Ryman Healthcare Ltd. · NZX:RYM
Ryman Healthcare — FY2025 Earnings Presentation
79 slides from Ryman Healthcare's earnings presentation, May 29, 2025
Slide 1: Full year results
RYMAN HEALTHCARE Full year results For the year ended 31 March 2025 Presented 29 May 2025
Slide 2: Agenda and Presenters
RYMAN HEALTHCARE | FY25 Results Presentation Agenda Presenters Highlights 3 Sales and stock 7 Operations 13 Development 17 Financials 22 Capital management 35 Naomi James Rob Woodgate CHIEF EXECUTIVE CHIEF FINANCIAL Business transformation 39 OFFICER OFFICER Outlook 44 Q&A 47 Appendices 48 All figur
Slide 3: Highlights
RYMAN HEALTHCARE | FY25 Results Presentation 33 Highlights Patrick Hogan Village resident Roger in the village workshop
Slide 4: A year of reset
RYMAN HEALTHCARE | FY25 Results Presentation Highlights 4 A year of reset Ryman will enter FY26 with a strong balance sheet, reset in revenue and cost performance underway, and a portfolio positioned to deliver cash and returns as housing and economic cycle improves Sales Pricing model changes have
Slide 5: Equity raise scorecard
RYMAN HEALTHCARE | FY25 Results Presentation Highlights 5 Equity raise scorecard Ryman has met most targets provided at the time of the equity raise in February 2025 Equity raise target Scorecard FY25 outlook 940 units/beds built 950 units/beds completed 1,471 total ORA sales 1,523 total ORA sales a
Slide 6: FY25 performance
RYMAN HEALTHCARE | FY25 Results Presentation Highlights 66 FY25 performance Build rate Average ORA sales price Free cash flow1,3 950 RV units: 591 Care beds: 359 $800k ($94.2m) +29% | FY24: 736 +2% | FY24: $787k +$92.7m | FY24: ($186.9m) Sales of RV unit ORAs RV unit occupancy Capex1,2 (occupation b
Slide 7: Sales and stock
RYMAN HEALTHCARE | FY25 Results Presentation 77 Sales and stock Patrick Hogan Village
Slide 8: Sales contracts
RYMAN HEALTHCARE | FY25 Results Presentation Sales and stock 8 Sales contracts Contracting momentum has improved since the time of the equity raise, but remains below prior periods FY25 gross sales contracts1 vs average two-year pcp2 • Retirement village market conditions remain challenging with ele
Slide 9: Pricing model changes
RYMAN HEALTHCARE | FY25 Results Presentation Sales and stock 9 Pricing model changes Step change in DMF and weekly fees implemented in 3Q is building a higher value future contract book New resident contracts (by value) • Flexible pricing model offers choice of DMF level and fixed or indexed weekly
Slide 10: Sales volumes
RYMAN HEALTHCARE | FY25 Results Presentation Sales and stock 10 Sales volumes1 FY25 sales broadly flat YoY, 4Q sales ahead of equity raise outlook Quarterly sales of ORAs Annual sales of ORAs • 4Q sales were ahead of equity raise outlook driven by new village sales and seasonal 430 447 420 1,522 1,5
Slide 11: Pricing and margins
RYMAN HEALTHCARE | FY25 Results Presentation Sales and stock 11 Pricing and margins Pricing held in challenging market conditions with targeted pricing changes to flow through in FY26 New Sales ORA pricing Resales ORA pricing • FY25 sales predominantly reflect contracts $726k $735k signed prior to 1
Slide 12: Retirement village unit stock
RYMAN HEALTHCARE | FY25 Results Presentation Sales and stock 12 Retirement village unit stock Selling down existing stock remains a significant opportunity to release cash from the business Turnover (units vacated) FY25 average age of residents • Record unit turnover demonstrates portfolio 1,200 mat
Slide 13: Operations
RYMAN HEALTHCARE | FY25 Results Presentation 13 13 Operations Miriam Corban Village resident Alfred and caregiver Maria
Slide 14: RYMAN HEALTHCARE | FY25 Results Presentation
RYMAN HEALTHCARE | FY25 Results Presentation 14 14
Slide 15: Retirement village operating performance
RYMAN HEALTHCARE | FY25 Results Presentation Operations 15 Retirement village operating performance Strong growth in revenue per unit metrics achieved in FY25 Independent unit occupancy1 Lower serviced apartment occupancy1 • Stable independent unit occupancy 92.1% 86.8% 86.2% • Lower serviced apartm
Slide 16: Aged care operating performance
RYMAN HEALTHCARE | FY25 Results Presentation Operations 16 Aged care operating performance High occupancy and strengthening premiums, in a growing care portfolio Average daily room premiums Average RAD balance • Continue to attract growing premiums – New Zealand – Australia and maintain occupancy re
Slide 17: Development
RYMAN HEALTHCARE | FY25 Results Presentation 17 17 Development Kevin Hickman Village
Slide 18: Development progress
RYMAN HEALTHCARE | FY25 Results Presentation Development 18 Development progress Substantial progress made on in-flight projects with several milestones achieved in FY25 • 950 units/beds completed in FY25, including 301 independent living units, 290 serviced 4 Main buildings opened 3 Villages comple
Slide 19: Four main buildings opened
RYMAN HEALTHCARE | FY25 Results Presentation Development 19 Four main buildings opened Occupancy Occupancy RV units: 69% RV units: 63% Care: 79% Care: 58% Miriam Corban main building, opened May 2024 James Wattie main building, opened June 2024 Occupancy Occupancy RV units: 60% RV units: 62% Care: 5
Slide 20: In-flight build programme
RYMAN HEALTHCARE | FY25 Results Presentation Development 20 In-flight build programme Disciplined approach to growth: focus remains on selling down existing stock, with timing of future stages to be aligned with market demand Under construction or Future stages Village Status at 31 March 2025 FY25 c
Slide 21: Land bank
RYMAN HEALTHCARE | FY25 Results Presentation Development 21 Land bank Focussed on deploying capital across growth opportunities on an improved risk-return framework Developing village land bank Greenfield land bank • Reviewing existing villages and land bank Deborah Cheetham Coburg North to prioriti
Slide 22: Financials
RYMAN HEALTHCARE | FY25 Results Presentation 22 22 Financials Kevin Hickman Village residents Ian and Jo
Slide 23: Key financial metrics
RYMAN HEALTHCARE | FY25 Results Presentation Financials 23 23 Key financial metrics Reported profit impacted by restatements, impairments and one-off items, core operating performance improving Operating revenue1,2 IFRS profit before tax and fair Free cash flow1,3 value movements (PBTF)1,2 $771.1m (
Slide 24: Financial reporting
RYMAN HEALTHCARE | FY25 Results Presentation Financials 24 Financial reporting Ryman has completed an extensive Board-led review of its financial reporting over the past 18 months Governance Reporting Transparency External auditor independence Independent review of Ryman Significant improvement in p
Slide 25: Significant changes to financial reporting
RYMAN HEALTHCARE | FY25 Results Presentation Financials 25 Significant changes to financial reporting Extensive work undertaken to review accounting practices, including valuations, DMF recognition and cost capitalisation Description Effective Description Effective 1 Transitioned to a full external
Slide 26: Review of cost capitalisation policies
RYMAN HEALTHCARE | FY25 Results Presentation Financials 26 Review of cost capitalisation policies Refined cost capitalisation approach, aligned with active projects, improves clarity on development, operations, and asset returns Non-village operating expenses1 • Organisational changes to Ryman’s off
Slide 27: Property, plant and equipment
RYMAN HEALTHCARE | FY25 Results Presentation Financials 27 Property, plant and equipment Updated valuation methodology for aged care centres is now based on fully independent valuations Property, plant and equipment movement • Previously, care centres were valued on 1,937 a freehold going concern (F
Slide 28: Investment property
RYMAN HEALTHCARE | FY25 Results Presentation Financials 28 Investment property Carrying values underpinned by fully independent valuations Investment property movement • Fully independent valuations undertaken 38 10,813 by independent valuers CBRE 195 (New Zealand) and JLL (Australia) 438 Valuation
Slide 29: Net tangible assets
RYMAN HEALTHCARE | FY25 Results Presentation Financials 29 Net tangible assets NTA impacted by equity raise and changes to financial reporting NTA movement (cps) • Five items identified at the time of the equity raise with a potential to impact NTA by up to 589.7 $300 million. (97.5) • Final impact
Slide 30: Reported profit and loss
RYMAN HEALTHCARE | FY25 Results Presentation Financials 30 Reported profit and loss Reported profit impacted by restatements, impairments and one-off items FY24 Profit and loss ($m) (restated) FY25 YoY • Changes to financial reporting have been Care and village fees 510.4 570.9 12% reflected in both
Slide 31: Core operating performance
RYMAN HEALTHCARE | FY25 Results Presentation Financials 31 Core operating performance Stronger performance through both village and non-village improvements Operating EBITDAF movement1 • Village operating EBITDAF up $33.9 million driven by revenue growth across fees and DMF, and cost control within
Slide 32: Cash flow from existing operations (CFEO)
RYMAN HEALTHCARE | FY25 Results Presentation Financials 32 Cash flow from existing operations (CFEO)1 CFEO pre interest remained stable year-on-year, as improved operations cash flow offset increased resale stock FY24 $m (restated) FY25 YoY $ • Material improvement in cash flow from Village operatio
Slide 33: Cash flow from development activity (CFDA)
RYMAN HEALTHCARE | FY25 Results Presentation Financials 33 Cash flow from development activity (CFDA)1 Development cash flow expansion driven by materially lower capital investment FY24 • Strong year-on-year growth in net $m (restated) FY25 YoY development cash flows, supported by Resident receipts
Slide 34: Free cash flow
RYMAN HEALTHCARE | FY25 Results Presentation Financials 34 Free cash flow Year-on-year improvement in free cash flow driven by moderating development spend Free cash flow1 FY20 FY21 FY22 FY23 FY24 FY25 • 50% reduction in cash outflow year on year, a significant step towards break even cash flow posi
Slide 35: Capital management
RYMAN HEALTHCARE | FY25 Results Presentation 35 35 Capital management Keith Park Village
Slide 36: Capital management reset
RYMAN HEALTHCARE | FY25 Results Presentation Capital management 36 Capital management reset $1.0 billion equity raise enhanced financial stability and resilience in the current market Reset capital • Net interest-bearing debt reduced by $840 million to $1,665 million (March 2024: $2,505) structure •
Slide 37: Debt funding
RYMAN HEALTHCARE | FY25 Results Presentation Capital management 37 Debt funding Strong lender support with near-term covenant waivers and facility extensions Debt facilities ($m) Mar 24 Mar 25 YoY Funding structure NZD & AUD bank facilities 2,603 2,059 (544) NZD retail bond 150 150 - • Simplified an
Slide 38: Treasury management
RYMAN HEALTHCARE | FY25 Results Presentation Capital management 38 Treasury management Annualised interest savings of $50–55 million expected following equity raise. Finance costs negatively impacted by repayment of the Institutional Term Loan and loss on close of financial instruments Cost of debt1
Slide 39: Business transformation
RYMAN HEALTHCARE | FY25 Results Presentation 39 39 Business transformation John Flynn Village
Slide 40: Ryman is uniquely positioned to leverage sector dynamics
RYMAN HEALTHCARE | FY25 Results Presentation Business transformation 40 Ryman is uniquely positioned to leverage sector dynamics Large-scale, integrated retirement living and care assets with capacity to flex and adjust to industry changes NZ aged care resident beds1 expected to enter scarcity • Gro
Slide 41: Strategic priorities – Release cash
RYMAN HEALTHCARE | FY25 Results Presentation Business transformation 41 Strategic priorities – Release cash Reduced capital intensity represents a significant opportunity to reduce debt and improve returns FY25 progress 1 Release cash from the business Pause in future developments, pending sell down
Slide 42: Strategic priorities – Improve performance
RYMAN HEALTHCARE | FY25 Results Presentation Business transformation 42 Strategic priorities – Improve performance Significant operating leverage in the existing portfolio across a range of value drivers FY25 progress 2 Sustainable business improvement Reset revenue base: Average DMF of 28.8% on new
Slide 43: Strategic priorities – Disciplined growth
RYMAN HEALTHCARE | FY25 Results Presentation Business transformation 43 Strategic priorities – Disciplined growth Creating flexibility and a clear plan for value-accretive portfolio growth FY25 progress 3 Disciplined approach to growth Revised plans for Hubert Opperman development, with staged appro
Slide 44: Outlook
RYMAN HEALTHCARE | FY25 Results Presentation 44 44 Outlook Patrick Hogan Village gardener Mark
Slide 45: FY26 Outlook
RYMAN HEALTHCARE | FY25 Results Presentation Outlook 45 FY26 Outlook Ryman continues to drive operating performance with a clear focus on releasing cash and reducing costs • One main building opening in 1H26 (Kevin FY26 Guidance Based on current environment and assessment of future trends Hickman) •
Slide 46: Closing remarks
RYMAN HEALTHCARE | FY25 Results Presentation Outlook 46 Closing remarks 1 Ryman is a market leader in integrated retirement living and aged care across New Zealand and Australia 2 Ryman’s continuum of care model uniquely positions Ryman to capitalise on growing demand for care-centric retirement liv
Slide 47: Q&A
RYMAN HEALTHCARE | FY25 Results Presentation 47 47 Q&A Miriam Corban Village resident Bruce and caregiver Monika
Slide 48: Appendix 1: Ryman at a glance
RYMAN HEALTHCARE | FY25 Results Presentation 48 48 Appendix 1: Ryman at a glance Residents at Miriam Corban Village
Slide 49: Ryman – a leader in retirement living and aged care
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 49 Ryman – a leader in retirement living and aged care Ryman is a leader in retirement living and aged care, proudly owning and operating 49 villages that offer retirement living and aged care to over 15,000 residents Ryman at a glance Open vil
Slide 50: Four-year summary
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 50 50 Four-year summary FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Villages RV unit occupancy 1 Open 45 45 48 49 Occupied 7,412 7,807 8,213 8,538 2 Under construction 16 14 10 7 Unoccupied 738 821 974 1,239 3 Land bank 13 11 10 11 Occupancy (%) 90
Slide 51: Ryman Board and Management
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 51 Ryman Board and Management Board Executive team Dean Hamilton James Miller Naomi James Rob Woodgate CHAIR NON-EXECUTIVE DIRECTOR CHIEF EXECUTIVE CHIEF FINANCIAL Joined: June 2023 Joined: June 2023 OFFICER OFFICER Joined: November 2024 Joined
Slide 52: Sustainability progress
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 52 Sustainability progress We remain committed to our sustainability journey and decarbonising our operations • Ryman is progressing its Science Based Target initiative (SBTi) commitment to reduce absolute Scope 1 and 2 emissions by 42%, includ
Slide 53: Appendix 2: Development updates
RYMAN HEALTHCARE | FY25 Results Presentation 53 53 Appendix 2: Development updates Patrick Hogan Village
Slide 54: Development progress
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 54 Development progress For the 12 months to 31 March 2025 Miriam Corban Keith Park Henderson, Auckland Hobsonville, Auckland Opened: August 2020 Opened: June 2021 Townhouse: 32 | Apartment: 176 | Serviced: 66 | Care: 71 Status: complete Townho
Slide 55: Development progress
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 55 Development progress For the 12 months to 31 March 2025 Patrick Hogan James Wattie Cambridge Havelock North Opened: July 2023 Opened: September 2020 Townhouse: 185 | Apartment: 0 | Serviced: 61 | Care: 64 Status: under construction Townhouse
Slide 56: Development progress
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 56 Development progress For the 12 months to 31 March 2025 Kevin Hickman Northwood Riccarton Park, Christchurch Christchurch Opened: June 2021 Opened: June 2023 Townhouse: 59 | Apartment: 172 | Serviced: 65 | Care: 80 Status: under construction
Slide 57: Development progress
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 57 Development progress For the 12 months to 31 March 2025 Nellie Melba Bert Newton Wheelers Hill, Melbourne Highett, Melbourne Opened: August 2018 Opened: June 2023 Townhouse: 0 | Apartment: 332 | Serviced: 85 | Care: 190 Status: under constru
Slide 58: Development progress
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 58 Development progress For the 12 months to 31 March 2025 Hubert Opperman Deborah Cheetham Mulgrave, Melbourne Ocean Grove Opened: August 2024 Opened: December 2020 Townhouse: 70 | Apartment: 105 | Serviced: 54 | Care: 60 Status: under constru
Slide 59: Appendix 3: Additional information
RYMAN HEALTHCARE | FY25 Results Presentation 59 59 Appendix 3: Additional information James Wattie Village
Slide 60: Appendix 1: Booked sales of ORAs
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 60 Appendix 1: Booked sales of ORAs New sales Volume Gross value Average unit price (#) ($000s) ($000s) FY24 FY24 FY24 FY25 YoY (restated) FY25 YoY (restated) FY25 YoY Independent NZ 198 241 22% 190,286 225,299 18% 961 935 -3% AU 129 92 -29% 14
Slide 61: Appendix 2: Asset base and land bank summary
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 61 Appendix 2: Asset base and land bank summary Asset base Land bank (indicative unit/bed mix) At 31 March 2025 New Zealand Australia Group At 31 March 2025 New Zealand Australia Group Townhouse 2,832 236 3,068 Townhouse 739 234 973 Apartment 3
Slide 62: Appendix 3: Asset base and land bank
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 62 Appendix 3: Asset base and land bank New Zealand Asset Land Village Location Opened TH IA SA Res Hos Dem base TH IA SA Res Hos Dem bank Total Woodcote Christchurch FY91 18 - 7 48 - - 73 - - - - - - - 73 Essie Summers Christchurch FY92 22 - 5
Slide 63: Appendix 3: Asset base and land bank cont.
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 63 Appendix 3: Asset base and land bank cont. Australia Asset Land Village Location Opened TH IA SA Res Hos Dem base TH IA SA Res Hos Dem bank Total Weary Dunlop Melbourne FY15 - 200 48 20 42 20 330 - - - - - - - 330 Charles Brownlow Geelong FY
Slide 64: Appendix 4: Aged care summary
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 64 Appendix 4: Aged care summary New Zealand aged care centres Australia aged care centres New Zealand aged care - key metrics Australian aged care - key metrics Note all figures in NZD equivalent Unit FY23 FY24 FY25 YoY Unit FY23 FY24 FY25 YoY
Slide 65: Appendix 5: Revenue by operating segment
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 65 Appendix 5: Revenue by operating segment Revenue summary - Group Revenue by operating segment ($m) Unit FY23 FY24 FY25 YoY Aged care beds ($m) Care fees $m 356.4 418.8 467.3 12% DMF1 $m - - 0.4 - Imputed income on RADs $m 12.8 24.5 32.5 33%
Slide 66: Appendix 6: Investment property valuation
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 66 Appendix 6: Investment property valuation Investment property reconciliation ($) Independent valuation assumptions Mar-24 At 31 March 2025 Valuer unit price inflation assumption Discount (restated) Mar-25 rate Subject to independent valuatio
Slide 67: Appendix 7: Investment property valuation – key assumptions
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 67 Appendix 7: Investment property valuation – key assumptions New Zealand Villages Village Location Units Valuation ($m) Discount rate Growth rate Yr 1 Growth rate Yr 2 Growth rate Yr 3 Growth rate Yr 4 Growth rate Yr 5+ Jane Mander Retirement
Slide 68: Appendix 7: Investment property valuation – key assumptions
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 68 Appendix 7: Investment property valuation – key assumptions Australia Villages Village Location Units Valuation ($m) Discount rate Growth rate Yr 1 Growth rate Yr 2 Growth rate Yr 3 Growth rate Yr 4 Growth rate Yr 5+ Charles Brownlow Retirem
Slide 69: Appendix 8: Aged care centre valuation – key assumptions
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 69 Appendix 8: Aged care centre valuation – key assumptions New Zealand Villages Cap rate Land & Buildings Cap rate Freehold Village Location Beds (market rental) March 2025 ($m) (FHGC) going concern ($m) Jane Mander Retirement Village Whangare
Slide 70: Appendix 8: Aged care centre valuation – key assumptions
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 70 Appendix 8: Aged care centre valuation – key assumptions Australia Villages Cap rate Land & Buildings Cap rate Freehold Village Location Beds (market rental) March 2025 ($m) (FHGC) going concern ($m) Charles Brownlow Retirement Village Melbo
Slide 71: Appendix 9: Balance sheet summary
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 71 Appendix 9: Balance sheet summary Mar-24 Mar-24 Equity raise Mar-24 FY25 Mar-25 $m (reported) Restatements (restated) impact (pro-forma) movement (reported) Cash and cash equivalents 42 - 42 - 42 (24) 18 Trade and other receivables 688 (516)
Slide 72: Appendix 10: Key funding metrics
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 72 Appendix 10: Key funding metrics Interest bearing debt ($000s) Financial statement reference Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 NZD bank loans 1,192,740 1,277,590 1,415,130 1,483,980 1,476,980 527,200 AUD bank loans 686,141 645,179 67
Slide 73: Appendix 11: Fixed rate debt profile
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 73 Appendix 11: Fixed rate debt profile Notional value of fixed debt ($m)1 Average interest rate on fixed rate debt (%)2 1,400 8.0% 1,203 1,168 7.0% 6.6% 6.6% 6.7% 1,200 1,138 1,118 6.5% 6.5% 6.4% 6.5% 6.3% 6.0% 6.0% 6.0% 6.0% 980 6.0% 1,000 90
Slide 74: Appendix 12: Gross resale bank and resales affordability
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 74 Appendix 12: Gross resale bank and resales affordability Gross resale bank ($m)1 Resales affordability ($m)3 $2.50b $1.8m 1.59 1.95 $2.00b 1.78 $1.5m 0.18 1.71 1.61 1.63 0.18 1.54 0.16 0.18 1.16 $1.50b 0.18 $1.2m 0.16 1.03 0.92 $0.9m $1.00b
Slide 75: Appendix 13: Cash flow from ORA settlements
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 75 Appendix 13: Cash flow from ORA settlements Resident funding from RV units ($m) Financial statement reference FY24 FY25 YoY New sales of occupation rights Gross new sale settlements 412.1 402.2 (9.9) Suspended contributions on new sales (3.3
Slide 76: Appendix 14: Alternative cash flow detail
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 76 Appendix 14: Alternative cash flow detail FY24 Cash management fees ($m) Financial statement reference (restated) FY25 YoY Accrued DMF - opening Note 12 (597.3) (713.8) (116.4) Accrued DMF - closing Note 12 (713.8) (830.4) (116.7) Movement i
Slide 77: Appendix 15: Capex on existing operations
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 77 Appendix 15: Capex on existing operations FY24 Capex on existing operations ($m) (restated) FY25 YoY Property projects1 24.3 22.3 (2.0) Property general2 22.1 13.5 (8.6) Technology projects1 10.0 5.1 (5.0) Technology general2 1.9 1.9 0.0 Cap
Slide 78: Appendix 16: Glossary
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 78 Appendix 16: Glossary Term Definition Term Definition AU Australia. Main building Main buildings contain care beds, serviced apartments and a range of village amenities such as a café, library, cinema, pool, gym etc. Some main buildings also
Slide 79: Disclaimer
RYMAN HEALTHCARE | FY25 Results Presentation Appendices 79 Disclaimer This presentation has been prepared by Ryman Purpose of this presentation Healthcare Limited and its group companies This presentation is not an offer of financial products, or a proposal or invitation to make ("Ryman") for inform