Ryman Healthcare Limited Analysis

Overview

Ryman Healthcare limited (RYM) is the largest provider of retirement living options for New Zealanders over the age of 70. The company provides a range of retirement living and care options, including independent townhouses and apartments, serviced apartments and care centres providing resthome, dementia and hospital-level care.

RYM was established in Christchurch in 1984. It was listed in June 1999 followed a public offering of 30 million shares at a price of $1.35. In January 2007 the company implemented a 5:1 share split. In 2014 RYM opened its first village in Melbourne and plans to build four more in Victoria by 2020.

As at July 2016, RYMs 30 retirement villages in New Zealand and Australia provided homes for over 10,000 residents and employed more than 4,000 staff.

Performance

The following information was extracted from Ryman Healthcare Limited's half year results, released on 27 November 2025:

Financial results

Ryman’s financial performance has strengthened significantly with total revenue growth of 13% underpinned by its increasing resident base and strong fee growth. Total costs fell 2%, driven by cost-out initiatives gaining traction, stronger performance across both mature and developing villages and lower interest costs. This led to a $57.6 million reduction in losses before tax and fair value movements1.

Free cash flow lifted to $56.2 million, up $108.7 million, driven primarily by strong development cash flows, reflecting new units being sold down and the scaling back of development investment. Cash flow from existing operations was broadly flat, with improving cash from village operations offset by increased bought back stock on hand.

Net profit declined from $82.0 million in 1H25 to a loss of -$45.2 million, with the improvement in operating earnings being offset by lower fair value movements. Earnings per share declined from 11.9cps to -4.4cps, reflecting lower profit and higher shares on issue.

First time segmentation of retirement village and aged care financials has provided greater insight to business performance, aligned with FY26 strategic priorities.