Highlights

  • Ryman Healthcare (ASX:RYM) recorded 379 occupation right sales in 2QFY27, including 312 resales.
  • Resale volumes rose 14% YoY, while new retirement living inventory declined to 347 units.
  • Total aged care occupancy reached 94.0% in 2QFY27, up 3.3 percentage points YoY.
  • FY26 operating revenue increased 10% to NZD 849mn and operating EBITDAF reached NZD 88mn.

Ryman Healthcare Limited operates retirement villages and aged care facilities across New Zealand and Australia, combining independent retirement living with assisted living and care services. On 26 October 2026, Ryman Healthcare (ASX:RYM) was quoted at AUD 1.455, down 1.02% for the trading session. The company’s October trading update detailed higher retirement living resales, lower unsold new stock and improved overall care occupancy, following FY26 results that showed increased operating revenue and a return to positive free cash flow.

Company Business

Ryman Healthcare (ASX:RYM) develops, owns and operates integrated retirement communities. Its villages offer independent units, serviced apartments and aged care accommodation, allowing residents to move between service levels as their needs change. The business operates in New Zealand and in the Australian state of Victoria. Retirement living activity involves sales and resales of occupation right agreements, while aged care generates operating revenue from accommodation and care services.

Recent Development

In its October 2026 update, Ryman Healthcare (ASX:RYM) reported 379 settled retirement living occupation right sales for 2QFY27, comprising 312 resales and 67 new sales. Resales increased 14% YoY to their highest quarterly level in eight quarters. Net resale contracts rose 11% YoY, following 7% growth in 1QFY27. The company said activity was spread across most regions, including Auckland and Victoria.

Unsold new retirement living stock declined by 67 units during the quarter to 347, a reduction of 132 units since 31 March 2026. No new units were delivered during H1FY27, consistent with the construction timetable. In October, the Richard Hadlee Village main building opened in Christchurch with 77 retirement living units and 65 care beds. The company maintained FY27 build guidance of 157–168 retirement living units and aged care beds.

Total aged care occupancy reached 94.0% in 2QFY27, an increase of 3.3 percentage points YoY. Occupancy at mature aged care centres was 95.4%, compared with 95.7% a year earlier. The five mature Victorian care centres reported occupancy of 97.9%, up from 96.1%. These figures show a distinction between occupancy improvements at recently opened centres and conditions in the established portfolio.

Financial Performance and Sector Context

For the year ended 31 March 2026, Ryman Healthcare (ASX:RYM) reported operating revenue of NZD 849mn, up 10% YoY. Operating earnings before interest, tax, depreciation, amortisation and fair value movements (EBITDAF) increased 94% to NZD 88mn. The loss before tax and fair value movements narrowed to NZD 73mn from NZD 385mn in FY25. Operating revenue growth reflected additional aged care capacity, higher care premiums and more retirement living residents on revised pricing terms.

Free cash flow was positive NZD 188mn in FY26, supported by cash released from developments. The company reported NZD 47mn of progress toward its FY29 target of a NZD 150mn sustainable improvement in cash flow from existing operations. It also reported NZD 169mn of progress toward a NZD 500mn cash release target, including portfolio optimisation initiatives. Gearing was 27.8% at the FY26 reporting date.

Risks to Consider

Ryman Healthcare (ASX:RYM) faces housing-market softness that can delay settlements, as well as wage, staffing and regulatory pressures in aged care. Construction expenditure, land divestment proceeds and financing costs can also affect cash flow and delivery of its FY29 targets.

What to Watch Next

H1FY27 results are scheduled for 25 November 2026. Relevant measures include resale settlements, care occupancy, new stock, cash generation and progress against FY27 construction guidance. Ryman is also targeting a closer match between resales and resident turnover by the end of FY27.

Key Insights

Ryman Healthcare (ASX:RYM) reported higher resales and overall aged care occupancy in 2QFY27 while reducing unsold new retirement living stock. FY26 results showed increased operating revenue, higher operating EBITDAF and positive free cash flow. Settlement activity, care profitability, development deliveries, capital release and debt management remain relevant to the company’s reported operating and financial position.