Ryman Healthcare Ltd. · NZX:RYM
Ryman Healthcare — Debt Investor Presentation (June 2026)
34 slides from Ryman Healthcare's debt investor presentation, Jun 9, 2026
Slide 1: Ryman Healthcare Bond Presentation
R Y M A N H E A L T H C A R E | Bond Presentation For personal use only RYMAN HEALTHCARE Bond Presentation 8 June 2026 Joint Lead Managers
Slide 2: Disclaimer
R Y M A N H E A L T H C A R E | Bond Presentation Disclaimer Please read carefully before the rest of the presentation For personal use only This presentation has been prepared by Ryman Healthcare Limited (Ryman) in relation to the offer of bonds described in this presentation (Bonds). The offer of
Slide 3: Agenda and Presenters
R Y M A N H E A L T H C A R E | Bond Presentation Agenda Presenters For personal use only Offer highlights 4 Overview of Ryman 5 Funding and security structure 11 Financial performance 18 Offer terms and timetable 23 Naomi James Matt Prior Appendices 27 CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICE
Slide 4: Offer highlights
R Y M A N H E A L T H C A R E | Bond Presentation Offer highlights Offer highlights 6-year senior Bond diversifies funding and extends tenor For personal use only Item Details Issuer Ryman Healthcare Limited (Ryman) (listed on the NZX and ASX) Description Fixed rate, secured, unsubordinated bonds Is
Slide 5: Overview of Ryman
R Y M A N H E A L T H C A R E | Bond Presentation For personal use only Overview of Ryman Kevin Hickman Village
Slide 6: Key investment highlights
R Y M A N H E A L T H C A R E | Bond Presentation Overview of Ryman Key investment highlights High-quality, scalable portfolio with a trusted brand and unique care offering For personal use only Large, established and integrated portfolio Scale across New Zealand and Victoria, Australia with a $12.3
Slide 7: Ryman at a glance
R Y M A N H E A L T H C A R E | Bond Presentation Overview of Ryman Ryman at a glance High-quality, scalable portfolio with a trusted brand and unique care offering For personal use only Retirement villages2 Retirement village units2 Residents Average age of entry – independent 47 -2 9,959 +182 15,5
Slide 8: Village locations and assets
R Y M A N H E A L T H C A R E | Bond Presentation Overview of Ryman Village locations and assets Our high-quality assets are located in premium locations, geographically dispersed across New Zealand and Victoria, Australia For personal use only • 47 retirement villages, 38 villages Victoria, Austral
Slide 9: Continuum of care in our property portfolio
R Y M A N H E A L T H C A R E | Bond Presentation Overview of Ryman Continuum of care in our property portfolio Each village offers a range of independent living, assisted living and aged care options in a single location, aligned to increasing demand for integrated living and aged care services For
Slide 10: Disciplined portfolio growth
R Y M A N H E A L T H C A R E | Bond Presentation Overview of Ryman Disciplined portfolio growth Ryman’s reset development program provides flexibility to grow its portfolio in line with market demand and limited near-term exposure to construction cost inflation For personal use only 2 developments
Slide 11: Funding and security structure
R Y M A N H E A L T H C A R E | Bond Presentation For personal use only Funding and security structure Deborah Cheetham Village
Slide 12: Balance sheet reset complete
R Y M A N H E A L T H C A R E | Bond Presentation Funding and security structure Balance sheet reset complete Resilient balance sheet with significant debt headroom and long debt tenor For personal use only Debt maturity profile1 ($m) $675 million 1,364 Debt headroom1 840 5.9% 618 Average cost of fu
Slide 13: Lowest gearing in the industry
R Y M A N H E A L T H C A R E | Bond Presentation Funding and security structure Lowest gearing in the industry Full refinancing of $2 billion bank facilities completed with improved pricing and no bank maturities until FY31 For personal use only Key debt metrics FY25 FY26 • $675 million of debt hea
Slide 14: Near-term deleveraging from cash release
R Y M A N H E A L T H C A R E | Bond Presentation Funding and security structure Near-term deleveraging from cash release Deleveraging driven by reduced vacant stock, lower payouts, and land bank divestments For personal use only Indicative gearing1 27.8% 35% Gearing1 30% 25% - 30% 25% 20% - 30% 20%
Slide 15: Security
R Y M A N H E A L T H C A R E | Bond Presentation Funding and security structure Security Assets of $6.0 billion available as security for lenders at 31 March 2026 For personal use only • Total assets of $12.3 billion, including Financial position as at 31 March 2026 ($b) $10.9 billion investment pr
Slide 16: Security structure
R Y M A N H E A L T H C A R E | Bond Presentation Funding and security structure Security structure Ryman group security structure at 31 March 2026 For personal use only Bondholders benefit from the same security Guaranteeing group package as Ryman’s banks and other secured lenders. The security is
Slide 17: Financial covenants
R Y M A N H E A L T H C A R E | Bond Presentation Funding and security structure Financial covenants Significant headroom in the Debt to Equity covenant, and all assets and earnings within the guaranteeing group For personal use only Bondholders are protected by the following key financial covenants
Slide 18: Financial performance
R Y M A N H E A L T H C A R E | Bond Presentation For personal use only Financial performance Bert Newton Village
Slide 19: Key financial metrics
R Y M A N H E A L T H C A R E | Bond Presentation Financial performance Key financial metrics For personal use only 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.
Slide 20: Operating profit and loss result highlights year of progress
R Y M A N H E A L T H C A R E | Bond Presentation Financial performance Operating profit and loss result highlights year of progress Revenue growth outpaced expenses driving a doubling of operating EBITDAF For personal use only FY25 • Care and village fees increase reflects Operating profit and loss
Slide 21: Improving cash flow from existing operations (CFEO)
R Y M A N H E A L T H C A R E | Bond Presentation Financial performance Improving cash flow from existing operations (CFEO) Growing recurring cash flow from strategy execution For personal use only FY25 • Uplift in fees and DMF collected in Cash flow from existing operations (CFEO) (restated) FY26 Y
Slide 22: 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 | Bond 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 For personal use only FY25 • Over $200m growth in CFDA, driven by
Slide 23: Offer terms and timetable
R Y M A N H E A L T H C A R E | Bond Presentation For personal use only Offer terms and timetable Patrick Hogan Village
Slide 24: Key terms of the offer
R Y M A N H E A L T H C A R E | Bond Presentation Offer terms and timetable Key terms of the offer For personal use only Item Details Description Fixed rate, secured, unsubordinated bonds Tenor and Maturity Date 6 years, maturing 22 June 2032 Issue Amount Up to NZ$100 million with the ability to acc
Slide 25: Key terms of the offer – continued
R Y M A N H E A L T H C A R E | Bond Presentation Offer terms and timetable Key terms of the offer – continued For personal use only Item Details Exchange Mechanism for Existing Bondholders of the RYM010 Bonds that hold RYM010 Bonds through a custodial account and who wish to apply for the Bonds (Cu
Slide 26: Key dates
R Y M A N H E A L T H C A R E | Bond Presentation Offer terms and timetable Key dates For personal use only Event Date Opening Date Monday, 8 June 2026 Closing Date Thursday, 11.00am NZT, 11 June 2026 Interest Rate Set Date Thursday, 11 June 2026 Issue Date Monday, 22 June 2026 Expected Quotation Tu
Slide 27: Appendices
R Y M A N H E A L T H C A R E | Bond Presentation For personal use only Appendices James Wattie Village
Slide 28: FY26 performance snapshot
R Y M A N H E A L T H C A R E | Bond Presentation Appendices FY26 performance snapshot For personal use only 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 FY
Slide 29: Refreshed strategy
R Y M A N H E A L T H C A R E | Bond Presentation Appendices Refreshed strategy Focused on core elements critical to value creation for our shareholders and residents For personal use only Our purpose Enhance freedom, connection and wellbeing for people as we grow older Our strategic pillars 1 2 3 4
Slide 30: Capital management framework
R Y M A N H E A L T H C A R E | Bond Presentation Appendices Capital management framework Prudent, resilient capital settings with a lower gearing range that reflects leverage from resident funding and a cash-based dividend For personal use only Funding sources Bond Bank Resident Equity Retirement l
Slide 31: On track to deliver $150 million CFEO improvement target
R Y M A N H E A L T H C A R E | Bond Presentation Appendices 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 For personal use only $150m CFEO improvement target1 $150m FY29
Slide 32: Significant progress towards $500 million cash release target
R Y M A N H E A L T H C A R E | Bond Presentation Appendices Significant progress towards $500 million1 cash release target Strong early cash release momentum from stock sell-down and land sales For personal use only • $169 million released in FY26 from: Net cash flow from Land sales Net cash flow f
Slide 33: Glossary
R Y M A N H E A L T H C A R E | Bond Presentation Appendices Glossary For personal use only 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 expenditu
Slide 34: Glossary
R Y M A N H E A L T H C A R E | Bond Presentation Appendices Glossary For personal use only Term Definition NZ New Zealand Operating EBITDAF (non-GAAP) Earnings before interest, tax, depreciation, amortisation and fair value movements, excluding non-operating items Operating margin (non-GAAP) Operat
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