Annual report and corporate governance statement

Annual Report
RYMAN HEALTHCARE 2026

This report covers Ryman’s business operations for the period
1 April 2025 to 31 March 2026.
This is an integrated report that has been prepared in
accordance with the principles of the Integrated Reporting
Framework, NZX Listing Rules and the ASX Listing Rules (as
relevant for Foreign Exempt Issuers) and the Companies Act
1993, and reflects our continued strategic focus on creating
value for our shareholders and other stakeholders.
This report is published alongside our Corporate Governance
Statement on our website, which is dated 5 June 2026.
Dora and great granddaughter, Logan Campbell Village
RYMAN HEALTHCARE ANNUAL REPORT 2026

On the front cover: Weary Dunlop Village residents Gino and Hanna
Contents
About Ryman 2
Letter from our Chair and CEO 4
Our strategy 10
Our purpose 16
Our people 22
Our places 30
Board of Directors 36
Senior Executive Team 38
Results 40
Governance 100
Our villages and directory 126
1

Deborah Cheetham Village
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 the 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.
RYMAN HEALTHCARE ANNUAL REPORT 2026
2

Recognised
by our
residents
and industry
4,686
Aged care beds
NZ: 3,927
AU: 759
15,547
Residents
NZ: 13,069
AU: 2,478
9,959
Retirement village units
NZ: 8,379
AU: 1,580
47 retirement villages

(includes two villages under construction)
NZ: 38
AU: 9
7,778
Team members
NZ: 6,072
AU: 1,706
11x

Reader’s Digest Most Trusted
Brand (NZ)
Aged care and retirement living
category
6x

Seniors New Zealand
Best Group Provider
$635,000

Funds raised by residents, team members and Ryman, donated to our
annual charity partners, Hato Hone St John and the Olivia Newton-John
Cancer and Wellness Centre
3

Letter from our Chair
and CEO
FY26 marked a significant year in
Ryman’s transformation
FY26 marked an important point in time for Ryman,
with the reset of the business now translating into
improved performance, cash flow generation, and
a stronger balance sheet.
Over the past two years, the Board and management
have taken deliberate steps to restore financial resilience,
improve transparency, and strengthen discipline. With
this foundation in place, our focus has shifted firmly to
unlocking value for shareholders.
Earnings momentum is building, operating profitability
has materially strengthened, almost doubling over
the year, and our cost-out initiatives have delivered
$57 million in annualised savings over the last two
financial years. Importantly, for the first time in more
than a decade, Ryman generated free cash flow of
$188 million. These outcomes reflect the benefits of
a more disciplined operating model and a clearer
strategic focus. We are building a more resilient and
sustainable business for the long term.
While Ryman’s share price performance remains
disappointing, our focus is on executing our strategic
priorities to close that gap. We are confident in
Ryman’s long-term positioning, underpinned by strong
demographic demand, our integrated retirement
living model and a clear focus on growing high-quality
recurring earnings, cash generation and disciplined
capital allocation. Over time, we expect this to translate
into improved returns for our shareholders.
A refreshed strategy built for
long-term value
Our refreshed strategy positions Ryman as the provider
of choice in care-centred living, building on the strengths
that have defined Ryman’s success for more than four
decades, while directly addressing the operating and
financial realities of recent years. It reinforces our
industry-leading resident experience, quality care and
integrated village model, while sharpening execution,
capital discipline and accountability.
We have made a clear and deliberate shift away from
rapid, development-led growth, toward more sustainable
value creation. Our immediate focus is now firmly on
maximising returns from our existing portfolio, fully
utilising capacity across retirement living and care, and
optimising our $12+ billion property base to reflect
demand and changing customer needs. This approach
improves earnings quality, strengthens cash flow and
enhances resilience through economic cycles whilst
providing a much stronger foundation to expand on in
the future.
FY26 has focused on enabling a stronger operating model.
As we progress the design of a future state that better
leverages our scale, lowers overheads and strengthens
data-led decision making, early benefits are beginning
to show in our performance. These improvements are
supported by clearer operating discipline, updates
to contracts and fees that better reflect inflation and
resident tenure, and tighter cost management.
Naomi James
Chief Executive Officer
Dean Hamilton
Chair of the Board
RYMAN HEALTHCARE ANNUAL REPORT 2026
4

Our portfolio review identified significant opportunity
with more than 2,000 units and beds in uncommitted
development in regions with enduring demand, whilst
identifying seven land bank sites that are no longer
considered appropriate and will be divested.
Further development will only be pursued when it is
supported by strong demand, and it is the best use of
capital to grow shareholder value. Capital will then be
committed selectively, reducing capital intensity and
execution risk.
For more detail, please refer to the ‘Our refreshed
strategy’ section on page 11.
Reset balance sheet and new capital
management framework underpin
planned return to dividends
In FY26, we completed the reset of our balance sheet.
Ryman now has a strong and flexible balance sheet,
supported by lower-cost debt, no bank maturities until
FY31 and more than $600 million of available debt
headroom. Along with ongoing surplus land divestments,
this provides resilience through cycles and capacity to
fund future growth when market conditions support,
or to consider other capital management options.
In February this year, we introduced an important
step change in our capital discipline with a new capital
management framework which establishes prudent
and resilient capital parameters.
In the near-term, our priorities are clear: improving cash
generation, growing recurring earnings and maintaining
flexibility to pursue high-return growth opportunities.
These provide a clear pathway to a return to sustainable
dividends in FY28, with a payout policy of 20–50% of
cash flow from existing operations per share.
Ryman’s dual listing on the Australian Securities Exchange
(ASX) last October was important in expanding access to
funding, broadening the investor base and positioning
Ryman for future growth across both New Zealand and
Australia, benefiting all shareholders.
Our commitment to resident satisfaction and
high-quality care remains unwavering. These
sit at the heart of our purpose and values and
are foundational to the trust placed in us by
residents, families and communities.”
“
5

Operating EBITDAF
1

$88.3m
FY25: $45.5m
+94%
Retirement living unit stock
(unoccupied units)
1,253
Contracted: 383
Uncontracted: 870
FY25: 1,239
+14
Free cash flow
1
$188.3m
FY25: ($94.2m)
+$282.5m
Average contracted DMF
for new residents
30%
FY25: 22%
+8ppts
Aged care operating
EBITDAF per bed
1
$17.7k
1H26: $15.3k 2H26: $20.1k
+31%
(HoH)
Sales of retirement living
ORAs (occupation basis)
1
1,410
New sales: 348
Resales: 1,062
FY25: 1,523
-7%
Aged care occupancy
(mature villages)
96.0%
FY25: 96.3%
-0.3ppts
Capex
1

$221.8m
FY25: $535.9m
-59%
Net cash flow from RADs
and other care capital
1
$81.4m
FY25: $83.7m
-3%
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. Free cash flow combines cash flow from existing
operations (CFEO) and cash flow from development activity (CFDA), reflecting all operating and development cash flows.
Change relative to FY25
RYMAN HEALTHCARE ANNUAL REPORT 2026
6

Significant progress against our
strategic priorities
During the year, we delivered significant progress
towards our 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.
In FY26 we have also delivered $47 million of sustainable
improvement in cash flow from existing operations as
gains were made across aged care, retirement living
and support services. Within our care business we have
improved occupancy, increased revenue per bed, and
closely managed our costs to grow care margin. We
have delivered continued overhead and procurement
cost savings as well, with $57 million in annualised cost
savings achieved over the past two years. We also
exited underperforming assets, including the closure
of two villages, while positioning the business for
anticipated changes to New Zealand Government
funding in 2027.
We continued to take a more disciplined approach
to development growth, focusing on reducing upfront
investment and maintaining flexibility. Construction
activity reduced during the year with village sites under
construction reduced from seven to two. In addition,
the redesign of Hubert Opperman Village is expected
to improve the timing and recycling of capital across
future stages.
Alongside financial and operational performance,
the quality of care and resident experience across
the portfolio remained consistently strong. Resident
satisfaction remained high, evidenced by strong
Net Promoter Scores and continued external recognition
across the sector.
In FY26, Ryman was named Best Group Provider
by Seniors New Zealand for the sixth time, with a
further 14 awards recognising individual villages.
Diana Isaac Village received the Enduring Excellence
Award, reflecting more than five years of sustained
high performance – an honour awarded only six times
in the past decade. Ryman was also recognised as
New Zealand’s Most Trusted Brand in aged care and
retirement living by Reader’s Digest for the eleventh
time, in 2025.
Responding to industry changes
Customer expectations continue to evolve, with residents
seeking greater choice, flexibility and transparency
in how they live, the services they receive and how
they fund their care. Responding to these changing
preferences is a core focus for Ryman.
The introduction of the Resident Fund, which enables
Ryman retirement living residents to use their capital
to seamlessly transfer to care, has increased flexibility
in how residents fund care, while supporting the
long-term sustainability of care funding across the
portfolio. Following a successful pilot, the Resident Fund
has now been rolled out across all New Zealand villages,
providing greater choice and peace of mind for residents
and their families.
Serviced apartments represent a significant near-term
opportunity. Ongoing refinement of product design
and service delivery is improving occupancy, sell-down
rates and flexibility across the portfolio, while
broadening appeal to residents seeking additional
care and service options.
We continue to see strong demand for our premium
care accommodation across our New Zealand villages.
Room premiums have continued to grow, underpinned
by the demand for our care offering. This trend also
reflects a long-standing preference in the New Zealand
market, particularly among prospective residents and
their families, for paying a daily premium rather than
making a capital lump sum payment. In Australia,
Refundable Accommodation Deposits (RADs) are
the preferred method of paying for residential aged
care, involving a lump-sum payment made on entry.
Consistent with premium trends in New Zealand, we
have seen strong growth in RADs in Australia, reflecting
sustained demand for our accommodation offering.
Occupancy in our mature care facilities in New Zealand
and Australia averaged 96% for FY26.
7

Regulatory change to support growing
demand for aged care
FY26 saw a highly active policy environment, with the
introduction of the new Aged Care Act, strengthened
Aged Care Quality Standards, and retirement village
reform in Australia, alongside ongoing consideration
of both retirement village and aged care sector reforms
in New Zealand.
New Zealand already faces a shortage of aged care
beds, with forecasts suggesting this gap will widen
significantly over the next decade. As demand for care
and assisted living continues to grow, governments
are increasingly recognising that existing funding
and operating models will need to evolve to support
sustainable aged care delivery and relieve pressure
on the wider health system.
Ryman’s contract terms are already aligned with the
proposed changes to New Zealand’s Retirement Villages
Act, while our scale, integrated model and flexible
operating structure position Ryman well as policy
settings continue to develop.
The Government’s Ministerial Advisory Group
recommendations on aged care funding reform are
expected in the coming weeks, with a government
response anticipated ahead of the New Zealand
election. We expect some similarities with reforms
introduced in Australia, which have supported more
efficient utilisation of aged care and hospital capacity.
Operating on both sides of the Tasman provides Ryman
with valuable insight into the practical impacts of
reform and the policy settings required to support
long-term sector sustainability and investment.
Aged care is healthcare. Ensuring funding models
appropriately support the delivery of high-quality,
sustainable care will be critical to the long-term
resilience of the health system and the communities
it serves.
Significant Board renewal
The refresh of the Board continued with the appointment
of Hamish Rumbold as an independent director. Hamish
brings deep expertise across customer experience, digital,
data and technology, alongside extensive leadership
experience in transformation, operational performance
and governance. We are confident that we have the
right skills and capabilities to support management in
delivering our strategic objectives and build a strong,
resilient Ryman for the future. Paula Jeffs has elected to
retire at this year’s Annual Shareholder Meeting, and we
thank her for her dedication and contribution over the
last six years.
Resilience in a changing global environment
Ryman has a solid foundation, strengthened resilience
and a clear plan to grow shareholder value. Our priorities
are transparent and measurable, reinforcing accountability
to shareholders.
We are targeting $150 million in sustainable cash flow
improvement by FY29, supported by pricing resets, cost
efficiencies and rising occupancy. We also expect to
release at least $500 million in cash by FY29, providing
flexibility to strengthen the balance sheet, invest for
growth and support the return to dividends. This cash
release includes the sell-down of surplus land holdings,
with an increased target of ~$250 million.
Current market conditions remain mixed, with geopolitical
tensions and elevated fuel prices creating economic
uncertainty in the near-term. Despite this backdrop,
demand for Ryman’s care and serviced apartments has
continued to grow year-to-date on the prior corresponding
period. This reflects the 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 also providing greater
earnings diversification relative to retirement living.
While we continue to closely monitor global developments
and the potential impacts on our markets, our FY27
priorities are clear. We are focused on driving occupancy
in our more recently opened villages through improved
sales effectiveness and our refined serviced apartment
offering, and we are progressing opportunities to further
reduce the operating cost base to offset inflationary
pressures. Together with our reset revenue settings, these
initiatives will drive an improvement in cash flow and
earnings from aged care.
RYMAN HEALTHCARE ANNUAL REPORT 2026
8

Naomi James
Chief Executive Officer
Ryman Healthcare Limited

Dean Hamilton
Chair of the Board
Ryman Healthcare Limited
We enter this period of ongoing global uncertainty
with a stronger and more resilient business than
two years ago. The foundations of the business have
been materially strengthened through raising new
equity to lower gearing, changes to revenue settings,
reduced development exposure and overheads,
improved financial reporting and transparency, and
long-tenor debt.
Long-term fundamentals remain strong
Looking ahead, Ryman’s refreshed strategy provides
clear priorities and a strong platform for sustainable
growth. The momentum achieved in FY26 positions
the business well to deliver against its FY29 targets,
including growth in recurring earnings, significant cash
release through inventory sales and land divestments,
and the benefits of ongoing cost reduction initiatives.
The long-term fundamentals of our 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 increased capital
flexibility, position us well to meet this growing demand,
while delivering sustainable long-term returns for
shareholders and high-quality outcomes for residents.
Thank you for your trust and support
We would like to thank our team members for the
compassion, professionalism and dedication they show
every day. The commitment of our nurses, caregivers
and village teams continues to underpin the quality of
care and resident experience that defines Ryman.
We also thank our residents and their families for the
trust they place in us and for allowing us to be part of
their lives and communities.
Importantly, we thank our shareholders for their patience
and continued support as we focus on improving
performance and delivering sustainable long-term returns.
We remain focused on executing our refreshed strategy
with pace and discipline. We are clear on the actions
required and are committed to building a strong, resilient
Ryman for the future.
9

Our strategy
Dawn and Julie, Richard Hadlee Village
RYMAN HEALTHCARE ANNUAL REPORT 2026
10

Our strategy marks a deliberate shift away
from rapid, development-led growth
reliant on capital gains, toward sustainable
value creation.”
“
Our refreshed strategy
Ryman’s refreshed strategy builds on the core strengths
that continue to define our business: industry-leading
resident experience, high-quality clinical care, and an
integrated village and care model. These foundations
remain central to our purpose and values and continue
to differentiate Ryman in an evolving retirement
living and aged care sector, ensuring residents receive
consistent, high-quality support as their needs change.
At the same time, the strategy reflects the assessment
of the environment in which we now operate. In recent
years, rising operating costs – particularly through the
COVID period – were not fully offset by fee increases,
adding pressure on cash flows at the same time the
business undertook a large capital-intensive development
programme. During this time, non-village costs grew
faster than resident numbers, and systems and processes
did not scale at the same pace as the organisation.
Strong property price growth obscured the underlying
impact of these pressures.
Following a period of stabilisation, Ryman’s strategy marks
a deliberate shift away from rapid, development-led
growth reliant on capital gains, toward sustainable value
creation. The focus is on strengthening recurring earnings,
improving utilisation of existing assets and capacity,
and actively optimising a high-quality property portfolio
in line with demand and the evolving expectations of
current and future residents. Development remains an
important part of Ryman’s future, but it will be disciplined,
phased and underpinned by clear value and return
expectations.
Ryman’s large, integrated portfolio of 47 villages across
New Zealand and Victoria provides scale efficiency and
operational flexibility that are difficult to replicate.
Premium locations, modern design, high build quality
and integrated care facilities support long-term demand
and asset value, while contributing to resident
wellbeing and quality of life.
Our ‘one move’ proposition enables residents to remain
within the same community as their needs evolve,
supporting resident satisfaction, retention and stable
occupancy, while enhancing asset utilisation and cash
flow resilience.
These strengths are reinforced by strong demographic
tailwinds. The population aged 80 and over – those
most likely to seek integrated living and care – is expected
to double by 2050, positioning Ryman to meet the most
strongly growing source of demand
for assisted living
and higher-acuity care, supporting more residents with
increasingly complex needs.
Together, these factors support a clear shift to a more
resilient, predictable and sustainable operating model –
one that is grounded in consistently delivering high-quality
outcomes and experiences for our residents, while
supporting long-term value for shareholders.
11

Our strategic framework
This strategic shift is underpinned by a clear framework to guide execution and capital allocation.
In the near-term, priorities are focused on resetting and improving performance through improved
operational discipline, enhanced recurring earnings and better utilisation of existing assets.
Over the medium to long term, the focus shifts to building an operating platform for long-term
competitive advantage and disciplined, value-accretive growth, ensuring capital is deployed where
it generates the highest returns and aligns with evolving customer demand.
The priorities set out in our strategy on a page translate strategic intent into focused action, guiding
the delivery of long-term value creation for shareholders while maintaining an unwavering commitment
to resident experience and high-quality care.
Enhance freedom, connection and wellbeing for people as we grow older
Our purpose
Our strategic pillars
Deliver industry-leading customer satisfaction and grow total shareholder returns
Be the provider of choice
Industry leader in care-centred living, providing
choice, control and community to growing
80+ population
Optimise existing portfolio
Optimise portfolio for value, allocate capital to
grow returns and reduce capital intensity
Grow recurring earnings
Grow recurring earnings through reset pricing,
operational excellence and improved occupancy
Value-creating portfolio growth
Disciplined capital allocation to brownfield and
greenfield expansion into markets with enduring
demand
Our strategy on a page
RYMAN HEALTHCARE ANNUAL REPORT 2026
12

Provider of choice in care centric living
Our first strategic pillar is to strengthen Ryman’s position as the provider of choice in
care-centric living for the growing 80+ population. The most strongly growing demand is in
assisted living and aged care – the fastest-growing segments of the market – where Ryman
holds a strong competitive advantage through its integrated model, scale and clinical capability.
Growing high quality recurring earnings
The second pillar focuses on building a business capable of delivering reliable, sustainable
growth in recurring earnings. This includes resetting pricing where appropriate, driving
operational excellence, and improving utilisation of our existing portfolio to support higher
occupancy and improved cash flow.
Optimising the portfolio for value
The third pillar focuses on optimising our property portfolio to improve returns and reduce
capital intensity. Capital will be allocated with discipline to ensure the portfolio continues to
meet evolving customer needs, while delivering sustainable cash returns and long-term value
for shareholders.
Disciplined portfolio growth
The fourth pillar focuses on disciplined, value-creating portfolio growth as a key driver of
long-term shareholder returns. Development will be phased and guided by clear return
thresholds, ensuring growth is value accretive.
Together, these pillars reflect a balanced approach, strengthening performance today while
positioning Ryman to deliver sustainable long-term value. They support our ambition to deliver
industry-leading resident satisfaction and grow total shareholder returns through stronger
recurring earnings, sustainable dividends, and active portfolio management and investment,
maximising the value of Ryman’s sizeable property portfolio over time.
13

Our continuum of care model
Ryman’s continuum of care model is designed to support
residents as their needs change over time – providing
choice, control, connection and a genuine home for life.
By integrating retirement living and aged care within
a single village, residents can access the right level of
support as their needs change, without leaving their
community, supporting continuity of care, trust and
long-term satisfaction.
Each village brings together independent living, serviced
apartments and residential aged care in one integrated
setting. This model, pioneered by Ryman in New Zealand,
enables ageing in place while delivering operational
efficiency and consistent, high-quality resident care and
experience. It also attracts residents at an older average
entry age than the broader sector, reflecting the strength
of a proposition designed around evolving care needs.
Across our portfolio of 47 villages in New Zealand and
Victoria, we provide homes and care services to more
than 15,500 residents. Our villages are large-scale,
premium assets, typically supporting between 300 to
400 residents each. This scale allows us to offer greater
choice, more specialised services and higher amenity
while enabling efficient asset utilisation and cost
structures that are difficult to replicate.
Our retirement living offer includes a mix of one, two
and three bedroom villas and apartments, alongside
serviced apartments located within our main village
buildings. These same buildings also house our aged
care centres, providing multiple levels of care, from rest
home and respite through to hospital, dementia and
palliative care, allowing residents to move seamlessly
through the continuum. Importantly, our model offers
flexibility at both a village and individual resident level.
Ryman’s revenue model is aligned with this continuum.
Capital contributions and capital gains from retirement
living support returns from independent living, while
margins from care and services including government
funded Support at Home in Australia, and private additional
care support and services in New Zealand, underpin returns
as residents progress along the continuum. As demand
continues to shift toward more assisted living and higher
acuity care, this integrated model creates opportunities
to increase service based revenue and improve
portfolio returns.
As demographic tailwinds accelerate and demand for
integrated living and care grows, Ryman’s scale, premium
locations, modern design, build quality and integrated
care facilities will serve to strengthen our competitive
advantage. The continuum of care model underpins stable
occupancy, lifetime customer value and long-term asset
performance, supporting sustainable value creation for
residents and shareholders.
Included in base packageOptional service at additional cost
Independent
living
Serviced
apartments
Aged
care
Access to wellbeing programmes including
Ryman Triple A and Engage, social activities
and entertainment
24/7 security with a comprehensive resident
assistance call system
Morning or afternoon tea, and weekly happy hour
Hotel services (laundry, linen, housekeeping)
Daily chef-prepared meal
Additional care support if required e.g. administering
medication, showering and dressing, wound care
Electricity and heating cost included
Comprehensive clinical care including hospital
and dementia/memory care
Continuum of care for our residents
RYMAN HEALTHCARE ANNUAL REPORT 2026
14

Independent
living
Serviced
apartments
Aged
care
Village fees
(for village operating costs)
Care fees
(vary based on level of care)
Deferred management fees
(for property management and capex)
Accommodation premiums
(vary reflecting room features
and enhancements)
Resident capital
3
Additional services
1
Proportion of portfolio by count of retirement village units and aged care beds at 31 March 2026.
2
At 31 March 2026.
3
Resident capital includes occupation right agreements (ORAs), refundable accommodation deposits (RADs)
and Resident Funds (RFs).
Independent
living
Serviced
apartments
Aged
care
% of portfolio
1
49%19%32%
Features
One, two and three-
bedrooms all with full
kitchens and bathrooms
Attached garage or
optional car park
Includes kitchenette,
fridge-freezer and
microwave
Easy access to the
village centre
Almost all rooms include
a private ensuite
Rest home, hospital and
dementia levels of care
at most villages
Product mix57% apartments,
43% villas
90% one bedroom,
10% studio
99% one bedroom,
1% two bedroom
Typical size70–130 sqm30–60 sqm20–30 sqm
Average tenure9 years4.5 years1–2 years
Asset value$8,098 million
2
$2,336 million
2
$1,026 million
2
Continuum of care and the revenue model
Continuum of care in our property portfolio
15

Our purpose
Natasha and Ivon, Bert Sutcliffe Village
RYMAN HEALTHCARE ANNUAL REPORT 2026
16

Residents at the heart of our purpose
At Ryman, our residents are at the heart of everything
we do. Our purpose guides how we design our villages,
deliver care, and create communities where residents
can live with freedom, connection and wellbeing. It is
reflected not only in what we deliver, but in how we
deliver, every day, in every village.
Our continuum of care model enables residents to age
in one place, with the confidence that their changing
needs will be met in familiar surroundings, by people
they know and trust. This genuine home‑for‑life
approach allows residents to maintain independence
for as long as possible, while providing seamless access
to higher levels of support and care when required.
During FY26, Ryman welcomed more than 4,600
residents into our care centres, including over 3,000
entering a Ryman care centre for the first time. This
reflects the strong trust families place in Ryman as a
provider of choice, built on a foundation of high-quality
clinical care.
Our expert village-based clinical teams are supported
by a dedicated Clinical and Resident Services team,
providing both on-the-ground insight and expert
clinical oversight. This integrated model ensures
residents and their families have access to timely
information, guidance and support to make informed
decisions as care needs change. Where change has
been required, including the closure of our two oldest
care facilities in Christchurch, we supported residents
to move into new homes with safety and compassion,
reinforcing the strength of our care culture and the
commitment of our teams.
Strong resident experience and sector
recognition
Resident advocacy is a strong indicator of the effectiveness
of our purpose‑led approach. We consistently achieve
high levels of resident satisfaction, reflected in strong
Net Promoter Scores and independent recognition
across the sector.
In FY26, Ryman was named Best Group Provider by
Seniors New Zealand for the sixth time, alongside a record
14 additional awards recognising individual villages.
Diana Isaac Village received the Enduring Excellence
Award, recognising more than five years of consistently
high performance – an honour awarded only six times in
the past decade. Ryman was also named New Zealand’s
Most Trusted Brand in the aged care and retirement living
category at the 2025 Reader’s Digest Most Trusted Brand
Awards. These accolades reflect the consistent delivery
of high-quality care and services by our people across
the organisation.
Our commitment to resident wellbeing extends beyond
clinical care to encompass a more holistic understanding
of what it means to live well. Across our villages, residents
are supported to live full and connected lives through
thoughtfully designed environments, quality dining
experiences, health and wellbeing programmes and a
wide range of social, cultural and recreational activities.
Digital innovation also plays an important role. Ryman’s
award‑winning myRyman Resident App is now used by
82% of independent residents and is a key channel for
connection and engagement.
Residents frequently tell us that they have a ‘bigger life’
since moving into a Ryman village – a benefit that sits at
the very heart of our purpose.
Ryman’s driving purpose is to enhance freedom,
connection, and wellbeing for people as we
grow older.”
“
17

Innovating to support choice and
flexibility
Purpose also guides how we innovate. In FY26, we
introduced the Resident Fund, a market-leading initiative
that enables care residents to fund costs using the equity
in their retirement village unit. Following a successful
pilot, the Resident Fund has been rolled out across all
New Zealand villages, supporting residents and families
during care transitions, while also contributing to more
efficient capital management. We see significant future
opportunity for this offering to provide greater flexibility,
choice and peace of mind for residents and their families.
We also continued to evolve our serviced apartment
offering, expanding choice and attracting a broader range
of customers to the Ryman model. Serviced apartments
have long provided a convenient option for residents
requiring additional support. In FY26, we have been
refining product design and service flexibility to better
align with changing customer needs, support stronger
occupancy and improve sell down outcomes.
These initiatives reflect our broader focus on optimising
existing assets in every area of the organisation,
responding to growing demand for higher levels of
service and changing care needs, further strengthening
Ryman’s integrated village offering.
For the Iacono family, moving to Deborah Cheetham
Village was about more than finding good care – it was
about staying together in one connected community.
Rae Iacono, her husband John, and their son Tony all live
within the village, supported across independent living,
serviced apartment living and dementia care.
The move came after challenges managing different care
needs at home. “We realised that we were in a pretty
fragile state,” Rae says. “With John in the nursing home,
Tony having falls, and me living by myself... it was time.”
With family in Ocean Grove, relocating made sense.
Finding a community that could support all three within
one village was equally important. “It had everything
we needed,” Rae says. “A serviced apartment for Tony,
special care for John, and a villa for me – so we could all
be together, just metres apart.”
For Tony, serviced apartment living has provided greater
independence alongside the reassurance of additional
support when needed. “I like having independence to
do my own thing but also having security. You know
you’re going to be safe,” he says.
For Rae, it has brought a deep sense of relief. “A lot of
stress has been relieved,” she says. “It’s just fantastic.
It’s just like being at home... because this is now our
home,” Rae says.
Living within one community has allowed the family to
maintain the moments that matter most – spending
time together, visiting the café and welcoming
grandchildren and great-grandchildren into the village.
Across the village, Rae says it’s the kindness and
connection that stand out. “Everyone smiles... you don’t
feel like you’re anonymous,” she says. “I have absolutely
no regrets. It’s worked really well for us.”
Iacono family connected
across every level of care
Iacono family, Deborah Cheetham Village
RYMAN HEALTHCARE ANNUAL REPORT 2026
18

Giving back to the communities we
operate in
Beyond our villages, we are proud to make a
meaningful contribution to the wider community in
close partnership with our residents. Long-standing
charity partnerships, national initiatives and local
causes are supported enthusiastically across our
villages, reflecting the generosity, compassion and
shared values of the people who call Ryman home.
In 2025, residents and Ryman together raised a
record $520,517 for our New Zealand charity partner
Hato Hone St John. These funds supported initiatives
including the St John in Schools programme and
contributed to the cost of running the national
ambulance service, a service relied on and deeply
appreciated by many Ryman residents. In Australia,
$115,283 was raised for the Olivia Newton-John
Cancer and Wellness Centre, directly supporting
people navigating cancer care.
Ryman also partnered with Alzheimers New Zealand
during FY26 to support greater dementia awareness,
education and community wellbeing across our villages.
The partnership provided opportunities for Ryman
team members to access sector-leading research,
insights and training through the Dementia Learning
Centre, while also helping share knowledge and promote
dementia-friendly practices within our communities.
Through collaboration on awareness and education
initiatives, the partnership further supported the
wellbeing of residents, families and team members.
Looking ahead, we have commenced partnerships with
our 2026 charities. In New Zealand, we are supporting
Bowel Cancer New Zealand, the country’s national
bowel cancer charity dedicated to prevention and
improving outcomes. In Australia, we are partnering
with Dementia Australia, the national peak body
supporting people living with dementia, their families
and carers. Both causes touch so many within our
community, and we are incredibly proud to stand with
our residents alongside these two organisations in the
year ahead.
Our residents also supported a range of grassroots
initiatives, including our Christmas Shoebox Project
in New Zealand and the RizeUp Gift Appeal in Australia.
Using gift cards provided by Ryman, residents purchased
thoughtful Christmas items for families in need, with
many also contributing handmade gifts. These initiatives
reflect the strong sense of connection, kindness and
community spirit at the heart of our villages.
Our commitment to enriching lives extends beyond
charitable giving, reflecting a broader dedication
to strengthening the arts and cultural life of the
communities we serve. In 2025, we proudly sponsored
the Royal New Zealand Ballet’s festive season
performance, The Ryman Healthcare Season of The
Nutcracker, marking the final chapter of a partnership
that spanned more than a decade. This incredible
relationship was defined by shared values, delivering
national pride and a belief in the transformative
power of the arts. Ending on a high, the nationwide
tour served as a fitting finale – celebrating not only an
iconic production, but also the extraordinary moments
created together.
Beyond the stage, we continued to champion the
contributions of older New Zealanders through our
longstanding support of the Senior New Zealander of
the Year Award (Te Mātāpuputu o te Tau), part of the
Kiwibank New Zealander of the Year Awards. Each
year, Ryman proudly sponsors this award, recognising
New Zealanders aged 70 and over whose ongoing
contributions demonstrate that impact and inspiration
know no age. In 2026, Dr Alan and Hazel Kerr were
named Senior New Zealanders of the Year, honoured
for more than two decades of humanitarian service and
global impact – an embodiment of the values we stand
for and the enduring difference one can make at any
stage of life.
Beyond our villages, we are proud to
make a meaningful contribution to the
wider community in close partnership
with our residents.”
“
19

I’m happy here. I feel safe, cared for,
and like I belong.”
“
20
RYMAN HEALTHCARE ANNUAL REPORT 2026

For 92-year-old Effie Trellis, independence, social connection, and a sense of
belonging remain central to her wellbeing – all of which her daughter Maria
says have flourished since moving into the Bert Newton Village care centre
nearly a year ago.
Like many families, the decision to transition a loved one into care came with
uncertainty. However, their first experience at the village quickly put them at
ease, with Maria recalling the warmth of the team and welcoming atmosphere.
“It wasn’t just staff doing their job. They genuinely cared,” she says.
Effie has now settled into a comfortable rhythm built around shared meals,
engaging activities, and friendships formed with other residents.
“We chat, play games and keep each other company,” says Effie. “It’s lovely.
I really do feel at home here.”
For Maria, seeing her mum thriving has made all the difference. The team’s
commitment to understanding Effie’s preferences and routines has given Maria
confidence that her mum is in the right place.
“It’s hard to explain the relief when you know your parent is truly supported,”
she said. “Mum isn’t just cared for, she’s valued.”
It’s often the smallest gestures that mean the most to Effie. Whether it’s a cup
of tea made just the way she likes it or someone stopping for a chat, these
moments reinforce her sense of dignity and belonging.
“You don’t get lost in the crowd here,” she says. “The staff are wonderful...
they feel like family.”
Maria has also noticed a lift in her mother’s social confidence. Effie is more
engaged, enjoying conversation and companionship, and embracing the
connections that come with village life.
“It’s beautiful to see her laughing and enjoying company,” she says.
For their family, Bert Newton Village has provided something priceless – peace
of mind and the freedom to simply enjoy time together.
“We laugh more now... our visits aren’t filled with worry. That’s a gift,” said Maria.
Effie sums it up: “I’m happy here. I feel safe, cared for, and like I belong.”
For Maria, that says everything.
How care and connection made
Bert Newton Village home for Effie
Effie and daughter Maria, Bert Newton Village
21

Our people
Neil and Jess, Keith Park Village
RYMAN HEALTHCARE ANNUAL REPORT 2026
22

Investing for greater outcomes
Our people and unique culture are central to Ryman’s
success. Delivering high-quality care and exceptional
resident experiences depends on having capable,
engaged and supported teams at every level of the
organisation. We continue to place strong emphasis on
building performance, capability and accountability,
while creating an environment where people feel
valued, heard and able to grow.
Over the past year, we have strengthened leadership
expectations and performance discipline across the
business. Clear expectations and a consistent approach
to reviewing and reporting on delivery are now
embedded for all leaders and key roles, improving
accountability for outcomes across the organisation.
In parallel, development plans for leaders and other
key roles, form a foundation for building current
and future leadership capability aligned to Ryman’s
strategic priorities. We have also evolved how our
executive and senior leaders operate, reinforcing a
culture of accountability, collaboration and continuous
improvement.
Investment in organisational capability continued to
accelerate over the year. We strengthened our internal
pricing expertise, expanded our customer nurture
capability, and increased focus on product research and
design. We also enhanced sales training programmes
to support improved front-line performance.
Building collective capability and connection across
the organisation remains a key priority. During the
year, we launched Connect and Learn, a series of
forums designed to bring office-based teams together
to share knowledge, build capability and strengthen
cross- functional relationships. These initiatives support
stronger decision-making, reduce silos and help
embed a more connected and collaborative
organisational culture.
Engaged teams in safe, high-performing
workplaces
Listening to our people is a critical part of strengthening
engagement and performance. During the year, we
transitioned from an in-house survey tool to Culture Amp,
providing enhanced reporting capability and access to both
internal and external benchmarking. Participation in our
team survey increased to 78%, up from 70%.
The value of this survey lies not only in participation,
but in how insights are used, enabling leaders to better
understand what matters most to teams and drive more
targeted, impactful actions to improve ways of working
and engagement across the organisation.
During the year, we introduced a new Ryman Code of
Conduct to simplify our guidance and set clear, practical
and meaningful expectations for how we work. The Code
clearly sets out the standards and behaviours expected
of all team members, to support a positive and respectful
workplace. It is designed to help guide team members to
make consistent, sound decisions – whether in interactions
with colleagues or in the care we provide to residents.
Clinical care and quality
We strengthened clinical performance during the year
by enhancing our clinical data and dashboards, improving
visibility of risk within these clinical indicators across villages
and enabling insights at both village and resident level.

Our support model was refined based on these indicators,
lifting performance through a tiered approach tailored to
each village’s needs. Data also guided programme delivery,
maintaining focus on areas of highest risk. An example
is our refreshed dementia awareness programme. This
data-led approach improves engagement, reduces learning
time, and allows teams to spend more time delivering care.

We also modernised our compliance and learning
infrastructure by consolidating training onto the SafetyCulture
platform, improving governance, data integrity, and visibility
of compliance. Mobile-enabled access supports timely
completion of critical learning, while online competency
assessments strengthen assurance that training translates
into capability in practice.

Together, these improvements support more consistent
delivery of safe, high-quality care for our residents.
Our people and unique culture are central
to Ryman’s success.”
“
23

Health, safety and wellbeing remain
core priorities
Over the year, we continued to strengthen our
approach to health and safety, with a focus on
improving reporting quality, leadership engagement
and early action. Improvements in how incidents are
reported and reviewed have enabled quicker escalation
and earlier investigation, supporting our teams to
address issues and implement corrective action
more effectively.
Leadership safety walks across our villages increased
visibility and encouraged more proactive conversations
about risk. Improved data sources have also provided
real time insight into key safety metrics, supporting
stronger governance and root-cause analysis. Together,
these changes contributed to a reduction in recordable
and lost time injuries, and we are pleased to report
there were no critical injuries during the year.
We continue to encourage our teams to speak up when
something doesn’t feel right. Over the past year, we
rolled out our Speak Up – It’s Safe to Say programme
across all villages and offices, reinforcing both the
confidence and the responsibility to raise concerns.
Safe, respectful and open workplaces are fundamental
to delivering our purpose. Ongoing access to our
Employee Assistance Programme and initiatives such
as Speak Up – It’s Safe to Say promote a culture where
raising concerns is both safe and expected.
In Australia, we have continued to strengthen our
approach to psychosocial health and safety, including
the introduction of targeted training and information
aligned with new Psychological Health Regulations in
Victoria. These initiatives support team wellbeing in
a changing regulatory environment, help protect our
residents and teams, enable learning from experience,
and contribute to sustainable performance.
Recognising excellence
We take pride in recognising the contribution of our
people. The pinnacle of this is the annual Ryman Awards,
which celebrate the purpose-driven work delivered
by our teams every day. In FY26, Bruce McLaren Village
was named Village of the Year, following strong
performance across a set of metrics including feedback
from residents and their families, clinical indicators and
financial performance. The village exceeded in all areas,
reflecting the efforts of the village’s close-knit,
high-performing team.
The Kevin Hickman Award was presented to Sunny
Sandeep from Kiri Te Kanawa Village, recognising his
outstanding commitment to residents and colleagues.
A highly skilled leader, Sunny embodies the values of
kindness, excellence, leadership and care that defined
Kevin’s legacy.
The following awards recognised outstanding
performance and the meaningful contributions of
individuals and teams across Ryman over the past year,
with the winners celebrating from their villages and
offices across New Zealand and Victoria.
Caregiver of the Year
Brenda Hobbs, Ernest Rutherford Village
Nurse of the Year
Janet Bucag, Anthony Wilding Village
Construction Team Member of the Year
Hamish O’Neil, Patrick Hogan Village
Support Team Member of the Year
Rachel Alford, Jean Sandel Village
Health, Safety and Wellbeing Award
Debbie Kennedy, Edmund Hillary Village
Leader of the Year
Eloise Viscarra, Weary Dunlop Village
Sales Advisor of the Year
John Proudfoot, Linda Jones Village
Construction Site of the Year
Nellie Melba construction site
Village of the Year
Bruce McLaren Village
Kevin Hickman Award
Sunny Sandeep, Kiri Te Kanawa Village
RYMAN HEALTHCARE ANNUAL REPORT 2026
24

Ruben Kumar has always been motivated by a simple
goal: to care for others and improve people’s lives –
a passion that has shaped his journey at Ryman.
Starting as a student nurse on placement at
Malvina Major Village, Ruben quickly found his calling in
aged care.
“My first placement was in the rest home and hospital
at Malvina Major. I found it very interesting as back
home in Fiji there are not many care facilities – people
usually live in their homes and get support from
family,” Ruben says.
“Seeing how Ryman team members cared for residents
really made me want to be a caregiver.”
After a successful start as a student nurse, Ruben’s
journey at Ryman continued to a Registered Nurse
role. His leadership potential soon became evident,
which led to his appointment as a Unit Coordinator.
As his experience grew, so too did his interest in the
broader operational side of village life. Roles as a
Resident Services Manager across several villages
allowed him to build leadership capability and gain
deeper understanding of what it takes to run a
successful village.
In 2025, Ruben was appointed Village Manager at
Possum Bourne Village – a milestone he describes
as both exciting and rewarding.
“When the opportunity came up, I thought ‘I’m
ready’. I’m very appreciative to have been given this
opportunity,” Ruben says.
Today, Ruben leads with empathy and experience,
plus a strong belief in supporting others to grow.
“I am someone who likes to empower my leaders
to reach their full potential. And this trickles down to
everyone in the team,” he says.
He encourages his team to make decisions, have
honest conversations, and continue developing,
knowing they have his support.
For Ruben, the role is about more than leadership
– it’s about people.
“Making a difference in people’s lives is incredible.
Seeing the residents flourishing after moving in –
nothing beats that.”
Leading with care: Ruben’s journey to
village manager
Ruben and Margaret, Possum Bourne Village
25

Supporting emerging talent and
future capability
We are committed to investing in the growth,
education and aspirations of our people. Education
and development are vital enablers of opportunity
and long-term capability – both for our team and the
communities we serve. Through the Cashin Scholarship,
established in memory of former Ryman director
Michael Cashin, we award $10,000 each year to support
tertiary study for a team member or an immediate
family member. The 2026 recipient, Aisha Chataika,
daughter of Heather Chataika, a caregiver at Edmund
Hillary Village, was recognised for her dedication,
resilience and determination as she commences a
Bachelor of Science.
The Graeme Rabbits Scholarship honours the late
Graeme Rabbits by supporting two team members
each year with $10,000 towards tertiary education.
Recipients are selected by Graeme’s parents, Selwyn
and Viv, based on shared values of kindness, care,
sustainability and innovation. In 2026, the scholarship
recipients were Katie-Jane Knight, Activities and
Lifestyle Coordinator at Shona McFarlane Village, who
will study for a Diploma in Diversional and Recreational
Therapy, and Taryn Campbell, Receptionist at John
Flynn Village, who will undertake a Certificate IV in
End-of-Life Doula Services.
Driving diversity, equity and inclusion
Fairness, transparency and accountability remain
central to how we attract, retain and support our
people. In both New Zealand and Australia, our gender
pay gaps are effectively closed, with New Zealand at
0.00% and Australia at -0.76%, reflecting equitable pay
outcomes across our team. We continue to monitor
and disclose this data as part of our commitment to
transparency and continuous improvement.
We are equally committed to inclusion, respect and
learning. Our aspiration is to build genuine, meaningful
relationships with Ngā iwi Māori in Aotearoa New
Zealand and with Aboriginal and Torres Strait Islander
peoples in Australia, while ensuring Indigenous
perspectives are increasingly understood and reflected
across our organisation.
During the year, our focus remained on strengthening
cultural awareness and education within our villages
and teams as an important foundation for long-term
progress. We continued to share resources and learning
opportunities with residents and team members to
promote reconciliation and deepen understanding
of Indigenous cultures and histories, including the
significance of NAIDOC Week and Reconciliation
Week. In Australia, a Reconciliation Week event was
held at Deborah Cheetham Retirement Village, where
residents heard directly from a representative of the
local Aboriginal community and took part in a shared
cultural activity, helping to foster connection, learning
and respect.
We continued to support initiatives that contribute
to greater opportunity and representation across our
team, including our annual Māori and Pasifika Nursing
Scholarship, which assists students to pursue careers
in healthcare and supports the development of a more
diverse and culturally responsive workforce.
In FY26, the scholarship was awarded to Billie-Jean
James, whose journey into nursing reflects both
personal motivation and a strong commitment to Māori
health. Supporting students like Billie-Jean helps reduce
financial barriers to study and enables greater focus
on building the skills, cultural capability and clinical
expertise needed to support whānau and communities.

RYMAN HEALTHCARE ANNUAL REPORT 2026
26

Achieving diversity outcomes
The People, Safety and Remuneration Committee reviews, and the Board approves, measurable
objectives in line with the NZX Corporate Governance Code and related guidance. Our
leadership gender diversity target is a minimum of 40% representation for both males and
females, with the remaining 20% open to any gender.
Looking across the Board and top two levels of leadership, gender balance improved and
on a combined basis, this target was met at the end of FY26 with 48% female and 50% male
(2% undisclosed). While Board diversity remains below the targeted level of 40% female, the
Board has considered diversity as well as required skills and capabilities in making new director
appointments and will continue to do so.
A comparison of gender composition within the Ryman Group as at 31 March 2026 and as at
31 March 2025 is set out in the table below.
FY26FY25
DirectorsFemale2 (33%)2 (29%)
Male4 (67%)5 (71%)
Director subtotal67
Senior Executive Team
1
Female5 (62%)4 (57%)
Male3 (38%)3 (43%)
Senior Executive Team subtotal87
Ryman leadersFemale19 (48%)19 (54%)
Male20 (50%)15 (43%)
Gender diverse0 (0%)0 (0%)
Undisclosed1 (2%)1 (3%)
Ryman leaders subtotal4035
Total5449
1
The Chief Executive Officer and Chief Financial Officer are included in the Senior Executive Team figures
and for FY26 are considered Ryman’s ‘Officers’ for the purposes of NZX Listing Rule 3.8.1, as that term is
defined in NZX Listing Rule 3.8.1(c).
27

That’s what’s special about Ryman –
there’s always support to grow, learn,
and take on new challenges.”
“
RYMAN HEALTHCARE ANNUAL REPORT 2026
28

Courtney Skene never expected to find a role that combined both her interests
in business and healthcare, until she joined Ryman in 2021.
Now Resident Services Manager at Bert Newton Village, Courtney was part of
Ryman‘s first graduate programme, joining the organisation after completing a
Bachelor of Commerce, alongside studies in Public Health and Health Promotion.
Drawn to the rare combination of business and care, she quickly found her place.
“It’s quite unusual to find a role where those two worlds collide in a space that
I’m truly passionate about,” she says.
Over the next five years, Courtney progressed through roles spanning operations,
sales, recruitment, and people and culture. This breadth of experience gave her a
strong understanding of the organisation and helped shape her leadership approach.
She says the opportunity to work across so many different parts of the business
has been a defining part of her journey, supported by a culture that encourages
growth and new challenges.
“That’s what’s special about Ryman – there’s always support to grow, learn,
and take on new challenges.”
Today, Courtney has come full circle, returning to operations in a leadership
role at Bert Newton Village.
“What motivates me every day is definitely the people,”
“Both staff and residents – there’s just something special about being in a
village environment,” she says.
Ryman’s commitment to development has played a key role in her progression,
with opportunities for further study and leadership development along the
way – support she now strives to pass on to her own team.
“I don’t like to think of myself as a manager – I’m part of the team,” Courtney says.
“I’ll always jump in and help wherever needed, whether that’s in laundry,
housekeeping or reception. By doing the doing, you earn trust.”
Working closely with residents has also reinforced the impact of Ryman’s continuum
of care model, particularly as residents transition into higher levels of support.
“It’s those moments of joy – seeing someone settled, happy, and supported –
that really stays with you,” she says.
For Courtney, it all comes back to one shared purpose: “Everyone is connected
by the idea of caring for our residents in a way that’s ‘good enough for Mum
and Dad’,” she says.
“That’s what makes this place so special.”
From Graduate to Resident Services
Manager: Courtney Skene’s path
at Ryman
Courtney and Judy, Bert Newton Village
29

Our places
Kevin Hickman Village
RYMAN HEALTHCARE ANNUAL REPORT 2026
30

Investing in high-quality villages for
the future
Our villages are purpose-built to support residents
to live well, both today and into the future. Through
disciplined development, active portfolio management
and a clear focus on sustainability, we continue to
invest in high-quality environments that respond to
resident demand, evolving market conditions and
long-term value creation.
Our portfolio remains relatively young, with an average
age of less than 12 years. We are continuing to invest in
both new developments and our existing villages, with
$222 million capex invested in FY26 across existing and
new communities, ensuring that these stay desirable
and fit for the future.
Evolving our development model and
delivery approach
During the year, our development and property
portfolio continued to evolve as we moderated our
development activity and progressed our shift toward
an outsourced development model. This approach
enhances flexibility, strengthens risk management and
improves capital efficiency across the development
pipeline, while maintaining Ryman’s high standards for
quality, design and delivery.
Development remains a core component of Ryman’s
long-term strategy and is being undertaken in a
phased and disciplined manner, aligned with demand
and return thresholds. The outsourced development
model is now in progress, with the main building and
remaining stages at Hubert Opperman set to be the
first project delivered under this approach.
Advancing sustainability and climate
resilience
Sustainability remains integral to village design and
operations. During the year, the Ryman Healthcare
Solar Farm in Northland became fully operational,
positioning Ryman as the first retirement village operator
in New Zealand to secure a dedicated, commercial-scale
renewable energy source. The solar farm is expected to
generate approximately 32 GWh annually, supplying
around 66% of village electricity needs and avoiding an
estimated 3,200 tonnes of carbon emissions each year.
This milestone reflects our commitment to residents,
communities and the environment. In parallel, we are
updating our climate strategy to align with our refreshed
business strategy, with a renewed focus on the climate
risks and opportunities most material to Ryman.
Ryman is a climate reporting entity. Ryman’s climate-related
disclosures will be published by 31 July 2026 and will be
available on our website.
Our villages are purpose-built to support
residents to live well, both today and into
the future.”
“
31

Progressing our pipeline and welcoming
new residents
Significant milestones were achieved across the portfolio
in FY26. At our Patrick Hogan Village in Cambridge,
construction of the main building commenced, and
the next stage of villas was approved by the Board in
response to strong sales momentum and anticipated
demand ahead of the main building opening next year.
In April 2025, James Wattie Village in Havelock North
was formally opened at a special event attended by
residents and members of the Wattie family. In honour
of Sir James Wattie’s philanthropic legacy, Ryman offers
a $15,000 annual scholarship for outstanding students
at the Eastern Institute of Technology Business School,
extending the village’s connection to its wider community.
Following the completion of the main building at
Keith Park Village in Hobsonville, an official opening
was held in July 2025, marked by a village community
celebration attended by nearly 250 residents and
guests. The event featured a flyover by three Warbirds,
honouring the legacy of the village’s namesake – one
of New Zealand’s most distinguished military leaders
and strategists.
Welcoming new residents into our villages reflects the
trust families place in us and confidence in the strength
of our integrated village model. In FY26, we welcomed
more than 3,700 new residents into their homes, living
in independent apartments and townhouses, serviced
apartments and care rooms. This was enabled by
continued investment in new villages, enhancing our
existing village facilities, and the ongoing evolution of
our offering to meet changing resident needs.
In July 2025, stage four of the Nellie Melba Village in
Melbourne was delivered, marking the final stage of its
development and completion of the village. In the same
month, the main building at Kevin Hickman Village in
Christchurch opened, welcoming the village’s first care
residents and marking the fifth village centre completed
within an 18-month period.
These moments reflect more than construction
progress. Each opening represents the collective effort
of Ryman team members and partners, and the sense
of belonging created as residents make each village
community their own.
Our villages are named after remarkable individuals
whose lives reflect values of contribution, resilience and
excellence. In February 2026, Northwood Village was
officially named Richard Hadlee Village, recognising
Sir Richard Hadlee’s extraordinary legacy, which
continues to define excellence in New Zealand cricket
and sport. This long-standing naming tradition continues
to build a strong sense of identity and pride across our
village communities.
Optimising our portfolio and unlocking
capital value
At the end of FY26, Ryman had two active construction
projects, reflecting the planned moderation in build rate
and significantly reducing exposure to construction cost
inflation and property market slowdown.
Alongside development activity, we completed a review
of our portfolio and land bank. This review confirmed
strong underlying demand for care and validated
opportunities for brownfield expansion across more
than half of Ryman’s existing villages. Five land bank
sites were retained following the review, with Australia
identified as more attractive based on current market
and aged care funding settings for future greenfield
development and New Zealand better suited to
brownfield expansion. We are now conducting a more
comprehensive review of development opportunities,
creating a prioritised list for future growth when market
conditions are supportive.
At the end of FY26, settled or contracted land bank
sales totalled $147 million, with an additional site
since identified for divestment. Ryman is targeting
circa $250 million in total cash release from land
sales, supporting balance sheet strength and capital
redeployment into higher-return opportunities.
RYMAN HEALTHCARE ANNUAL REPORT 2026
32

Ryman’s Northwood village in Christchurch was officially
named Richard Hadlee Village in February, honouring
one of New Zealand’s most respected sporting figures
and proud Cantabrians.
The naming reflects our long-standing tradition of
recognising remarkable individuals whose achievements
and values continue to inspire communities across
New Zealand and Australia.
Ryman Chief Executive Naomi James says Sir Richard’s
name was a fitting choice for the Northwood community.
“Sir Richard is a New Zealand legend whose
achievements are known by people around the world,
but he has always remained a proud Cantabrian. He
inspired a generation of budding cricketers, and his
dedication, humility and excellence reflect our Ryman
values. It is such an honour for us to have his name
associated with our Northwood community and to
continue his legacy through the village our residents
and team are building together.”
A proud new chapter for Northwood village
Sir Richard Hadlee attended the official naming
event, where he reflected on his career and
spoke about the significance of having his name
connected to the village, before spending time
with residents and team members during
the celebrations.
The naming marks an important milestone for
the village as it continues to grow and develop,
with the new village centre scheduled to open
later this year. The village centre will introduce
additional shared spaces and amenities, alongside
71 serviced apartments and 60 care rooms to
help meet growing demand for aged care services
in the Canterbury region.
Sir Richard Hadlee and Naomi James
33

Ryman marked a significant sustainability milestone with the commissioning of
its purpose-built solar farm in Maungatūroto, becoming the first retirement village
operator in New Zealand to secure a dedicated, commercial-scale renewable
energy source to power its operations.
The Ryman Healthcare Solar Farm will generate approximately 32 gigawatt-hours
(GWh) of renewable electricity each year, with 100% of its output contracted
exclusively to Ryman through the national grid. This level of generation is equivalent
to powering around 4,000 homes annually and is expected to reduce carbon
emissions by approximately 3,200 tonnes each year.
Chief Operating Officer Marsha Cadman says the project represents a significant
step forward in Ryman’s commitment to sustainability and its science-based
emissions reduction targets.
“The commissioning of this solar farm provides Ryman with a stable, renewable
and long-term energy source to help power our villages across Aotearoa
New Zealand,” she says. “It allows us to meaningfully reduce emissions, support
the resilience of the national grid, and better manage energy costs during a
period of increasing volatility in energy supply and pricing.”
The $35 million project has been enabled through a sleeved power purchase
agreement with Mercury, providing assured access to renewable energy while
ensuring continuity of supply when solar generation is reduced. For context,
electricity consumption across Ryman’s New Zealand villages totalled approximately
53 GWh in FY25, meaning the solar farm is capable of meeting around 66% of
near-term energy requirements.
Cadman notes that residents increasingly expect retirement providers to
demonstrate leadership on climate action. “Our residents want confidence that
we are contributing positively to the future. This partnership ensures we are
delivering renewable energy at scale, beyond rooftop solutions, in a way that
creates lasting impact.”
The solar farm was developed through a joint venture between Tupu Tonu,
Harbour Infrastructure and Purpose Capital, operating as Maungatūroto
Solar Farm Project Limited Partnership. A spokesperson for the partnership
acknowledged that Ryman’s long-term commitment was instrumental in bringing
the project to fruition. Cadman also recognised the support of local landowners,
hapū Te Uri O Hau Settlement Trust, engineering partners and the Maungatūroto
community, describing the project as a strong example of collaboration
delivering cleaner, more resilient energy for both Ryman villages and the wider
New Zealand grid.
The Ryman Healthcare Solar Farm
goes live
RYMAN HEALTHCARE ANNUAL REPORT 2026
34

The Ryman Healthcare Solar Farm
The commissioning of this solar
farm provides Ryman with a stable,
renewable and long-term energy
source to help power our villages
across Aotearoa New Zealand.”
“
35

Dean Hamilton
Chair,
Independent Director
BCA, CMINSTD
Dean joined the Board on 1 June 2023 and assumed the role of
Chair on 1 August 2023. From 22 April 2024 to 28 November 2024,
he assumed the role of Executive Chair while the search for a new
Chief Executive Officer was underway. The Board determined that
Dean was a non-independent director while he was the Executive
Chair, before confirming his position as an independent director
from 29 November 2024. He has an extensive background in
governance, large company leadership and financial markets across
New Zealand and Australia. He is currently Chair of Fulton Hogan
and holds director roles at Auckland International Airport and The
Warehouse Group.
Board of Directors
Paula Jeffs
Independent Director
BA, GRAD DIP (IR),
GAICD
Paula joined the Board in 2019. She is a Melbourne-based
executive, currently holding the position of Executive General
Manager People and Transformation at Melbourne Water. She
brings more than 25 years’ experience leading culture, capability
and safety in organisations across the healthcare and finance
sectors. Early in her working life, Paula spent several years as a
carer in the aged and disability sector.
James Miller
Independent Director
BCOM, AMP HBS,
CFINSTD
James joined the Board in June 2023. He has extensive knowledge
in both audit and risk and financial markets, and is the Chair of
Channel Infrastructure, deputy Chair of Fletcher Building and a
director of Vista Group. James was also previously Chair of NZX
and a director of the Financial Markets Authority.
Kate Munnings
Independent Director
LLB, AMP INSEAD,
BHSC (NURSING)
Kate joined the Board in November 2023. Based in Sydney, Kate
is a director of Vitrafy Life Sciences Limited, Joss Group and
Wesfarmers Limited, and is the Chair of the Digital Health
Cooperative Research Centre. Kate’s previous roles include
Managing Director and Chief Executive Officer of Virtus Health
Limited and Chief Operating Officer of Ramsay Health Care.
Kate has extensive experience across the construction, law
and healthcare sectors and she is a former partner at law firm
Baker McKenzie.
RYMAN HEALTHCARE ANNUAL REPORT 2026
36

David Pitman
Independent Director
BENG (AERO, HONS),
MBA, MAICD
David joined the Board in May 2024. Based in Sydney, he has
over 40 years’ experience in general, operational and financial
management, strategy development, and mergers and acquisitions.
As a Group Executive at Stockland for more than six years, he led
Group Strategy and was the CEO of Stockland Retirement Living.
He is a former partner with Boston Consulting Group and served
as the firm’s Global Finance Director, based in Boston.
Scott Pritchard
Independent Director
BED, DIPTCHG, PGDBA,
MMGT
Hamish Rumbold
Independent Director
BCOM, BPROP, GAICD
Scott joined the Board in 2024. Based in Auckland, Scott
has been CEO of Precinct Properties Group, New Zealand’s
largest owner, developer, and manager of premium real
estate in Auckland and Wellington, since 2010. Scott has
extensive experience in property development, property funds
management and asset management. Scott also serves as the
Independent Chair of the Auckland Council City Centre Advisory
Board and is a Trustee of the Tania Dalton Foundation.
Hamish joined the Board in 2026. Based in Auckland, Hamish
currently serves as a non-executive director for The Warehouse
Group, House of Travel Holdings, Livestock Improvement
Corporation and Perigee HoldCo Limited (trading as OrbitRemit).
Hamish brings deep local and international leadership expertise
in customer experience, business transformation and driving
value through the use of digital, data and technology. Hamish
was previously the Chief Digital and Technology Officer at
Kiwibank, the CEO of ClearPoint and the General Manager of
Customer Value at Air New Zealand.
Paula Jeffs will retire at the conclusion of the 2026 Annual Shareholders Meeting. Our thanks go to Paula for her
dedication to Ryman over the last six years.
37

Naomi James
Chief Executive
Officer
LLB (HONS), MLM,
AMP HBS
Naomi joined Ryman in November 2024. Naomi brings extensive
commercial and operational experience leading people, asset and
regulatory intensive businesses in Australia and New Zealand. She was
most recently the CEO of NZX-listed Channel Infrastructure where she
led a significant transformation of the company and the New Zealand
fuel industry. Naomi has previously held senior operational and strategy
roles at ASX-listed companies Santos and Arrium and brings healthcare
and governance experience having previously been a non-executive
Board member of Central Adelaide Health, an operator of two major
public hospitals.
Matt Prior
Chief Financial
Officer
ACMA, CMINSTD,
BA (HONS)
Matt joined Ryman in July 2025. An accomplished finance leader, Matt
brings a deep understanding of the value drivers in the healthcare
industry and has a proven track record of delivering for shareholders
by driving operational excellence. Matt was previously Chief Financial
Officer at clinical research organisation Emerald Clinical, where he
led the global finance and commercial teams. He has also held senior
finance roles at large multi-national companies, including Virtus Health,
Cochlear Limited, Evans & Partners and Bank of America Merrill Lynch.
Marsha Cadman
Chief Operating
Officer
BA (COMMS), MBA,
GAICD
Marsha was appointed Chief Operating Officer in September 2024,
following her return to Ryman in January 2024 as Chief Transformation
and Strategy Officer. She is responsible for operational performance,
execution discipline and delivery of the organisation’s transformation
programme across operations. She previously served as Chief
Sales and Marketing Officer at Ryman, leading the functions across
New Zealand and Australia. Marsha brings extensive senior leadership
experience across operations, transformation, strategy and sustainability
within complex, asset-intensive organisations. Her previous roles include
Group Manager Customer, Strategy and Marketing at South East Water in
Melbourne and General Manager Strategy, Customer and Sustainability at
Waste Management New Zealand, where she led large-scale operational
and strategic change focused on long-term value creation.
Rick Davies
Chief Customer Officer
BSC
Rick joined Ryman in 2019 and brings deep expertise across commercial,
sales and customer transformation, enabled by technology. He has held
senior leadership roles spanning customer, technology and commercial
functions, with a strong track record in platform modernisation, revenue
growth and customer performance. Rick has significant experience
in the e-commerce sector, having led large-scale digital products and
marketplaces. His previous roles include leading Trade Me’s retail
marketplace division, where he built and scaled customer platforms,
optimised commercial outcomes and strengthened trusted digital brands.
Senior Executive Team
RYMAN HEALTHCARE ANNUAL REPORT 2026
38

Di Walsh
Chief People and Safety
Officer
NZCS
Di joined Ryman in 2023 and brings extensive experience
leading workforce, culture and safety transformation in large,
operationally complex organisations. With an early career in
biochemistry and a strong operational foundation, she has
held senior people and culture leadership roles across Australia
and New Zealand. Di has led enterprise-wide workforce
transformation, aligning capability, leadership and safety with
organisational change and long-term performance. Prior to
joining Ryman, she held senior roles at Lion Nathan and most
recently was Group Executive Manager – People at Fulton Hogan.
Marie Bonnemaison
Chief Transformation and
Corporate Development
Officer
MECON
Dr Rachna Gandhi
Chief Enterprise Strategy,
Systems and Governance
Officer
PhD
Richard Stephenson
Chief Development
and Property Officer
MENG (CIVIL)
Marie joined Ryman in January 2025 as Chief Transformation
and Corporate Development Officer, overseeing the delivery of
Ryman’s transformation strategy. Previously Marie held roles at
leading global management consultancy McKinsey & Company
where she partnered with businesses to deliver sustainable
transformational change, specifically in the aged care, hospital
sectors and with ASX20 companies.
Rachna began working with Ryman at the start of 2026 to lead
the design of Ryman’s future operating model over the coming
year. She brings deep expertise in systems thinking, operating
model redesign, enterprise transformation, digital strategy and
AI enabled innovation, along with extensive experience guiding
complex change in regulated environments. Rachna most recently
served as Global Chief Transformation, Digital and Data Officer
for Ramsay Health Care, where she architected a best-in-class
digital healthcare ecosystem. In that role, she influenced
policy and regulatory settings while delivering measurable
improvements in patient experience, workforce engagement
and operational efficiency.
Richard joined Ryman in February 2026 and brings more than
30 years’ experience across civil engineering, construction,
property development and asset management. He has deep
expertise in the end-to-end design and delivery of large-scale,
complex developments in New Zealand and internationally,
including the UK’s Channel Tunnel Rail Link. Richard has spent
23 years in the retirement living and aged care sector, holding
senior development leadership roles with Vision Senior Living,
Metlifecare and most recently as Property Director for Bupa.
39

Results
RYMAN HEALTHCARE ANNUAL REPORT 2026
40

Bert Newton Village
41

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
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 ANNUAL REPORT 2026
42

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
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.













43

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
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 ANNUAL REPORT 2026
44

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
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

45

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
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 ANNUAL REPORT 2026
46

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
ca c cd
The accompanying notes form part of these financial statements.

47

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 ANNUAL REPORT 2026
48

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


49

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 ANNUAL REPORT 2026
50

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.

51

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 ANNUAL REPORT 2026
52

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
53

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 ANNUAL REPORT 2026
54

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
55

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 ra nges 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 ANNUAL REPORT 2026
56

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 ra nges 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).


57

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 ANNUAL REPORT 2026
58

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.


59

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 ANNUAL REPORT 2026
60

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.

61

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 ANNUAL REPORT 2026
62

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.
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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 ANNUAL REPORT 2026
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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

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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
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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.
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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 ANNUAL REPORT 2026
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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


69