Second quarter trading update

RYMAN HEALTHCARE LIMITED 1
NZX & ASX RELEASE
Second quarter trading update
12 October 2026
Ryman Healthcare reports 379 sales of retirement living occupation right agreements (ORAs) for the
quarter ended 30 September 2026 (Q2 FY27), including 312 resales and 67 new sales.

Resales volumes reach eight-quarter high
Resales volumes increased 14% on the same period last year, making Q2 FY27 the strongest resale
period in the past eight quarters, underpinned by continued strength in serviced apartments.
Ryman CEO Naomi James said, “Demand for serviced apartments remains strong and continues to
benefit from structural growth of assisted living. We're encouraged by the early response to our Ryman
Select product, which provides residents with greater choice and flexibility of services, with a round
one-third of new serviced apartment applications choosing this option at villages where it has been
rolled out”.
Net resales contract volumes, a lead indicator of future sales, increased 11% on the same period last
year, following the 7% growth year on year seen in Q1 FY27. Growth was driven by strong contracting
activity across both independent and serviced retirement units, with performance broad-based across
most regions including Auckland and Victoria.
Continued sell down of new sales inventory
New retirement living stock reduced by 67 units to 347 units in Q2 FY27, bringing the total reduction
since 31 March 2026 to 132 units
1
. The reduction reflects new sales and the absence of new stock
deliveries , as planned, in the first half of FY27.
The new main building at Richard Hadlee Village in Christchurch opened in October (Q3 FY27), adding
77 retirement living units and 65 care beds, including new care suite and premium care apartment
offerings. With these 142 delivered, Ryman remains on track for its FY27 build guidance of 157–168
retirement living units and aged care beds.
Aged care demand remains strong
Total aged care occupancy was 94.0% in Q2 FY27, up 3.3 percentage points on the same period last
year. Growth was driven by the filling of recently developed care centres, including Kevin Hickman
Village in Christchurch which is now full after opening 15 months ago.
Occupancy in mature aged care centres was 95.4% in Q2 FY27, down slightly from 95.7% in the same
period last year, reflecting a more acute period of winter illness in some New Zealand villages.

1
Stock reduction 127 new sales and 5 retirement living units reclassified to aged care.

RYMAN HEALTHCARE LIMITED 2
Occupancy across Ryman’s five mature aged care centres in Victoria reached 97.9% in Q2 FY27, up from
96.1% in the same period last year.
James said, “Demand for aged care continues to grow in both New Zealand and Australia, supported by
demographic trends and the quality of our offering. Seamless access to aged care remains one of the
key reasons residents choose Ryman, and our recently launched Resident Fund product provides
another option to support residents as their care needs change.”
From 1 September, Ryman has expanded its Resident Fund product in New Zealand, enabling residents
to use their capital from their prior retirement living unit to fund both care accommodation charges
and base care fees when needed.
Market conditions
Naomi James said, “We are making progress towards our target of matching resales with turnover by
the end of FY27 and we've entered the second half with a healthy contract book. While housing market
conditions continue to be soft, demand for retirement living, assisted living and aged care remains
resilient across New Zealand and Australia, reflecting structural demographic drivers that are less
dependent on housing market conditions. We are focused on executing the initiatives within our
control, including targeted sales strategies and expanding pricing and product options to improve
affordability and accessibility for prospective residents , consistent with our strategy to grow our high-
quality recurring earnings which are less reliant on house price growth.”

Sales of occupation right agreements for retirement village units

Sales volume (#) FY26 FY27


Q1 Q2 Q3 Q4 FY Q1 Q2
New sales
Independent 56 75 61 49 241 35 38

Serviced 17 18 40 32 107 25 29

Total 73
93 101 81 348 60 67
Resales
Independent 133 119 133 129 514 113 133

Serviced 131 155 141 121 548 152 179

Total 264 274 274 250 1,062 265 312
Total
Independent 189
194 194 178 755 148 171

Serviced 148 173 181 153 655 177 208

Total 337
367 375 331 1,410 325 379
Note: Includes ORA sales on retirement village units only and excludes ORAs and RADs on aged care accommodation. Sales are recognised when a resident
takes occupation of a retirement village unit, which typically aligns with settlement. FY26 sales include 39 ORAs from residents who have elected to
relocate to other Ryman villages from Margaret Stoddart and Woodcote following the closure of these villages (Q2: 5 sales, Q3: 32 sales, Q4: 2 sales).
ENDS
Authorised by
Morgan Powell, General Counsel

RYMAN HEALTHCARE LIMITED 3
About Ryman
Founded in Christchurch in 1984, Ryman Healthcare is New Zealand’s largest retirement living and aged care
provider, and the leading integrated retirement living and aged care operator in Victoria. Dual listed on the NZX
and ASX, Ryman owns and operates 47 integrated retirement villages across New Zealand and Australia,
providing homes to over 15,500 residents and employing 7,800 dedicated team members.
Ryman’s villages provide a fully integrated continuum of care, bringing together independent living, assisted
living, and aged care services within a single community. This model offers residents choice, continuity, and a
genuine home for life experience as their needs change, while giving families confidence and peace of mind.
Committed to high standards of quality and service, Ryman delivers exceptional living and care experiences
alongside long-term value for residents, families, and shareholders.
Contacts
For investor relations information
Hayden Strickett, Head of Investor Relations
hayden.strickett@rymanhealthcare.com

For media information
Sarah Greig, General Manager Corporate Affairs
and Communications
sarah.greig@rymanhealthcare.com