Ryman Healthcare Ltd. · NZX:RYM
Ryman Healthcare — Investor Presentation (February 2025)
54 slides from Ryman Healthcare's investor presentation, Feb 24, 2025
Slide 1: Equity raise investor presentation
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 1 RYMAN HEALTHCARE Equity raise investor presentation 24 February 2025 1 Miriam Corban Village
Slide 2: Important notice and disclaimer
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notice and disclaimer Important Notice and Disclaimer This presentation has been prepared by Ryman Healthcare Limited (the Company or Ryman) in relation to an offer of new shares in the Company (N
Slide 3: Important notice and disclaimer
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notice and disclaimer Restrictions on distribution This presentation is not for distribution or release in the United States. This presentation does not constitute an offer to sell, or the solicit
Slide 4: Important notice and disclaimer
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notice and disclaimer Past performance Past performance information provided in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) a promise, r
Slide 5: Important notice and disclaimer
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notice and disclaimer Financial information When used in this report, references to the 'Company' are references to Ryman Healthcare Limited. References to 'Ryman' or the 'Group' are to Ryman Heal
Slide 6: Contents
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Management NOT FOR to provide DISTRIBUTION a new divider OR RELEASE IN THE image 6 UNITED STATES 6 Contents 1 Overview and objectives 07 2 Trading update 11 3 Business transformation 14 4 Capital management reset 24 5 Outlook 29 6 Offer structure
Slide 7: Overview and objectives
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 7 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 7 Overview and objectives Kevin Hickman Village
Slide 8: Opening remarks
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Opening remarks 1 Ryman is a leader in retirement living and aged care. Ryman’s continuum of care model and care DNA make it well positioned to capitalise as aged healthcare demand 2 grows strongly. Ryman’s
Slide 9: Ryman – a leader in retirement living and aged care
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 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 15,300 r
Slide 10: Equity raising objectives
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Equity raising objectives Ryman is taking decisive action to reset its balance sheet through a $1.0 billion equity raise to create a sustainable capital structure. This will enhance financial stability and
Slide 11: Trading update
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 11 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 11 Trading update Bert Newton Village
Slide 12: Trading update
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Trading update While sales volumes have been steady through to 3Q25, sales applications have declined impacting projected sales volumes in 4Q25 and over 1H26 – targeted incentives and tactical pricing expec
Slide 13: Driving improvement in ORA sales
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Driving improvement in ORA sales A number of operational levers are being utilised to drive higher sales and ultimately release cash from existing stock, through targeted sales strategies, improved pricing
Slide 14: Business transformation
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 14 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 14 Business transformation James Wattie Village
Slide 15: Ryman’s reset is already underway
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ryman’s reset is already underway Ryman’s investment thesis remains strong – with business transformation already underway, we are now undertaking a decisive balance sheet reset to provide flexibility throu
Slide 16: Refreshed Board, management and governance
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Refreshed Board, management and governance New leadership in place to drive transformation and performance One Ryman Board of directors Executive team Governance • Dean Hamilton commenced as • Naomi James c
Slide 17: Ryman is uniquely positioned to leverage sector dynamics
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ryman is uniquely positioned to leverage sector dynamics The long-term outlook for the aged care and retirement village sectors in New Zealand and Australia is positive, underpinned by strong growth in the
Slide 18: Strategic priorities
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Strategic priorities Ryman’s operational reset is underpinned by three strategic priorities 1 2 3 Release cash from Sustainable business Disciplined approach the business improvement to growth Target over $
Slide 19: Priority 1 – Release cash from the business
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Priority 1 – Release cash from the business Ryman is pursuing opportunities to release over $500m in the next 3 - 5 years Increase resident capital Sell down existing stock Portfolio optimisation in aged ca
Slide 20: Priority 2 – Sustainable business improvement
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Priority 2 – Sustainable business improvement Targeting $100-150m cash improvement per annum over the next 3-5 years from sustainable business improvement focussed on stronger asset utilisation and efficien
Slide 21: Priority 3 – Disciplined approach to growth
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Priority 3 – Disciplined approach to growth Optimise peak capital intensity and increase flexibility for disciplined, value-accretive portfolio growth Grow around existing villages Future villages Broader a
Slide 22: Inflight development projects
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Inflight development projects Driving efficiency across inflight developments to support Ryman’s operational reset. Ryman is projecting to deliver between 489 – 575 retirement village units and aged care be
Slide 23: Ryman development portfolio
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ryman development portfolio Disciplined approach to future growth focused on delivering developments that generate cash returns Inflight developments – future stages Existing village landbank Greenfield lan
Slide 24: Capital management reset
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 24 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 24 Capital management reset Kevin Hickman Village
Slide 25: Resetting Ryman’s balance sheet
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Resetting Ryman’s balance sheet The equity raise will reduce 30 September 2024 pro-forma net interest-bearing debt from $2.56 billion to $1.59 billion creating a sustainable capital structure leading to enh
Slide 26: Strong lender support
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Strong lender support Equity raise enables Ryman to obtain covenant support and extend the tenor of $539 million of bank facilities. This provides the flexibility to undertake the operational reset and mana
Slide 27: Treasury management
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Treasury management Annualised interest savings of $50-55 million expected post raise, reflecting lower debt balance and expected restructuring of interest rate hedging Expected restructuring to hedging Not
Slide 28: Improvement in financial reporting well advanced
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Improvement in financial reporting well advanced Ryman embarked on an extensive review of its financial reporting in late 2023 to enhance the transparency of results and ensuring greater comparability with
Slide 29: Outlook
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 29 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 29 Outlook Keith Park Village
Slide 30: Outlook
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Outlook FY25 guidance • Free cash flow: We expect free cash flow around negative $100m (previously guided negative $50–100 million range). • Total capex: We expect to spend $590-620 million on total capex (
Slide 31: Offer structure and timing
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 31 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 31 Offer structure and timing John Flynn Village
Slide 32: Offer overview
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Offer overview The $1.0 billion capital raising is structured as a placement and pro-rata accelerated non-renounceable entitlement offer as outlined below (and should be read in conjunction with the Offer d
Slide 33: Key offer dates
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 33 Key offer dates Eligible shareholders wishing to participate in the Retail Entitlement Offer should visit ryman.capitalraise.co.nz and apply online by
Slide 34: Closing & Q&A
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 34 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 34 Closing & Q&A James Wattie Village
Slide 35: Closing remarks
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Closing remarks 1 Ryman’s leadership in the industry positions it well to capitalise on growing aged healthcare demand. This capital raise resets the balance sheet to be resilient to market conditions, enab
Slide 36: Appendix 1: Glossary
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 36 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 36 Appendix 1: Glossary Bert Newton Village
Slide 37: Glossary
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Glossary Term Definition Term Definition AU Australia. Non-GAAP This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). This non-GA
Slide 38: Appendix 2: Supplementary materials
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 38 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 38 Appendix 2: Supplementary materials James Wattie Village
Slide 39: Ryman Board and Management
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ryman Board and Management Commencing in June 2023, Ryman has undertaken a significant refresh of its Board and Executive team which is now complete Board Executive team Dean Hamilton James Miller Naomi Jam
Slide 40: Appendix 3: Key risks
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 40 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 40 Appendix 3: Key risks Keith Park Village
Slide 41: Key risks – important: please read
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks – important: please read This section summarises the key risks that Ryman has identified in connection with the Offer. Investors should read this section carefully because these risks may material
Slide 42: Key risks – important: please read
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks – important: please read Key risks Details In Victoria, Australia, where Ryman also has a material presence, there is evidence that the residential property market is also difficult, with low conf
Slide 43: Key risks – important: please read
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks – important: please read Key risks Details Ryman launched several business improvement opportunities under the Fit for the Future programme, also referred to more generally as the business improve
Slide 44: Key risks – important: please read
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks – important: please read Key risks Details Valuations are a key input to Ryman's reported financial performance and are described below: • Investment property (comprising retirement village units
Slide 45: Key risks – important: please read
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks – important: please read Key risks Details High occupancy rates create efficiencies through optimising the use of Ryman assets and resources, staffing and spreading of a largely fixed cost base. A
Slide 46: Key risks – important: please read
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks – important: please read Key risks Details • in exchange for the lender agreement to the above covenant and tenor changes, until such time as Ryman provides evidence of compliance with the ICR cov
Slide 47: Key risks – important: please read
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks – important: please read Key risks Details • the use of sale incentives and tactical pricing initiatives by competitors to acquire customers; and • growth in competition and replication of the Rym
Slide 48: Key risks – important: please read
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks – important: please read Key risks Details • disruption to residents arising from construction/maintenance works or unavailability of facilities (an example of which is the required relevelling wo
Slide 49: Key risks – important: please read
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks – important: please read Key risks Details Incidents of substandard care of a resident or improper conduct may undermine the public's confidence in Ryman's ability to provide professional, high qu
Slide 50: Key risks – important: please read
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks – important: please read Key risks Details Ryman may also be exposed to risks relating to climate change, both by way of physical risks to its property assets and potential risks associated with a
Slide 51: Appendix 4: International offer jurisdictions
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 51 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 51 Appendix 4: International offer jurisdictions Anthony Wilding Village
Slide 52: International Offer Jurisdictions
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International Offer Jurisdictions This document does not constitute an offer of new ordinary shares (New Shares) of the Company in any jurisdiction in which it would be unlawful. In particular, this documen
Slide 53: International Offer Jurisdictions
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International Offer Jurisdictions European Union (cont’d) In accordance with Article 1(4)(a) of the Prospectus Regulation, an offer of New Shares in the European Union is limited to persons who are "qualifi
Slide 54: International Offer Jurisdictions
RYMAN HEALTHCARE | Investor Presentation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International Offer Jurisdictions Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading f
Ryman Healthcare — Investor Presentation (February 2025) on 6ix