance conditions and the specific terms of the awards.
Non‑market conditions, such as the three‑year service requirement, are excluded from the grant‑date fair value.
The Monte Carlo model simulates the 10‑day VWAP at the vesting date for the Company and the closing share
prices (and corresponding 10‑day VWAPs) of NZX50 Index companies (including Ryman Healthcare Limited). The
model compares the simulated relative total shareholder return performance and incorporates the correlation
between the Company’s share price and the NZX50 Index constituents.
Key assumptions
The table below outlines the model inputs used to value the share rights granted under the long‑term incentive
plan in the current year.
Valuation inputs
Weighted average fair values at the measurement date $1.23
Commencement date 1 July 2025
Valuation date 14 July 2025
VWAP at valuation date $2.36
VWAP at commencement date $2.23
VWAP volatility 31%
Dividend reinvestment factor 100%
Dividend yield 0%
The volatility assumption is representative of the level of uncertainty expected in the movements of the Group’s
share price over the life of the options. VWAP volatilities are based on the Group’s VWAP returns over a historical
period from the valuation date that matches the remaining duration of the respective tranches.
RYMAN HEALTHCARE LIMITED
49
8.3 Related-party transactions
The Group enters into transactions with other entities that some of the directors may have interest in or sit on the
Board of. Any transactions undertaken with these entities have been entered into on standard commercial terms
and in the ordinary course of business. No director is involved in the quoting for or provision of services by these
entities to the Group.
Transactions
Amounts owing at
year-end
2026 2025 2026 2025
$000 $000 $000 $000
Construction and infrastructure services –
Fulton Hogan Limited 715 1,371 18 89
Dean Hamilton is a director/shareholder of Fulton Hogan Limited, which provided construction and infrastructure
services to the Group.
Utilities
James Miller was a director of Mercury NZ Limited until 19 September 2025. Transactions related to utilities are not
quoted in the table above as they occur under standard commercial terms and the director had no involvement in
the day-to-day operations.
8.4 Trading subsidiaries
The operating subsidiaries are listed below:
Anthony Wilding Retirement Village Limited
Bert Newton Retirement Village Pty Ltd
Bert Sutcliffe Retirement Village Limited
Bob Owens Retirement Village Limited
Bob Scott Retirement Village Limited
Bruce McLaren Retirement Village Limited
Café Ryman Russley Road Limited
Charles Brownlow Retirement Village Pty Ltd
Charles Fleming Retirement Village Limited
Charles Upham Retirement Village Limited
Deborah Cheetham Retirement Village Pty Ltd
Diana Isaac Retirement Village Limited
Edmund Hillary Retirement Village Limited
Ernest Rutherford Retirement Village Limited
Essie Summers Retirement Village Limited
Evelyn Page Retirement Village Limited
Frances Hodgkins Retirement Village Limited
Grace Joel Retirement Village Limited
Hilda Ross Retirement Village Limited
Hubert Opperman Retirement Village Pty Ltd
James Wattie Retirement Village Limited
Jane Mander Retirement Village Limited
Jane Winstone Retirement Village Limited
Jean Sandel Retirement Village Limited
John Flynn Retirement Village Pty Ltd
Julia Wallace Retirement Village Limited
Keith Park Retirement Village Limited
Kevin Hickman Retirement Village Limited
Kiri Te Kanawa Retirement Village Limited
Linda Jones Retirement Village Limited
Logan Campbell Retirement Village Limited
Malvina Major Retirement Village Limited
Margaret Stoddart Retirement Village Limited
Miriam Corban Retirement Village Limited
Murray Halberg Retirement Village Limited
Nellie Melba Retirement Village Pty Ltd
Ngaio Marsh Retirement Village Limited
Patrick Hogan Retirement Village Limited
Possum Bourne Retirement Village Limited
Raelene Boyle Retirement Village Pty Ltd
Rita Angus Retirement Village Limited
Rowena Jackson Retirement Village Limited
Ryman Aged Care (Australia) Pty Ltd
Ryman Construction Pty Ltd
Ryman Healthcare (Australia) No. 11 Pty Ltd
(Essendon Terrace)
Ryman Healthcare (Australia) Pty Ltd
Ryman Napier Limited
Ryman Northwood Retirement Village Limited
(Richard Hadlee Retirement Village)
Shona McFarlane Retirement Village Limited
Weary Dunlop Retirement Village Pty Ltd
William Sanders Retirement Village Limited
Yvette Williams Retirement Village Limited
RYMAN HEALTHCARE LIMITED
50
9.0 Other
9.1 Income tax
Accounting policy: Income tax
Tax expense comprises current and deferred tax. Tax expense is recognised in the income statement except when it
relates to items recognised in other comprehensive income or directly in equity. In this case, tax expense is
recognised in other comprehensive income or in equity.
Deferred tax is provided for temporary differences between the carrying amount of assets and liabilities for
financial reporting and the amounts used for taxation purposes. Deferred tax is not provided for on land and on
temporary differences arising from the initial recognition of assets or liabilities that affect neither accounting profit
nor taxable profit, and do not give rise to equal taxable and deductible temporary differences.
The amount of deferred tax provided is based on the way the carrying amount of assets and liabilities are expected
to be realised and settled. The Group assesses deferred tax on investment properties on the basis that the asset
value will be realised through use. The carrying value of the Group’s investment properties is determined on a
discounted cash flow basis and includes cash flows that are both taxable and non-taxable in the future. The Group
recognises deferred tax on cash flows with a future tax consequence.
A deferred tax asset is recognised to the extent that the entity has sufficient taxable temporary differences or it is
probable that future taxable profits will be available against which the asset can be used in the case of recognising
tax losses.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority
and the Group intends to settle current tax assets and liabilities on a net basis.
Income tax recognised in income statement
2026 2025
$000 $000
Tax expense comprises:
Current tax expense - -
Deferred tax expense/(credit) (6,268) 221,442
Total income-tax expense/(credit) (6,268) 221,442
The tax rate used in the below reconciliation is the corporate tax rate in New Zealand of 28% (2025: 28%). The
corporate tax rate in Australia is 30% (2025: 30%).
RYMAN HEALTHCARE LIMITED
51
Reconciliation between prima facie taxation and tax expense
2026 2025
$000 $000
(Loss)/profit before income tax (177,613) (292,305)
Income tax expense calculated at 28% (49,732) (81,845)
Tax effects of:
Non-taxable fair value movement of investment property
26,915 (26,009)
Property movements
(1,955) 6,434
Capitalised interest
(4,104) (14,949)
Non-deductible impairment (credit)/loss
(1,510) 43,234
Tax losses not recognised
8,085 269,190
Interest deductions not recognised
17,512 25,308
Other
(1,479) 79
Total income-tax expense/(credit) (6,268) 221,442
Effective tax rate 3.5% (75.8%)
Amounts charged or credited to other comprehensive income or equity
2026 2025
$000 $000
Tax effect of:
Revaluation of property, plant and equipment
4,351 45,961
Fair value movement in cash-flow hedge reserve
5,281 (5,917)
Other
(3,364) (1,903)
Total income-tax expense/(credit) 6,268 38,141
RYMAN HEALTHCARE LIMITED
52
Deferred tax asset/(liability)
Opening
balance
Recognised
in income
Recognised
in equity
Closing
balance
$000 $000 $000 $000
2026
Property, plant and equipment (109,536) (30,547) (6,124) (146,207)
Investment properties (21,827) (8,480) 3,750 (26,557)
Deferred management fee (148,485) (23,528) (2,441) (174,454)
Derivative financial instruments 3,978 (1,647) (1,674) 657
Other 21,836 (1,177) 340 20,999
Tax losses recognised 254,034 71,648 (119) 325,562
Total deferred tax asset/(liability) - 6,268 (6,268) -
Opening
balance
Recognised
in income
Recognised
in equity
Closing
balance
$000 $000 $000 $000
2025
Property, plant and equipment (80,582) 17,026 (45,980) (109,536)
Investment properties 20,503 (42,342) 12 (21,827)
Deferred management fee (137,690) (10,596) (199) (148,485)
Derivative financial instruments (2,897) 23 6,852 3,978
Other 18,635 3,180 21 21,836
Tax losses recognised 441,614 (188,733) 1,153 254,034
Total deferred tax asset/(liability) 259,583 (221,442) (38,141) -
Tax losses
The Group has the following amounts of gross tax losses available to offset future taxable income in New Zealand
and Australia.
2026 2026 2025 2025
NZ AU NZ AU
NZ$000 A$000 NZ$000 A$000
Tax losses – revenue 1,566,685 488,729 1,378,782 415,521
Tax losses – capital - 54,097 - 25,619
Total gross tax losses available 1,566,685 542,826 1,378,782 441,140
Recognised tax losses 1,002,528 124,560 873,118 28,964
Unrecognised tax losses 564,157 418,266 505,664 412,176
Total gross tax losses 1,566,685 542,826 1,378,782 441,140
RYMAN HEALTHCARE LIMITED
53
Unrecognised tax losses
The unrecognised tax losses remain available to the Group for future use, provided the relevant requirements
under applicable tax legislation are met. This includes satisfying the shareholding continuity requirements, or
where applicable, the New Zealand and Australian business continuity tests.
Unrecognised tax losses can be carried forward indefinitely and continue to represent a potential future tax benefit
to the Group; however, no deferred tax asset has been recognised as the Group does not consider it probable that
sufficient taxable profits will be available.
Unrecognised tax deductions – interest
Thin capitalisation interest limitation rules in Australia limit net interest deductions to 30% of an entity’s tax EBITDA
(which is broadly based on the concept of taxable income before interest and depreciation). The Australian
subsidiaries’ current tax profile means they are denied a deduction for their net interest costs in the current period
but are permitted to carry forward the denied interest deductions for up to 15 years, subject to satisfying certain
integrity rules at the time the denied interest deductions are sought to be recouped. Denied interest deductions
relate to interest incurred on Australian borrowings secured over New Zealand assets. The disclosed balance has
been determined on the assumption that the amount and interest rate on these borrowings is consistent with
arm’s length terms. Should the Group pursue the use of these deductions, it intends to undertake an analysis to
validate this assumption, and the outcome may result in an adjustment to the disclosed balance. The Group has not
recognised a deferred tax asset in respect of denied net interest deductions.
2026 2026 2025 2025
NZ AU NZ AU
NZ$000 A$000 NZ$000 A$000
Denied interest deductions - 123,939 - 76,666
Imputation credit memorandum account
2026 2025
$000 $000
Imputation credits available to shareholders of the parent company 642 1,024
9.2 Commitments
The Group had commitments relating to construction contracts amounting to $47.0 million at 31 March 2026
(2025: $88.0 million).
9.3 Contingent liabilities
There are no material contingent liabilities at 31 March 2026 (2025: none).
9.4 Subsequent events
In May 2026, the Group entered a sale and purchase agreement to sell the Kealba site (Melbourne, Australia) for
A$30.9 million, broadly in line with the carrying value. Settlement is expected in FY28.
There have been no other events subsequent to 31 March 2026 that materially impact on the results reported.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000
pwc.co.nz
Independent auditor’s report
To the shareholders of Ryman Healthcare Limited
Our opinion
In our opinion, the accompanying consolidated financial statements (the financial statements) of Ryman
Healthcare Limited (the Company), including its subsidiaries (the Group), present fairly, in all material respects,
the financial position of the Group as at 31 March 2026, its financial performance, and its cash flows for the year
then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS)
and International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group's financial statements comprise:
• the consolidated statement of financial position as at 31 March 2026;
• the consolidated income statement for the year then ended;
• the consolidated statement of comprehensive income for the year then ended;
• the consolidated statement of changes in equity for the year then ended;
• the consolidated statement of cash flows for the year then ended; and
• the notes to the financial statements, comprising material accounting policy information and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and
International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board (PES 1) and the International Code of Ethics for
Professional Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), as applicable to audits of financial statements of public interest
entities. We have also fulfilled our other ethical responsibilities in accordance with PES 1 and the IESBA Code.
55 PwC - Independent auditor’s report
In our capacity as auditor and assurance practitioner, our firm also provides other assurance services. Our firm also
carries out other services relating to the provision of whistleblower services to the Group. In addition, certain
partners and employees of our firm may deal with the Group on normal terms within the ordinary course of trading
activities of the business. The firm has no other relationship with, or interests in, the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the current year. This matter was addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this
matter.
Description of the key audit matter How our audit addressed the key audit matter
Valuation of investment properties and aged care
centres
The Group’s property assets include investment properties
(including development land) and aged care centres
(encompassing freehold land, buildings and property under
development) with carrying values of $10,930.0 million and
$1,027.2 million, respectively and represent the majority of
the assets held by the Group as at 31 March 2026.
Investment properties and aged care centres are disclosed in
notes 5.3 and 5.2 of the financial statements.
Investment properties and aged care centres are generally
carried at fair value. Construction work in progress for
investment properties and aged care centres under
development are carried at cost less any impairment until fair
value becomes reliably measurable.
The valuation of the Group’s investment properties and aged
care centres is inherently subjective due to, amongst other
factors, inputs into the valuations that are unobservable
through available market information, and also the need to
consider individual characteristics of each village including its
location, its resident profile and the expected future cash
flows for that particular village.
Given the existence of significant estimation uncertainty,
coupled with the fact that only a small percentage difference
in individual valuation assumptions, when aggregated, could
result in a material misstatement, and considering the
significance of investment properties and aged care centres
to the Group, we determined this to be a key audit matter.
The valuations were performed by independent registered
valuers (the Valuers). The Valuers engaged by the Group are
experienced in the markets in which the Group operates.
In preparing their valuations, the Valuers took into account
property specific information such as unit prices, anticipated
price growth rates, and discount rates for investment
properties and capitalisation rates and market value per care
bed for aged care centres. The Valuers also considered the
qualities of each property as a whole, including estimates for
any forecast remediation works.
The Valuers then applied these assumptions in conjunction
with available market data and transactions, to arrive at a
point estimate.
The valuation of investment properties and aged care centres
is inherently subjective given that there are assumptions,
estimates and methodologies that may result in a range of
values.
We held discussions with management to understand the
movements in the Group’s investment properties and aged
care centres, changes in the condition of the properties, and
the controls in place over the valuation process.
In assessing the valuations, we read the valuation reports and
held separate discussions with the Valuers to gain an
understanding of the assumptions and estimates used and
the valuation methodology applied.
We carried out procedures, on a sample basis, to test
whether the key inputs in the valuations that were supplied to
the Valuers by the Group reflected the underlying records
held by the Group. We considered the estimated cost of
remediation works and agreed the forecast remediation costs
to supporting evidence.
We engaged our own in-house valuation expert to critique
and independently assess the work performed and key
assumptions used by the Valuers. In particular, we compared
the key assumptions used by the Valuers to our in-house
valuation expert’s knowledge gained from reviewing
valuations of similar properties, known transactions and
market data.
We also considered whether or not there was bias in
determining significant assumptions in individual valuations
and found no evidence of bias.
We also assessed the Valuers’ qualifications, expertise, and
objectivity, and we found no evidence to suggest that the
objectivity of any Valuer, in their performance of the
valuations, was compromised.
We concluded that the valuation approach for each
investment property and aged care centre was in accordance
with relevant accounting standards and suitable for use in
determining the fair value of investment properties and aged
care centres as at 31 March 2026. We also considered the
appropriateness of the related disclosures made in the
financial statements.
56 PwC - Independent auditor’s report
Our audit approach
Overview
Overall group materiality: $30.5 million, which represents approximately 0.75% of net
assets.
We chose net assets as the benchmark because, in our view, the objective of the Group
is to provide the shareholder with a total return on the Group's net assets, taking into
account both capital and income returns.
We have performed a full scope audit over the consolidated financial information of the
Group.
As reported above, we have one key audit matter, being the valuation of investment
properties and aged care centres.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the
financial statements. In particular, we considered where management made subjective judgements; for example, in
respect of significant accounting estimates that involved making assumptions and considering future events that are
inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls,
including among other matters, consideration of whether there was evidence of bias that represented a risk of
material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable
assurance about whether the financial statements are free from material misstatement. Misstatements may arise
due to fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the
overall group materiality for the financial statements as a whole as set out above. These, together with qualitative
considerations, helped us to determine the scope of our audit, the nature, timing and extent of our audit
procedures, and to evaluate the effect of misstatements, both individually and in the aggregate, on the financial
statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the
financial statements as a whole, taking into account the structure of the Group, the accounting processes and
controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the information included
in the Annual Report, but does not include the financial statements and our auditor’s report thereon and the
Climate-Related Disclosures. The Annual Report and the Climate-Related Disclosures are expected to be made
available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we will not express any form of
audit opinion or assurance conclusion thereon.
57 PwC - Independent auditor’s report
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to the Directors and use our professional judgement to determine the
appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the financial
statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the External
Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that
we might state those matters which we are required to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Samuel Shuttleworth.
For and on behalf of
PricewaterhouseCoopers Auckland
25 May 2026
---
Results for announcement to the market
Name of issuer Ryman Healthcare Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025 (restated)
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$855,590 12.47%
Total Revenue $855,590 12.47%
Net profit/(loss) from continuing
operations
$(171,345) -66.65%
Total net profit/(loss) $(171,345) -66.65%
Interim/Final Dividend
Amount per Quoted Equity Security No dividend is to be paid for the 12 months ended 31 March 2026.
Imputed amount per Quoted Equity
Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security (in dollars and cents
per security)
$4.005 $4.106 (31 March 2025 restated)
$4.182 (31 March 2025 reported)
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Prior comparative periods have been restated to align with changes to the
Group’s financial reporting. Refer to note 1 of the Consolidated Financial
Statements for explanation.
Authority for this announcement
Name of person
authorised to make
this announcement
Morgan Powell
Contact person for this
announcement
Matt Prior
Contact phone number +64 3 366 4069
Contact email address matt.prior@rymanhealthcare.com
Date of release through MAP
26 May 2026
---
RYMAN HEALTHCARE LIMITED 1
NZX, ASX & MEDIA RELEASE
FY26 marks significant year of progress
26 May 2026
Ryman Healthcare today announced its FY26 results for the year ended 31 March 2026, marking a
significant year of progress towards its strategic priorities and targets.
The reset of the business over the last two years is translating into improved performance, reflected
in an almost doubling of operating profitability and the company’s first positive free cash flow result
in over a decade.
Chief Executive Naomi James said, “ The reset of our operating model is delivering materially
improved financial performance despite mixed market conditions and creating a more sustainable
business. With our refreshed strategy and new capital management framework, Ryman is firmly
focused on unlocking value for shareholders, while delivering a high-quality experience for
residents.”
FY26 financial highlights
• First positive free cash flow result in a decade of $188 million, underpinned by strong cash
release from developments
• FY26 results in-line with market guidance across retirement living sales, cost out initiatives
and build targets, with capex under guidance
• Operating revenue up 10% to $849 million driven by new aged care capacity filling, growth
in aged care premiums, and growing numbers of retirement living residents on new pricing
terms
• Operating earnings before interest, tax, depreciation, amortisation and fair value
movements (EBITDAF) up 94% to $88 million and loss before tax and fair value movements
(PBTF) per share reduced to -$73 million ( -7.2cps) from - $385 million in FY25 (-54.1cps)
• On track to deliver $150 million sustainable improvement in cash flow from existing
operations by FY29, with $47 million delivered in FY26
• Significant progress towards $500m cash release target by FY29, with $169m delivered in
FY26 and land divestment target lifted from $200 million to ~$250 million
• Strategy refresh delivered with clear focus on being the provider of choice in care-centric
living and rebuilding shareholder value through growing recurring earnings, portfolio
optimisation and disciplined growth
• Balance sheet reset complete with lowest-in-sector gearing of 27.8%, no bank maturities
until FY31 and a high proportion of drawn debt on fixed rates
Significant progress against strategic priorities
At its February 2026 Investor Day, Ryman outlined a refreshed strategy centred on being the
provider of choice in care-centred living, growing high-quality recurring earnings, optimising its
existing portfolio and delivering disciplined, value-accretive growth.
RYMAN HEALTHCARE LIMITED 2
“Ryman’s model is centred on meeting customer needs as they change, with choice, control,
community, and a home for life,” said James. “The introduction of the Resident Fund in New
Zealand is one example, supporting a smoother transition into care, while our evolving serviced
apartment offering is designed to meet a wider range of needs. These changes mean more
options for our residents and stronger support in the parts of the market where demand is growing
most strongly.”
Clear progress towards FY29 financial targets
Ryman is on track to deliver its FY29 target for $150 million improvement in sustainable cash flow
from existing operations (CFEO) with $47 million being delivered in FY26. Performance improvement
has been driven by growing occupancy, improving aged care operating margins and broad
ranging cost and procurement efficiencies.
Ryman also delivered significant progress towards its FY29 cash release target of $500 million, with
$150 million net cash flow released from developments and $72 million in proceeds from land
divestments settled in FY26.
Ryman has increased the target for land divestments from $200 million to ~$250 million. To date,
Ryman has settled or contracted a total of $147 million in land divestments, including the sale of
Kealba for A$30.9 million announced today.
Aged care reforms progressing as demand and system pressures grow
Aged care reform is progressing across both Australia and New Zealand as governments respond
to a growing ageing population and increasing pressure on health systems.
“The reality is this is not a future issue - it is already happening,” James said. “As the population
ages, we simply can’t meet demand using the models of care we’ve relied on in the past. That is
driving a much clearer focus on how we deliver care more effectively across the whole system.”
“Aged care is a critical part of the solution to relieving pressure on the wider health system,” James
said. “By taking a more integrated, whole-of-system approach - from care in the community
through to residential care and hospitals - we can ensure people receive the right care, in the right
place, at the right time.”
Strong balance sheet and dividend pathway
During FY26 Ryman completed its balance sheet reset with a full refinance of its bank facilities,
improved pricing and financial covenants and materially increasing funding tenor with no bank
maturities until FY31. Ryman is considering options for its $150 million retail bond maturing December
2026 to maintain diversified sources of debt.
The introduction of a new capital management framework at the Investor Day is an important step
change in capital discipline. This alongside the refreshed strategy, provides a pathway to a return
to sustainable dividends in FY28, subject to operating performance and Board approval.
Ryman’s Chair Dean Hamilton said, “ Ryman has the lowest gearing in the sector at 27.8%, with
long-dated debt funding supported by disciplined capital management. This provides resiliency
through cycles and capacity to fund future growth when market conditions are supportive. With
our shares trading at a significant discount to net tangible assets, the Board has a high threshold for
new investments and will consider all capital management options when allocating free cash
flow.”
Quality of portfolio and industry leading care
“At the same time as improving financial outcomes for our shareholders, our continued
commitment to a high-quality portfolio and exceptional care for our residents is unwavering.
Ryman villages offer a genuine home for life, with access to increasing support and care as and
when the needs of our residents change,” said James.
RYMAN HEALTHCARE LIMITED 3
In FY26, Ryman was awarded National Group Excellence Award - Best Group Provider by Seniors
New Zealand for the sixth time, alongside 14 additional awards recognising individual Ryman
villages.
“These awards reflect the trust placed in us by our residents and their families, the communities they
contribute to, and the dedication of our teams who work every day to enhance their experience
and deliver care with compassion and commitment,” James said.
Well positioned for mixed market conditions
Current market conditions remain mixed, with geopolitical tensions and elevated fuel prices
creating economic uncertainty in the near-term.
Despite this uncertainty, demand for Ryman’s care and serviced apartments have continued to
grow year-to -date on the prior corresponding period, reflecting resilience of care-centric demand,
supported by favourable long-term demographics and increasing pressure on health and aged
care systems. This needs-based demand is providing earnings diversification to retirement living
demand.
FY27 year-to -date retirement living ORA resales and net contracts are broadly flat on the prior
corresponding period, with serviced apartments making up a higher proportion of the mix.
“While we continue to monitor global developments and potential market impacts, Ryman enters
FY27 as a stronger, more resilient business than it was two years ago - with prudent gearing, long-
tenor debt, improved operating performance, and significantly reduced development exposure,”
said James.
FY27 Guidance
FY27 priorities focus on growing aged care earnings and releasing cash in retirement living through
reduced stock levels and lower capital expenditure as development activity moderates.
FY27 guidance provided today is based on current market conditions and trading outlook:
• Retirement living: targeting reduction in total vacant stock and lifting the rate of reported
sales (occupation basis) to match turnover by the end of FY27
• Aged care: targeting $20-$25k Operating EBITDAF per bed (FY26: $17.7k)
• Development: Build rate of 157-168 units and beds (FY26: 330)
• Capex: $150 - $180 million (FY26: $221.8 million) including $90-$110 million on development
activity (FY26: $159.5 million) and $60-$70 million on existing operations (FY26: $62.3 million)
Long-term fundamentals remain strong
Ryman’s refreshed strategy sets clear priorities and t he momentum seen in FY26 means we’re on
track to meet our FY29 targets in growing recurring earnings, significant cash release through the
sale of inventory and land divestments and cost-out initiatives.
The long-term fundamentals of the aged care and retirement living market remain compelling. The
80+ population is expected to double by 2050, increasing demand for care and assisted living and
creating greater supply scarcity.
“Ryman’s scale, improving performance and greater capital flexibility position it well to meet this
growing demand, while delivering choice, continuity and a genuine home for life for residents, and
importantly, sustainable returns for shareholders,” said Mr Hamilton.
ENDS
RYMAN HEALTHCARE LIMITED 4
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 47 integrated retirement
villages across New Zealand and Australia, providing homes to over 15,500 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
---
RYMAN HEALTHCARE | FY26 Results Presentation
Full year results
RYMAN HEALTHCARE
For the twelve months ended 31 March 2026
Presented 26 May 2026
RYMAN HEALTHCARE | FY26 Results Presentation
Highlights3
Retirement living8
Aged care16
Development22
Financial performance27
Capital management 36
Strategic priorities 42
Outlook48
Q&A52
Development updates53
Appendices59
AgendaPresenters
Matt Prior
CHIEF FINANCIAL OFFICER
Naomi James
CHIEF EXECUTIVE OFFICER
All figures in this presentation are in New Zealand dollars (NZD) and are at 31 March 2026 or for the 12 months
ended 31 March 2026, unless otherwise stated. AUD balances at 31 March 2026 are converted at an
NZD/AUD rate of 0.8331.
2
On the front cover: Gino and Hanna, Weary Dunlop Village.
RYMAN HEALTHCARE | FY26 Results Presentation
Highlights
Naomi James, Chief Executive Officer
Dora and great granddaughter, Logan Campbell Village
RYMAN HEALTHCARE | FY26 Results Presentation
4
FY26 financial highlights
Significant year of progress, with refreshed strategy and progress towards FY29 targets
Highlights
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. 2: Refer to appendix 1 for full details of FY26 guidance.
Substantial uplift in free cash flow
1
First positive result in a decade at $188m, material progress toward cash targets
Core operating profitability improving
Operating EBITDAF
1
up 94% to $88m and PBTF
1
loss reduced to -$73m (-7.2cps), down from -$385m (-54.1cps)
FY26 delivered to guidance
2
Retirement living sales volumes, annualised cost out and build rate on-target, capex below target
Significant cost out achieved
$57m of gross annualised savings
1
achieved over the last two years, with ~40% reduction in non-village headcount
Land divestments progressing
$147m contracted, target increased from at least $200m to ~$250m
Strategy refresh delivered
Clear focus on growing recurring earnings, portfolio optimisation and disciplined growth
Balance sheet reset complete
New capital management framework, prudent gearing, long-tenor debt and path to dividends in FY28
RYMAN HEALTHCARE | FY26 Results Presentation
Ryman at a glance
High-quality, scalable portfolio with a trusted brand and unique care offering
Highlights
1: Villages under construction are included within retirement village count. 2: Two villages closed during the period (Margaret Stoddart and Woodcote; -95 beds; -64 units). 3: Average age of portfolio based on first retirement
village resident occupation and weighted by asset value.
Retirement villages
2
47
NZ: 38 | AU: 9
Retirement village units
2
9,959
NZ: 8,379 | AU: 1,580
Residents
15,547
NZ: 13,069 | AU: 2,478
Sites under active
construction
1
2
NZ: 2 | AU: 0
Aged care beds
2
4,686
NZ: 3,927 | AU: 759
Team members
7,778
NZ: 6,072 | AU: 1,706
Average age of entry
– independent
80.2 years
Average age of
villages
3
11.8 years
-2+182+391+0.4
-5
-14
Unchanged
+0.6
5
Change relative to FY25
RYMAN HEALTHCARE | FY26 Results Presentation
6
Leading care quality and resident experience
High resident satisfaction, supported by strong team engagement, with sector-leading recognition
Highlights
1: Across four surveys; independent, serviced apartment, care residents and care relatives. 2: Aged care and retirement living category.
Customer NPS
1
47
Team member
engagement
69%
6%
New Culture
Amp survey
Reader’s Digest
Most Trusted Brand (NZ)
2
11 times
Seniors New Zealand Best
Group Provider
6 times
Priya and Margaret, Bruce McLaren Village
RYMAN HEALTHCARE | FY26 Results Presentation
Free cash flow
1
$188.3m
FY25: ($94.2m)
FY26 performance snapshot
Highlights
1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP. 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.
Retirement living unit stock
(unoccupied units)
1,253
FY25: 1,239
Sales of retirement living ORAs
(occupation basis)
1
1,410
FY25: 1,523
New sales: 348
Resales: 1,062
Capex
1
$221.8m
FY25: $535.9m
Net cash flow from RADs and
other care capital
1
$81.4m
FY25: $83.7m
Aged care occupancy
(mature villages)
96.0%
FY25: 96.3%
Aged care operating EBITDAF
per bed
1
$17.7k
1H26: $15.3k 2H26: $20.1k
-59%
-7%
+14
+$282.5m
-0.3ppts
+31%
(HoH)
-3%
7
Operating EBITDAF
1
$88.3m
FY25: $45.5m
+94%
Contracted: 383
Uncontracted: 870
Average contracted DMF for
new residents
30%
FY25: 22%
+8ppts
Change relative to FY25
RYMAN HEALTHCARE | FY26 Results Presentation
Retirement living
Naomi James, Chief Executive Officer
Jill and Paddy, Keith Park Village
RYMAN HEALTHCARE | FY26 Results Presentation
$128
$209
FY26 vacating residentsFY26 incoming residents
22%
30%
FY25FY26
Average contracted DMF for new residents
2
Independent living unit weekly fees
1
Step change in DMF and weekly fees
Reset contract terms embedded and driving significant uplift in long term value
Retirement living
1: New Zealand only, excludes contracts with weekly fee holidays. 2: Excludes internal transfers.
+63%
uplift on unit turnover in FY26
+8 ppts
uplift vs FY25
9
RYMAN HEALTHCARE | FY26 Results Presentation
Average weekly village fee per occupied unitProportion of portfolio on new weekly fees terms
1
Strong growth in revenue as portfolio rolls onto new terms
Front-book reset and back-book roll-off combining to drive strong fee growth
Retirement living
1: Contracts which have signed and occupied post fee changes implemented on 1 October 2024 as a proportion of total occupied units.
$440
$466
$504
$538
$123
$133
$144
$160
FY23FY24FY25FY26
ServicedIndependent
7%
YoY
11%
YoY
0%
YoY
3%
YoY
FY26FY29
projection
17%
~50%
Approximately half of
portfolio on new
weekly fees by FY29
10
RYMAN HEALTHCARE | FY26 Results Presentation
•Progressive rebuild in net resales
contracts since pricing model changes
implemented on 1 October 2024
•Improvement throughout FY26 seen
across all regions, despite mixed
housing market conditions
•Q4 FY26 net resales applications
exceeded turnover for the first time
since pricing model changes were
made in October 2024
•Strong focus on lead nurture, driving
improvement in contract conversion
and settlement metrics
•Meaningful improvement in resale
contracts settled within 90 days, lifting
to approximately 50% of settlements in
2H26
•Targeting lift in lead volumes
throughout FY27 through a range of
marketing activation initiatives
Net resales contracts (new residents)
1
Sustained improvement in contracting
Sales strategies driving turnaround in resales contracts from new residents
1: Excludes internal transfers. Net sales contracts reflect signed RV unit applications, less cancelled applications. Net 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: Excludes internal transfers. Settlement time reflects time between signing of application form and settlement.
Retirement living
444
491
469
299
380
440
0
200
400
600
1H242H241H252H251H262H26
New Zealand - Rest of NZNew Zealand - AucklandAustralia - Victoria
33%
36%
37%
38%
43%
48%
0%
20%
40%
60%
1H242H241H252H251H262H26
Resale contracts settled within 90 days (new residents)
2
Post pricing model changes
Post pricing model changes
11
RYMAN HEALTHCARE | FY26 Results Presentation
215
242
236
161
206
188
200
209
64
82
49
58
58
86
74
41
Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Internal transfers
New residents
•Steady rebuild in new resident resales
volumes, with two quarters of
consecutive growth in 2H26
•Strong evidence of targeted sales and
marketing strategies working
•External residents drive value through
reset DMF and weekly fees
•FY26 internal transfers boosted by 39
resident relocations from Margaret
Stoddart and Woodcote villages which
closed in the period
Resales by customer type
Resales underpinned by new customerson higher DMF
Growth in new resident base and value of forward contract book
Retirement living
Note: Reported sales figures reflect retirement village units only and exclude RADs and ORAs on aged care beds. Q4 FY26 sales reported in fourth
quarter trading update on 15 April 2026 (link).
Two quarters of consecutive growth
21
21
21
26
29
30
30
30
Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Post pricing model changes
Post pricing model changes
New residents
Average DMF on resales (%)
12
RYMAN HEALTHCARE | FY26 Results Presentation
97%97%98%99%
FY23FY24FY25FY26
•Average pricing down modestly year-
on-year reflecting price adjustments
and unit mix
•Strong new sales cash conversion
amongst backdrop of changed DMF
structure and competitive market
conditions
•Pricing strategies continue to focus on
targeted adjustments at a regional and
product level, reflecting available stock
and local competition
•Pricing adjustments targeted at aged
stock proving effective
•Gross resales margins of 19.9% in FY26
(FY25: 25.9%) continue to moderate
from historical highs, reflecting low
house price inflation environment (see
appendix 4 for detail)
•Maintaining quality of contract book
with stable average age of entry and
resident tenure
Average resales ORA price
Targeted pricing strategy
Average resales unit pricing modestly down; strong new sales cash conversion
Retirement living
1: New sales cash flow as a proportion of gross booked new sales of ORAs.
$864k
$876k
$908k
$858k
$558k
$579k
$585k
$587k
FY23FY24FY25FY26
IndependentServiced
New sales cash conversion
1
13
RYMAN HEALTHCARE | FY26 Results Presentation
Post pricing model changes
•Growth in resales stock moderated in
2H26, reflecting focus on resales
inventory management and sales
funnel performance
•Reducing resales stock provides
opportunity to drive cash release and
accelerate the proportion of portfolio
on new contract terms
•Ryman contracts aligned withproposed
Retirement Villages Act reform changes:
−Victoria: from 1 May 2026 - Changed
from 6 to 12 months for return of
capital fornew contracts
−New Zealand: Proposed reform -
introduction of requirement for return
ofcapital within 12 months, with
interest paid after 6 months
•With approximately half of retirement
living residents moving to aged care at
some point in time, further cashflow
opportunity exists in growing uptake of
existing and new care capital products
Resales stock
Growth in paid out stock moderates
Focus remains on increasing sales volumes to match turnover and reduce paid-out resales stock
Retirement living
324
321
356
377
420
416
235
253
236
284
323
358
1H242H241H252H251H262H26
IndependentServiced
1: 1H26 paid out resales stock has been restated to exclude decanted units at Margaret Stoddart and Woodcote villages which have
subsequently closed. 2: Gross value (inclusive of DMF).
14
Paid out resales stock (volume
1
)
Paid out resale stock (value
1,2
)
358
51
11420
Mar-251H26
movement
2H26
movement
Mar-26
$47m
$11m$281m
$223m
Mar-251H26
movement
2H26
movement
Mar-26
RYMAN HEALTHCARE | FY26 Results Presentation
278
63
-107
234
Mar-25Units
completed
Units
occupied
Mar-26
300
186
-241
245
Mar-25Units
completed
Units
occupied
Mar-26
•New sales for independent units have
been above new stock delivery for four
consecutive quarters, driving a 55-unit
reduction in new sales stock over FY26,
including 39 units in 2H26
•New serviced apartment stock peaked
in 1H26 following the opening of the
Kevin Hickman main building, being the
fifth main building delivered since 1H25
•New stock delivery profile to moderate
further over FY27 with further stock
reduction and cash release expected
•Total new sales stock value of
approximately $400 million provides
meaningful cash release opportunity
(see slide 44)
Independent new sales stock
Meaningful progress in selling down new stock
New sales driving material stock reduction and cash release in FY26
Retirement living
1: Units completed includes FY26 build rate (185 independent, 65 serviced) and reconfigurations of existing new sales stock.
Serviced new sales stock
11
15
RYMAN HEALTHCARE | FY26 Results Presentation
Aged care
Naomi James, Chief Executive Officer
Natasha and Ivon, Bert Sutcliffe Village
RYMAN HEALTHCARE | FY26 Results Presentation
80%
60%
58%
29%
0%
85%
78%
97%
90%
96%
0%
20%
40%
60%
80%
100%
Miriam CorbanJames WattieKeith ParkBert NewtonKevin Hickman
Mar-25Mar-26
Developing care centre occupancy
1
New aged care capacity filling ahead of expectations
Significant uplift in occupancy across recently opened care centres
Aged care
1: As at period end. Note: Chart labels represent percentage point changes in occupancy from FY25 to FY26.
5%
18%
39%
61%
96%
17
RYMAN HEALTHCARE | FY26 Results Presentation
76.0%
73.0%
73.3%
74.7%
7.2%
9.5%
9.6%
11.2%
83.2%
82.5%
82.9%
85.9%
FY23FY24FY25FY26
Care capital product
Room premium
47.9
51.3
55.5
61.1
51.0
54.8
59.8
67.3
30
40
50
60
70
FY23FY24FY25FY26
All residentsNew residents
1: Gross value of Resident Fund balances where residents are in occupation at 31 March 2026 which includes balances which have not yet
settled. $2.2 million of Resident Fund balances had settled at 31 March 2026. 2: Includes RADs and Resident Fund (from FY26) 3: At year end.
Average daily room premium (NZ$)
Premium penetration – NZ
3
Average RAD balance (A$)
RAD/DAP penetration – AU
3
•New resident room premiums up 13%
in New Zealand, driven by pricing
strategy, room optimisation and
developing villages
•Resident Fund product rolled out
during 2H26, providing increased
choice for our residents and supporting
growth in care capital in New Zealand,
with $17.0 million of capital retained
1
•Average incoming RAD up 6% for new
residents in Australia
•Growth in Australian RAD/DAP
penetration reflects maturing care
centres and premium offering
Leveraging Ryman’s premium care brand
Strong pricing outcomes achieved while growing premium-paying resident base
Aged care
13%
YoY
634k
665k
691k
706k
643k
684k
704k
747k
550k
600k
650k
700k
750k
FY23FY24FY25FY26
All residentsNew residents
6%
YoY
2
18
24.3%
19.7%
17.4%
17.2%
56.3%
61.9%
63.1%
65.4%
80.5%
81.7%
80.4%
82.6%
FY23FY24FY25FY26
Refundable accommodation deposit (RAD)
Daily accommodation payment (DAP)
RYMAN HEALTHCARE | FY26 Results Presentation
255
279
296
314
369
459
535
584
FY23FY24FY25FY26
New ZealandAustralia
1,257k
1,288k
1,307k
1,346k
133k
183k
212k
239k
1,390k
1,471k
1,519k
1,586k
FY23FY24FY25FY26
New ZealandAustralia
1: Care capital includes RADs (NZ and AU), care ORAs (NZ only) and Resident Fund (NZ only). 2: Includes imputed interest on RADs. See
appendix 21.
Occupied bed days (by country)
Net cash flow from care capital
1
Occupied bed days (by acuity mix) - NZ
•Room premiums and RADs driving
strong growth in revenue per bed per
day, up 6% in New Zealand and 9% in
Australia
•Net cash flow from care capital of
$81 million, a key contributor to free
cash flow in FY26 (see slide 35)
•Flexible capacity to accommodate
growing acuity mix through increased
provision of care in serviced
apartments and swinging rest home
beds, with hospital residents up 9% YoY
in New Zealand
•Closure of underperforming Margaret
Stoddart and Woodcote villages
completed with all residents supported
to relocate to new homes
Growing aged care revenue and cash flow
Filling new capacity, higher acuity mix and care capital are driving growth in revenue per bed
Aged care
4%
YoY
Revenue per bed per day
2
9%
YoY
HS: Chart to be
split NZ/AU
3x line charts of RES, HOS, and SCI bed
nights (for group),
0k
100k
200k
300k
400k
500k
600k
700k
FY23FY24FY25FY26
ResthomeHospitalSpecial Care
9%
YoY
-6%
YoY
4%
YoY
6%
YoY
19
$50m
$28m
$19m
$15m
$51m
$80m
$65m
$67m
$101m
$109m
$84m
$81m
FY23FY24FY25FY26
New ZealandAustralia
RYMAN HEALTHCARE | FY26 Results Presentation
Aged care reforms progressing
Australian reforms now in effect; New Zealand reform progress expected; pressure on public hospital system driving
Government action on both sides of the Tasman
Aged care
Australia - continued focus on addressing capacity constraints
•Reforms delivered new funding model with Government covering clinical
costs; means-testing accommodation and non-clinical costs
•RAD retentions now applied at 2% per annum for new agreements from
1 November 2025
•Twice-yearly indexation of DAPs
•New'Support at Home’ programme with additional funding, targeting a
reduction in waitlists
•Ryman providing Support at Home packages to 54% of serviced apartment
residents and 22% of retirement living residents
•Implementation of aged care reforms in Australian business complete, well
progressed in meeting new care minutes requirements
•Recent Government announcements relating to accommodation funding
focused on incentivising growth in aged care capacity – potential for future
change to MPIR
1
, creating greater RAD/DAP flexibility
New Zealand – bipartisan support on need for reform
Current settings
•2026 A21 aged residential care contract proposed uplift of 4%
•Sector working with Health NZ to improve hospital discharge pathways - winter
respite fees newly applied in some regions
Reform outlook
•Ministerial Advisory Group recommendationsdueJune 2026, Government
response expected pre-NZ election
•Expect some similarities in design to Australia which would enable more
efficient utilisation of NZ agedcare and hospital capacity:
oResidential aged care primarily hospital and secure dementia care
oExpand funded home care, including assisted living in retirement villages
oIndependent pricing and means-testing of accommodation and non-
clinical costs
202520262027
NZ: Ministerial Advisory Group
recommendations due
NZ: Implementation
targeted
NZ: General
election
AU: Aged Care Act
2024 in effect
20
1: Maximum Permissible Interest Rate, currently set at 7.96% as at 1 April 2026, is used to determine DAP pricing, based on the RAD amount.
RYMAN HEALTHCARE | FY26 Results Presentation
15.3
20.1
30
25
0
5
10
15
20
25
30
35
1H26 reported2H26 reportedFY29 target
(range)
•Performance improvement through
FY26 with 2H26 operating EBITDAF per
aged care bed up 31% half-on-half
•Targeting $20–25k per bed in FY27, and
$25–30k by FY29
•Australian care bedsdelivering higher
operating EBITDAF contribution
following funding reforms – Australia
$32.7k/bed compared to $15.1k/bed in
New Zealand in FY26
•Aged care profitability expected to
continue building with a focus on filling
capacity at developing villages,
optimising accommodation charges,
driving efficiency improvements
alongside Government funding reforms
Improving margins in aged care
Meaningful progress achieved toward FY29 target of $25–30k operating EBITDAF per bed
Aged care
Average operating EBITDAF per bed
($k per year)
21
31%
HoH
RYMAN HEALTHCARE | FY26 Results Presentation
Development
Naomi James, Chief Executive Officer
Richard Hadlee Village
RYMAN HEALTHCARE | FY26 Results Presentation
Village
Main
Building
Additional
Independent
stages
FY26
completed
Under
construction
or committed
Uncommitted
future stages
Nellie Melba
•
Complete
•
Complete76--
Deborah Cheetham
•
Complete
•
Land bank13-58
Kevin Hickman
•
Complete
•
Land bank159-76
Keith Park
•
Complete
•
Land bank64-48
Richard Hadlee
•
Under
construction
•
Land bank-14232
Patrick Hogan
•
Under
construction
•
Under
construction
1415069
Hubert Opperman
•
Planning
•
Planning44061
Total330332344
•330 units/beds delivered in FY26 on time
and budget
•Significantly reduced development risk
and capex profile with five
1
main
buildings completed in the past two
years and only three remaining to be
completed across FY27–29
•Richard Hadlee main building expected
to open early 2H27
•Patrick Hogan main building expected to
open in FY28. Two townhouse stages at
Patrick Hogan committed and under
construction (26 units)
•Approximately $190 million of capex
to-go on under construction and
committed projects
•Hubert Opperman redesign lodged with
council and construction of main
building expected to start 2H27. All
remaining stages
2
are expected to cost
~A$100m, with a similar amount
expected from ORA and RAD cash flows
•Mitigation of construction cost escalation
with approximately half of projected FY27
development capex under fixed price
contracts
In-flight build programme moderated as planned
Sites under active construction reduced from seven to two at year-end, significantly reducing exposure to
construction cost inflation and property market slowdown
Development
1: Kevin Hickman, Keith Park, Miriam Corban, James Wattie and Bert Newton. 2: Includes committed and uncommitted stages.
Note: Figures in table include retirement village units and aged care beds.
Sites under active construction
23
RYMAN HEALTHCARE | FY26 Results Presentation
Filling capacity at developing villages
Significant growth in occupied units across all ten villages with new stock delivered in past two years
Development
1: Includes independent living units and serviced apartments.
0
100
200
300
400
Hubert
Opperman
Patrick
Hogan
Richard
Hadlee
Bert
Newton
Deborah
Cheetham
Kevin
Hickman
James
Wattie
Keith
Park
Miriam
Corban
Nellie
Melba
FY25FY26
+14
YoY
+17
YoY
+42
YoY
+25
YoY
+27
YoY
+53
YoY
+18
YoY
+22
YoY
+30
YoY
+49
YoY
Occupied retirement living units
1
24
RYMAN HEALTHCARE | FY26 Results Presentation
Land divestment programme
Land bank review driving cash release
Land divestment target lifted to ~$250 million, with $147 million of land sales contracted to date
1: Included within contracted amount. Includes settled land sales ($67.4 million) and deposits received ($4.2 million) in FY26. 2: Land located at
Woodcote and Margaret Stoddart Retirement villages.
•Divestment programme underway
following land bank review to release
cash from land bank
•Mt Eliza, Karori and adjacent land to
Nellie Melba all settled in 2H26 as
expected
•Park Terrace sale expected to settle in
2H27
•Kealba sold for A$30.9 million (NZ$37.0
million) in 1H27; settlement expected in
2H28
•Coburg North site identified for sale
following further feasibility review
Development
$147 million
contracted to date
$72 million
cash proceeds to date
1
~$250 million
land divestment target
25
SiteStatus
Mt Eliza
Settled in 2H26
Nellie Melba adj’ land
Settled in 2H26
Karori
Settled in 2H26
Park Terrace
Contracted in 2H26
Kealba
Contracted in 1H27
Hornby
2
Riccarton
2
Kohimarama
Rolleston
Coburg North
RYMAN HEALTHCARE | FY26 Results Presentation
•Prioritising best greenfield and
brownfield development opportunities
in FY27 to enable future growth when
market conditions support
•Village design elements are under
review, including product mix, unit
layout and main building form
•Five greenfield land bank sites retained
for potential future development in
catchments with enduring demand
and house prices aligned with Ryman’s
target market
-Essendon
-Ringwood East
-Karaka
-Takapuna
-Taupō
•Anticipate future benefit from more
disciplined development capital
allocation across the sector
Development optionality retained
Continuing to prioritise land bank opportunities; waiting for stronger market signals before committing capital
Development
26
Uncommitted stages
at developing villages
Mature village
land bank
1
Retained greenfield
opportunities
Proven demand and village infrastructure
Supportive demographics and
capital growth potential
344
units/beds
271
units/beds
1,459
units/beds
Uncommitted land bank
1
2,074
units/beds
1: Excludes stages which are under construction or committed (332 units/beds).
RYMAN HEALTHCARE | FY26 Results Presentation
Financial performance
Matt Prior, Chief Financial Officer
Suellen and granddaughters Sadie and Ellie, William Sanders Village
RYMAN HEALTHCARE | FY26 Results Presentation
Free cash flow
1
$188.3m
FY25: ($94.2m)
Key financial metrics
Financial performance
1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP. 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.
Cash flow from
development activity (CFDA)
1
$222.2m
FY25 (restated): $13.3m
Cash flow from existing
operations (CFEO)
1
($33.9m)
FY25 (restated): ($107.5m)
Operating revenue
1
$849.1m
FY25: $771.1m
Profit before tax and fair value
movements (PBTF) per share
1
-7.2cps
FY25: -54.1cps
NTA per share
400.5cps
FY25 (restated): 410.6cps
Operating EBITDAF
1
$88.3m
FY25: $45.5m
Net interest-bearing debt
1
$1,571m
FY25: $1,665m
Gearing
1
27.8%
FY25 (restated): 28.5%
+10%
+94%
-87%
+$73.6m
+$208.8m
+$282.5m
-$94m
-0.7ppts
-10.1cps
28
(smaller loss)
Change relative to FY25
RYMAN HEALTHCARE | FY26 Results Presentation
•Care and village fees increase reflects
growth in resident numbers of +2.6%
and fee growth across both aged care
and retirement living residents
•DMF improvementsoffset by changes
to DMF accrual periods in FY25;
expected to accelerate over time with
transition to 30% DMF contracts
•Care capital imputed interest rising with
the growth in RAD values and care
capital penetration
•Disciplined cost control across the year
created meaningful margin expansion
represented in the doubling of EBITDAF
•Strong focus on operating P&L and
cash performance following previous
financial reporting review - limited
overhead cost capitalisation and shift
away from non-cash underlying profit
and development margin metrics
•Per share metrics improving year on
year, showing progress despite impact
of higher shares on issue following
equity raise in FY25
Operating profit and loss result highlights year of progress
Revenue growth outpaced expenses driving a doubling of operating EBITDAF
Financial performance
Operating profit and loss ($m)
FY25
(restated)FY26YoY
Care and village fees570.9639.912%
Deferred management fees (DMF) excl. historical adjustments154.9158.62%
Imputed interest income on RADs32.535.610%
Other income12.915.016%
Total operating revenue771.1849.110%
Gross operating expenses(748.2)(767.3)3%
Capitalised to qualifying assets22.66.5-71%
Total operating expenses(725.6)(760.8)5%
Operating EBITDAF45.588.394%
Non-operating revenue(12.0)5.4-145%
Non-operating expenses(25.5)(12.9)-49%
Depreciation and amortisation expense(48.5)(42.6)-12%
Imputed interest income charge on RADs(32.5)(35.6)10%
Impairment (loss)/credit(172.9)3.8-102%
Finance costs(140.3)(80.8)-42%
Interest received1.51.1-27%
Profit/(loss) before tax and fair-value movements (PBTF)(384.6)(73.3)-81%
Fair-value movement of investment properties92.3(104.3)-213%
Deferred tax credit/(expense)(221.4)6.3-103%
Net profit after tax (NPAT)(513.7)(171.3)-67%
Per share:
Weighted average number of shares on issue (m)710.21,015.743%
Operating EBITDAF (cps)6.48.736%
PBTF per share (cps)(54.1)(7.2)-87%
NPAT per share (cps)(72.3)(16.9)-77%
29
RYMAN HEALTHCARE | FY26 Results Presentation
1: Operating margin calculated as operating EBITDAF divided by operating revenue (adjusted). The metric is classified as non-GAAP, meaning it
does not adhere to a standardised definition under GAAP. 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. 2: Includes non-village income and costs. Non-
village costs shown on slide 33.
Operating EBITDAFOperating margin
1
30
Group
•Strong operating performance in both
New Zealand and Australian villages
drove +4ppts of margin expansion
•Operating EBITDAF step up
underpinned by improved
performance in developing villages,
revenue growth in Australia, and
margin expansion in New Zealand
New Zealand
•EBITDAF margin expansion from
procurement and cost management
across a scaled portfolio
Australia
•Revenue accelerated in 2H with 21%
growth vs PCP from the uplift in
developing village occupancy, care
and village fees, and RAD interest
Non-village
•Overheads reduced by 10% with
headcount kept flat half-on-half and
administration costs lowered
Country drivers of operating performance
Operating earnings and margin uplift driven by strong performance across NZ and AU villages and non-village
Financial performance
$15m
$46m
$88m
FY24FY25FY26
94%
YoY
+4ppts
YoY
Operating EBITDAF by regional ($m)FY25FY26YoY YoY $
New Zealand villages113.4138.022%24.6
Australian villages42.950.518%7.6
Village subtotal156.4188.521%32.1
Non-village
2
(110.8)(100.2)-10%10.6
Group45.588.394%42.8
18%
19%
22%
15%
25%
24%
2%
6%
10%
-
5%
10%
15%
20%
25%
FY24FY25FY26
New Zealand villages
Australian villages
Group (net of non-village costs)
RYMAN HEALTHCARE | FY26 Results Presentation
•Significant uplift in occupancy in
developing villages contributing to
revenue growth
•Margin expansion in mature villages
driven by combination of pricing and
cost initiatives
•Cost savings achieved through non-
village restructure, village operating
efficiencies, broad ranging
procurement savings and cost
discipline
•$57 million of gross annualised cost-out
delivered over two years, in-line with
$50-60 million guidance upgraded at
the 1H26 result
31
Operating EBITDAF ($m)
Improvement in core operating performance
Developing villages, mature villages and non-village all contributing to growth in operating earnings
1: Villages are classified as mature for EBITDAF categorisation once fully complete and all accommodation types have maintained at least 90%
occupancy for two consecutive financial years (FY26: 30 mature villages). 2: Developing villages include villages with operational impacts in the
past two financial years (Edmund Hillary) and villages closed in the period (Margaret Stoddart and Woodcote). 3: Refurbishment classification
updated in FY26, with some costs moved from asset enhancements (capitalised) to repairs and maintenance (expensed) resulting in $4.0m
recognised in building and grounds operating expenses (FY25: nil).
45.5
23.2
12.9
10.6
(4.0)
88.3
FY25Developing
villages
Mature
villages
Non-villageRV unit
refurbishment
(reclassified)
FY26
Operating EBITDAF ($m)FY25FY26YoYYoY
Mature villages
1
94.6107.512.914%
Developing villages
2
61.885.023.238%
RV unit refurbishment (reclassified)
3
-(4.0)(4.0)n/a
Subtotal: villages156.4188.532.121%
Non-village(110.8)(100.2)10.6-10%
Total45.588.342.894%
Financial performance
94%
YoY
3
RYMAN HEALTHCARE | FY26 Results Presentation
Aged care
•Strong margin expansion with revenue
growth (7%) outpacing expenses (3%),
driving a 32% lift in operating EBITDAF to
$43.9m in second half
•Operating EBITDAF per bed rose31%
half-on-half to $20.1k, reflecting
growing occupancy, strong room
premium and RAD pricing, and
improved operational efficiency
•FY26 operating EBITDAF per bed (NZD)
was $15.1k in New Zealand and $32.7k
in Australia
Retirement living
•Growth in revenue modest as
increased village fees still being realised
through transition to the front book
•Change in cost classification of RV unit
refurbishment costs impacted EBITDAF,
excluding this change operating
EBITDAF broadly flat
32
Aged care segment ($m)
1H262H26HoH
Segment revenue272.5 290.8 7%
Segment operating expenses(239.3)(246.9)3%
Operating EBITDAF33.2 43.9 32%
Operating margin12.2%15.1%2.9ppts
Occupied bed days (k)7897971%
Operating EBITDAF per bed per year ($k)15.320.131%
Retirement living segment ($m)
1H262H26HoH
Segment revenue139.8 144.1 3%
Segment operating expenses(121.0)(126.6)5%
Operating EBITDAF18.817.4 -7%
Exclude: RV unit refurbishment costs (reclassified)
1
0.63.4491%
Operating EBITDAF (pre-RV unit refurbishment costs)19.420.8 7%
Operating margin
1
13.9%14.4%0.5ppts
Occupied unit days (k)1,5701,5760%
Operating EBITDAF per unit per year ($k)
1
4.54.87%
Segment drivers of operating performance
Aged care the main driver of improved operating performance half on half
Financial performance
1: Operating margin and EBITDAF per unit per year have been calculated based on Operating EBITDAF (pre-RV refurbishment).
Segment operating expenses include $75 million allocation of support and services costs. Refer to appendix 22 for detail.
Segment reporting commenced 1H26. FY25 comparable information not available.
RYMAN HEALTHCARE | FY26 Results Presentation
145.5m
136.0m
108.6m
37.3m
25.5m
12.8m
182.8m
161.5m
121.4m
FY24FY25FY26
Normalised gross costsNon-operating costs
10.0k
9.0k
7.8k
FY24FY25FY26
Gross non-village costs ($m)
Non-village headcount per 1,000 residents
•Clear progress over the past two years
transitioning from regional to functional
structure together with increased cost
discipline
•Gross non-village costs reduced by
25% and headcount reduced by 39%
since FY24
•Focus on per resident metrics provides
forward discipline to unlock operating
leverage
•Lower fixed overheads enables scaled
growth in line with market conditions
•Sales uplift to be supported by near
term investment in selling and
marketing capability
•Targeting normalised gross non-village
costs
1
below $100 million by FY29 with
investment in systems, digital and AI to
provide longer-term productivity gain
and competitive advantage
Meaningful non-village cost out delivered
Lower cost structure in support services with clear progress in reducing non-village overhead
Financial performance
Non-village headcount
Normalised gross non-village costs per resident
1: Change in normalised gross costs. 2: Excludes items identified as non-operating expenses. Refer to appendix 23 for further detail.
HS: New chart showing gross
overhead per resident
620
438
377
FY24FY25FY26
43
29
24
FY24FY25FY26
43% reduction
from FY24–FY26
2
22% reduction
from FY24–FY26
33
25% reduction
1
from FY24–FY26
39% reduction
from FY24–FY26
RYMAN HEALTHCARE | FY26 Results Presentation
1: Gross payout (inclusive of DMF) to residents relocated from Margaret Stoddart and Woodcote villages which have closed. 2: Marketing
expenses allocated across resales and new sales (moved to CFDA for both periods), consistent with 1H26 results presentation. 3: Notional interest
on new stock and land bank (expensed under IFRS) allocated to CFDA, consistent with 1H26 results presentation. FY25 not restated.
•Uplift in fees and DMF collected in
combination with cost control across
operations and capex drives doubling
of cash flow generation from village
operations
•Net resale cash flow impacted by
$53m increase in bought-back stock
(FY25: $49 million), lower resales
margins, partly offset by unit
refurbishment savings
•Net resales receipts excludes $22.4m of
repaid ORAs related to closed villages
(reclassified to CFDA)
•FY26 includes $18.3m net one-off costs
relating to transformation and legacy
payroll remediation and other costs
(FY25: net $1.2m). Refer to appendix 23
for detail.
•Reduction in net interest attributed to
CFEO as a result of equity raise, positive
free cash flow driving debt repayment,
and notional allocation of interest to
CFDA
Improving cash flow from existing operations (CFEO)
Growing recurring cash flow from strategy execution
Financial performance
34
Cash flow from existing operations (CFEO)
FY25
(restated)FY26YoY $
Village operations
Care and village fees583.1653.370.2
DMF collected78.884.65.8
Payments to suppliers and employees
2
(586.0)(630.9)(44.9)
Property capex(35.7)(31.3)4.4
Capex on technology projects(6.9)(5.6)1.4
Subtotal village operations33.270.136.9
Resales of ORAs
Resales settlements of occupation rights760.5733.4(27.1)
Repayment of occupation rights(532.3)(566.7)(34.4)
Repayment of occupation rights - closed villages (reclassified to CFDA)
1
-22.422.4
Gross resale receipts228.2189.1(39.1)
Less DMF collected (included in village operations)(78.8)(84.6)(5.8)
Net resales receipts149.5104.5(44.9)
RV unit refurbishments(31.5)(27.7)3.9
Sales and marketing expenses – resales
2
(24.4)(22.3)2.0
Subtotal resales of ORAs93.654.6(39.0)
Total village cash flow126.8124.6(2.2)
Non-village cash flow
Payments to suppliers and employees
2
(110.0)(111.9)(1.9)
Capex on head office and other projects(3.5)(1.7)1.8
Office leases(4.3)(3.5)0.8
Employee share schemes8.91.2(7.7)
Total non-village cash flow(108.8)(115.9)(7.0)
Cash flow from existing operations pre interest18.08.8(9.2)
Expensed interest(127.1)(85.9)41.2
Notional interest on new unit stock and land bank
3
-42.042.0
Interest received1.61.2(0.4)
Net interest attributed to CFEO(125.5)(42.7)82.8
Cash flow from existing operations (CFEO)(107.5)(33.9)73.6
RYMAN HEALTHCARE | FY26 Results Presentation
1: Net increase in RADs is driven predominantly by new RADs in developing villages and has therefore been classified to development activity for
simplicity. 2: FY25 restated for marketing expenses allocated across resales (CFEO) and new sales (CFDA), consistent with 1H26 results presentation. 3: Land
acquisitions reflect land purchased in prior periods with full or partial deferred settlements. FY26 payments were final payments related to Takapuna and
Taupō sites. 4: FY26 proceeds were related to Karori, Mt Eliza, surplus land at Nellie Melba and deposit received for Park Terrace.
•Over $200m growth in CFDA, driven by
new sales, significantly lower
development capex and broadly
stable care capital inflows
•Lower development capex reflects
moderating build programme, with
sites under active construction falling
from seven to two
•Reduction in capitalised non-village
expenses and interest reflecting
reduced work in progress and reduced
cost capitalisation
•Free cash flow uplift (combined CFEO
and CFDA) of over $280 million year-on-
year
Cash flow from development activity (CFDA) and free cash flow
Robust new sales, moderating development spend and land divestment programme drive strong cash flow
Financial performance
35
Cash flow from development activity ($m)
FY25
(restated)FY26YoY $
Resident funding-
New sale settlements of occupation rights395.8310.8(85.0)
Net increase in care resident loans
1
83.781.4(2.3)
Sales and marketing expenses - new sales
2
(15.8)(11.0)4.7
Subtotal resident funding463.8381.1(82.6)
Development capex-
Land acquisitions
3
(18.4)(9.5)8.9
Direct construction capex(365.6)(129.2)236.4
Capitalised interest(51.7)(14.3)37.4
Non-village expenses capitalised to projects(22.6)(6.5)16.0
Subtotal development capex(458.2)(159.5)298.7
Other development cash flows-
Notional interest on new unit stock and land bank-(42.0)(42.0)
Land bank expenses-(8.9)(8.9)
Proceeds from land and asset sales
4
7.873.866.0
Repayment of occupation rights - closed villages
(reclassified from CFEO)
-(22.4)(22.4)
Subtotal other development cash flow7.80.5(7.3)
Cash flow from development activity13.3222.2208.8
Free cash flow ($m)
FY25
(restated)FY26YoY $
Cash flow from existing operations (CFEO)(107.5)(33.9)73.6
Cash flow from development activity (CFDA)13.3222.2208.9
Free cash flow(94.2)188.3282.5
RYMAN HEALTHCARE | FY26 Results Presentation
Capital management
Matt Prior, Chief Financial Officer
Deborah Cheetham Village
RYMAN HEALTHCARE | FY26 Results Presentation
10,736
200
174
(34)
(42)
(36)
(46)
(8)
(14)
10,930
Mar-25
balance
(restated)
FX on Mar-25
balance
AdditionsDisposalsTfr' to assets
held for sale
FV mov'
existing units
FV mov'
new units
FV mov'
land bank
FV mov'
decanted
facilities
Mar-26
balance
10,500
10,600
10,700
10,800
10,900
11,000
11,100
11,200
•$200 million uplift from FX translation
•Additions and fair value movements
represent 250 new units delivered and
investment in main buildings to support
future value growth at developing
villages (Kevin Hickman, Richard
Hadlee, and Patrick Hogan)
•Valuation discount for unsold stock an
opportunity to release fair value with
sales improvement
•Fair value inclusion of new units and
movements on existing units reflect
market conditions and targeted price
adjustments
•Valuer assumptions for out-year pricing
growth and discount rates broadly
unchanged across New Zealand and
Australia
•Weighted average age of the village
portfolio is optimally positioned at 11.8
years
High quality assets reflected in investment property valuations
Investment property broadly flat with FX and additions partly offset by fair value movements
Capital management
1: March 2025 balance restated -$77 million from historical issue relating to NZ IAS 40 adjustments due to a change in valuation approach at the time
where a subset of suspended contributions were included in the independent valuation (previously disclosed). 2: Fair Value movement was
negatively impacted (-$14m) by the closure of two villages which are now valued on a vacant possession basis.
Investment property ($m)
37
1
-$104m total fair value movements
(-1% movement)
2
RYMAN HEALTHCARE | FY26 Results Presentation
$134k
$497k
$193k
$149k
$574k
$218k
-
$100k
$200k
$300k
$400k
$500k
$600k
$700k
New ZealandAustralia (NZD)Group
FY25FY26
•Book values per bed increased YoY
across all regions, with New Zealand
up 11% and Australia up 16% (up 6% in
AUD)
•Uplift driven by improved valuer
assumptions for notional rents (higher)
and cap rates (lower), reflecting
improved market conditions for aged
care asset values over the past year
•Aged care valuation practices vary
across the NZ sector; Ryman aged care
centre book values reflect land and
buildings only, with goodwill excluded
per
accounting standards
2
•Bed values in Australia approximately
3x New Zealand, reflecting funding and
operating environment; New Zealand
values below build/replacement cost
and positioned to improve as funding
settings change
•Total net fair value movement of
$47 million (net of impairment). Refer to
appendix 13 for detail.
38
Average book value per aged care bed
1
Aged care valuations strengthening
Improving market conditions and earnings outlook drive uplift in independent aged care valuations
1: Reflecting aged care centres independently valued in FY25 and FY26. 2: FY25 accounting review aligned carrying values to independent land
and building valuations, chattels at cost, with no RAD gross-up in New Zealand.
Capital management
Ryman
portfolio
3,927 beds759 beds4,686 beds
11%
YoY
16%
YoY
13%
YoY
RYMAN HEALTHCARE | FY26 Results Presentation
1,665
95
-222
1,571
34
Mar-25FX and otherCFEOCFDAMar-26
1,500
1,550
1,600
1,650
1,700
1,750
1,800
•Net tangible assets (NTA) of $4.07 billion
or $4.00 per share, modestly down on
restated March 2025 (-2%)
•Net debt reduced $94 million to $1.57
billion, including $80 million over second
half
•Non-current asset base of $12.0 billion
across Investment Property and
Property, Plant and Equipment
increased slightly year on year
•FX translation impact from the
Australian business was a net positive,
reflecting an uplift in contributed fair
value partly offset by the translation of
Australian denominated debt
•With shares trading at a significant
discount to NTA, Ryman’s Board has a
high threshold for new investments and
will consider all capital management
options when allocating free cash flow
NTA movement (cps)
Net tangible assets of $4.00 per share
Book values underpinned by independent valuations, broadly unchanged on FY25
Capital management
1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP. Non-GAAP measures are
presented to assist investors in understanding Ryman's performance. It may not be comparable to similar financial information presented by
other entities.
39
410.6
(7.6)
(10.3)
4.6
3.1
400.5
Mar-25
(restated)
PBTF (and
impairment
reversal)
FV mov' IPFV mov' PPEOtherMar-26
reported
350
360
370
380
390
400
410
420
Net debt
1
movement ($m)
Free cash flow
$188m
-93.6
YoY
RYMAN HEALTHCARE | FY26 Results Presentation
•$675 million of liquidity headroom and
lowest in industry gearing
2
at 27.8%
provides for significant liquidity buffer
•Indicative gearing profile of 25-30%
over the short term FY26–27, aligned
with capital management framework
•Financial covenants reset as part of
bank refinancing, with ICR covenant
excluding interest on designated
development debt ($602 million at 31
March 2026)
1
•Options under consideration for retail
bond maturing December 2026 to
maintain diversified sources of debt
Debt maturity profile ($m)
Balance sheet reset complete
Full refinancing of $2 billion bank facilities completed with improved pricing and no bank maturities until FY31
Capital management
1: Development debt is based on forecast net cash proceeds for committed developments and the cost of New Zealand care centres under development or opened in the past 24 months. Development debt for new projects is
included once lenders approve the Company’s feasibility and substantive steps towards the development have commenced. 2: Interest cover ratio is calculated asrolling 12-month adjusted EBITDA to interest (excluding interest on
development debt) tested on 30 September and 31 March. Adjusted EBITDA is defined as reported net profit after tax, adjusted by excluding income tax, interest income, finance costs, depreciation, amortisation, impairment losses,
fair value movements, deferred management fees, and one-off revenue and expenses, and including non-GAAP items: cash deferred management fees collected, and gross resale gains on occupation right agreements. 3: Loan to
value ratio is calculated as Total Liabilities excluding resident debt to Net Tangible Assets. 4: Compared with New Zealand retirement village operators with NZX listed shares or bonds, using the latest available reporting.
Gearing
4
Key debt metricsFY25FY26
Drawn debt ($m)1,6861,586
Total debt facilities ($m)2,2092,261
Debt headroom ($m)523675
Average term to expiry of debt facilities (years)2.74.4
Weighted average cost of debt6.2%5.9%
Proportion of drawn debt on fixed rates67%77%
Gross interest costs on borrowings ($m)161 101
Interest cover ratio (ICR) >1.50x
2
n/a2.5x
Loan to value ratio (LTV) ≤1.00x
3
0.5x0.5x
Gearing28.5%27.8%
524
246
75
840
372
54
150
1,364
618
129
FY27FY28FY29FY30FY31FY32FY33
NZD retail Bond
AUD bank debt
NZD bank debt
40
28%
30%
37%
39%
39%
RymanPeer 1Peer 2Peer 3Peer 4
RYMAN HEALTHCARE | FY26 Results Presentation
•Weighted average cost of debt of
5.9%, down ~30bps from March 2025
•Annualised gross interest costs down
$68 million since February 2025
reflecting equity raise, improved pricing
from full bank refinance and positive
free cash flow
•Approximately two thirds of drawn debt
on fixed rates through FY27 (81%
3
) and
FY28 (69%
3
) providing protection from
higher funding costs
•Lower cost of debt at largely fixed rates
and robust liquidity headroom
41
Annualised gross interest costs ($m)
1
Prudent treasury management
Substantial reduction in annualised interest costs and high proportion of drawn debt on fixed rates
Capital management
1: Gross interest costs include interest on external borrowings (bank loans and retail bond), including line fees, margins, and amortisation of issuance
costs. 2: Fixed interest rate profile reflects positions at each quarter-end and includes AUD instruments translated to NZD at an NZD/AUD rate of
0.8331. 3: Based on drawn debt at 31 March 2026.
Fixed interest rate profile ($m)
2
0
200
400
600
800
1,000
1,200
1,400
1,600
FY26FY27FY28FY29FY30
Interest rate swapsInterest rate collarsRetail bonds (RYM010)
$162m
-$68m
$94m
Pre February 2025
equity raise
Impact of equity raise,
bank refinance and
free cash flow
Current run rate
(at 31 March 2026)
RYMAN HEALTHCARE | FY26 Results Presentation
Strategic priorities
Naomi James, Chief Executive Officer
Ros and Archie, Deborah Cheetham Village
RYMAN HEALTHCARE | FY26 Results Presentation
On track to deliver $150 million CFEO improvement target
$47m of sustainable CFEO improvement delivered in first year across aged care, retirement living and support services
Strategic priorities
1: Targeting $150 million in sustainable CFEO improvement by FY29 compared to FY25. 2: Includes village operations cash flow, non-village cash flow and excludes non-operating cash flow items (detailed in appendix 23).
3: Accounting treatment of Resident Fund and RAD retention is yet to be determined.
$150m CFEO improvement target
1
Care
$47m
FY26
progress
2
Non-village
$150m
FY29
Improvement target
Retirement living
FY29 drivers
95% occupancy across mature & developing villages
50% of retirement living portfolio on new contract terms and pricing,
with cash DMF benefit to flow largely post-FY29
Care EBITDAF per bed $25-30k
3
Centralised procurement delivering purchasing efficiencies
Targeting gross non-village costs below $100m by FY29, excluding
one-offs
One-off costs of $5–10m per annum to achieve targeted
improvements
43
RYMAN HEALTHCARE | FY26 Results Presentation
Significant progress towards $500 million
1
cash release target
Strong early cash release momentum from stock sell-down and land sales
Strategic priorities
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). 2: FY26 cash flow impact from increase in paid out resales differs from net movement in the balance of paid-out resales stock due to FX.
•$169 million released in FY26 from:
−$150 million net cash flow from
developments, underpinned by
strong new sales receipts, care
capital inflows and moderating
capex profile
−$72 million from land proceeds with
three land parcels settled in FY26
−$53 million net cash outflow from
paid out resales stock, increasing
cash release opportunity as resales
volumes build and market
conditions improve
•Significant cash release from
development expected with
$420 million of unsettled new sales RV
unit stock at March 2026
44
Net cash flow from
developments
Land sales
Net cash flow from paid-
out resales stock
2
$150
million
$72
million
-$53
million
Future opportunity
$420m unsettled
new sales stock
Future opportunity
Increased target to ~$250m
$147m contracted to date
Future opportunity
$281m in paid-out
resales stock
FY26 cash release
$169
million
RYMAN HEALTHCARE | FY26 Results Presentation
Evolving our Serviced Apartment offering
Actively expanding our serviced apartment offering to attract a broader customer base with flexible assisted living
and care products
Strategic priorities
Serviced
apartment portfolio
at Mar-26
Strongly growing demand
forassisted living
Increasing demand for care in the
home with strongly growing 80+
population
Aged care capacity constraint
shifting lower acuity demand from
residential care to home care
Future New Zealand funding
reforms expected to further
encourage home care, including
in retirement villages
Ryman Select
De-bundling of services at
villages with surplus stock to
provide greater choice,
lowering the price barrier to
entry (weekly fees & unit pricing)
Successfully launched across
villages in NZ and AU to date
“I like that I can choose the
support I need now and add
more later if things change.”
Premium Care Apartments
High-end accommodation
blending premium feel with 24/7
clinical care
Piloted at Auckland village with
all identified units to date sold
under an ORA, moving to
scaling
“The space, privacy and quality
of the apartment made the
transition to care much easier.”
Targeting 95%+
occupied
serviced apartments
21%
vacant
Occupied
Opportunity
45
5% vacant
Occupied
RYMAN HEALTHCARE | FY26 Results Presentation
Building our future competitive advantage
OneRyman is building a more scalable, adaptable and digitally enabled business
Strategic priorities
FY29+
46
Return time to care and
improve resident and prospect
experience
Reduce village-embedded
administration
Lower structural cost
Build a scalable, adaptable
operating platform
Lower non-care time by
redesigning key resident and
prospect journeys to reduce
rework, delays and handoffs
Release frontline capacity by
simplifying administrative tasks,
coordination and manual work
Reduceoverheads through
simplification, standardisation
and automation
Standardise core processes,
improve visibility, and strengthen
accountability across villages
and support functions
Value creation
Faster decisions at village level
Simpler end-to -end work
Digital & AI productivity with capacity directed to higher-value work
Improved enquiry-to -move-in conversion
Greater support for occupancy growth
Better prospect and resident experience and choice
RYMAN HEALTHCARE | FY26 Results Presentation
1234
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
•Contract additional land
bank sales towards ~$250
million target
•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
47
Refreshed strategy – focus in FY27
Key focus areas under strategic framework announced at February 2026 Investor Day
1
1: February 2026 Investor Day presentation available here (link).
FY25
Reset performanceOptimise for valueSustainably grow
FY29+
Strategic priorities
RYMAN HEALTHCARE | FY26 Results Presentation
Outlook
Naomi James, Chief Executive Officer
Mel, John Flynn Village
RYMAN HEALTHCARE | FY26 Results Presentation
Current market conditions
Resilient needs-based demand providing diversification to mixed independent retirement living demand
Outlook
•Demand for aged care and serviced
apartments has continued to grow
year-to -date on pcp, reflecting
resilience of care-centric demand
•Observingcautious customer sentiment
in independent living, reflecting
continuing global events and housing
market impacts on discretionary
purchases
•FY27 year-to -date retirement living ORA
resales and net contracts are broadly
flat on pcp, with serviced apartments
making up a higher proportion of the
mix
•Global fuel supply uncertainty leading
to some development cost surcharges,
with building materials and freight most
impacted; minimal impact to date,
c50% of FY27 development capex
under fixed prices
49
2
sites under construction
~50%
development capex
under fixed prices in FY27
27.8%
gearing
51%
aged care / serviced
apartment portfolio mix
1
1: Proportion of total aged care beds and serviced apartments of total portfolio.
RYMAN HEALTHCARE | FY26 Results Presentation
1: Refer to slide 54 for build rate breakdown. Guidance range reflects 11 townhouses at Patrick Hogan (Stage 8) which are expected to
complete close to period end. 2: Refer to appendix 27 for capex breakdown.
FY27 guidance
Continued focus on growing aged care recurring earnings and releasing cash in retirement living and development
Outlook
MetricFY27 guidance
Retirement living
Targeting reduction in total vacant stock and lifting the rate of resales
(occupation basis) to match turnover by the end of FY27
Aged care Targeting $20–25k operating EBITDAF per bed
Development
Build rate of 157–168 units and beds, including 60 care beds and 97–
108 RV units
1
Capex
2
$150–180 million, including:
•$90–110 million on development activity
•$60–70 million on existing operations
Guidance based on current market conditions and trading
outlook today
•Ryman enters FY27 with a stronger and
moreresilient business than two years
ago, with prudent gearing, long-
tenored debt, improved operating
performance and significantly reduced
development commitments
•Reduction in stock levels and capex
expected in FY27, releasing cash as
development activity moderates
•Targeting resales volumes to match
turnover by the end of FY27, supported
by strategic marketing investment
•Care operating performance
expected to continue to build through
the year
•Quarterly sales reporting to provide
ongoing visibility of market conditions
and trading performance
50
RYMAN HEALTHCARE | FY26 Results Presentation
Grow care earnings through occupancy, pricing and efficiency improvements
Reduce vacant retirement living stock and broaden market offering for serviced apartments
Release capital from land bank and development projects
Offset cost inflationary impacts and progress opportunities to further reduce operating cost base
Progress priority journey opportunities within OneRyman programme
Continue to assess best use of released capital to grow shareholder value, while maintaining prudent gearing
and liquidity
FY27 priorities
Clear focus on cash flow generation, capital management and growing care earnings
Outlook
51
1
2
3
4
5
6
RYMAN HEALTHCARE | FY26 Results Presentation
Q&A
Courtney and Judy, Bert Newton Village
RYMAN HEALTHCARE | FY26 Results Presentation
Development updates
Dawn and Julie, Richard Hadlee Village
RYMAN HEALTHCARE | FY26 Results Presentation
In-flight development programme
Development updates
54
CategoryVillageStageTHIASA
Total RV
units
Aged care
beds
Total units
and beds
FY26 buildKevin HickmanStage 1 (main building)
-14657980159
Deborah CheethamStage 11a
6--6-6
Deborah CheethamStage 11b
7--7-7
Nellie MelbaStage 4
-76-76-76
Hubert OppermanStage 6
4--4-4
Patrick HoganStage 7
14--14-14
Keith ParkStage 8
-40-40-40
Keith ParkStage 9
-24-24-24
Subtotal – FY26 build
311546525080330
Under construction
Committed
Patrick HoganStage 1 (main building)
--606064124
Patrick HoganStage 8
11--11-11
Patrick HoganStage 9
15--15-15
Richard HadleeStage 1 (main building)
-11718260142
Hubert OppermanStage 7 (main building)
----4040
Subtotal – under construction or committed
2611131168164332
Future stagesDeborah CheethamVarious
58--58-58
Keith ParkVarious
-48-48-48
Kevin HickmanVarious
868-76-76
Richard HadleeVarious
1418-32-32
Patrick HoganVarious
69--69-69
Hubert OppermanVarious
2932-61-61
Subtotal – future stages
178166-344-344
Total
2353311967622441,006
TH = independent townhouse, IA= independent apartment, SA = serviced apartment
RYMAN HEALTHCARE | FY26 Results Presentation
Stage7Main building
•Stages 8 and 9 completed March 2026 (64 apartments)
•Future stages in land bank (48 apartments)
Photo, 31 March 2026
Stage 8
Stage 9
Development progress
Development updates
•Stage 7 completed in May 2025 (14 townhouses)
•Main building under construction (60 serviced, 64 care)
•Stages 8, 9a and 9b under construction (26 townhouses)
•Future stages in land bank (69 townhouses)
Photo, 31 March 2026
Keith Park
Hobsonville, Auckland
Opened: June 2021
Status: land bank
Townhouse: 0 | Apartment: 276 | Serviced: 101 | Care: 120
Patrick Hogan
Cambridge
Opened: July 2023
Status: under construction
Townhouse: 185 | Apartment: 0 | Serviced: 60 | Care: 64
Stage 9a
Stage 9b
Stage 8
Note: Commentary reflects development progress for the 12 months to 31 March 2026.
55
RYMAN HEALTHCARE | FY26 Results Presentation
•Main building opened July 2025 (14 apartments, 65 serviced, 80 care)
•Future stages in land bank (68 apartments, 8 townhouses)
Photo, 18 September 2025
Development progress
Development updates
•Main building under construction (11 apartments, 71 serviced, 60 care)
•Future stages in land bank (18 apartments, 14 townhouses)
Photo, 1 April 2026
Kevin Hickman
Riccarton Park, Christchurch
Opened: June 2021
Status: land bank
Townhouse: 59 | Apartment: 172 | Serviced: 65 | Care: 80
Richard Hadlee
Northwood, Christchurch
Opened: June 2023
Status: under construction
Townhouse: 82 | Apartment: 83 | Serviced: 71 | Care: 60
Main building
Main building
Note: Commentary reflects development progress for the 12 months to 31 March 2026.
56
RYMAN HEALTHCARE | FY26 Results Presentation
•Stage 6 completed in April 2025 (4 townhouses)
•Future stages redesigned to reduce capital intensity and optimise unit mix
to better meet market demand (uncommitted future stages of 29
townhouses, 32 apartments, and committed 40-bed care centre).
•Planning permit application for redesign lodged in 2H26.
Photo, 29 September 2025
Development progress
Development updates
•Stage 11a completed in June 2025 (6 townhouses)
•Stage 11b completed in February 2026 (7 townhouses)
•Future stages in land bank (58 townhouses)
Photo, 5 March 2026
Hubert Opperman
Mulgrave, Melbourne
Opened: August 2024
Status: planning
Townhouse: 80 | Apartment: 32 | Serviced: 0 | Care: 40
Deborah Cheetham
Ocean Grove
Opened: December 2020
Status: land bank
Townhouse: 203 | Apartment: 0 | Serviced: 53 | Care: 120
Photo, 29 September 2025
Stage 6
Stage 11a
Stage 11b
Stage 11a
Stage 11b
Future stage
land
Note: Commentary reflects development progress for the 12 months to 31 March 2026.
57
RYMAN HEALTHCARE | FY26 Results Presentation
•Stage 4 (final stage) completed in July 2025 (76 apartments)
Photo, 29 September 2025
Development progress
Development updates
Nellie Melba
Wheelers Hill, Melbourne
Opened: August 2018
Status: complete
Townhouse: 0 | Apartment: 332 | Serviced: 85 | Care: 190
Photo, 27 October 2025
Stage 4
Note: Commentary reflects development progress for the 12 months to 31 March 2026.
58
RYMAN HEALTHCARE | FY26 Results Presentation
Appendices
Kevin Hickman Village bowling tournament
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 1: FY26 delivery against targets
60
Appendices
1: Reported sales figures reflect retirement village units only and exclude refundable accommodation deposits (RADs) and ORAs on aged care accommodation. 2: Net investing cash flows as presented in the Consolidated
Financial Statements, excluding proceeds from land and asset sales and receipts or advances of employee loans.
MetricTargetFY26 results
FY26 guidance
Sales of ORAs
1
(occupation basis)
1,300–1,400 at higher DMF
(excluding resident relocations)
1,371 (excluding resident relocations)
1,410 (total, not guided to)
Gross annualised cost
savings
$50–60 million
$57 million
Build rate
330 including 80 care beds and 250 RV units
330 including 80 care beds and 250 RV units
Capex
2
Total: $235–265 million
CFDA: $170–190 million
CFEO: $65–75 million
Total: $221.8 million
CFDA: $159.5 million
CFEO: $62.3 million
FY29 targetsSustainable CFEO
improvement
$150 million improvement
compared to FY25 across identified categories
$47 million to date
Cash release
$500 million combined CFDA over FY26 to FY29
(excluding uncommitted projects) plus cash release
from paid-out resales stock
$169 million to date
Aged care operating
EBITDAF per bed
$25–$30k per bed$17.7k per bed in FY26
Gross non-village costs
Less than $100 million
(excluding non-operating expenses)
$108.6 million in FY26
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 2: Four-year summary
Appendices
1: Villages are classified open when the first stage is completed. 2: Includes villages which are open. 3: Includes sites held for sale at balance date or identified for divestment. 4: Retirement living occupancy for mature
villages is reported from FY25. 5: Excludes units paid out at closed villages (FY26: Margaret Stoddart and Woodcote).
FY23FY24FY25FY26
Villages
Open
1
45484947
Under active construction
2
141072
Greenfield land bank1110105
Sites identified for divestment
3
2327
Portfolio
Retirement village units8,6289,1879,7779,959
Aged care beds4,2174,3394,7004,686
Total12,84513,52614,47714,645
Build rate (completed)
Retirement village units451565591250
Aged care beds7412035980
Total525685950330
Retirement living unit sales
New sales of ORAs539447415348
Resales of ORAs9831,1271,1071,062
Total sales of ORAs1,5221,5741,5221,410
Vacated units1,1501,1631,2001,237
Turnover (% portfolio)13.3%12.7%12.3%12.4%
FY23FY24FY25FY26
Retirement living occupancy
Occupied7,8078,2138,5388,706
Unoccupied8219741,2391,253
Occupancy (%) - total90.5%89.4%87.3%87.4%
Occupancy (%) – mature
4
92.8%91.7%
Units paid out
5
(#)271295358420
Payout balance ($m)$156.1$174.4$223.5$281.1
Aged care
Mature care centres34363736
Developing care centres5477
Total operational care centres39404443
Occupancy (%) - total90.9%93.3%90.9%92.0%
Occupancy - mature (%)94.6%96.3%96.3%96.0%
Residents
Total residents13,90814,54515,15615,547
Average age on entry – independent79.979.879.880.2
Average age on entry – serviced85.685.986.085.4
Average age on entry - aged care84.884.785.185.0
Average age current – independent82.782.983.183.4
Average age current – serviced86.786.786.886.7
Average age current - aged care88.288.288.288.1
61
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 3: Ryman Board and management
Appendices
Dean Hamilton
CHAIR
Joined: June 2023
Scott Pritchard
NON-EXECUTIVE DIRECTOR
Joined: November 2024
James Miller
NON-EXECUTIVE DIRECTOR
Joined: June 2023
Kate Munnings
NON-EXECUTIVE DIRECTOR
Joined: November 2023
David Pitman
NON-EXECUTIVE DIRECTOR
Joined: May 2024
Naomi James
CHIEF EXECUTIVE
OFFICER
Joined: November 2024
Marsha Cadman
CHIEF OPERATING
OFFICER
Rejoined: January 2024
Rick Davies
CHIEF CUSTOMER
OFFICER
Joined: July 2019
Di Walsh
CHIEF PEOPLE
AND SAFETY OFFICER
Joined: January 2023
BoardExecutive team
Paula Jeffs
NON-EXECUTIVE DIRECTOR
Joined: November 2019
Marie Bonnemaison
CHIEF TRANSFORMATION
AND CORPORATE
DEVELOPMENT OFFICER
Joined: January 2025
Matt Prior
CHIEF FINANCIAL
OFFICER
Joined: July 2025
Dr Rachna Gandhi
CHIEF ENTERPRISE
STRATEGY, SYSTEMS AND
GOVERNANCE OFFICER
Joined: February 2026
Richard Stephenson
CHIEF DEVELOPMENT
AND PROPERTY OFFICER
Joined: February 2026
Hamish Rumbold
NON-EXECUTIVE DIRECTOR
Joined: May 2026
62
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 4: Sales of ORAs – retirement living
Appendices
1: Reported sales figures reflect retirement village units only and exclude RADs and ORAs on aged care accommodation.
New sales
1
Volume
(#)
Gross value
($000s)
Average unit price
($000s)
FY25FY26YoYFY25FY26YoYFY25FY26YoY
IndependentNZ
241147-39%225,299123,317-45%935839-10%
AU
92942%121,635121,030-0%1,3221,288-3%
Group333241-28%346,933244,348-30%1,0421,014-3%
ServicedNZ
476743%31,08438,72025%661578-13%
AU
364011%27,15631,80817%7547955%
Group8310729%58,24070,52821%702659-6%
All unitsNZ
288214-26%256,383162,037-37%890757-15%
AU
1281345%148,791152,8393%1,1621,141-2%
Group416348-16%405,173314,876-22%974905-7%
Resales
1
Volume
(#)
Gross value
($000s)
Average unit price
($000s)
Gross margin booked
($000s)
Gross margin
(%)
FY25FY26YoYFY25FY26YoYFY25FY26YoYFY25FY26YoYFY25FY26YoY
IndependentNZ
4514582%401,087379,564-5%889829-7%147,350111,803-24%36.7%29.5%-7.3%
AU
6456-13%66,39561,467-7%1,0371,0986%9,1207,720-15%13.7%12.6%-1.2%
Group515514-0%467,482441,032-6%908858-5%156,470119,523-24%33.5%27.1%-6.4%
ServicedNZ
532482-9%300,496270,886-10%565562-1%49,51529,535-40%16.5%10.9%-5.6%
AU
606610%45,90351,02911%7657731%4,9823,097-38%10.9%6.1%-4.8%
Group592548-7%346,399321,915-7%5855870%54,49732,632-40%15.7%10.1%-5.6%
All unitsNZ
983940-4%701,583650,450-7%714692-3%196,865141,338-28%28.1%21.7%-6.3%
AU
124122-2%112,298112,4960%9069222%14,10310,817-23%12.6%9.6%-2.9%
Group1,1071,062-4%813,880762,947-6%735718-2%210,967152,155-28%25.9%19.9%-6.0%
Total1,5231,410-7%1,219,0541,077,823-12%800764-4%
63
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 5: Vacant retirement living unit stock
64
Appendices
1: Retirement living unit stock is defined as units which are complete and unoccupied at period end.
Vacant retirement living unit stock
1
at period endMar-25Sep-25Mar-26
New sales stock
(by unit type)
Independent300284245
Serviced278308234
Subtotal578592479
New sales stock
(by contract status)
Contracted10412489
Uncontracted474468390
Subtotal578592479
Resales stock
(by unit type)
Independent377420416
Serviced284323358
Subtotal661743774
Resales stock
(by contract status)
Contracted263256294
Uncontracted398487480
Subtotal661743774
Total stock
(by contract status)
Contracted stock367380383
Uncontracted stock872955870
Total1,2391,3351,253
Asset base (completed units)9,7779,9569,959
Vacancy (% asset base)12.7%13.4%12.6%
Retirement living units vacated in period1H252H251H262H26
Total turnover
Independent317256294294
Serviced311316325324
Total628572619618
RYMAN HEALTHCARE | FY26 Results Presentation
65
Appendix 6: Gross resale bank and resales affordability
Resales affordability ($m)
3
Gross resale bank ($m)
1
1.15
1.01
0.12
0.10
1.27
1.10
-
$0.20b
$0.40b
$0.60b
$0.80b
$1.00b
$1.20b
$1.40b
Mar-25Mar-26
New ZealandAustralia
Appendices
1: Gross resale bank reflects the cumulative difference between current ORA pricing for RV units and ORA repayment amount (previous ORA price). This excludes resident incentives, selling and marketing costs, suspended
contributions and unit refurbishment costs 2: Gross resales bank presented inclusive of resales ORA paid out balance in previous results presentations. 3: The average price shown for Ryman units is for resales only. The median
house price reflects the average median house price over the last 6 months in the areas surrounding our villages.
1.63
1.21
0.75
0.94
1.04
0.71
0.74
0.65
0.51
-
$0.3m
$0.6m
$0.9m
$1.2m
$1.5m
$1.8m
Melbourne (A$)Auckland (NZ$)Rest of NZ (NZ$)
Median house price - village areasRyman - 2 bed independentRyman - serviced
(restated)
2
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 7: Asset base and land bank
Appendices
66
1: Park Terrace, Mt Eliza, Rolleston, Kealba and Coburg North. 2: Hubert Opperman and Patrick Hogan.
Asset baseLand bank
(indicative unit/bed mix)
At 31 March 2026New ZealandAustraliaGroupAt 31 March 2026New ZealandAustraliaGroup
Townhouse2,8082533,061
Townhouse50787594
Apartment3,2229144,136
Apartment494431925
Total independent units6,0301,1677,197
Total independent units1,0015181,519
Serviced apartments2,3494132,762
Serviced apartments285129414
Total RV units8,3791,5809,959
Total RV units1,2866471,933
Resthome1,2882651,553
Resthome782098
Hospital1,6853051,990
Hospital7890168
Dementia9541891,143
Dementia13770207
Aged care beds3,9277594,686
Aged care beds293180473
Total RV units and aged care beds12,3062,33914,645
Total RV units and aged care beds1,5798272,406
FY26 movements
FY26 movements
31 March 2025 asset base14,47731 March 2025 land bank4,421
FY26 build rate (new development)330
FY26 build rate (new development)(330)
FY26 closures (Margaret Stoddard and Woodcote)(159)
Sites removed from land bank(1,544)
FY26 reconfigurations (existing units)(3)
Reconfiguration of indicative designs(141)
31 March 2026 asset base14,645
31 March 2026 land bank2,406
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 8: Asset base and land bank
Appendices
TH = independent townhouse, IA = independent apartment, SA = serviced apartment.
67
New Zealand
VillageLocationOpenedTHIASA
Total
units
Total
beds
Asset
baseTHIASA
Total
units
Total
beds
Land
bankTotal
Essie SummersChristchurchFY9222-588095175------175
Frances HodgkinsDunedinFY95-42327450124------124
Rowena JacksonInvercargillFY97103-46149154303------303
Malvina MajorWellingtonFY99-12339162116278------278
Ngaio MarshChristchurchFY99119-40159113272------272
Shona McFarlaneWellingtonFY01130-5018078258------258
Rita AngusWellingtonFY02-994914869217------217
Hilda RossHamiltonFY02167-50217151368------368
Grace JoelAucklandFY0342326513998237-96-96-96333
Princess AlexandraNapierFY04551754126108234------234
Jane WinstoneWhanganuiFY0654-5010469173------173
Anthony WildingChristchurchFY07110-50160148308------308
Julia WallacePalmerston NorthFY07111-5016184245------245
Edmund HillaryAucklandFY089028260432194626------626
Ernest RutherfordNelsonFY08100247519994293------293
Jean SandelNew PlymouthFY0914427602311113424514-59-59401
Jane ManderWhangāreiFY101156871254112366------366
Evelyn PageAucklandFY103621163310117427------427
Kiri Te KanawaGisborneFY1184216116697263------263
Yvette WilliamsDunedinFY11--323288120------120
Bob OwensTaurangaFY1210511379297120417------417
Diana IsaacChristchurchFY122332379335120455------455
Charles FlemingWaikanaeFY131386379280120400------400
Bruce McLarenAucklandFY15-19472266122388------388
Possum BourneAucklandFY162174284343120463------463
Bob ScottWellingtonFY16-25489343114457------457
Charles UphamRangioraFY161986687351120471------471
Bert SutcliffeAucklandFY17-22581306118424------424
Logan CampbellAucklandFY18-11680196116312------312
Murray HalbergAucklandFY19-22886314122436-116-116-116552
William SandersAucklandFY20-18975264112376------376
Linda JonesHamiltonFY209115793341116457------457
Miriam CorbanAucklandFY21321766627471345------345
James WattieHavelock NorthFY21103447822590315------315
Keith ParkAucklandFY22-228101329120449-48-48-48497
Kevin HickmanChristchurchFY22511046522080300868-76-76376
Richard HadleeChristchurchFY246854-122-12214297111460174296
Patrick HoganCambridgeFY2490--90-9095-6015564219309
TakapunaAuckland-------59308945134134
KarakaAuckland------142646026668334334
TaupoWaikato------203-6426756323323
Subtotal2,8083,2222,3498,3793,92712,3065074942851,2862931,57913,885
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 9: Asset base and land bank
Appendices
68
Australia
VillageLocationOpenedTHIASA
Total
units
Total
beds
Asset
baseTHIASA
Total
units
Total
beds
Land
bankTotal
Weary DunlopMelbourneFY15-2004824882330------330
Charles BrownlowGeelongFY21572360140100240------240
Essendon TerraceMelbourneFY22-36-36-36------36
John FlynnMelbourneFY21-17495269114383------383
Raelene BoyleMelbourneFY22-64279174165------165
Nellie MelbaMelbourneFY19-33285417190607------607
Deborah CheethamOcean GroveFY21145-5319812031858--58-58376
Bert NewtonMelbourneFY24-854513079209------209
Hubert OppermanMelbourneFY2551--51-512932-6140101152
Ringwood EastMelbourne-------2377931680396396
EssendonMelbourne-------1625021260272272
Subtotal2539144131,5807592,339874311296471808273,166
Total portfolio
VillageTHIASA
Total
units
Total
beds
Asset
baseTHIASA
Total
units
Total
beds
Land
bankTotal
Australia2539144131,5807592,339874311296471808273,166
New Zealand2,8083,2222,3498,3793,92712,3065074942851,2862931,57913,885
Total3,0614,1362,7629,9594,68614,6455949254141,9334732,40617,051
TH = independent townhouse, IA = independent apartment, SA = serviced apartment.
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 10: Investment property valuation summary
69
Appendices
1: March 2025 balance restated -$77 million from historical issue relating to NZ IAS 40 adjustments due to a change in valuation approach at the time where only a subset of suspended contributions were included in the
independent valuation (previously announced). 2: FY26 land additions reflects GST refunds received on historical land purchases.
Independent valuation assumptions
31 March 2026Valuer unit price inflation assumption
Discount
rate
Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland1.3%2.2%2.6%3.0%3.4%13.6%
Rest of New Zealand1.4%2.2%2.5%2.9%3.4%14.0%
Australia1.9%2.0%2.1%2.1%2.6%13.2%
31 March 2025Valuer unit price inflation assumption
Discount
rate
Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland0.6%1.7%2.4%2.9%3.4%13.6%
Rest of New Zealand0.7%1.8%2.3%2.8%3.4%14.0%
Australia1.7%2.0%2.0%2.0%2.6%13.2%
Retirement living units included in independent valuation
Mar-25Mar-26
Currently occupied, and vacant not repaid units
8,8989,097
Completed new units not occupied, and repaid resale units
881862
Total units9,7799,959
Investment property reconciliation ($m)
Mar-25
(restated)
1
Mar-26
Subject to independent valuation
Operators interest3,973 4,069
Completed new units not occupied, repaid resale units and
decanted facilities
617 612
Development land433 351
Commercial property16 17
Held at cost
Work in progress – construction WIP283 107
Adjustments
Revenue in advance184 259
Gross occupancy advance6,163 6,664
Accrued DMF(830)(988)
Suspended contributions
1
(77)(139)
Occupancy advance adjustments(26)(22)
Total investment property10,736 10,930
Breakdown of total investment property ($m)
Land
Work in
progress
Completed
propertyTotal
Balance 31 March 2025 - restated43328310,01910,736
Additions
2
(4)12948173
Land disposals(34)--(34)
Land transferred to held for sale(42)--(42)
Transfers to/from PPE(1)-21
Land transferred to complete(9)-9-
WIP transferred to complete-(315)315-
Fair value movement(9)-(96)(104)
FX movement169175200
Balance 31 March 202635110710,47210,930
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 11: Investment property valuation by village
Appendices
New Zealand villages
VillageLocationUnitsValuation
1
($m)Discount rateGrowth rate Yr 1Growth rate Yr 2Growth rate Yr 3Growth rate Yr 4Growth rate Yr 5+
Jane Mander Retirement VillageWhangarei25420414.5%1.4%2.2%2.5%2.7%3.4%
Evelyn Page Retirement VillageAuckland31036913.5%1.4%2.3%2.7%3.0%3.4%
Bert Sutcliffe Retirement VillageAuckland30634513.5%1.4%2.3%2.6%3.0%3.4%
William Sanders Retirement VillageAuckland26442014.0%1.4%2.3%2.6%3.0%3.4%
Keith Park Retirement VillageAuckland32934914.3%0.3%0.9%2.0%2.8%3.4%
Edmund Hillary Retirement VillageAuckland43259413.5%1.4%2.4%2.7%3.0%3.5%
Grace Joel Retirement VillageAuckland13927413.3%1.3%2.2%2.7%3.0%3.4%
Bruce McLaren Retirement VillageAuckland26631713.0%1.4%2.3%2.7%3.0%3.4%
Logan Campbell Retirement VillageAuckland19626813.8%1.3%2.2%2.5%3.0%3.4%
Miriam Corban Retirement VillageAuckland27429014.3%1.3%2.1%2.7%3.0%3.4%
Murray Halberg Retirement VillageAuckland31431513.8%1.4%2.2%2.7%3.0%3.4%
Possum Bourne Retirement VillageAuckland34336913.5%1.4%2.3%2.6%3.0%3.4%
Hilda Ross Retirement VillageHamilton21718414.0%1.4%2.3%2.6%3.0%3.4%
Linda Jones Retirement VillageHamilton34132014.0%1.4%2.2%2.6%3.0%3.4%
Patrick Hogan Retirement VillageCambridge909316.0%1.5%2.5%2.8%3.0%3.5%
Bob Owens Retirement VillageTauranga29728113.5%1.4%2.3%2.6%3.0%3.4%
Kiri Te Kanawa Retirement VillageGisborne1669715.5%1.3%2.0%2.1%2.3%2.9%
Princess Alexandra Retirement VillageNapier1269714.0%1.3%2.1%2.5%2.7%3.3%
James Wattie Retirement VillageHavelock North22520514.5%1.1%2.0%2.5%2.8%3.4%
Jane Winstone Retirement VillageWhanganui1046216.0%1.3%1.9%2.0%2.3%2.5%
Julia Wallace Retirement VillagePalmerston North16113514.3%1.3%2.2%2.5%2.7%3.2%
Jean Sandel Retirement VillageNew Plymouth23117114.0%1.4%2.2%2.6%2.7%3.2%
Charles Fleming Retirement VillageWaikanae28025613.5%1.4%2.3%2.7%3.0%3.4%
Shona McFarlane Retirement VillageWellington18015514.0%1.4%2.3%2.6%2.9%3.4%
Bob Scott Retirement VillageWellington34334013.5%1.4%2.2%2.6%2.9%3.4%
Malvina Major Retirement VillageWellington16216114.0%1.4%2.3%2.6%2.9%3.4%
Rita Angus Retirement VillageWellington14813813.5%1.4%2.2%2.5%2.9%3.4%
Ernest Rutherford Retirement VillageNelson19914813.5%1.3%2.2%2.5%3.0%3.4%
Charles Upham Retirement VillageRangiora35126413.5%1.4%2.3%2.6%3.0%3.4%
Anthony Wilding Retirement VillageChristchurch16012513.5%1.4%2.2%2.5%3.0%3.4%
Kevin Hickman Retirement VillageChristchurch22019214.5%1.2%2.1%2.5%3.0%3.4%
Diana Isaac Retirement VillageChristchurch33526413.3%1.4%2.3%2.6%3.0%3.4%
Richard Hadlee Retirement VillageChristchurch12211415.8%1.5%2.5%2.8%3.0%3.5%
Essie Summers Retirement VillageChristchurch804814.3%1.1%1.8%2.2%2.6%3.2%
Ngaio Marsh Retirement VillageChristchurch15911913.8%1.4%2.3%2.6%3.0%3.4%
Frances Hodgkins Retirement VillageDunedin744914.8%1.3%1.9%2.0%2.3%3.0%
Yvette Williams Retirement VillageDunedin322214.5%1.0%1.5%1.8%2.0%3.0%
Rowena Jackson Retirement VillageInvercargill1498015.5%1.4%2.0%2.1%2.4%2.9%
Decanted facilities (vacant possession)-21------
Eastmed Medical CentreAuckland-17------
Subtotal – New Zealand villages (NZD)8,3798,27513.9%1.3%2.2%2.5%2.9%3.4%
70
1: Includes operator’s interest, completed new units not occupied, repaid resale unit, commercial property and NZ IAS 40 adjustments.
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 12: Investment property valuation by village – cont.
71
Appendices
1: Includes operator’s interest, completed new units not occupied, repaid resale unit, commercial property and NZ IAS 40 adjustments 2: Australia village values restated in NZD (shown in AUD in FY25 results presentation) and
March 2025 balance restated from historical issue relating to NZ IAS 40 adjustments which occurred due to a change in valuation approach at the time where only a subset of suspended contributions were included in the
independent valuation (previously announced).
Australian villages
VillageLocationUnitsValuation
1
($m)Discount rateGrowth rate Yr 1Growth rate Yr 2Growth rate Yr 3Growth rate Yr 4Growth rate Yr 5+
Charles Brownlow Retirement VillageMelbourne14014513.0%2.3%2.3%2.3%2.3%2.8%
John Flynn Retirement VillageMelbourne26938713.0%2.1%2.1%2.1%2.1%2.6%
Nellie Melba Retirement VillageMelbourne41760413.0%1.9%1.9%1.9%1.9%2.5%
Weary Dunlop Retirement VillageMelbourne24831513.0%2.1%2.1%2.1%2.1%2.5%
Raelene Boyle Retirement VillageMelbourne9115213.3%2.4%2.4%2.4%2.4%2.8%
Deborah Cheetham Retirement VillageMelbourne19824713.5%1.0%2.0%2.0%2.0%2.6%
Bert Newton Retirement VillageMelbourne13020814.0%1.8%1.9%2.1%2.1%2.4%
Hubert Opperman Retirement VillageMelbourne5110514.0%2.0%2.0%2.0%2.0%3.3%
Essendon Terrace Retirement VillageMelbourne363413.8%2.0%2.0%2.0%2.0%3.3%
Subtotal – Australian villages (NZD)1,5802,19713.2%1.9%2.0%2.1%2.1%2.6%
Total portfolio – FY26
VillageUnitsValuation
1
($m)Discount rateGrowth rate Yr 1Growth rate Yr 2Growth rate Yr 3Growth rate Yr 4Growth rate Yr 5+
Australia1,5802,19713.2%1.9%2.0%2.1%2.1%2.6%
New Zealand8,3798,27513.9%1.3%2.2%2.5%2.9%3.4%
Total villages (NZD)9,95910,47113.8%1.4%2.2%2.5%2.8%3.3%
Total portfolio – FY25 (restated
2
)
VillageUnitsValuation
1
($m)Discount rateGrowth rate Yr 1Growth rate Yr 2Growth rate Yr 3Growth rate Yr 4Growth rate Yr 5+
Australia1,4871,87813.2%1.7%2.0%2.0%2.0%2.6%
New Zealand8,2928,14113.9%0.6%1.7%2.3%2.8%3.4%
Total villages (NZD)9,77910,02013.8%0.8%1.8%2.3%2.7%3.2%
RYMAN HEALTHCARE | FY26 Results Presentation
1,020
36
40
(5)
(39)
(35)
82 1,099
Mar-25
balance
(restated)
FX on
Mar-25
balance
AdditionsTransfers to/
from IP
DepreciationImpairment
of WIP
FV mov'Mar-26
balance
800
850
900
950
1,000
1,050
1,100
1,150
1,200
Appendix 13: Aged care valuation summary
72
Appendices
1: FHGC – Freehold going concern. 2: Internally generated care goodwill is now excluded from the aged care (PPE) carrying value. Independent valuation now aligned to land and building values (previously reflected a
freehold going concern approach). 3: Average capitalisation rate is weighted by bed number. 4: Fair Value movement was negatively impacted (-$7m) by the closure of two villages which were valued on a vacant
possession basis.
PPE ($m)Mar-25Mar-26YoY
FHGC
1
– previously valued (44 care centres)1,176 1,349 174
FHGC – first time valuation (1 care centre)- 21 21
Goodwill apportionment
2
(204)(277)(73)
Adjustment for chattels held at cost(12)(13)(2)
Care centre WIP (at cost, less impairment if
any)
31 - (31)
Carrying value of all care centre PPE991 1,081 90
Other PPE (at cost)29 18 (11)
Total PPE per balance sheet1,020 1,099 79
Independent valuation of land & buildings value movement ($m)Breakdown of property, plant and equipment ($m)
Valuer assumptionMar-25Mar-26YoY
Aged care beds4,7044,688-12
Average notional rent per bed per week25728417
Total notional rent ($m)62.969.23.9
Average capitalisation rate
3
6.99%6.75%-24bps
Care centre land and buildings9061,027121
Total fair value
movements
$47m
4
906
34
53
22
14
(3)
1,027
Mar-25
balance
(restated)
FX on Mar-25
balance
Notional
rental
Capitalisation
rate
First time
valuation
FV mov'
decanted
facilities
Mar-26
balance
800
850
900
950
1,000
1,050
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 14: Aged care centre valuation by village
Appendices
73
New Zealand villages
VillageLocationBedsCap rate (market rental)Land & Buildings ($m)Freehold going concern ($m)
Jane Mander Retirement VillageWhangarei1127.0%1520
Evelyn Page Retirement VillageAuckland1176.3%2132
Bert Sutcliffe Retirement VillageAuckland1186.0%2131
William Sanders Retirement VillageAuckland1125.8%2130
Keith Park Retirement VillageAuckland1205.8%2334
Edmund Hillary Retirement VillageAuckland1957.3%3044
Grace Joel Retirement VillageAuckland986.3%1925
Bruce McLaren Retirement VillageAuckland1226.0%2233
Logan Campbell Retirement VillageAuckland1165.8%2333
Miriam Corban Retirement VillageAuckland715.8%1420
Murray Halberg Retirement VillageAuckland1225.8%2737
Possum Bourne Retirement VillageAuckland1206.0%2130
Hilda Ross Retirement VillageHamilton1516.8%1926
Linda Jones Retirement VillageHamilton1166.3%1924
Bob Owens Retirement VillageTauranga1206.5%1724
Kiri Te Kanawa Retirement VillageGisborne978.0%1111
Princess Alexandra Retirement VillageNapier1087.0%1315
James Wattie Retirement VillageHavelock North906.8%1320
Jane Winstone Retirement VillageWhanganui698.5%79
Julia Wallace Retirement VillagePalmerston North847.3%1113
Jean Sandel Retirement VillageNew Plymouth1117.3%1318
Charles Fleming Retirement VillageWaikanae1206.8%1723
Shona McFarlane Retirement VillageWellington787.5%912
Bob Scott Retirement VillageWellington1146.5%1823
Malvina Major Retirement VillageWellington1167.3%1522
Rita Angus Retirement VillageWellington697.0%48
Ernest Rutherford Retirement VillageNelson947.0%1318
Charles Upham Retirement VillageRangiora1206.8%1722
Anthony Wilding Retirement VillageChristchurch1486.8%2226
Diana Isaac Retirement VillageChristchurch1206.5%1927
Essie Summers Retirement VillageChristchurch957.0%1217
Kevin Hickman Retirement VillageChristchurch806.0%1421
Ngaio Marsh Retirement VillageChristchurch1137.3%1521
Frances Hodgkins Retirement VillageDunedin517.8%46
Yvette Williams Retirement VillageDunedin886.8%1316
Rowena Jackson Retirement VillageInvercargill1547.8%1618
Decanted facilities (vacant possession)--5-
Total or Average3,9296.7%591807
1: New Zealand and total aged care beds valued differ to asset base by 2 units due to rooms currently not in use excluded from asset base yet included in the valuation.
1
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 15: Aged care centre valuation by village – cont.
74
Appendices
Australian villages
VillageLocationBedsCap rate (market rental)Land & Buildings ($m)Freehold going concern
Charles Brownlow Retirement VillageMelbourne1007.0%5168
John Flynn Retirement VillageMelbourne1146.8%7191
Nellie Melba Retirement VillageMelbourne1906.8%119151
Weary Dunlop Retirement VillageMelbourne827.3%4763
Raelene Boyle Retirement VillageMelbourne747.0%5575
Deborah Cheetham Retirement VillageMelbourne1207.5%4554
Bert Newton Retirement VillageMelbourne796.8%4756
Total or Average7597.0%436559
Total portfolio
VillageBedsCap rate (market rental)Land & Buildings ($m)Freehold going concern
New Zealand3,9296.7%591807
Australia7597.0%436559
Total or Average4,6886.7%1,0271,366
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 16: Balance sheet summary
75
Appendices
1: Includes inventory, advances to employees, and derivative financial instruments. 2: Includes employee entitlements, revenue in advance, derivative financial instruments, lease liabilities and deferred tax liability. 3: Total
equity less intangible assets. 4: Interest bearing loans and borrowings less cash and cash equivalents. 5: Net interest-bearing debt to net interest-bearing debt plus total equity.
$m
Mar-25
(reported)Restatements
Mar-25
(restated)
FY26
movementsMar-26
Cash and cash equivalents18-18(8)10
Trade and other receivables164-1641165
Assets held for sale33-33942
Property, plant & equipment1,020-1,020791,099
Investment properties10,813(77)10,73619410,930
Intangible assets14-14(4)10
Other assets
1
3-3811
Total assets12,063(77)11,98628012,266
Trade and other payables114-114(18)96
Interest bearing loans and borrowings1,683-1,683(102)1,581
Resident loans - net occupancy advances5,217(4)5,2133245,537
Resident loans - RADs4974500125626
Revenue in advance184-18475259
Other liabilities
2
108-108(18)90
Total liabilities7,802-7,8023868,189
Total equity4,261(77)4,184(107)4,078
-
Net tangible assets (NTA)
3
4,247(77)4,170(103)4,068
Shares on issue (m)1,016-1,01601,016
NTA per share (cps)418.2(7.6)410.6(10.1)400.5
Net interest-bearing debt
4
1,665-1,665(94)1,571
Gearing
5
28.1%0.4%28.5%-0.6%27.8%
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 17: Key debt funding metrics
Appendices
1: Includes retail bond and interest rate swaps. 2: Total cost of fixed rate debt including retail bond (fixed coupon), and interest rate swaps (fixed swap rate plus average margin and line fees on bank debt, including margin on
undrawn facilities weighted on drawn facilities). 3: Total cost of all debt including fixed rate debt, floating rate debt and line fees on bank debt, including margin on undrawn facilities weighted on drawn facilities and includes
amortisation of establishment fees (prior year presentation provided weighted average interest rate exclusive of amortisation fees). Excludes derivative termination costs relating to ITL.
Interest bearing debt ($000s)Financial statement referenceMar-25Sep-25Mar-26
NZD bank loans527,200506,850476,000
AUD bank loans1,009,2361,005,807960,269
NZD retail bond150,000150,000150,000
Drawn interest bearing debt at face valueNote 6.31,686,4361,662,6571,586,269
IFRS adjustments(3,884)(2,968)(5,233)
Interest bearing loans and borrowings per balance sheetBalance sheet1,682,5521,659,6891,581,036
Cash and cash equivalentsBalance sheet(17,658)(8,913)(9,697)
Net interest-bearing debt1,664,8941,650,7761,571,338
Facilities and headroom ($000s)Financial statement referenceMar-25Sep-25Mar-26
Total facilities at face valueNote 6.32,209,2742,239,3372,261,355
Drawn interest bearing debt at face valueNote 6.31,686,4361,662,6571,586,269
Debt headroom522,838576,680675,086
Cash and cash equivalentsBalance sheet17,6588,9139,697
Total funding headroom540,496585,593684,783
Weighted average term to expiry of all debt facilities2.7 years2.2 years4.4 years
Interest rate management ($000s)Mar-25Sep-25Mar-26
Total active fixed rate debt
1
1,137,6671,126,5571,215,160
Weighted average term of fixed rate debt3.4 years3.1 years 2.7 years
Percentage of drawn debt at face value at fixed rates67%68%77%
Weighted average interest rate on drawn fixed rate debt
2
6.1%6.1%5.8%
Weighted average interest rate on all drawn debt
3
6.2%6.0%5.9%
76
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 18: Finance costs
77
Appendices
1: Excludes land on sites where construction has commenced, including sites which have paused construction. 2: Expensed through profit and loss in FY25. Refer to note 6 in the FY25 Consolidated Financial Statements.
Finance costs ($m)FY25FY26YoY
Profit and loss
Interest expense on loans and borrowings(174.6)(92.5)-47%
Interest expense - residents(0.8)(1.5)93%
Amortisation of issue costs on loans and borrowings(3.8)(2.2)-42%
Net interest rate hedging17.6(4.8)-127%
Gross interest costs on borrowings(161.5)(101.0)-37%
Borrowing costs capitalised to sites under construction41.514.3-66%
Borrowing costs capitalised to land bank sites
1
10.2--
Total borrowing costs capitalised51.714.3-72%
Net interest costs on borrowings(109.8)(86.7)-21%
Interest on lease liabilities(0.5)(1.4)187%
Interest rate hedging amendments (non-cash)(4.3)7.3-268%
Institutional term loan (ITL) termination costs(25.7)--
Total finance costs(140.3)(80.8)-42%
Cash flow
Interest paid within (operating activities)(127.1)(85.9)-32%
Capitalised interest paid (investing activities)(51.7)(14.3)-72%
Gross interest paid
1
(178.8)(100.1)-44%
Derivative termination costs relating to ITL
2
(19.0)(4.6)-76%
Total cash finance costs(197.8)(104.7)-47%
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 19: Fixed rate debt profile
Average interest rate on fixed rate debt (%)
2
Notional value of fixed debt ($m)
1
Appendices
1: All amounts shown in NZD. AUD fixed rate debt instruments converted to NZD at 31 March 2026 NZD/AUD rate of 0.8331. 2: Total cost of fixed rate debt including retail bond (fixed coupon) and interest rate swaps (fixed
swap rate plus average margin and line fees on bank debt, including line fee on undrawn facilities weighted on drawn facilities, assuming consistent ratio of undrawn facilities with 31 March 2026), and amortisation of
establishment fees.
78
150 150
495
475
470
410
250 250
190 190
35
570
720
684
684
648
438
402
252
252
60
-
200
400
600
800
1,000
1,200
1,400
1,600
Mar 26Sept 26Mar 27Sept 27Mar 28Sept 28Mar 29Sept 29Mar 30Sept 30
Retail bondNZD swaps and collarsAUD swaps and collars
5.8%
5.8%
6.2%
6.2%
6.4%
6.3%
6.3%
6.4%
6.3%
6.1%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Mar 26Sept 26Mar 27Sept 27Mar 28Sept 28Mar 29Sept 29Mar 30Sept 30
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 20: Revenue by unit type
79
Appendices
1: FY25 serviced apartment DMF presented excludes -$12.0 million historical adjustments relating to GST and uncapped internal transfers related to prior periods. This had been adjusted to improve comparability across periods.
Aged care beds ($m)FY25FY26YoY
Care fees$m467.3525.913%
Imputed income on RADs$m32.535.610%
DMF$m0.40.542%
Total aged care revenue$m500.1562.012%
Occupied bed days (#)#1,518,8851,585,5904%
Revenue per bed per week ($)$2,3052,4818%
Serviced apartments ($m)FY25FY26YoY
Village fees$m57.060.76%
DMF
1
$m41.537.1-11%
Total serviced apartment revenue$m98.597.7-1%
Occupied unit days (#)#790,383789,292-0%
Village fees per unit per week ($)$5045387%
Revenue per unit per week ($)$872867-1%
Independent units ($m)FY25FY26YoY
Village fees$m46.653.414%
DMF$m113.0120.97%
Total independent unit revenue$m159.6174.39%
Occupied unit days (#)#2,262,7402,328,8313%
Village fees per unit per week ($)$14416011%
DMF per unit per week ($)$3503644%
Revenue per unit per week ($)$4945246%
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 21: Aged care summary
80
Appendices
1: Care centres are considered mature when they first reach 90% occupancy for a full financial year and exclude villages with operational impacts. Mature care centres in New Zealand declined by two due to the closure of
Woodcote and Margaret Stoddart. Mature care centres in Australia increased by one due to the inclusion of John Flynn. 2: In New Zealand, the implicit interest rate to convert a room premium to a refundable
accommodation deposit is used to calculate the imputed income (FY26: 4.90%-6.06%, FY25: 6.06%). In Australia the maximum permissible interest rate (MPIR) is used to calculate imputed interest (FY26: 7.61%–8.17%, FY25
8.34%–8.42%). Imputed income on RADs is not calculated on RAD balances subject to probate in Australia. 3: Where residents have opted for a room premium / RAD combination or a Resident Fund in New Zealand, or DAP /
RAD combination in Australia, product penetration is presented on a proportional basis.
New Zealand aged care centresAustralia aged care centres
UnitFY25FY26YoY
Operational care centres#3736(3%)
Mature care centres
1
#3331(6%)
Operational care beds#3,9423,927(0%)
Mature care beds
1
#3,4673,372(3%)
Proportion of care beds - mature%88%86%(2%)
Occupancy
Occupied bed days#1,307,2661,346,3113%
Capacity bed days#1,412,5791,447,1202%
Occupancy - total%92.5%93.0%0.5 ppts
Occupancy - mature%96.2%96.0%-0.2 ppts
Revenue
Care fees - base fees$m324.4350.78%
Care fees - room premiums$m52.561.116%
Imputed income on RADs
2
$m9.69.93%
Deferred management fees (DMF)$m0.40.542%
Total aged care revenue$m386.9422.29%
Revenue per occupied bed per day$2963146%
Penetration - premium and capital product rooms
3
Beds with room premium%73.3%74.7%1.4 ppts
Beds with care capital product%9.6%11.2%1.6 ppts
Beds with room premium or capital product%82.9%85.9%3.0 ppts
RAD balance
Total RAD balance$m162.1172.36%
No. outstanding RADs
3
#3853871%
Average RAD balance$422,000446,0006%
Note all figures in NZD equivalent unless otherwise stated
UnitFY25FY26YoY
Operational care centres#770%
Mature care centres#4525%
Operational care beds#7597590%
Mature care beds
1
#44656026%
Proportion of care beds - mature%59%74%26%
Occupancy
Occupied bed days#211,619239,27913%
Capacity bed days#258,786277,0357%
Occupancy - total%81.8%86.4%4.6 ppts
Occupancy - mature
%
97.7%96.4%-1.4 ppts
Revenue
Care fees - AN-ACC, basic daily fee, other$m83.9106.727%
Care fees - DAP$m6.57.516%
Imputed income on RADs
2
$m22.925.712%
Total aged care revenue$m113.2139.823%
Revenue per occupied bed per day
$
5355849%
Penetration - non-concessional rooms
3
Beds with DAP%17.4%17.2%-0.2 ppts
Beds with RAD%63.1%65.4%2.4 ppts
Beds with RAD or DAP
%
80.4%82.6%2.2 ppts
RAD balance
Total RAD balance$m332.8429.129%
Probate balance$m(38.4)(48.8)27%
Total RAD balance (exc. probate)$m294.4380.329%
Total RAD balance (exc. probate) AUD$m267.5316.818%
No. outstanding RADs
3
#38744916%
Average RAD balance$760,000847,00011%
Average RAD balance AUD
$
691,000706,0002%
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 22: Segmental operating performance
FY26 Segment performance ($m)Aged careRetirement livingNon-villageGroup
Care and village fees526.0114.0-639.9
Deferred management fees0.5158.0-158.6
Imputed interest income on RADs35.6--35.6
Other income1.211.91.915.0
Operating revenue (adjusted)563.3283.91.9849.1
Employee expenses(359.7)(93.3)(63.4)(516.4)
Operations(55.5)(25.2)(1.5)(82.2)
Building and grounds(23.4)(76.0)(2.6)(101.9)
Direct selling expenses-(4.2)-(4.2)
Marketing(0.8)(14.0)(5.7)(20.5)
Software and technology(0.3)(0.8)(18.0)(19.1)
Administration(1.5)(4.1)(17.3)(22.9)
Gross operating expenses (adjusted)(441.2)(217.5)(108.6)(767.3)
Support services allocation(45.0)(29.9)75.0-
Capitalised costs--6.56.5
Segment operating expenses(486.2)(247.4)(27.1)(760.8)
Operating EBITDAF77.036.4(25.2)88.3
Operating margin14%13%10%
Per bed/unit per year ($000s, annualised)
Operating revenue129.833.0
Segment operating expenses(112.0)(28.7)
Operating EBITDAF per bed/unit per year17.74.2
Property and RV unit refurbishment capex ($m)
Property capex9.721.7
RV unit refurbishments-23.7
Property and RV unit refurbishment capex 9.745.4
Appendices
81
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 23: Non-operating items
Non-operating items
1
($m)Profit and lossCash flow
2
FY26FY25FY26FY25
Reduction to DMF for GST and uncapped transfers-(12.0)--
Ravenstonedaleland development surplus5.4---
Totalnon-operating revenue 5.4(12.0)--
Close-out of employee share schemes(0.7)(3.8)1.07.9
Payrollremediation(0.5)(2.5)(7.4)(1.0)
ASX listing related costs(1.3)-(1.3)-
Organisationaltransformationcosts(10.0)(10.2)(10.4)(8.1)
Loss on sale of construction assets-(3.8)n/an/a
Inventory write-downs-(5.2)--
Villagedecommissioningexpenses(0.4)-(0.3)-
Totalnon-operating expenses(12.9)(25.5)(18.3)(1.2)
Total non-operating items(7.5)(37.5)(18.3)(1.2)
Appendices
82
.
1: Non-operating revenue and expenses are one-off, material items of income or expense arising from events or transactions outside the Group’s ordinary activities and are not expected to recur. 2: Cash adjustments have
been recognised as they relate to CFEO only, no CFDA impacts have been separately identified.
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 24: Free cash flow
83
Appendices
1: ITL cash break costs of $23.9 million (FY25: $19.0 million, FY26: $4.6 million) incurred for prepayment of ITL and related derivative termination costs excluded for consistency with free cash flow guidance provided at the time
of the February 2025 equity raise. 2: Included in net financing cash flows on IFRS cash flow statement. Included in cash flow from existing operations (CFEO) in alternative cash flow presentation.
$m
FY25
(restated)FY26YoY
Alternative cash flow presentation
Cash flow from existing operations (CFEO)(107.5)(33.9)73.6
Cash flow from development activity (CFDA)13.3222.2208.9
Free cash flow(94.2)188.3282.5
Reconciliation to IFRS cash flow statement
Net operating cash flows410.3334.0(76.3)
Net investing cash flows(525.6)(147.6)378.0
Derivative termination costs related to ITL
1
19.04.6(14.4)
Repayment of lease liabilities
2
(4.3)(3.5)0.8
Purchase of treasury stock (net)
2
6.40.8(5.6)
Free cash flow
1
(94.2)188.3282.5
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 25: Cash flow detail – RV resident funding
84
Appendices
Resident funding from RV units ($m)Financial statement referenceFY25FY26YoY
New sales of occupation rights
Gross new sale settlements
402.2318.0(84.2)
Suspended contributions on new sales
(6.4)(7.2)(0.8)
Settlements on new sales
395.8310.8(85.0)
Resales of occupation rights
Gross resale settlements
801.7774.6(27.1)
Suspended contributions on resales
(41.2)(41.2)-
Settlements on resales
760.5733.4(27.1)
Total sales of occupation rights
Gross settlements on total sales
1,203.91,092.6(111.3)
Suspended contributions on total sales
(47.6)(48.4)(0.8)
Settlements on total salesCash flow statement
1,156.31,044.2(112.1)
Repayment of occupation rights
Gross resale repayments
(558.7)(596.3)(37.6)
Suspended contributions on repayments
26.429.63.2
Repayment of occupation rightsCash flow statement
(532.3)(566.7)(34.4)
Suspended contributions
Suspended contributions balance - opening balanceNote 6.2
(98.2)(119.4)(21.2)
Suspended contributions balance - closing balanceNote 6.2
(119.4)(138.8)(19.5)
Movement in suspended contributions
(21.2)(19.5)1.7
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 26: Cash flow detail – operating costs
85
Appendices
Payments to suppliers and employees ($m)Financial statement reference
FY25
(restated)FY26YoY
Included in cash flow from existing operations
Village operations(586.0)(630.9)(44.9)
Non-village cash flow(110.0)(111.9)(1.9)
RV unit refurbishments (expensed)-(4.0)(4.0)
Sales and marketing expenses - resales
Direct selling expenses(6.5)(3.1)3.4
Employee expenses(5.1)(5.8)(0.7)
Marketing(12.7)(13.4)(0.7)
Subtotal CFEO(720.3)(769.1)(48.8)
Included in cash flow from development activity
Land bank expenses-(8.9)(8.9)
Sales and marketing expenses - new sales
Direct selling expenses(4.1)(1.1)3.0
Employee expenses(3.2)(2.8)0.4
Marketing(8.5)(7.1)1.4
Subtotal (15.8)(19.9)(4.1)
Total payments to suppliers and employeesCash flow statement(736.1)(789.0)(52.9)
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 27: Cash flow detail – capex
Appendices
86
Capex ($m)
FY25
(restated)FY26YoY $
Property capex - aged care9.79.7(0.1)
Property capex - retirement living26.021.7(4.3)
Technology capex6.95.6(1.4)
Capex on existing villages and technology42.736.9(5.8)
RV unit refurbishment capex – retirement living31.523.7(7.8)
Head office and other projects3.51.7(1.8)
Capex on existing operations77.762.3(15.4)
Land acquisitions18.49.5(8.9)
Direct construction capex365.6129.2(236.4)
Capitalised interest51.714.3(37.4)
Non-village expenses capitalised to projects22.66.5(16.0)
Capex on development activity458.2159.5(298.7)
Total capex535.9221.8(314.2)
RYMAN HEALTHCARE | FY26 Results Presentation
Appendix 28: Cash flow detail – cash DMF
Appendices
87
1: Included within cash flow from existing operations.
Cash DMF
1
($m)
FY25
(restated)FY26YoY $
Accrued DMF - opening(713.8)(830.0)(116.2)
Accrued DMF - closing(830.0)(988.2)(158.2)
Movement in accrued DMF(116.2)(158.2)(42.0)
Revenue in advance - opening140.9184.043.1
Revenue in advance - closing184.0258.574.5
Movement in revenue in advance43.174.531.4
Plus: DMF revenue142.9158.615.7
Plus: Historical GST adjustment8.70.3(8.4)
Plus: FX movement on opening balances, accommodation credit adjustments0.29.49.2
Cash management fees78.884.65.8
by unit type:
Independent living units50.953.82.9
Serviced apartments27.830.62.9
Care suites0.10.20.1
Total78.884.65.8
RYMAN HEALTHCARE | FY26 Results Presentation
Glossary
88
Appendices
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. Includes care suites
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 the development of new villages
Continuum of careCo-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
DAPDaily accommodation payment
DMFDeferred management fee
Free cash flow (non-GAAP)
Free cash flow combines cash flow from existing operations (CFEO) and cash flow from development activity (CFDA), reflecting all operating and development cash flows
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 (non-GAAP)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 buildingMain 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-GAAPThis is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP measure has been
presented to assist investors in understanding Ryman's performance. It may not be comparable to similar financial information presented by other entities
Normalised gross non-village costsGross non-village costs before costs capitalised and excluding non-operating expenses
RYMAN HEALTHCARE | FY26 Results Presentation
TermDefinition
NTA
Net tangible assets. Calculated as total assets less intangible assets and deferred tax assets, and less total liabilities
NZ
New Zealand
Operating EBITDAF (non-GAAP)
Earnings before interest, tax, depreciation, amortisation and fair value movements, excluding non-operating items
Operating margin (non-GAAP)
Operating margin calculated as operating EBITDAF divided by operating revenue (adjusted)
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 balance
Gross 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
RAD
Refundable accommodation deposit
Resales
The sale of an ORA on an existing unit when a resident departs a unit
Resident
A person who is resident in a Ryman Village in an ILU, SA or care bed
Resident Fund
Product 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
RV
Retirement village. A retirement village unit includes ILUs and SAs, excludes care beds
SA
Serviced 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
Unit
Any 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).
Glossary
89
Appendices
RYMAN HEALTHCARE | FY26 Results Presentation
Cost categoryDefinition
Employee expensesEmployee expenses comprise costs incurred by the Group in respect of the employment and engagement of staff. These expenses include remuneration-related costs (including sales
commissions), employment-related taxes and levies, costs associated with employee health, safety and wellbeing, workforce capability and development, and other staff-related
expenditures necessary to support the Group’s operations.
OperationsOperations expenses comprise costs incurred in the day-to-day operation of the Group’s villages and care services. These expenses include food and beverage provisions, medical
and care-related products, cleaning and laundry costs, consumables and supplies, resident activities, transport and vehicle-related expenses, and other operating costs necessary to
support the delivery of accommodation, care and hospitality services to residents. Relevant costs are also incurred for the day-to-day operation of the Group’s support offices.
Building and groundsBuilding and grounds expenses comprise costs incurred to maintain, operate and protect the Group’s physical assets and village environments. These expenses include
property-related costs such as rates, repairs and maintenance, utilities, insurance, refurbishment activities, cleaning and waste services, grounds maintenance, security services, and
other expenditure necessary to ensure the safe, compliant and efficient operation of the Group’s villages and facilities. Relevant costs are also incurred for the day-to-day operation of
the Group’s support offices, primarily related to rent and insurance.
Direct selling expensesDirect selling costs comprise expenses incurred to directly support the sale of retirement living units. These costs include resident incentives such as vouchers, discounts and other
sales-related inducements, along with other direct costs incurred in connection with sales activities.
MarketingMarketing costs comprise expenses incurred to promote and support the Group’s villages, brand and services. These costs primaril y relate to village-level marketing activities aimed at
generating prospective customer demand, including local advertising and promotions, also including brand-level marketing, sponsorships and partnerships, and other
marketing-related expenditures.
Software and technologySoftware and technology costs comprise expenses incurred in the operation, support and enhancement of the Group’s information technology environment. These costs include
software licensing and subscription fees, contract services for technology support and specialist expertise, system maintenance and support, cloud and hosting services,
hardware-related costs, and technology project costs that do not meet the criteria for capitalisation.
AdministrationAdministration expenses comprise costs incurred to support the Group’s corporate governance and general business administration functions, both in the village and support offices.
These expenses include professional and advisory services (such as consultancy, audit, legal and valuation costs), director and board-related costs, company registration and listing
costs, banking and transaction costs, and other general administrative expenditures incurred in managing the Group’s operations. This also includes expenses related to the Group’s
land bank sites which do not meet the threshold for capitalisation.
Glossary: Operating expense categories
90
Appendices
RYMAN HEALTHCARE | FY26 Results Presentation
91
Disclaimer
This presentation has been prepared by
Ryman Healthcare Limited and its group
companies (‘Ryman’) for informational
purposes.This disclaimer applies to this
document and the verbal or written
comments of any person presenting it.
This presentation provides additional
comments on the result for the period to 31
March 2026 presented on 26 May 2026. It
should be read in conjunction with all other
material which we have released, or may
release, to NZX from time to time. That material
is also available on our website at
rymanhealthcare.com
.
Appendices
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-GAAP (Generally
Accepted Accounting Practice) 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 twelve months ended 31 March 2026.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.