Highlights

  • Ryman Healthcare reported FY2026 Revenue of NZ$849 million.
  • The company operates retirement villages and aged care facilities across New Zealand and Australia.
  • Free Cash Flow turned positive during the year ended 31 March 2026.
  • Ryman reduced net Debt and improved gearing during FY2026.

Ryman Healthcare Limited (ASX:RYM) develops, owns and operates integrated retirement villages across New Zealand and Victoria, Australia. The FY2026 results highlighted changes in cash generation, debt levels, village operations and the company’s approach to future development activity.

FY2026 Financial Performance

For the year ended 31 March 2026, Ryman reported Operating Revenue of NZ$849 million, increasing 10%. Operating EBITDAF almost doubled to NZ$88.3 million, while statutory net loss after tax narrowed to NZ$171.3 million from NZ$513.7 million in FY2025.

Free cash flow from existing operations reached NZ$188.3 million, compared with negative NZ$94.2 million a year earlier. Net debt reduced by NZ$94 million to NZ$1.571 billion, while gearing improved to 27.8%.

Retirement Village Operations and Recent Developments

Ryman develops, owns and operates retirement villages offering independent living units, serviced apartments and aged care facilities including rest home, hospital and dementia care.

At 31 March 2026, the portfolio comprised 47 villages with 8,379 retirement units in New Zealand and 1,580 units in Australia, alongside 4,686 aged care beds.

During FY2026, Ryman introduced a Resident Fund in New Zealand and expanded its serviced apartment offering. The company also contracted NZ$147 million of land divestments against a target of about NZ$250 million.

Operational Position and Future Focus

Occupation right agreement settlements totalled 813 during the year, including 398 new sales and 415 resales. Ryman delivered 481 homes across New Zealand and Australia during the period.

Occupancy in mature aged care villages was 96.0%, with operating EBITDAF per bed of NZ$20.1 thousand.

Ryman guided to an FY2027 build rate of 157 to 168 units and beds, with Capital Expenditure of NZ$150 million to NZ$180 million. The company also outlined targets relating to net debt, gearing and cash flow from existing operations.

Key Insights

Ryman Healthcare’s FY2026 update reflected progress in cash generation and Balance Sheet management while continuing to operate retirement living and aged care facilities. Future developments will depend on village activity, development delivery and sector conditions.