Ryman Healthcare Ltd. · NZX:RYM
Ryman Healthcare — FY2026 Earnings Presentation
91 slides from Ryman Healthcare's earnings presentation, May 26, 2026
Slide 1: Full year results
R Y M A N H E A L T H C A R E | FY26 Results Presentation RYMAN HEALTHCARE Full year results For the twelve months ended 31 March 2026 Presented 26 May 2026
Slide 2: Agenda and Presenters
R Y M A N H E A L T H C A R E | FY26 Results Presentation Agenda Presenters Highlights 3 Retirement living 8 Aged care 16 Development 22 Financial performance 27 Capital management 36 Strategic priorities 42 Naomi James Matt Prior CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER Outlook 48 Q&A 52 Dev
Slide 3: Highlights
R Y M A N H E A L T H C A R E | FY26 Results Presentation Highlights Naomi James, Chief Executive Officer Dora and great granddaughter, Logan Campbell Village
Slide 4: FY26 financial highlights
R Y M A N H E A L T H C A R E | FY26 Results Presentation Highlights FY26 financial highlights Significant year of progress, with refreshed strategy and progress towards FY29 targets Substantial uplift in free cash flow1 First positive result in a decade at $188m, material progress toward cash targe
Slide 5: Ryman at a glance
R Y M A N H E A L T H C A R E | FY26 Results Presentation Highlights Ryman at a glance High-quality, scalable portfolio with a trusted brand and unique care offering Retirement villages2 Retirement village units2 Residents Average age of entry – independent 47 -2 9,959 +182 15,547 +391 80.2 years +0
Slide 6: Leading care quality and resident experience
R Y M A N H E A L T H C A R E | FY26 Results Presentation Highlights Leading care quality and resident experience High resident satisfaction, supported by strong team engagement, with sector-leading recognition Customer NPS1 Team member engagement 47 69% New Culture 6% Amp survey Reader’s Digest Sen
Slide 7: FY26 performance snapshot
R Y M A N H E A L T H C A R E | FY26 Results Presentation Highlights FY26 performance snapshot Operating EBITDAF1 Sales of retirement living ORAs Aged care occupancy (occupation basis)1 (mature villages) $88.3m +94% 1,410 New sales: 348 Resales: 1,062 -7% 96.0% -0.3ppts FY25: $45.5m FY25: 1,523 FY25
Slide 8: Retirement living
R Y M A N H E A L T H C A R E | FY26 Results Presentation Retirement living Naomi James, Chief Executive Officer Jill and Paddy, Keith Park Village
Slide 9: Step change in DMF and weekly fees
R Y M A N H E A L T H C A R E | FY26 Results Presentation Retirement living Step change in DMF and weekly fees Reset contract terms embedded and driving significant uplift in long term value Independent living unit weekly fees1 Average contracted DMF for new residents2 +63% +8 ppts uplift on unit tu
Slide 10: Strong growth in revenue as portfolio rolls onto new terms
R Y M A N H E A L T H C A R E | FY26 Results Presentation Retirement living Strong growth in revenue as portfolio rolls onto new terms Front-book reset and back-book roll-off combining to drive strong fee growth Proportion of portfolio on new weekly fees terms1 Average weekly village fee per occupie
Slide 11: Sustained improvement in contracting
R Y M A N H E A L T H C A R E | FY26 Results Presentation Retirement living Sustained improvement in contracting Sales strategies driving turnaround in resales contracts from new residents Net resales contracts (new residents)1 • Progressive rebuild in net resales contracts since pricing model chang
Slide 12: Resales underpinned by new customers on higher DMF
R Y M A N H E A L T H C A R E | FY26 Results Presentation Retirement living Resales underpinned by new customers on higher DMF Growth in new resident base and value of forward contract book Resales by customer type • Steady rebuild in new resident resales volumes, with two quarters of consecutive gr
Slide 13: Targeted pricing strategy
R Y M A N H E A L T H C A R E | FY26 Results Presentation Retirement living Targeted pricing strategy Average resales unit pricing modestly down; strong new sales cash conversion Average resales ORA price • Average pricing down modestly year- on-year reflecting price adjustments $864k $876k $908k $8
Slide 14: Growth in paid out stock moderates
R Y M A N H E A L T H C A R E | FY26 Results Presentation Retirement living Growth in paid out stock moderates Focus remains on increasing sales volumes to match turnover and reduce paid-out resales stock Resales stock • Growth in resales stock moderated in 2H26, reflecting focus on resales 420 416
Slide 15: Meaningful progress in selling down new stock
R Y M A N H E A L T H C A R E | FY26 Results Presentation Retirement living Meaningful progress in selling down new stock New sales driving material stock reduction and cash release in FY26 Independent new sales stock Serviced new sales stock • New sales for independent units have been above new sto
Slide 16: Aged care
R Y M A N H E A L T H C A R E | FY26 Results Presentation Aged care Naomi James, Chief Executive Officer Natasha and Ivon, Bert Sutcliffe Village
Slide 17: New aged care capacity filling ahead of expectations
R Y M A N H E A L T H C A R E | FY26 Results Presentation Aged care New aged care capacity filling ahead of expectations Significant uplift in occupancy across recently opened care centres Developing care centre occupancy1 39% 96% 61% 100% 5% 97% 96% 18% 90% 85% 80% 78% 80% 60% 60% 58% 40% 29% 20% 0
Slide 18: Leveraging Ryman's premium care brand
R Y M A N H E A L T H C A R E | FY26 Results Presentation Aged care Leveraging Ryman’s premium care brand Strong pricing outcomes achieved while growing premium-paying resident base Average daily room premium (NZ$) Average RAD balance (A$) • New resident room premiums up 13% in New Zealand, driven b
Slide 19: Growing aged care revenue and cash flow
R Y M A N H E A L T H C A R E | FY26 Results Presentation Aged care Growing aged care revenue and cash flow Filling new capacity, higher acuity mix and care capital are driving growth in revenue per bed Occupied bed days (by country) Occupied bed days (by acuity mix) - NZ • Room premiums and RADs dr
Slide 20: Aged care reforms progressing
R Y M A N H E A L T H C A R E | FY26 Results Presentation Aged care Aged care reforms progressing Australian reforms now in effect; New Zealand reform progress expected; pressure on public hospital system driving Government action on both sides of the Tasman Australia - continued focus on addressing
Slide 21: Improving margins in aged care
R Y M A N H E A L T H C A R E | FY26 Results Presentation Aged care Improving margins in aged care Meaningful progress achieved toward FY29 target of $25–30k operating EBITDAF per bed • Performance improvement through Average operating EBITDAF per bed FY26 with 2H26 operating EBITDAF per ($k per yea
Slide 22: Development
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development Naomi James, Chief Executive Officer Richard Hadlee Village
Slide 23: In-flight build programme moderated as planned
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development In-flight build programme moderated as planned Sites under active construction reduced from seven to two at year-end, significantly reducing exposure to construction cost inflation and property market slowdown Additional Under Mai
Slide 24: Filling capacity at developing villages
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development Filling capacity at developing villages Significant growth in occupied units across all ten villages with new stock delivered in past two years Occupied retirement living units1 400 +49 YoY 300 +30 YoY +22 200 +53 +18 YoY +27 YoY
Slide 25: Land bank review driving cash release
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development Land bank review driving cash release Land divestment target lifted to ~$250 million, with $147 million of land sales contracted to date • Divestment programme underway following land bank review to release cash from land bank • M
Slide 26: Development optionality retained
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development Development optionality retained Continuing to prioritise land bank opportunities; waiting for stronger market signals before committing capital Uncommitted stages Mature village Retained greenfield • Prioritising best greenfield
Slide 27: Financial performance
R Y M A N H E A L T H C A R E | FY26 Results Presentation Financial performance Matt Prior, Chief Financial Officer Suellen and granddaughters Sadie and Ellie, William Sanders Village
Slide 28: Key financial metrics
R Y M A N H E A L T H C A R E | FY26 Results Presentation Financial performance Key financial metrics Operating revenue1 Cash flow from existing Net interest-bearing debt1 operations (CFEO)1 $849.1m +10% ($33.9m) +$73.6m $1,571m -$94m FY25: $1,665m FY25: $771.1m FY25 (restated): ($107.5m) Operating
Slide 29: Operating profit and loss result highlights year of progress
R Y M A N H E A L T H C A R E | FY26 Results Presentation Financial performance Operating profit and loss result highlights year of progress Revenue growth outpaced expenses driving a doubling of operating EBITDAF FY25 • Care and village fees increase reflects Operating profit and loss ($m) (restate
Slide 30: Country drivers of operating performance
R Y M A N H E A L T H C A R E | FY26 Results Presentation Financial performance Country drivers of operating performance Operating earnings and margin uplift driven by strong performance across NZ and AU villages and non-village Operating EBITDAF Operating margin1 Group 94% 25% 24% • Strong operatin
Slide 31: Improvement in core operating performance
R Y M A N H E A L T H C A R E | FY26 Results Presentation Financial performance Improvement in core operating performance Developing villages, mature villages and non-village all contributing to growth in operating earnings Operating EBITDAF ($m) • Significant uplift in occupancy in developing villa
Slide 32: Segment drivers of operating performance
R Y M A N H E A L T H C A R E | FY26 Results Presentation Financial performance Segment drivers of operating performance Aged care the main driver of improved operating performance half on half Aged care segment ($m) 1H26 2H26 HoH Aged care Segment revenue 272.5 290.8 7% • Strong margin expansion wi
Slide 33: Meaningful non-village cost out delivered
R Y M A N H E A L T H C A R E | FY26 Results Presentation Financial performance Meaningful non-village cost out delivered Lower cost structure in support services with clear progress in reducing non-village overhead Gross non-village costs ($m) Non-village headcount • Clear progress over the past tw
Slide 34: Improving cash flow from existing operations (CFEO)
R Y M A N H E A L T H C A R E | FY26 Results Presentation Financial performance Improving cash flow from existing operations (CFEO) Growing recurring cash flow from strategy execution FY25 • Uplift in fees and DMF collected in Cash flow from existing operations (CFEO) (restated) FY26 YoY $ combinati
Slide 35: Cash flow from development activity (CFDA) and free cash flow
R Y M A N H E A L T H C A R E | FY26 Results Presentation Financial performance Cash flow from development activity (CFDA) and free cash flow Robust new sales, moderating development spend and land divestment programme drive strong cash flow FY25 • Over $200m growth in CFDA, driven by Cash flow from
Slide 36: Capital management
R Y M A N H E A L T H C A R E | FY26 Results Presentation Capital management Matt Prior, Chief Financial Officer Deborah Cheetham Village
Slide 37: High quality assets reflected in investment property valuations
R Y M A N H E A L T H C A R E | FY26 Results Presentation Capital management High quality assets reflected in investment property valuations Investment property broadly flat with FX and additions partly offset by fair value movements 11,200 Investment property ($m) • $200 million uplift from FX tran
Slide 38: Aged care valuations strengthening
R Y M A N H E A L T H C A R E | FY26 Results Presentation Capital management Aged care valuations strengthening Improving market conditions and earnings outlook drive uplift in independent aged care valuations Average book value per aged care bed1 • Book values per bed increased YoY across all regio
Slide 39: Net tangible assets of $4.00 per share
R Y M A N H E A L T H C A R E | FY26 Results Presentation Capital management Net tangible assets of $4.00 per share Book values underpinned by independent valuations, broadly unchanged on FY25 NTA movement (cps) • Net tangible assets (NTA) of $4.07 billion or $4.00 per share, modestly down on 420 re
Slide 40: Balance sheet reset complete
R Y M A N H E A L T H C A R E | FY26 Results Presentation Capital management Balance sheet reset complete Full refinancing of $2 billion bank facilities completed with improved pricing and no bank maturities until FY31 Key debt metrics FY25 FY26 • $675 million of liquidity headroom and lowest in ind
Slide 41: Prudent treasury management
R Y M A N H E A L T H C A R E | FY26 Results Presentation Capital management Prudent treasury management Substantial reduction in annualised interest costs and high proportion of drawn debt on fixed rates Annualised gross interest costs ($m)1 Fixed interest rate profile ($m)2 • Weighted average cost
Slide 42: Strategic priorities
R Y M A N H E A L T H C A R E | FY26 Results Presentation Strategic priorities Naomi James, Chief Executive Officer Ros and Archie, Deborah Cheetham Village
Slide 43: On track to deliver $150 million CFEO improvement target
R Y M A N H E A L T H C A R E | FY26 Results Presentation Strategic priorities On track to deliver $150 million CFEO improvement target $47m of sustainable CFEO improvement delivered in first year across aged care, retirement living and support services $150m CFEO improvement target1 $150m FY29 driv
Slide 44: Significant progress towards $500 million cash release target
R Y M A N H E A L T H C A R E | FY26 Results Presentation Strategic priorities Significant progress towards $500 million1 cash release target Strong early cash release momentum from stock sell-down and land sales • $169 million released in FY26 from: Net cash flow from Land sales Net cash flow from
Slide 45: Evolving our Serviced Apartment offering
R Y M A N H E A L T H C A R E | FY26 Results Presentation Strategic priorities Evolving our Serviced Apartment offering Actively expanding our serviced apartment offering to attract a broader customer base with flexible assisted living and care products Serviced Targeting 95%+ apartment portfolio oc
Slide 46: Building our future competitive advantage
R Y M A N H E A L T H C A R E | FY26 Results Presentation Strategic priorities Building our future competitive advantage OneRyman is building a more scalable, adaptable and digitally enabled business Value creation Return time to care and Reduce village-embedded Build a scalable, adaptable improve r
Slide 47: Refreshed strategy – focus in FY27
R Y M A N H E A L T H C A R E | FY26 Results Presentation Strategic priorities Refreshed strategy – focus in FY27 Key focus areas under strategic framework announced at February 2026 Investor Day1 1 2 3 4 Be the provider of choice Grow recurring earnings Optimise existing portfolio Value-creating po
Slide 48: Outlook
R Y M A N H E A L T H C A R E | FY26 Results Presentation Outlook Naomi James, Chief Executive Officer Mel, John Flynn Village
Slide 49: Current market conditions
R Y M A N H E A L T H C A R E | FY26 Results Presentation Outlook Current market conditions Resilient needs-based demand providing diversification to mixed independent retirement living demand • Demand for aged care and serviced apartments has continued to grow year-to-date on pcp, reflecting resili
Slide 50: FY27 guidance
R Y M A N H E A L T H C A R E | FY26 Results Presentation Outlook FY27 guidance Continued focus on growing aged care recurring earnings and releasing cash in retirement living and development • Ryman enters FY27 with a stronger and Metric FY27 guidance more resilient business than two years Retireme
Slide 51: FY27 priorities
R Y M A N H E A L T H C A R E | FY26 Results Presentation Outlook FY27 priorities Clear focus on cash flow generation, capital management and growing care earnings 1 Grow care earnings through occupancy, pricing and efficiency improvements 2 Reduce vacant retirement living stock and broaden market o
Slide 52: Q&A
R Y M A N H E A L T H C A R E | FY26 Results Presentation Q&A Courtney and Judy, Bert Newton Village
Slide 53: Development updates
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development updates Dawn and Julie, Richard Hadlee Village
Slide 54: In-flight development programme
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development updates In-flight development programme Total RV Aged care Total units Category Village Stage TH IA SA units beds and beds FY26 build Kevin Hickman Stage 1 (main building) - 14 65 79 80 159 Deborah Cheetham Stage 11a 6 - - 6 - 6 D
Slide 55: Development progress
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development updates Development progress Keith Park Opened: June 2021 Patrick Hogan Opened: July 2023 Status: land bank Status: under construction Hobsonville, Auckland Cambridge Townhouse: 0 | Apartment: 276 | Serviced: 101 | Care: 120 Townh
Slide 56: Development progress
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development updates Development progress Kevin Hickman Opened: June 2021 Richard Hadlee Opened: June 2023 Status: land bank Status: under construction Riccarton Park, Christchurch Northwood, Christchurch Townhouse: 59 | Apartment: 172 | Servi
Slide 57: Development progress
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development updates Development progress Hubert Opperman Opened: August 2024 Deborah Cheetham Opened: December 2020 Status: planning Status: land bank Mulgrave, Melbourne Ocean Grove Townhouse: 80 | Apartment: 32 | Serviced: 0 | Care: 40 Town
Slide 58: Development progress
R Y M A N H E A L T H C A R E | FY26 Results Presentation Development updates Development progress Nellie Melba Opened: August 2018 Status: complete Wheelers Hill, Melbourne Townhouse: 0 | Apartment: 332 | Serviced: 85 | Care: 190 Stage 4 Photo,29 Photo, 27September October 2025 2025 • Stage 4 (fina
Slide 59: Appendices
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Kevin Hickman Village bowling tournament
Slide 60: Appendix 1: FY26 delivery against targets
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 1: FY26 delivery against targets Metric Target FY26 results FY26 guidance Sales of ORAs1 1,300–1,400 at higher DMF 1,371 (excluding resident relocations) (occupation basis) (excluding resident relocations) 1,410 (total, no
Slide 61: Appendix 2: Four-year summary
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 2: Four-year summary FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Villages Retirement living occupancy 1 Open 45 48 49 47 Occupied 7,807 8,213 8,538 8,706 2 Under active construction 14 10 7 2 Unoccupied 821 974 1,239 1,253 Gre
Slide 62: Appendix 3: Ryman Board and management
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 3: Ryman Board and management Board Executive team Dean Hamilton James Miller Naomi James Matt Prior CHAIR NON-EXECUTIVE DIRECTOR CHIEF EXECUTIVE CHIEF FINANCIAL Joined: June 2023 Joined: June 2023 OFFICER OFFICER Joined:
Slide 63: Appendix 4: Sales of ORAs – retirement living
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 4: Sales of ORAs – retirement living 1 New sales Volume Gross value Average unit price (#) ($000s) ($000s) FY25 FY26 YoY FY25 FY26 YoY FY25 FY26 YoY Independent NZ 241 147 -39% 225,299 123,317 -45% 935 839 -10% AU 92 94 2%
Slide 64: Appendix 5: Vacant retirement living unit stock
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 5: Vacant retirement living unit stock Vacant retirement living unit stock1 at period end Mar-25 Sep-25 Mar-26 New sales stock Independent 300 284 245 (by unit type) Serviced 278 308 234 Subtotal 578 592 479 New sales stoc
Slide 65: Appendix 6: Gross resale bank and resales affordability
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 6: Gross resale bank and resales affordability Gross resale bank ($m)1 Resales affordability ($m)3 $1.40b 1.27 $1.8m 1.63 $1.20b 0.12 1.10 $1.5m 0.10 $1.00b 1.21 $1.2m 1.04 $0.80b 0.94 $0.9m $0.60b 0.74 0.75 1.15 0.71 0.65
Slide 66: Appendix 7: Asset base and land bank
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 7: Asset base and land bank Asset base Land bank (indicative unit/bed mix) At 31 March 2026 New Zealand Australia Group At 31 March 2026 New Zealand Australia Group Townhouse 2,808 253 3,061 Townhouse 507 87 594 Apartment
Slide 67: Appendix 8: Asset base and land bank
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 8: Asset base and land bank New Zealand Total Total Asset Total Total Land Village Location Opened TH IA SA units beds base TH IA SA units beds bank Total Essie Summers Christchurch FY92 22 - 58 80 95 175 - - - - - - 175 F
Slide 68: Appendix 9: Asset base and land bank
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 9: Asset base and land bank Australia Total Total Asset Total Total Land Village Location Opened TH IA SA units beds base TH IA SA units beds bank Total Weary Dunlop Melbourne FY15 - 200 48 248 82 330 - - - - - - 330 Charl
Slide 69: Appendix 10: Investment property valuation summary
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 10: Investment property valuation summary Investment property reconciliation ($m) Independent valuation assumptions Mar-25 Discount 31 March 2026 Valuer unit price inflation assumption rate (restated)1 Mar-26 Yr 1 Yr 2 Yr
Slide 70: Appendix 11: Investment property valuation by village
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 11: Investment property valuation by village New Zealand villages Village Location Units Valuation1 ($m) Discount rate Growth rate Yr 1 Growth rate Yr 2 Growth rate Yr 3 Growth rate Yr 4 Growth rate Yr 5+ Jane Mander Retir
Slide 71: Appendix 12: Investment property valuation by village – cont.
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 12: Investment property valuation by village – cont. Australian villages Village Location Units Valuation1 ($m) Discount rate Growth rate Yr 1 Growth rate Yr 2 Growth rate Yr 3 Growth rate Yr 4 Growth rate Yr 5+ Charles Br
Slide 72: Appendix 13: Aged care valuation summary
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 13: Aged care valuation summary Breakdown of property, plant and equipment ($m) Independent valuation of land & buildings value movement ($m) PPE ($m) Mar-25 Mar-26 YoY Valuer assumption Mar-25 Mar-26 YoY FHGC1 – previousl
Slide 73: Appendix 14: Aged care centre valuation by village
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 14: Aged care centre valuation by village New Zealand villages Village Location Beds Cap rate (market rental) Land & Buildings ($m) Freehold going concern ($m) Jane Mander Retirement Village Whangarei 112 7.0% 15 20 Evelyn
Slide 74: Appendix 15: Aged care centre valuation by village – cont.
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 15: Aged care centre valuation by village – cont. Australian villages Village Location Beds Cap rate (market rental) Land & Buildings ($m) Freehold going concern Charles Brownlow Retirement Village Melbourne 100 7.0% 51 68
Slide 75: Appendix 16: Balance sheet summary
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 16: Balance sheet summary Mar-25 Mar-25 FY26 $m (reported) Restatements (restated) movements Mar-26 Cash and cash equivalents 18 - 18 (8) 10 Trade and other receivables 164 - 164 1 165 Assets held for sale 33 - 33 9 42 Pro
Slide 76: Appendix 17: Key debt funding metrics
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 17: Key debt funding metrics Interest bearing debt ($000s) Financial statement reference Mar-25 Sep-25 Mar-26 NZD bank loans 527,200 506,850 476,000 AUD bank loans 1,009,236 1,005,807 960,269 NZD retail bond 150,000 150,00
Slide 77: Appendix 18: Finance costs
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 18: Finance costs Finance costs ($m) FY25 FY26 YoY Profit and loss Interest expense on loans and borrowings (174.6) (92.5) -47% Interest expense - residents (0.8) (1.5) 93% Amortisation of issue costs on loans and borrowin
Slide 78: Appendix 19: Fixed rate debt profile
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 19: Fixed rate debt profile Notional value of fixed debt ($m)1 Average interest rate on fixed rate debt (%)2 1,600 7.0% 6.4% 6.3% 6.4% 6.3% 6.2% 6.2% 6.3% 6.1% 1,400 5.8% 5.8% 6.0% 1,200 5.0% 1,000 720 570 4.0% 800 684 684
Slide 79: Appendix 20: Revenue by unit type
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 20: Revenue by unit type Aged care beds ($m) FY25 FY26 YoY Care fees $m 467.3 525.9 13% Imputed income on RADs $m 32.5 35.6 10% DMF $m 0.4 0.5 42% Total aged care revenue $m 500.1 562.0 12% Occupied bed days (#) # 1,518,88
Slide 80: Appendix 21: Aged care summary
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 21: Aged care summary New Zealand aged care centres Australia aged care centres Note all figures in NZD equivalent unless otherwise stated Unit FY25 FY26 YoY Unit FY25 FY26 YoY Operational care centres # 37 36 (3%) Operati
Slide 81: Appendix 22: Segmental operating performance
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 22: Segmental operating performance FY26 Segment performance ($m) Aged care Retirement living Non-village Group Care and village fees 526.0 114.0 - 639.9 Deferred management fees 0.5 158.0 - 158.6 Imputed interest income o
Slide 82: Appendix 23: Non-operating items
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 23: Non-operating items 1 2 Non-operating items ($m) Profit and loss Cash flow FY26 FY25 FY26 FY25 Reduction to DMF for GST and uncapped transfers - (12.0) - - Ravenstonedale land development surplus 5.4 - - - Total non-op
Slide 83: Appendix 24: Free cash flow
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 24: Free cash flow FY25 $m (restated) FY26 YoY Alternative cash flow presentation Cash flow from existing operations (CFEO) (107.5) (33.9) 73.6 Cash flow from development activity (CFDA) 13.3 222.2 208.9 Free cash flow (94
Slide 84: Appendix 25: Cash flow detail – RV resident funding
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 25: Cash flow detail – RV resident funding Resident funding from RV units ($m) Financial statement reference FY25 FY26 YoY New sales of occupation rights Gross new sale settlements 402.2 318.0 (84.2) Suspended contribution
Slide 85: Appendix 26: Cash flow detail – operating costs
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 26: Cash flow detail – operating costs FY25 Payments to suppliers and employees ($m) Financial statement reference (restated) FY26 YoY Included in cash flow from existing operations Village operations (586.0) (630.9) (44.9
Slide 86: Appendix 27: Cash flow detail – capex
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 27: Cash flow detail – capex FY25 Capex ($m) (restated) FY26 YoY $ Property capex - aged care 9.7 9.7 (0.1) Property capex - retirement living 26.0 21.7 (4.3) Technology capex 6.9 5.6 (1.4) Capex on existing villages and t
Slide 87: Appendix 28: Cash flow detail – cash DMF
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Appendix 28: Cash flow detail – cash DMF FY25 1 Cash DMF ($m) (restated) FY26 YoY $ Accrued DMF - opening (713.8) (830.0) (116.2) Accrued DMF - closing (830.0) (988.2) (158.2) Movement in accrued DMF (116.2) (158.2) (42.0) Revenue
Slide 88: Glossary
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Glossary Term Definition AU Australia Brownfield land Unused or underutilised land inside an existing village that is capable of being developed Capex (non-GAAP) Capital expenditure (capex) refers to capital expenditure to acquire,
Slide 89: Glossary
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Glossary Term Definition NTA Net tangible assets. Calculated as total assets less intangible assets and deferred tax assets, and less total liabilities NZ New Zealand Operating EBITDAF (non-GAAP) Earnings before interest, tax, depr
Slide 90: Glossary: Operating expense categories
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Glossary: Operating expense categories Cost category Definition Employee expenses Employee expenses comprise costs incurred by the Group in respect of the employment and engagement of staff. These expenses include remuneration-rela
Slide 91: Disclaimer
R Y M A N H E A L T H C A R E | FY26 Results Presentation Appendices Disclaimer This presentation has been prepared by Purpose of this presentation Ryman Healthcare Limited and its group This presentation is not an offer of financial products, or a proposal or invitation to make any such companies (