Ryman Healthcare Ltd. · NZX:RYM
Ryman Healthcare — H1 2026 Earnings Presentation
69 slides from Ryman Healthcare's earnings presentation, Nov 27, 2025
Slide 1: Half year results
RYMAN HEALTHCARE | 1H26 Results Presentation 1 RYMAN HEALTHCARE Half year results For the six months ended 30 September 2025 Presented 27 November 2025
Slide 2: Agenda and Presenters
RYMAN HEALTHCARE | 1H26 Results Presentation 2 Agenda Presenters Highlights 3 Sales and stock 7 Operations 13 Development 17 Financials 21 Capital management 33 Outlook and strategic priorities 36 Naomi James Matt Prior CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER Q&A 40 Development updates 41 Ap
Slide 3: Highlights
RYMAN HEALTHCARE | 1H26 Results Presentation 33 Highlights Keith Park Village residents Jill and Paddy
Slide 4: Opening remarks
RYMAN HEALTHCARE | 1H26 Results Presentation Highlights 44 Opening remarks 1 First positive free cash flow1 result in a decade of $56.2 million 2 Annualised cost-out1 achieved to date of $40 million; FY26 target lifted to $50–60 million (previous guidance of $46 million) 3 Sales effectiveness delive
Slide 5: First half highlights
RYMAN HEALTHCARE | 1H26 Results Presentation Highlights 5 First half highlights Ryman has driven accelerated cost-out, made significant progress in rebuilding sales momentum, restored positive cash flow, and completed a comprehensive debt refinancing Sales • Rebuild in sales volumes throughout first
Slide 6: 1H26 performance
RYMAN HEALTHCARE | 1H26 Results Presentation Highlights 66 1H26 performance Build rate Average ORA sales price EBITDAF per aged care bed (annualised)1 259 RV units: 179 Care beds: 80 $789k $15.3k -61% | 1H25: 667 +0% | 1H25: $788k Sales of RV unit ORAs RV unit occupancy Capex1,2 (occupation basis) (
Slide 7: Sales and stock
RYMAN HEALTHCARE | 1H26 Results Presentation 77 Sales and stock Deborah Cheetham Village
Slide 8: Turnaround in sales momentum
RYMAN HEALTHCARE | 1H26 Results Presentation Sales and stock 8 Turnaround in sales momentum Sales volumes rebuilding throughout the first half with two quarters of sequential growth Quarterly sales of ORAs1 • Continued improvement in sales effectiveness and contract conversion First half performance
Slide 9: Pricing model changes now fully adopted
RYMAN HEALTHCARE | 1H26 Results Presentation Sales and stock 9 Pricing model changes now fully adopted First half sales demonstrate confidence in Ryman’s standard 30% DMF offering New resident2 sales by DMF type • Pricing changes fully embedded across new contracts centred on a standard 30% DMF offe
Slide 10: Progressive rebuild in sales contracts
RYMAN HEALTHCARE | 1H26 Results Presentation Sales and stock 10 Progressive rebuild in sales contracts Improvement in sales effectiveness driving stronger contracting activity Net sales contracts1 • Solid first half for net sales contracts driven 853 827 by growing gross contracts and lower levels o
Slide 11: Resales of ORAs
RYMAN HEALTHCARE | 1H26 Results Presentation Sales and stock 11 Resales of ORAs Rebuild in sales volumes with average pricing broadly stable despite challenging market conditions Resale volumes Average resales ORA price • Resales volumes up 7% on 2H25 and down $922k 11% on a record 1H25 576 603 $884
Slide 12: New sales of ORAs
RYMAN HEALTHCARE | 1H26 Results Presentation Sales and stock 12 New sales of ORAs Disciplined stock delivery and pricing actions taken to unlock new sales cash opportunity New sales volumes New units completed • Reduction in new sales reflects progressive 236 389 387 224 ramp down of development and
Slide 13: Operations
RYMAN HEALTHCARE | 1H26 Results Presentation 13 13 Operations Kevin Hickman Village bowling tournament
Slide 14: RYMAN HEALTHCARE | 1H26 Results Presentation
RYMAN HEALTHCARE | 1H26 Results Presentation 14 14
Slide 15: Aged care performance
RYMAN HEALTHCARE | 1H26 Results Presentation Operations 15 Aged care performance Growing care utilisation in developing villages and robust pricing outcomes Average daily room premiums Average RAD balance • Strong growth in room premiums in New – New Zealand ($ per day) – Australia (AUD) Zealand (up
Slide 16: Aged care reforms progressing
RYMAN HEALTHCARE | 1H26 Results Presentation Operations 16 Aged care reforms progressing Major reforms taking effect in Australia; commitment to near-term reforms in New Zealand New Australian Aged Care Act takes effect 1 November1 Commitment to funding reform in New Zealand • Co-contribution model
Slide 17: Development
RYMAN HEALTHCARE | 1H26 Results Presentation 17 17 Development Kevin Hickman Village
Slide 18: In-flight build programme
RYMAN HEALTHCARE | 1H26 Results Presentation Development 18 In-flight build programme Delivery of remaining in-flight projects progressing with sites under active development down from seven to four. Timing of future stages to be aligned with market demand Status at 1H26 2H26 Under construction Futu
Slide 19: Five main buildings opened in past 18 months
RYMAN HEALTHCARE | 1H26 Results Presentation Development 19 Five main buildings opened in past 18 months Recently opened care centres are filling ahead of expectations, demonstrating strong demand for Ryman’s high quality aged care offering Occupancy1 Main building Village opened RV units2 Care Miri
Slide 20: Land bank
RYMAN HEALTHCARE | 1H26 Results Presentation Development 20 Land bank Land bank review well progressed with an update on sites to be retained for future development and divestments to be provided at investor day Existing village land bank Greenfield land bank • $110 million to be released from contr
Slide 21: Financials
RYMAN HEALTHCARE | 1H26 Results Presentation 21 21 Financials Deborah Cheetham Village
Slide 22: Financial performance overview
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 22 Financial performance overview Core operating performance and cash flow trending up, with progressive balance sheet deleveraging Earnings • Loss before tax and fair value movements (PBTF)1 improved significantly by $57.6 million, driven by c
Slide 23: Key financial metrics
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 23 Key financial metrics Total revenue2 IFRS profit before tax and fair Free cash flow1,3 value movements (PBTF)1,2 $413.8m ($43.4m) $56.2m +13% | 1H25: $366.3m Up $57.6m | 1H25: ($101.0m) +$108.7m | 1H25: ($52.5m) Operating EBITDAF1,2 Cash flo
Slide 24: Revenue
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 24 Revenue Growing resident base and pricing driving meaningful revenue uplift Revenue bridge ($m) • Revenue growth underpinned by care fees, 420 12.2 0.1 413.8 driven by filling aged care capacity, +47.5 410 government funding uplifts and robu
Slide 25: Operating costs
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 25 Operating costs Cost-out initiatives gaining momentum as organisation resets with greater financial discipline 1H25 • Village operating costs up 7%, driven Operating costs ($m) (restated) 1H26 YoY primarily by capacity growth with five main
Slide 26: Improvement in core operating performance
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 26 Improvement in core operating performance Revenue growth and cost control driving meaningful operating leverage Operating EBITDAF1 ($m) • Significant uplift in operating EBITDAF1, 45 growing $26.4 million to $40.1 million 12.2 40.1 40 +26.4
Slide 27: Segmental operating performance
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 27 Segmental operating performance First time segmentation of retirement village and aged care financial performance aligned with FY26 priorities Retirement 1 1 1H26 Segment performance ($m) Aged care village Non-village Group • Cost allocation
Slide 28: Cash flow from existing operations (CFEO)
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 28 Cash flow from existing operations (CFEO) Robust cash flow from village operations offset by increased bought back stock on hand 1H25 $m restated 1H26 YoY $ • Cash flow from village operations up 63% to Village operations $36.4 million refle
Slide 29: Cash flow from development activity (CFDA)
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 29 Cash flow from development activity (CFDA) Strong cash release as development investment scales back 1H25 • Significant reduction in development $m (restated) 1H26 YoY spend reflecting fewer sites under active Resident funding construction a
Slide 30: Free cash flow
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 30 Free cash flow First positive free cash flow result in over a decade of $56.2 million with demonstrated progress to operational reset Free cash flow1 ($m) 56.2 • Material growth in free cash flow1 of $108.7 million YoY from -$52.5 million in
Slide 31: Asset valuations
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 31 Asset valuations Underlying fair value movements broadly flat despite challenging market conditions 11,000 Investment property carrying value ($m) • Valuation outcome for existing units broadly flat, with valuer assumptions for unit pricing
Slide 32: Reported profit and loss
RYMAN HEALTHCARE | 1H26 Results Presentation Financials 32 Reported profit and loss Improvement in operating earnings offset by lower fair value movements 1H25 Profit and loss ($m) (restated) 1H26 YoY • Total revenue increased 13%, with growth in both pricing and utilisation, while total costs Care
Slide 33: Capital management
RYMAN HEALTHCARE | 1H26 Results Presentation 33 33 Capital management Raelene Boyle Village resident Brian in the village workshop
Slide 34: Full bank debt refinance
RYMAN HEALTHCARE | 1H26 Results Presentation Capital management 34 Full bank debt refinance Balance sheet reset complete with new funding structure aligned with operating model Debt facility maturity profile ($m) • Full refinancing of $2 billion syndicated loan 1,322 facilities completed on 24 Novem
Slide 35: Treasury management
RYMAN HEALTHCARE | 1H26 Results Presentation Capital management 35 Treasury management Annualised interest savings of $67 million reflecting equity raise and lower borrowing costs Annualised gross interest costs ($m) • Weighted average cost on total drawn debt (WACD)1 of 5.70%, down ~50bps driven by
Slide 36: Outlook and strategic priorities
RYMAN HEALTHCARE | 1H26 Results Presentation 36 36 Outlook and strategic priorities Edmund Hillary Village resident Margaret and caregiver Heather
Slide 37: FY26 Outlook
RYMAN HEALTHCARE | 1H26 Results Presentation Outlook 37 FY26 Outlook Strong first half progress supports upgraded FY26 guidance, with continuing mixed market conditions expected in the second half FY26 Guidance • 2H26 sales expected to be broadly in line Based on current environment and assessment o
Slide 38: Update on strategic priorities
RYMAN HEALTHCARE | 1H26 Results Presentation Outlook 38 Update on strategic priorities Meaningful progress achieved against FY26 priorities FY26 priorities First half update Building sales effectiveness to release cash from RV Significant cash release from new development 1. Release cash from the bu
Slide 39: Closing remarks
RYMAN HEALTHCARE | 1H26 Results Presentation Outlook 39 Closing remarks 1 Near-term focus remains on continuing to build sales momentum, releasing cash from the business and driving operational efficiencies 2 Ryman is well positioned for cash flow growth with significant leverage to a housing cycle
Slide 40: Q&A
RYMAN HEALTHCARE | 1H26 Results Presentation 40 40 Q&A Bruce McLaren Village resident Margaret and caregiver Priya
Slide 41: Development updates
RYMAN HEALTHCARE | 1H26 Results Presentation 41 41 Development updates Kevin Hickman Village
Slide 42: Development progress summary
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 42 Development progress summary Total RV Aged care Total units Category Village Stage TH IA SA units beds and beds 1H26 build Kevin Hickman Stage 1 (main building) - 14 65 79 80 159 Deborah Cheetham Stage 11a 6 - - 6 - 6 Nellie Melba Stage 4 -
Slide 43: Development progress: Keith Park and Patrick Hogan
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 43 Development progress For the 6 months to 30 September 2025 Keith Park Patrick Hogan Hobsonville, Auckland Cambridge Opened: June 2021 Opened: July 2023 Townhouse: 0 | Apartment: 276 | Serviced: 101 | Care: 120 Status: under construction Town
Slide 44: Development progress: Kevin Hickman and Northwood
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 44 Development progress For the 6 months to 30 September 2025 Kevin Hickman Northwood Riccarton Park, Christchurch Christchurch Opened: June 2021 Opened: June 2023 Townhouse: 59 | Apartment: 172 | Serviced: 65 | Care: 80 Status: land bank Townh
Slide 45: Development progress: Hubert Opperman and Deborah Cheetham
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 45 Development progress For the 6 months to 30 September 2025 Hubert Opperman Deborah Cheetham Mulgrave, Melbourne Ocean Grove Opened: August 2024 Opened: December 2020 Townhouse: 80 | Apartment: 32 | Serviced: 0 | Care: 40 Status: planning Tow
Slide 46: Development progress: Nellie Melba
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 46 Development progress For the 6 months to 30 September 2025 Nellie Melba Wheelers Hill, Melbourne Opened: August 2018 Townhouse: 0 | Apartment: 332 | Serviced: 85 | Care: 190 Status: Complete Stage 4 Photo, 27 October 2025 • Stage 4 apartment
Slide 47: Appendices
RYMAN HEALTHCARE | 1H26 Results Presentation 47 47 Appendices Deborah Cheetham Village resident Joy and daughter Alison
Slide 48: Appendix 1: Half year metrics
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 48 Appendix 1: Half year metrics 1H25 2H25 1H26 1H25 2H25 1H26 Villages RV unit occupancy 1 Open 49 49 49 Occupied 8,419 8,538 8,621 2 Under active construction 9 7 4 Unoccupied 1,156 1,239 1,335 3 Land bank 10 11 9 Occupancy (%) 87.9% 87.3% 86
Slide 49: Appendix 2: Ryman Board and Management
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 49 Appendix 2: 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: November 2
Slide 50: Appendix 3: Sales of ORAs
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 50 Appendix 3: Sales of ORAs New sales 1 Volume Gross value Average ORA price (#) ($000s) ($000s) 1H25 1H26 YoY 1H25 1H26 YoY 1H25 1H26 YoY Independent NZ 125 71 -43% 119,052 62,491 -48% 952 880 -8% AU 44 60 36% 55,797 80,596 44% 1,268 1,343 6%
Slide 51: Appendix 4: Retirement village unit stock
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 51 Appendix 4: Retirement village unit stock RV unit stock Sep-24 Mar-25 Sep-25 All units Asset base (completed units) 9,575 9,777 9,956 Total occupied units 8,419 8,538 8,621 % asset base 87.9% 87.3% 86.6% Total unoccupied units 1,156 1,239 1,
Slide 52: Appendix 5: Asset base and land bank
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 52 Appendix 5: Asset base and land bank New Zealand Asset Land Village Location Opened TH IA SA Res Hos Dem base TH IA SA Res Hos Dem bank Total Woodcote Christchurch FY91 18 - 7 48 - - 73 - - - - - - - 73 Essie Summers Christchurch FY92 22 - 5
Slide 53: Appendix 5: Asset base and land bank cont.
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 53 Appendix 5: Asset base and land bank cont. Australia Village Location Opened TH IA SA Res Hos Dem Asset TH IA SA Res Hos Dem Land Total base bank Weary Dunlop Melbourne FY15 - 200 48 20 42 20 330 - - - - - - - 330 Charles Brownlow Geelong FY
Slide 54: Appendix 6: Investment property valuation
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 54 Appendix 6: Investment property valuation Investment property reconciliation ($m) Independent valuation assumptions Mar-25 Discount 31 March 2025 Valuer unit price inflation assumption rate (restated) Sep-25 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5+ Subject
Slide 55: Appendix 7: Investment property valuation – key assumptions
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 55 Appendix 7: Investment property valuation – key assumptions New Zealand villages Village Location Units Valuation ($m) Discount rate Growth rate Yr 1 Growth rate Yr 2 Growth rate Yr 3 Growth rate Yr 4 Growth rate Yr 5+ Jane Mander Retirement
Slide 56: Appendix 7: Investment property valuation – key assumptions
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 56 Appendix 7: Investment property valuation – key assumptions Australia villages Village Location Units Valuation ($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 57: Appendix 8: Balance sheet summary
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 57 Appendix 8: Balance sheet summary Mar-25 Mar-25 1H26 $m (reported) Restatements (restated) movements Sep-25 Cash and cash equivalents 18 - 18 (9) 9 Trade and other receivables 164 - 164 (14) 150 Assets held for sale 33 - 33 0 33 Property, pl
Slide 58: Appendix 9: Key funding metrics
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 58 Appendix 9: Key funding metrics Sep-25 Interest bearing debt ($000s) Financial statement reference Sep-24 Mar-25 Sep-25 pro-forma4 NZD bank loans 1,476,980 527,200 506,850 506,850 AUD bank loans 691,889 1,009,236 1,005,807 1,005,807 AUD inst
Slide 59: Appendix 10: Finance costs
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 59 Appendix 10: Finance costs 1H25 Finance costs ($m) (restated) 1H26 YoY $ Profit and loss Interest expense on loans and borrowings (92.9) (49.6) 43.2 Amortisation of issue costs on loans and borrowings (2.3) (0.9) 1.3 Release of cash-flow hed
Slide 60: Appendix 11: Fixed rate debt profile
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 60 Appendix 11: Fixed rate debt profile Notional value of fixed debt ($m)1 Average interest rate on fixed rate debt2 (%) (pro-forma)3 1,400 7.0% 6.4% 6.3% 6.3% 6.2% 6.2% 6.1% 6.1% 6.0% 1,177 1,177 1,200 1,127 6.0% 5.7% 5.7% 5.6% 987 1,000 5.0%
Slide 61: Appendix 12: Gross resale bank and resales affordability
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 61 Appendix 12: Gross resale bank and resales affordability Gross resale bank ($m)1 Resales affordability ($m)2 $2.50b $1.8m 1.61 1.95 $1.5m $2.00b 1.78 0.18 1.71 1.61 1.63 0.18 0.16 1.54 1.52 1.15 $1.2m 0.18 0.18 $1.50b 0.16 0.16 1.01 0.93 $0.
Slide 62: Appendix 13: Aged care summary
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 62 Appendix 13: Aged care summary New Zealand aged care centres Australia aged care centres Note all figures in NZD equivalent Unit 1H25 1H26 YoY Unit 1H25 1H26 YoY Operational care centres # 37 38 3% Operational care centres # 6 7 17% Mature c
Slide 63: Appendix 14: Revenue by operating segment
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 63 Appendix 14: Revenue by operating segment Aged care beds ($m) Unit 1H25 1H26 YoY Care fees $m 226.0 254.6 13% Imputed income on RADs $m 15.7 17.1 9% DMF $m 0.1 0.2 173% Total aged care revenue $m 241.8 271.9 12% Occupied bed days # 750,953 7
Slide 64: Appendix 15: Free cash flow
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 64 Appendix 15: Free cash flow1 1H25 $m (restated) 1H26 YoY Alternative cash flow presentation Cash flow from existing operations (CFEO1) (24.4) (23.1) 1.3 Cash flow from development activity (CFDA1) (28.1) 79.3 107.4 Free cash flow (52.5) 56.2
Slide 65: Appendix 16: Alternative cash flow detail
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 65 Appendix 16: Alternative cash flow detail 1H25 Resident funding from RV units ($m) Financial statement reference (restated) 1H26 YoY New sales of occupation rights Gross new sale settlements 206.1 170.9 (35.2) Suspended contributions on new
Slide 66: Appendix 16: Alternative cash flow detail cont.
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 66 Appendix 16: Alternative cash flow detail cont. 1H25 Payments to suppliers and employees ($m) Financial statement reference (restated) 1H26 YoY Included in cash flow from existing operations Village operations (282.4) (307.9) (25.6) Non-vill
Slide 67: Appendix 16: Alternative cash flow detail cont.
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 67 Appendix 16: Alternative cash flow detail cont. 1H25 Cash management fees ($m) Financial statement reference (restated) 1H26 YoY Accrued DMF - opening Note 13 (713.8) (830.4) (116.7) Accrued DMF - closing Note 13 (766.2) (903.8) (137.6) Move
Slide 68: Appendix 17: Glossary
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 68 Appendix 17: 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 69: Disclaimer
RYMAN HEALTHCARE | 1H26 Results Presentation Appendices 69 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