Ryman Healthcare reports FY25 results

NZX RELEASE

29 May 2025


Ryman Healthcare reports FY25 results
Operational highlights
• Pricing model changes has driven a step change in deferred management fee (DMF)
increasing the value of the future contract book
• Improving sales contracts
1
momentum through the fourth quarter
• Total ORA sales broadly flat at 1,523 on a record FY24 (1,574) demonstrating the
quality and demand for Ryman villages
• Highest build rate (950) on record with four main buildings opened and three villages
completed
Financial highlights
• Extensive two-year financial reporting review complete providing improved
transparency and comparability
• Operating earnings before interest and taxation, depreciation and amortisation and
fair value adjustments (EBITDAF) up from $14.8 million to $45.5 million reflecting
improvements in both village and non-village performance
• Net profit after tax (NPAT) of -$436.8 million, down from -$169.7 million in FY24
(restated) impacted by several one-off and non-cash items
• Free cash flow of -$94.2
2
million, in-line with the equity raise outlook
• Net interest-bearing debt down $840 million to $1,665 million, predominantly driven
by $1.0 billion equity raise
Strategic highlights
• Operational reset well underway with $23 million of annualised cost removed in the
second half and targeting double this by the end of FY26
• Balance sheet strengthened following completion of $1.0 billion equity raise reducing
gearing to 28.1% and improving resilience in challenging market conditions
• Portfolio, strategy and capital management review is underway and will complete in
FY26

1
Gross sales contracts reflect signed RV unit application forms, including internal transfers from existing residents, and exclude the impact
of cancelled applications.
2
Institutional Term Loan (ITL) cash break costs of $19.0 million excluded for consistency with free cash flow guidance provided at the
time of the equity raise. Refer to slide 34 of the FY25 Results Presentation for reconciliation.

CEO Naomi James said “FY25 has been a year of significant reset. We are pleased to have
made a step change in the value of new contracts and removed $23 million of annualised
costs in the second half of FY25. While there is still work to be done, we start the year with
a strong balance sheet, reset in revenue and cost performance well underway and a
portfolio positioned to deliver cash and returns as the housing and economic cycle
improves. Our offering, with a focus on providing exceptional care for our residents
remains industry leading, and our portfolio is uniquely positioned as demand for retirement
living and aged care increases.”
Financial results
Ryman Healthcare (Ryman) reported FY25 revenue of $760.7 million (up 10% on restated
FY24) and NPAT of loss of -$436.8 million (restated FY24: -$169.7 million), impacted by
one-off costs and non-cash asset write-downs and a higher interest expense.
Net tangible assets (NTA) per share declined from 589.7cps at 30 September 2024 to
418.2cps at 31 March 2025, driven predominantly by financial reporting changes to
valuations and cost capitalisation, and additional shares on issue from the equity raise.
Free cash flow of -$94.2 million was in-line with the February outlook. This was up from
-$186.9 million year on year reflecting moderated levels of development spend.
As previously signalled, the FY25 financial statements were significantly impacted by
accounting changes across revenue recognition, valuations and cost capitalisation. All FY25
outlook, cost savings and capital management targets outlined at the time of the equity raise
were met or exceeded. The completion of the financial reporting review did mean that
additional NTA impacts were identified and reflected in the accounts.
Chair Dean Hamilton said “We have completed our two-year extensive Board-led review of
our financial reporting, adopting a more conservative stance on revenue recognition,
removing director judgement from asset valuations, increasing transparency of performance
and improving the comparability of our accounts to others in the sector. We acknowledge
that the changes have been significant and, in some cases, complex. While it has been
challenging to work through, we believe the improved transparency and consistency will put
us in a stronger position.”
James said “While there is still some way to go, the changes that we have been making in
our operational reset are beginning to be realised through improved core operating
performance year on year. Operating EBITDAF up $30.7 million reflecting improvements in
both village and non-village performance.”
Village operating EBITDAF increased $33.9 million reflecting both fee and DMF growth, and
cost controls. Gross non-village operating expenses declined $9.5 million, predominantly
reflecting the new support and services structure and cost control across corporate
expenses.

Operational performance
In challenging market conditions, Ryman achieved 1,523 ORA sales, in line with February
guidance and broadly flat on the year prior. Unoccupied units rose from 974 (10.6% of
portfolio) to 1,239 (12.7% of portfolio) largely driven by new serviced apartments following
the opening of four main buildings in the period.
Following the previously signalled soft third quarter, momentum in sales contracting (lead
indicator) has improved in the fourth quarter. Pricing model changes implemented in 2H25
have driven a 40% increase in average DMF to 28.8% on new resident contracts increasing
the value of the future contract book.
James said “Selling down existing stock remains a significant opportunity to drive cash flow.
Our sales effectiveness continues to strengthen, and we are confident this will drive ongoing
improvement in sales performance over FY26 as the team builds a stronger pipeline of
contracts from levels seen in the second half of FY25. Importantly, we are achieving a
significantly higher DMF on new contracts which will underpin revenue growth and
improved business performance in the years ahead.”
Occupancy remains high in Ryman’s mature villages across both aged care (96.3%) and
retirement living (92.8%). Resident sentiment is positive as demonstrated by a stable Net
Promoter Score (NPS) across care and independent residents.
“Our residents are the heart of Ryman and have been for more than 40 years. This is
reflected in recognition from our residents where this week we were again named as New
Zealand's Most Trusted Brand in this category by Reader's Digest, winning the award for the
eleventh time, as well as our ability to attract a growing level of premiums and continued
high occupancy. It is the dedication of our team members who bring our purpose to life
every day by delivering exceptional care that enriches the lives of our residents.”
Regulatory environment and impacts to the provision of care
In September, the Australian Government introduced the Aged Care Bill 2024, bringing
changes that James said will make the sector more investable.
“We strongly support the reform in Australia that enables flexible funding models and the
means-tested co-contribution model for both residential aged care and the Support at
Home Programme. We believe these changes demonstrate how reform can improve the
delivery of aged care, making it more equitable for ageing citizens and more sustainable for
providers.”
The New Zealand Government’s own report into aged care funding has identified that the
sector is underfunded and a substantial increase in the regulated care price is required. We
look forward to the Government concluding its review to address this,” said James. Ryman
confirmed earlier this year that it is reviewing its aged care bed capacity in New Zealand.
“This issue is sector wide and needs to be addressed urgently to ensure the medium to
long-term ability of the sector to provide enough aged care beds for older New
Zealanders.”

Development update
FY25 reflects a record build year in Ryman’s history. Ryman completed four main buildings,
welcoming residents to Miriam Corban, Keith Park, James Wattie, and Bert Newton villages.
Hubert Opperman in Mulgrave also opened its first independent townhouses, bringing the
total number of operational villages to 49: nine in Victoria and 40 in New Zealand.
James said “It’s has been a record period of main building delivery, with four in one year,
and it will take time to fill these. The buildings are wonderful additions for our residents
who can now enjoy all of the amenities and experience of living in a Ryman village, along
with the ability to leverage their access to our continuum of care.”
The build rate for the year totalled 950 units and beds, including 301 independent living
units, 290 serviced apartments and 359 aged care beds (all on a completed basis). Three
villages were completed, reducing the number of sites under construction from 10 to seven.
Ryman remains focussed on completing in-flight stages and selling down existing stock, with
the timing of future development to be aligned with market demand.
Operational reset
Ryman has made significant changes through its business transformation programme, which
aims to improve its financial performance through releasing cash from the balance sheet,
sustainable business improvement and a disciplined approach to growth.
Progress achieved to date includes the changes to its services and support structure, a new
revenue model for its retirement units, and commencing the transition to an outsourced
design, development and construction delivery model.
“So far, we have achieved $23 million of annualised savings in gross non-village operating
expenses and are targeting a similar level of savings across a broad range of Group expenses
by the end of FY26,” said James.
“We are getting off the development treadmill and focussing on the operating performance
of the business, setting up for higher quality cash earnings and a disciplined approach to
growth,” said James.
Ryman continues to review its existing villages and land bank to prioritise the best
opportunities for value-accretive growth. The land bank represents a significant opportunity
to release cash from sites which are not likely to be developed, with undeveloped land
holdings valued independently at $369 million.
This review is part of a wider portfolio and strategy review to deliver a detailed and clear
plan to deliver value-accretive portfolio growth.

Capital management
Ryman successfully raised $1.0 billion in March, enhancing financial stability and resilience in
the current market. Net interest-bearing debt has reduced $840 million to 1,665 million
with gearing falling to 28.1% reflecting lower debt and balance sheet movements.
Dividends remain suspended and Ryman will undertake a review of its capital management
policy, including the dividend policy, in FY26, noting that any future dividend policy is
expected to be based on cash flow.
FY26 outlook
“We continue to drive operating performance with a clear focus on releasing cash and
reducing costs. Cash performance in FY26 will benefit from lower cost structures in support
services, lower capital spend as in-flight stages complete and lower interest costs following
the capital raise.” said James.
FY26 guidance:
• Total sales of ORAs (occupation basis): 1,100 to 1,300 (FY25: 1,523) at higher DMF
• Targeting of doubling of annualised cost saving from $23 million to $46 million by the
end of FY26
• 266–330 build rate including 80 aged care beds and 186-250 RV units (FY25: 950)
• Capex of between $260–320 million (FY25: $535.3 million) including $180–230
million on development activity (FY25: $458.2 million) and $80–90 million on existing
operations (FY25: $77.1 million)
• Ryman's guidance for FY26 reflects the current environment and its assessment of
future trends.
Industry leadership in retirement living and aged care
James said, “As markets recover, we are confident that the changes we are making to our
business will enhance our financial performance and strengthen our position as industry
leaders in retirement living and aged care.
As the ageing populations in New Zealand and Australia continue to grow and the gap
between aged care bed supply and demand widens, our model will become increasingly
valuable to the residents we serve, and to our shareholders.
We deeply value the contribution that our over 15,000 residents make in our communities
across New Zealand and Australia. Ryman is privileged to provide communities that offer
our residents both choice in retirement living and peace of mind with access to industry
leading care as their needs change.”

ENDS

Authorised by:
Morgan Powell
General Counsel

About Ryman:
Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 49
retirement villages in New Zealand and Australia. Ryman villages are home to 15,200
residents, and the company employs 7,800 staff.

Contacts:
For investor relations information contact Hayden Strickett, Head of Investor Relations, on
+64 27 303 1132 or hayden.strickett@rymanhealthcare.com

For media enquiries contact Camille Middleditch on +64 28 422 3472 or
camille.middleditch@sandpipercomms.com

---

Presented 29 May 2025
RYMAN HEALTHCARE
Full year results
For the year ended 31 March 2025

RYMAN HEALTHCARE | FY25 Results Presentation
Highlights 3
Sales and stock 7
Operations 13
Development 17
Financials 22
Capital management 35
Business transformation 39
Outlook 44
Q&A 47
Appendices 48
All figures in this presentation are in New Zealand dollars (NZD) and are at 31 March 2025 or for
the twelve months ended 31 March 2025, unless otherwise stated.
Agenda
Presenters
Rob Woodgate
CHIEF FINANCIAL
OFFICER
Naomi James
CHIEF EXECUTIVE
OFFICER

RYMAN HEALTHCARE | FY25 Results Presentation3
Highlights
Patrick Hogan Village resident Roger in the village workshop
33

RYMAN HEALTHCARE | FY25 Results Presentation4
Sales
performance
Pricing model changes have driven a step change in DMF on new contracts.
Sales contracting improved through 4Q25
Operating
reset
Business transformation is well underway with $23 million of annualised costs removed in 2H25
and a target of doubling this by the end of FY26
Capital
management
Balance sheet has been strengthened following $1.0 billion equity raise with reduced gearing
of 28.1% anda target to release $500 million over 3–5 years
Financial
reporting
Extensive two-year financial reporting review now complete providing improved transparency and
comparability. Completion of first audit with PwC, unqualified audit for FY25
A year of reset
Ryman will enter FY26 with a strong balance sheet, reset in revenue and cost performance underway, and a
portfolio positioned to deliver cash and returns as housing and economic cycle improves
Highlights

RYMAN HEALTHCARE | FY25 Results Presentation5
FY25 outlook940 units/beds built950 units/beds completed
1,471 total ORA sales1,523 total ORA sales achieved
Around -$100 million free cash flow-$94 million free cash flow
1
Total capex of $590–$620 millionTotal capex of $523 million, including changes to
cost capitalisation policies
Cost savings $20 million annualised saving run rate achieved
to date in gross non-village operating expenses
$23 million annualised saving run rate achieved
to date in gross non-village operating expenses
Capital
management
Agree bank amendments and/orrepayment
of institutional term loan (ITL)with potential cash
costs of up to $35 million
Full repayment of ITL in March, including $24 million
of cash break and swap costs
Cancel $820 million of facilities and close out
$500 million of hedging with $5–10 million of close
out costs
1
Cancelled $814 million of facilities and $495 million
of hedging at cash cost of $6 million
2
. $523 million
of facility headroom
Financial
reporting review
Work on financial reporting review ongoing, with
outcomes uncertain, identified potential for NTA
impact of up to $300 million
Review now complete with NTA impacts of
approximately $576 million from items identified at
the time of the equity raise. First PwC audit now
complete.
Equity raise scorecard
Ryman has met most targets provided at the time of the equity raise in February 2025
Equity raise targetScorecard
Highlights
1: Excludes $19.0 million cash cost for ITL repayment (see slide 34 for reconciliation). 2: P&L impact differs due to hedge accounting.

RYMAN HEALTHCARE | FY25 Results Presentation6
FY25 performance
Build rate
950
+29% | FY24: 736
Highlights
Aged care occupancy
(mature villages)
96.3%
FY24: 96.3%
Unoccupied RV unit stock
1,239
+265 | March 2024: 974
Total: 90.9%
Developing: 59.0%
Contracted: 367
Uncontracted: 872
1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP (Generally Accepted Accounting Practice). Non-GAAP measures are presented to assist investors in understanding Ryman's
performance. It may not be comparable to similar financial information presented by other entities. 2: Restated due to new accounting policies refer to slide 25. 3: ITL cash break costs of $19.0 million excluded for consistency with free
cash flow guidance provided at the time of the equity raise (refer to slide 34 for reconciliation).
RV units: 591
Care beds: 359
RV unit occupancy
(mature villages)
92.8%
March 2024: 93.7%
Capex
1,2
$535.3m
-$263.9m | FY24: $799.2m
Net interest-bearing debt
1
$1,665m
-$840m | March 2024: $2,505m
Free cash flow
1,3
($94.2m)
+$92.7m | FY24: ($186.9m)
Total: 87.3%
Developing: 77.7%
Average ORA sales price
$800k
+2% | FY24: $787k
Sales of RV unit ORAs
(occupation basis)
2
1,523
-3% | FY24: 1,574
New sales: 416
Resales: 1,107
6
RYMAN HEALTHCARE | FY25 Results Presentation

RYMAN HEALTHCARE | FY25 Results Presentation7
Sales and stock
Patrick Hogan Village
7

RYMAN HEALTHCARE | FY25 Results Presentation8
3Q: 60%4Q: 75%
50%
65%
63%
75%
72%
77%
Sales contracts
Contracting momentum has improved since the time of the equity raise, but remains below prior periods
FY25 gross sales contracts
1
vs average two-year pcp
2
•Retirement village market conditions remain
challenging with elevated industry stock
and heightened competition
•Housing market uncertainty and longer
selling times are impacting sales contracting
levels
•3Q sales contracts were impacted by
concurrent changes to the ORA and DMF
pricing model, organisational restructuring,
and reduced sales incentives
•Ongoing focus on sales effectiveness
through a range of initiatives, including
targeted promotions and incentives, front-
line sales team capability build, and
targeted pricing initiatives
Sales and stock
Pricing model changes
(DMF / weekly fees)
1: Gross sales contracts reflect signed RV unit application forms, including internal transfers from existing residents, and exclude the impact of
cancelled applications. Gross sales contracts are a lead indicator to booked sales, with the latter being recognised when a resident takes
occupation of an RV unit which typically aligns with settlement. 2: Given the month-to-month movement in number of gross sales contracts due to
sales activities over the course of a year, comparison is made against the average of the prior two equivalent months or quarters (PCP) to provide a
measure of trend.
1H: 106%

RYMAN HEALTHCARE | FY25 Results Presentation9
Pricing model changes
Step change in DMF and weekly fees implemented in 3Q is building a higher value future contract book
•Flexible pricing model offers choice of DMF
level and fixed or indexed weekly fees
•Average DMF for new residents increasing
from 20.6% in 1H25 to 28.5% in 2H25, a 38%
uplift. DMF revenue is expected to grow year
on year as contract book turns over
•Pricing model change made possible by
Ryman’s industry-leading brand and quality
of care, empowering customer choice and
maximising the value proposition across the
continuum of care
by DMF type
by fee type
New resident contracts (by value)
1: Excludes contracts from internal transfers.
Average DMF1H252H25
New residents
1
20.6%28.5%
94%
9%
1%
15%
5%
73%
0%
2%
0%
2%
1H252H25
20%25%30%35%40%
100%
53%
47%
1H252H25
FixedIndexed
Sales and stock

RYMAN HEALTHCARE | FY25 Results Presentation10
Sales volumes
1
FY25 sales broadly flat YoY, 4Q sales ahead of equity raise outlook
Annual sales of ORAs
New sales of ORAs
Resales of ORAs
357
430
420
367
380
447
394
302
247
1Q2Q3Q4Q
FY24FY25Equity raise outlook
Quarterly sales of ORAs
•4Q sales were ahead of equity raise outlook
driven by new village sales and seasonal
residential sales for prospective residents
•Slower new sales year-on-year reflect
industry conditions and elevated industry
stock
•FY25 resales broadly stable against
a strong FY24 demonstrating the quality
and demand for Ryman’s mature villages
Sales and stock
917
887
957
983
1,127
1,107
472
474
528
539
447
416
1,389
1,361
1,485
1,522
1,574
1,523
FY20FY21FY22FY23FY24FY25
ResalesNew sales
388
356
413
383
327
333
84
118
115
156
120
83
472
474
528
539
447
416
FY20FY21FY22FY23FY24FY25
Independent (ILU)Serviced (SA)
412
409
460
420
559
515
505
478
497
563
568
592
917
887
957
983
1,127
1,107
FY20FY21FY22FY23FY24FY25
Independent (ILU)Serviced (SA)
1: During FY25 Ryman changed its recognition policy for ORAs to an
occupation basis (previously when a sales application form was signed).
Non-GAAP metrics including booked ORA sales volumes have been aligned
to this recognition. Prior periods shown on this slide and in the appendices
have been restated on a consistent basis.

RYMAN HEALTHCARE | FY25 Results Presentation11
•FY25 sales predominantly reflect contracts
signed prior to 1 October 2024
•Growth in average new sales pricing
reflects unit mix with volumes weighted
to higher priced villages in Victoria
•Resales average pricing flat YoY despite
challenging market conditions
•Gross resales margins moderate from
historical highs, reflecting flat HPI
environment, as well as mix impact from
higher volumes across serviced apartments
and Australia (newer portfolio)
•Pricing reviewed across the portfolio
with targeted pricing strategies in place
for higher stock villages and stable or
increasing prices in low stock villages
Pricing and margins
Pricing held in challenging market conditions with targeted pricing changes to flow through in FY26
Gross resales margin
1
$
New Sales ORA pricingResales ORA pricing
Gross resales margin
1
%
$209k
$207k
$191k
FY23FY24FY25
30.4%
28.5%
25.9%
FY23FY24FY25
$853k
$938k
$974k
FY23FY24FY25
$689k
$726k
$735k
FY23FY24FY25
1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP (Generally Accepted Accounting
Practice). Non-GAAP measures are presented to assist investors in understanding Ryman's performance. It may not be comparable to similar
financial information presented by other entities.
Sales and stock

RYMAN HEALTHCARE | FY25 Results Presentation12
468
399
489
531
572
573
530
499
513
618
568
627
998
898
1,002
1,149
1,140
1,200
FY20FY21FY22FY23FY24FY25
IndependentServiced
Retirement village unit stock
Selling down existing stock remains a significant opportunity to release cash from the business
Sales and stock
Resales stock paid out (units)
2
FY25 average age of residentsTurnover (units vacated)
RV unit stock (units)
1
•Record unit turnover demonstrates portfolio
maturity, replenishing resales stock and
driving cash DMF
•Ryman’s serviced apartment offering
continues to attract a higher average
resident age and is well positioned to benefit
from growing demand for assisted living
•Opportunity to release cash from improving
sales effectiveness as market conditions
recover through:
•Sell down of new sales stock after the
opening of four main buildings in FY25
(including 290 serviced apartments) and
a further one main building in 1H26
•Reduction intotal vacant stock after
peaking in FY26
1: Includes units which are vacant. 2. Vacant RV units where the exiting
resident has been repaid their ORA balance prior to a new resident settling.
344
277
400
578
394
544
574
661
-
100
200
300
400
500
600
700
Mar-22Mar-23Mar-24Mar-25
New sales stockResales stock
118
152
146
271
295
358
0
100
200
300
400
Mar-20Mar-21Mar-22Mar-23Mar-24Mar-25
83.1
87.9
88.2
87.1
83.9
ILUSAResthomeHospitalDementia

RYMAN HEALTHCARE | FY25 Results Presentation13
Operations
Miriam Corban Village resident Alfred and caregiver Maria
13

RYMAN HEALTHCARE | FY25 Results Presentation14
14

RYMAN HEALTHCARE | FY25 Results Presentation15
$123
$133
$143
FY23FY24FY25
$440
$466
$505
FY23FY24FY25
Retirement village operating performance
Strong growth in revenue per unit metrics achieved in FY25
Operations
Lower serviced apartment occupancy
1
Average independent weekly fees
per occupied unit
Independent unit occupancy
1
1: Occupancy at period end (31 March).
92.1%
90.3%
90.4%
FY23FY24FY25
86.2%
86.8%
79.4%
FY23FY24FY25
Average serviced apartment weekly
fees per occupied unit
•Stable independent unit occupancy
•Lower serviced apartment occupancy
largely driven by 290 new units added
in FY25
•Growth in independent unit and serviced
apartment fees, with price changes in
recent years
•Expect continued growth in average fees as
contract book turns over
8%
8%

RYMAN HEALTHCARE | FY25 Results Presentation16
Aged care operating performance
High occupancy and strengthening premiums, in a growing care portfolio
Operations
$47.8
$51.3
$55.7
FY23FY24FY25
Average daily room premiums
– New Zealand
Mature care centre occupancy
1
$686,000
$732,000
$763,000
FY23FY24FY25
Average RAD balance
– Australia
1: Excludes developing care centres. 2: Average unoccupied beds at developing care centres includes six care centres which have not reached
90% occupancy for a full financial year and Edmund Hillary (FY25) due to temporary closure of beds due to relevelling works. Asof 5 May 2025, these
beds are now operational.
Average unoccupied beds at
developing care centres
2
94.6%
96.3%
96.3%
FY23FY24FY25
Covid impacted
180
145
273
FY23FY24FY25
•Continue to attract growing premiums
and maintain occupancy reflecting
quality of care and accommodation
•Growing RADs and home care packages
in Australian business, demonstrating
value of continuum of care offering –
2% RAD deduction per annum permitted
from 1 July under aged care funding
reforms for new residents
•Significant capacity added in FY25 (359
beds), increasing the number of
unoccupied beds at developing care
centres and providing a significant
opportunity to add incremental revenue
in FY26
•Revenue per bed now almost double in
Australia (vs NZ) following funding reforms
9%
4%

RYMAN HEALTHCARE | FY25 Results Presentation17
Kevin Hickman Village
17
Development

RYMAN HEALTHCARE | FY25 Results Presentation18
Development progress
Substantial progress made on in-flight projects with several milestones achieved in FY25
•950 units/beds completed in FY25, including
301 independent living units, 290 serviced
apartments and 359 aged care beds
•Four main buildings opened with the first
aged care and serviced apartment
residents welcomed at Miriam Corban,
Keith Park, James Wattie and Bert Newton
•Hubert Opperman opened to its first
independent residents, bringing the number
of open villages to 49
•Miriam Corban, James Wattie and Bert
Newton were completed, reducing the
number of villages under active construction
to seven
•Nellie Melba expected to complete in
FY26 with final apartment block under
construction
•In-flight stages at Kevin Hickman, Keith Park
and Deborah Cheetham expected to
complete in the next 12 months
3
Villages
completed
950
Units/beds
completed
Development
4
Main buildings
opened
408
284
301
169
194
290
239
258
359
816
736
950
FY23FY24FY25
CareServicedIndependent
Completed units and beds

RYMAN HEALTHCARE | FY25 Results Presentation19
Miriam Corban main building, opened May 2024James Wattie main building, opened June 2024
Bert Newton main building, opened November 2024Keith Park main building, opened August 2024
Four main buildings opened
Occupancy
RV units: 69%
Care: 79%
Occupancy
RV units: 63%
Care: 58%
Occupancy
RV units: 62%
Care: 28%
Occupancy
RV units: 60%
Care: 56%
DevelopmentRYMAN HEALTHCARE | FY25 Results Presentation

RYMAN HEALTHCARE | FY25 Results Presentation20
In-flight build programme
Disciplined approach to growth: focus remains on selling down existing stock, with timing of future stages
to be aligned with market demand
VillageStatus at 31 March 2025FY25 completions
Under construction or
committed
2
Future stages
(uncommitted)
RV
units
Main
building
All
stages
RV
units
Care
beds
RV
units
Care
beds
RV
units
Care
beds
Miriam Corban
Henderson, Auckland
OpenOpenComplete8871n/an/an/an/a
Bert Newton
Highett
OpenOpenComplete4579n/an/an/an/a
James Wattie
Havelock North
OpenOpenComplete10289n/an/an/an/a
Nellie Melba
Wheelers Hill
OpenOpen
Under
construction
--76---
Deborah Cheetham
Ocean Grove
OpenOpen
Under
construction
51-13-58-
Keith Park
Hobsonville, Auckland
OpenOpen
Under
construction
14112064-48-
Kevin Hickman
Christchurch
Open
Under
construction
Under
construction
39-798076-
Patrick Hogan
3
Cambridge
Open
Commencing

1H26
Under
construction
10-756495-
Northwood
1
Christchurch
Open
Under
construction
Under
construction
68-826032-
Hubert Opperman
4
Mulgrave
OpenPlanning
Under
construction
47-4-17860
Total
58135939320448760
950597547
1: 10 additional RV units were completed at Northwood in FY25 which weren’t assumed delivered by 31 March 2025 in the equity raise investor presentation due to proximity to year end. 2: Includes main buildings under
construction at Kevin Hickman (due for completion 1H26) and Northwood (due for completion 2H27). 3: Patrick Hogan main building is committed with construction expected to commence in 1H26. 4: Timing for completion of the
Hubert Opperman future phases, including the main building, is subject to finalisation and planning approvals.
Development

RYMAN HEALTHCARE | FY25 Results Presentation21
Land bank
Developing village land bankGreenfield land bank
Deborah Cheetham
Ocean Grove
Coburg North
Hubert Opperman
Mulgrave
Essendon
Keith Park
Hobsonville, Auckland
Karaka
Kevin Hickman
Christchurch
Kealba
Northwood
Christchurch
Mt Eliza
Patrick Hogan
Cambridge
Park Terrace
Mature village land bank
Ringwood East
Grace Joel
St Heliers, Auckland
Rolleston
Jean Sandel
New Plymouth
Takapuna
Murray Halberg
Lynfield, Auckland
Taupō
Kohimarama
3
Development
1: Newtown settled in 1H25 for $7.1 million and a $0.5m deposit received for Karori. 2: Karori conditionally sold for $23.0 million (expected to settle in
1H26)and excess land at Nellie Melba sold for $9.9 million (expected to settle in 1H26). 3: The land at Kohimarama no longer meets the accounting
definition of held for sale and has been reclassified to investment property. 4: Includes 11 greenfield land bank sites listed, and land at Jean Sandel
and Murray Halberg shown in the mature village land bank.
•Reviewing existing villages and land bank
to prioritise best opportunities for
value-accretive growth
•Portfolio review to be completed in FY26
•Each land bank site being reviewed for
demographics, demand, build complexity,
staged delivery and competition
•Land bank represents an opportunity to
release significant cash from sites that are
not likely to be developed
•$7.6 million in proceeds from land
divestment realised in FY25
1
•Further $32.9 million of land divestments
currently contracted and held for sale
in FY26
2
Focussed on deploying capital across growth opportunities on an improved risk-return framework
Land bank independent valuation: $369 million
4

RYMAN HEALTHCARE | FY25 Results Presentation22
Kevin Hickman Village residents Ian and Jo
22
Financials

RYMAN HEALTHCARE | FY25 Results Presentation23
Key financial metrics
Cash flow from
development activity (CFDA)
1,2
$24.4m
Up $196.3m | FY24: ($171.9m)
Cash flow from existing
operations (CFEO)
1,2
($118.6m)
Down -$103.6m | FY24: ($15.0m)
Operating revenue
1,2
$771.1m
+12.1% | FY24: $687.6m
IFRS profit before tax and fair
value movements (PBTF)
1,2
($384.6m)
Down -$141.8m | FY24: ($242.8m)
Net profit after tax
(NPAT)
1,2
($436.8m)
Down -$267.1m | FY24: ($169.7m)
NTA per share
418.2 cps
-82.9 cps | March 2024: 501.1cps
(601.5cps pre restatement)
Operating EBITDAF
1,2
$45.5m
+207% | FY24: $14.8m
Net interest-bearing
Debt
1,2
$1,665m
-$840m | March 2024: $2,505m
Gearing: 28.1% | March 2024: 40.1%
Free cash flow
1,3
($94.2m)
+$92.7m | FY24: ($186.9m)
Reported profit impacted by restatements, impairments and one-off items, core operating performance improving

1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP (Generally Accepted Accounting Practice). Non-GAAP measures are presented to assist investors in understanding Ryman's
performance. It may not be comparable to similar financial information presented by other entities. 2: Restated due to new accounting policies refer to slide 25. 3: : ITL cash break costs of $19.0 million excluded for consistency with free
cash flow guidance provided at the time of the equity raise (refer to slide 34 for reconciliation).
23
RYMAN HEALTHCARE | FY25 Results Presentation
Financials

RYMAN HEALTHCARE | FY25 Results Presentation24
External auditor independence
policy published in December 2023
PwC Auckland appointed as
external auditor in June 2024
First PwC audit completed for FY25,
with an unqualified audit opinion
Financials
Financial reporting
Ryman has completed an extensive Board-led review of its financial reporting over the past 18 months
GovernanceReportingTransparency
Independent review of Ryman
financial reporting against best
practice, identifying several areas
for improvement
Key accounting policies reviewed
and updated in FY24 and FY25
reporting cycles
Greater comparability with other
operators in the sector
Significant improvement in
disclosure within financial
statements and investor
presentation
New metrics introduced, focussed
on operational and cash flow
performance
Commitment to continue
enhancing disclosures

RYMAN HEALTHCARE | FY25 Results Presentation25
Significant changes to financial reporting
Extensive work undertaken to review accounting practices, including valuations, DMF recognition and cost capitalisation
DescriptionEffective
1
Transitioned to a full external independent valuation which
removed key director judgements and adjustments previously
applied to the valuation
Mar 24
Sep 24
2
Removal of an allowance included in PPE for valueprovided by
the aged care facility to independent residents. Reduction in PPE
value offset by increase in investment property value
Mar 24
3
Recognised imputed interest on aged care RADs as revenue,
reflecting non-cash consideration. Corresponding interest charge
also recognised
Mar 24
4
Removal of ‘near complete’ concept and alignment of valuation
population to completed stock
Sep 24
5
Moving the recognition point for ORAs to when a resident takes
occupation of a unit
1
, aligning closer to cash flow, and enhancing
comparability with peers
Sep 24
6
Development land now classified as investment property and
held at fair value (previously classified as PPE held at cost) plus
capitalised WIP subject to impairment testing
Sep 24
7
Consistent with development land, assets held for sale now apply
the measurement criteria for investment property and are held at
fair value (previously fair value less costs to sell)
Sep 24
8
Recognising DMF revenue over 9 years for independent units and
4.5 years for serviced apartments (previously 7 years and 3 years
respectively), aligned with updated expected tenure based on
statistical modelling
Sep 24
Financials
1: Occupation advances for resale units were previously recognised when a resident signed an application form. Occupation advances for new sales units were previously recognised when both an application form had been
signed, and the retirement unit had been deemed ‘near complete’ (meeting the threshold for inclusion in the investment property valuation).
DescriptionEffective
9
Review of cost capitalisation policy, resulting in a reduced pool of
eligible support services costs and a new methodology for cost
allocations
Mar 25
10
All aged care facilities are now valued when they are completed
(previously after a full financial year of operation)
Mar 25
11
Internally generated care goodwill is now excluded from the
aged care (PPE) carrying value. Independent valuation now
aligned to land and building values (previously reflected a
freehold going concern approach)
Mar 25
12
Removal of gross-up for refundable accommodation deposits
from aged care (PPE) carrying value
Mar 25
13
Impairment reviews of land bank WIP, aged care facilities in
development and intangible assets, reducing carrying values
Mar 25
14
Repaid resales stock identified and ‘in-one-line’ valuation
performed with a discount for profit and risk
Mar 25
15
Deferred tax asset recognised to the extent that it offsets existing
deferred tax liabilities (previously fully recognised up to March
2024)
Mar 25

RYMAN HEALTHCARE | FY25 Results Presentation26
New policy
36.6
58.8
86.8
138.1
138.6
67.1
88.2
87.5
36.2
22.6
103.6
147.1
174.3174.3
161.2
FY22FY23FY24FY24
(restated)
FY25
Reported expensesCapitalised to projectsGross expenses
Review of cost capitalisation policies
Refined cost capitalisation approach, aligned with active projects, improves clarity on development, operations,
and asset returns
•Organisational changes to Ryman’s office-
based functions triggered a review of the
approach to cost capitalisation
•Accounting standards require capitalisation
of costs which are directly attributable to
construction activity, with “directly
attributable” being undefined within NZ IAS
16 or NZ IAS 40 and therefore requiring
judgement
•Previous methodology based on an
“incremental” approach, with a broad
range of office-based functions included
within cost allocations
•New methodology has a more conservative
interpretation of “directly attributable” with
a smaller pool of office-based activities
included, with these being centered on the
design, development and construction
delivery teams
•Complexity and impact is high and is
reflected in multiple aspects of the financial
statements being restated
Financials
Non-village operating expenses
1
1: Non-village operating expenses excluding one-offs were $145.5 million in FY24 and $136.0 million in FY25 (ref slide 31). 2: Effective restatement
for FY23 and prior years reflected in restated opening equity position at 1 April 2023.
2
2

RYMAN HEALTHCARE | FY25 Results Presentation27
Property, plant and equipment
Updated valuation methodology for aged care centres is now based on fully independent valuations
Financials
Property, plant and equipment movement
Valuation movements
recognised in prior
period restatement
Valuation movements
recognised in FY25
•Previously, care centres were valued on
a freehold going concern (FHGC) basis
with an additional gross-up for RADs in
New Zealand
•Carrying values now include only land and
buildings at independent valuation
1
and
chattels at cost, with no gross up for RADs in
New Zealand.
•No material movement in going concern
value for previously valued care centres
•Six care centres valued for the first time
and one under construction, resulted in
a $148 million impairment in FY25
PPE ($m)
Mar 2024
(restated)Mar 2025YoY
FHGC – previously valued (38 care centres)949.01,003.654.6
FHGC – first time valuation (6 care centres)-171.9171.9
Goodwill apportionment(180.4)(204.2)(23.8)
Adjustment for chattels held at cost9.4(11.5)(20.8)
Care centre WIP (at cost, less impairment if any)309.330.8(278.6)
Carrying value of all care centre PPE1,087.3990.6(96.7)
Other PPE (at cost)47.529.0(18.5)
Total PPE per balance sheet1,134.81,019.6(115.2)
1: Fully independent valuations undertaken by independent valuers
CBRE (New Zealand) and CBRE (Australia)
1,937
(466)
(180)
(144)
(12)
1,135
85
(148)
32
(85)
1,020
Mar-24
reported
Land
moved
to IP
Goodwill
removed
RAD
gross-up
removed
Cost cap'
impacts
Mar-24
restated
AdditionsFV mov'
(first
time)
FV mov'
(existing)
OtherMar-25
reported

RYMAN HEALTHCARE | FY25 Results Presentation28
10,041
(235)
(120)
466
(11)
10,142
438
195
3810,813
Mar-24
(reported)
DMF
discount
adjust'
Cost cap'
impacts
Land moved
from PPE
Held
for sale
Mar-24
(restated)
AdditionsFV mov'OtherMar-25
(reported)
Investment property
Carrying values underpinned by fully independent valuations
Investment property movement
Valuation movements
recognised in prior
period restatement
Valuation
movements
recognised in
FY25
•Fully independent valuations undertaken
by independent valuers CBRE
(New Zealand) and JLL (Australia)
•Restatements to March 24 carrying values
reflect removal of DMF discount adjustment
(previously announced in 1H25) and
impacts of changes to cost capitalisation
policies on WIP (signalled at equity raise)
•Impact of pricing model change provides a
net benefit to fair value movement in FY25
Financials
Investment Property ($m)
Mar 24
(restated)Mar 25
Completed investment property (at fair value)9,104 10,096
Land – construction sites and land bank
1
331 433
Work in progress – land bank WIP (at cost)104 -
Work in progress – construction WIP (at cost)604283
Total investment property10,142 10,813
1: At March 2025, Land – construction sites and land bank is at fair value. The March 2024 comparatives are held at cost.

RYMAN HEALTHCARE | FY25 Results Presentation29
Net tangible assets
NTA impacted by equity raise and changes to financial reporting
NTA movement (cps)
Identified NTA items ($m)Impact
Care goodwill removed(180.4)
Cost capitalisation policies(131.5)
Immature care centres valued for the first time(148.4)
Land bank WIP written down(115.7)
Buyback stock discount
2
within IP FV movement
Total(575.9)
Financials
•Five items identified at the time of the equity
raise with a potential to impact NTA by up to
$300 million.
•Final impact to NTA of approximately $575.9
million (56.7cps) predominantly due to
higher-than-expected allocation of the care
going concern valuation to goodwill and
finalisation of cost capitalisation policy.
•Cost capitalisation impact of $131.5 million
(on opening FY25 balance) includes
components which are offset within
investment property fair value movement
(on closing FY25 balance), meaning the true
impact is lower.
•Other movements includes year end final
valuation, removal of RAD gross up within
care carrying value and the movement in
retained earnings.
589.7
(97.5)
(56.7)
(17.4)
418.2
Sep-24
reported
Equity raise
impact
Identified
NTA items
OtherMar-25
reported
1: Includes costs of ITL prepayment and close out of associated swaps. 2: Impact of buy back stock has not been separately identified in the
independent valuation.
1

RYMAN HEALTHCARE | FY25 Results Presentation30
Reported profit and loss
Reported profit impacted by restatements, impairments and one-off items
Financials
1: GST adjustment and uncapped internal transfers related to prior periods. 2: The metric is classified as non-GAAP, meaning it does not adhere
to a standardised definition under GAAP (Generally Accepted Accounting Practice). Non-GAAP measures are presented to assist investors in
understanding Ryman's performance. It may not be comparable to similar financial information presented by other entities. 3: Refer to Note 2 in
Consolidated Financial Statements for detail.
•Changes to financial reporting have been
reflected in both prior period restatements
and through the FY25 profit and loss
•FY25 reported NPAT impacted by several
one-off items, which are predominantly
non-cash:
1.Historic DMF adjustments
2.Non-operating expenses (refer to Note 2
in Financial Statements for detail)
3.Impairment loss relating to care centres
(PPE) and intangibles
4.Deferred tax recognised only to the
extent that it offsets existing deferred tax
liabilities, resulting in write down
•Finance costs impacted by lower interest
capitalisation and one-off costs associated
with ITL prepayment
Profit and loss ($m)
FY24
(restated)FY25YoY
Care and village fees510.4570.912%
Deferred management fees (DMF) exc. historical adjustments140.2154.911%
Historical adjustment to DMF
1,3
-(12.0)-
Imputed income on RADs24.532.533%
Other income12.612.92%
Interest received2.31.5-34%
Total revenue689.9760.710%
Operating expenses(711.9)(751.1)6%
Depreciation and amortisation(46.0)(48.5)5%
Imputed income charge on RADs(24.5)(32.5)33%
Impairment loss(96.5)(172.9)79%
Finance costs(53.8)(140.3)161%
Total expenses(932.7)(1,145.3)23%
Profit/(loss) before tax and fair-value movements (PBTF)
2
(242.8)(384.6)58%
Fair-value movement of investment properties(39.1)169.2-532%
Deferred tax credit/(expense)112.3(221.4)-297%
Net profit after tax (NPAT)(169.7)(436.8)157%
Per share:
Weighted shares on issue (000s)687.6710.93%
PBTF per share (cps)
2
(35.3)(54.1)53%
NPAT per share (cps)(24.7)(61.4)149%
One-off costs included in line-items above
Non-operating expenses
2,3
(39.2)(25.5)-35%
Finance costs relating to ITL and swaps
2
(10.4)(25.8)148%
Total one-off costs(49.6)(51.3)na

RYMAN HEALTHCARE | FY25 Results Presentation31
Core operating performance
Stronger performance through both village and non-village improvements
Financials
Operating EBITDAF movement
1
Operating EBITDAF
1
($m)
FY24
(restated)FY25YoY
Village:
Village operating revenue686.0768.582.6
Village operating costs(563.5)(612.2)(48.7)
Village operating EBITDAF122.5156.433.9
Non-village:
Non-village operating revenue1.62.61.0
Gross non-village operating costs(145.5)(136.0)9.5
Non-village costs capitalised36.222.6(13.6)
Non-village operating EBITDAF(107.7)(110.8)(3.2)
Group operating EBITDAF14.845.530.7
1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP (Generally Accepted Accounting Practice). Non-GAAP measures are presented to assist investors in understanding
Ryman's performance. It may not be comparable to similar financial information presented by other entities. Refer to Note 2 in the FY25 Consolidated Financial Statements for details of non-operating revenue and expenses. These
predominantly relate to one-off costs and provisions associated with employee share schemes and entitlements, asset write-downs and adjustments reflecting prior period revenue and expenses.
15.9
81.9
(46.9)
1.0
6.6
(13.6)
44.8
FY24
Operating
EBITDAF
Village
operating
revenue
movement
Village
opex
movement
Non-village
revenue
movement
Non-village
opex
movement
Non-village
Capitalisation
movement
FY25
Operating
EBITDAF
Margin expansion at
village level
Non-village improvement
before cost capitalisation
impact
•Village operating EBITDAF up $33.9 million driven by revenue
growth across fees and DMF, and cost control within villages
•Non-village cost out of $9.5 million in FY25 reflecting part-year
impact of new support and services structure and cost control
across corporate expenses
•Non-village performance reflecting lower cost capitalisation
in FY25 with lower development activity

RYMAN HEALTHCARE | FY25 Results Presentation32
Cash flow from existing operations (CFEO)
1
CFEO pre interest remained stable year-on-year, as improved operations cash flow offset increased resale stock
•Material improvement in cash flow from
village operations reflecting fee growth,
higher collected DMF and cost control
across both expenses and capex
•Net resales cash flow down due to higher
payouts. Excluding $49 million increase in
payout balance (bought back stock), net
resales cash flow would be broadly flat year
on year
•Buy back stock provides significant
opportunity to drive resales cash flow as
housing market improves
•Interest paid within CFEO up due to
reduction of capitalised interest to
construction and land bank sites (which sits
in CFDA). Refer to slide 38.
•Material reduction in cash interest costs
expected in FY26 following debt repayment
will benefit CFEO
Financials
$m
FY24
(restated)FY25YoY $
Village operations
Care and village fees518.8583.164.3
DMF collected66.578.812.2
Payments to suppliers and employees(546.9)(603.5)(56.7)
Village capex(46.3)(35.7)10.6
Capex on technology projects(11.9)(6.9)4.9
Net cash flow from village operations(19.8)15.635.4
Resales of ORAs
Resales settlements of occupation rights737.2760.523.3
Repayment of occupation rights(459.2)(532.3)(73.1)
Gross receipts from resales278.0228.2(49.8)
Less DMF collected (included in village operations)(66.5)(78.8)(12.2)
Net receipts from resales211.5149.5(62.0)
Capex on RV unit refurbishments(30.8)(31.5)(0.7)
Direct selling expenses – resales(14.8)(6.5)8.3
Net cash flow from resales of ORAs165.8111.4(54.4)
Total village cash flow146.1127.0(19.0)
Non-village cash flow
Payments to suppliers and employees(118.2)(121.9)(3.7)
Capex on head office and other projects(10.2)(2.9)7.3
Office leases(3.4)(4.3)(0.9)
Employee share schemes5.18.93.8
Non-village cash flow(126.7)(120.1)6.6
Cash flow from existing operations pre interest19.46.9(12.5)
Interest paid(36.8)(127.1)(90.3)
Interest received2.41.6(0.8)
Net interest paid(34.4)(125.5)(91.1)
Cash flow from existing operations (CFEO)(15.0)(118.6)(103.6)
1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP (Generally Accepted Accounting
Practice). Non-GAAP measures are presented to assist investors in understanding Ryman's performance. It may not be comparable to similar
financial information presented by other entities.

RYMAN HEALTHCARE | FY25 Results Presentation33
Cash flow from development activity (CFDA)
1
Development cash flow expansion driven by materially lower capital investment
•Strong year-on-year growth in net
development cash flows, supported by
broadly stable incoming cash flows from
ORAs and RADs, and significantly lower
capex with completion of three villages.
•Lower development reflects moderating
build programme, with less construction
activity across fewer sites
•Reduced development capex benefitted
from lower capitalised non-village expenses
and interest
•Lower capitalised interest reflects reduced
work in progress and fewer land bank sites
meeting criteria for cost capitalisation
•Targeting further improvement in net
development cash flow in FY26
Financials
1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP (Generally Accepted Accounting
Practice). Non-GAAP measures are presented to assist investors in understanding Ryman's performance. It may not be comparable to similar financial
information presented by other entities. 2: Net increase in RADS is driven predominantly by new RADS in developing villages and has therefore been
classified to development activity for simplicity. 3: Land acquisitions reflect land purchased in prior periods with full or partial deferred settlements.
FY25 land settlements include Patrick Hogan, Taupō and Deborah Cheetham. 4: Land disposal in FY25 reflects Newtown settlement
$m
FY24
(restated)FY25YoY
Resident receipts
New sale settlements of occupation rights408.8395.8(12.9)
Direct selling expenses – new sales(4.6)(4.1)0.6
Net increase in RADs on aged care beds
2
108.783.7(24.9)
Cash flow from resident funding512.8475.5(37.3)
Development capex
Land acquisitions
3
(57.0)(18.4)38.6
Land disposals
4
15.37.1(8.2)
Direct construction capex(505.9)(368.1)137.8
Capitalised interest(104.5)(51.7)52.8
Non-village expenses capitalised to projects(32.6)(20.0)12.5
Net development capex(684.7)(451.1)233.6
Cash flow from development activity(171.9)24.4196.3

RYMAN HEALTHCARE | FY25 Results Presentation34
Free cash flow
Year-on-year improvement in free cash flow driven by moderating development spend
(270.5)
(436.3)
(206.8)
(389.6)
(186.9)
(94.2)
FY20FY21FY22FY23FY24FY25
Free cash flow
1
•50% reduction in cash outflow year on year,
a significant step towards break even cash
flow position
•Business transformation programme
focussed on improving operating cash flows
and deploying capital into assets which
generate positive cash yields
•Targeting further improvement in free cash
flow in FY26
50% reduction
$m
FY24
(restated)FY25YoY
Alternative cash flow presentation
Cash flow from existing operations (CFEO
1
)(15.0)(118.6)(103.6)
Cash flow from development activity (CFDA
1
)(171.9)24.4196.3
Free cash flow
2
(186.9)(94.2)92.7
Reconciliation to IFRS cash flow statement
Net operating cash flows595.3410.3(185.0)
Net investing cash flows(778.8)(525.6)253.3
Adjustment for ITL cash break costs
2
-(19.0)(19.0)
Repayment of lease liabilities
2
(3.4)(4.3)(0.9)
Purchase of treasury stock (net)
2
-6.46.4
Free cash flow(186.9)(94.2)92.7
Financials
1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP (Generally Accepted Accounting
Practice). Non-GAAP measures are presented to assist investors in understanding Ryman's performance. It may not be comparable to similar
financial information presented by other entities. 2: ITL cash break costs of $19.0 million excluded for consistency with free cash flow guidance
provided at the time of the equity raise. 3: Included in net financing cash flows on IFRS cash flow statement. Included in cash flow from existing
operations (CFEO) in alternative cash flow presentation.

RYMAN HEALTHCARE | FY25 Results Presentation35
Capital
management
35
Keith Park Village

RYMAN HEALTHCARE | FY25 Results Presentation36
Reset capital
structure
•Net interest-bearing debt reduced by $840 million to $1,665 million (March 2024: $2,505)
•Gearing from 37.3% to 28.1%.
•Facility headroom of $523 million at 31 March 2025
•Simplified debt book with repayment of ITL in March 2025
Lender support
•18-month waiver of ICR covenant with testing to occur next at 30 September 2026
•Provides flexibility to undertake operational reset and manage the business to optimise
cash generation
•Intention to further optimise the overall debt funding structure and strategy in FY26
Strong
foundation for
shareholder
value creation
•Consistent with previous communications, the Board remains committed to reviewing capital
management and dividend policies in FY26
•ASX foreign-exempt listing planned in 1H26
Capital management reset
Capital management
$1.0 billion equity raise enhanced financial stability and resilience in the current market

RYMAN HEALTHCARE | FY25 Results Presentation37
Debt funding
Strong lender support with near-term covenant waivers and facility extensions
Mar 25Sep 25Mar 26From Sep 26
ICR covenantWaiverWaiverWaiver1.50x
ICR covenants for bank SFA
(adjusted EBITDA to gross interest expense)
Debt facility maturity profile ($m)
Debt facilities ($m)Mar 24Mar 25YoY
NZD & AUD bank facilities2,6032,059(544)
NZD retail bond150150-
AUD institutional term loan273-(273)
Total facilities at face value3,0262,209(817)
Drawn debt at face value2,5601,686(874)
Debt headroom46652357
Average term to expiry3.1 years2.7 years0.4 years
Funding structure
•Simplified and more flexible debt structure with repayment of bank
facilities and ITL with net equity raise proceeds of $974 million
•$539 million of facilities extended throughout FY25, resulting in
no maturities until November 2026
•At 31 March 2025, total debt facilities stand at $2,209 million, with
an average term to expiry of 2.7 years
Banking syndicate
•$821 million of facilities cancelled following equity raise, reducing total
facilities to $2,209 million at reporting date
•In conjunction with the equity raise, Ryman reached agreement for
a waiver of the ICR covenant for three testing periods, with testing to
occur at a revised covenant level of 1.50x (previously 2.25x)
on and from the 30 September 2026 test date
Institutional term loan
•As announced on 27 March, Ryman has repaid its AUD $250 million ITL
which was established in 2021
•Repayment includes costs for make-whole and prepayment fees of $19
million. Close out of the associated interest rate swap cost an additional
$5 million and $2 million of issue costs (non-cash) expensed to the profit
and loss
Capital management
226
521
298
544
271
55
144
150
694
497
576
442
FY26 FY27 FY28 FY29 FY30
Bank debt (NZ)Bank debt (AU)Retail BondTotal

RYMAN HEALTHCARE | FY25 Results Presentation38
Treasury management
Annualised interest savings of $50–55 million expected following equity raise. Finance costs negatively impacted
by repayment of the Institutional Term Loan and loss on close of financial instruments
Cost of debt
•The weighted average cost on total drawn debt (WACD) of 6.2%
at 31 March 2025, down 30bps on 31 March 2024
•Following the equity raise, $495 million of NZD interest rate swaps and
collars were closed out to align fixed-rate borrowings with treasury
management policy
•67% of drawn debt at March 2025 is on fixed rates
Finance costs
•Gross finance costs on borrowings up due to a modest rise in WACD
and average debt levels, and a loss incurred on the close out of
interest rate swaps and collars post-equity raise in late FY25
•FY25 negatively impacted by repayment of the ITL and close out
of interest rate swaps and collars
•Net finance costs on borrowings higher due to lower capitialised
borrowing costs, reflecting lower work in progress and fewer land bank
sites meeting criteria for cost capitalisation (active development)
FY26 outlook
•Annualised savings in gross finance costs of $50–55 million (run-rate)
reflecting lower debt balance
•WACD expected to be at similar levels in March 2026 reflecting
proportionately higher hedging following the equity raise and reflecting
the benefit of hedging during FY25 compared to market rates
Finance costs ($m)
FY24
(restated)FY25YoY
Interest paid on borrowings176.0175.3(0.7)
Amortisation of issuance costs3.23.80.6
Interest rate hedging benefit (30.3)(17.6)12.7
Finance costs on borrowings148.9161.512.6
Borrowing costs capitalised to sites under
construction(69.7)(41.5)(28.2)
Borrowing costs capitalised to land bank sites(34.8)(10.2)(24.6)
Total capitalised borrowing costs(104.5)(51.7)52.8
Net finance costs on borrowings44.3109.865.5
Interest on lease liabilities (0.9)0.51.4
Interest rate swaps and collars amendments and
termination 10.44.3(6.1)
Institutional Term Loan termination costs
2
-25.725.7
Total finance costs per P&L53.8140.386.5
Proportion of finance costs capitalised70%32%(38%)
1: Cost of debt metrics reflect rates and positions at the close of each financial year. 2: Includes provision of
$4.6 million for cash close out of associated ITL swap which settled on 1 April 2025 (not reflected in cash flow).
Cost of debt
1
Mar 24Mar 25YoY
Total active fixed rate debt ($m)1,6061,138(468)
Weighted average term of fixed rate debt3.4 years3.6 years0.2 years
Percentage of drawn debt at fixed rates63%67%4%
Weighted average cost on fixed rate debt5.7%6.0%0.3%
Total drawn debt ($m)2,5601,686(874)
Weighted average cost on total drawn debt
(WACD)6.5%6.2%(0.3%)
Capital management

RYMAN HEALTHCARE | FY25 Results Presentation39
Business
transformation
John Flynn Village
39

RYMAN HEALTHCARE | FY25 Results Presentation40
Ryman is uniquely positioned to leverage sector dynamics
Large-scale, integrated retirement living and care assets with capacity to flex and adjust to industry changes
1: Sapere (2024). A review of aged care funding and service models. 2: Te Whatu Ora Annual Report 2023/2024. Represents all types of hospital
beds and bed spaces.
Business transformation
Adaptable portfolio to meet rising care needs
NZ aged care resident beds
1
expected to enter scarcity
Expected gap
of over 10,000
care beds in NZ
10,000
20,000
30,000
40,000
50,000
60,000
2014201720202023202620292032
Required supply based on demandSupply forecast (historic build rate)
2024 public hospital beds
2
10,745
Larger care
presence and
scalable model,
with flexibility to
repurpose units
to meet needs
•Growing 80’s+ with increased demand
for age-related healthcare services
•Aged care capacity investment not
matching demand
•Increasing acuity in residential aged care
and growing home-care
7,051
5,109
5,486
2,726
462
1,185
4,700
1,102
1,299
-
5,000
10,000
15,000
RymanSummersetMetlifecare
IndependentServicedCare

RYMAN HEALTHCARE | FY25 Results Presentation41
FY25 progress
Pause in future developments, pending sell down of current stock
Reset of design, development and construction (DDC) overhead base to align with
in-flight projects
Commenced planning for transition to outsourced approach
Strategic priorities – Release cash
Reduced capital intensity represents a significant opportunity to reduce debt and improve returns
Release cash
from the business
•Sell-down existing stock through targeted
pricing and marketing strategies
•Pause future RV unit stages until
market conditions support development
•Increase resident capital in aged care
through RADs/ORAs
•Portfolio optimisation
1
Target over $500m in the next 3–5 years
Business transformation
FY26 priorities
Building sales effectiveness to release cash from RV unit stock (Over $700 million in new
sales stock and paid out resales stock)
Care ORAs in New Zealand to grow resident capital in care (currently 70% RADs
in Australia and 10% RADs in NZ)
Divestment programme for selected land bank sites
Value drivers
Vacant stockCare capitalLand bank

RYMAN HEALTHCARE | FY25 Results Presentation42
Sustainable business
improvement
•Improve operating performance
of villages
•Leverage continuum of care
•Optimise non-village support functions
2
Target $100–150m annualised cash
improvement
1
over 3–5 years
Strategic priorities – Improve performance
Significant operating leverage in the existing portfolio across a range of value drivers
1: Both revenue and cost opportunities. 2: Excludes contracts from internal transfers.
Business transformation
FY25 progress
Reset revenue base: Average DMF of 28.8% on new resident contracts
2
in 2H25,
a 38% uplift
Enhanced revenue streams: introduction of variable weekly fees
$23 million of annualised costs savings in 2H25
Preparations for Australian aged care reforms from 1 July 2025 including
2% per annum RAD retention
FY26 priorities
Continue to build sales effectiveness, increasing number of units on new contract terms
Targeting doubling of annualised cost savings to $46 million
NZ care funding reforms & review of aged care capacity
Review of DMF terms for care and serviced apartments
Organisation-wide performance cadence, including segmentation of care and RV
reporting
Value drivers
DMFUnit refurbishmentsWeekly feesOccupancy
Operating
costs

RYMAN HEALTHCARE | FY25 Results Presentation43
Disciplined approach
to growth
•Grow around existing villages
•Deliver future villages with flexibility and
reduced peak capital intensity
•Explore value creating consolidation
opportunities, particularly in Australia
Target lower peak capital intensity and
increased flexibility
Strategic priorities – Disciplined growth
Creating flexibility and a clear plan for value-accretive portfolio growth
Business transformation
FY25 progress
Revised plans for Hubert Opperman development, with staged approach to main
building development
Reduced spend on land bank, pending portfolio review
Separation of development and operating performance to enable clearer view
on cash return from invested capital
Value drivers
Capital
recycling
Development returnsRV cash yieldCare EBITDAFunding
FY26 priorities
Portfolio and strategy review to identify best opportunities to optimise and grow:
Customer offering (unique competitive advantage)
Portfolio mix (RV, assisted living, care and flex across these)
Geographies (NZ vs Australia)
Growth opportunities (existing villages, land bank, M&A)
Operating model aligned with strategy & value creation
Align design with future development opportunities in existing villages and land bank
Capital management framework aligned to strategy & plans for growth
3

RYMAN HEALTHCARE | FY25 Results Presentation44
Outlook
Patrick Hogan Village gardener Mark
44

RYMAN HEALTHCARE | FY25 Results Presentation45
FY26 Outlook
Ryman continues to drive operating performance with a clear focus on releasing cash and reducing costs
Outlook
•One main building opening in 1H26 (Kevin
Hickman)
•1H26 sales expected to be impacted by
lower contracting in 2H25, with sales
weighted to 2H26
•Cash performance to benefit from lower
cost structures in support services, lower
capital spend as in-flight stages complete
and lower interest costs following capital
raise
Sales of ORAs
(occupation basis)
1,100–1,300 (FY25: 1,523) at higher DMF
Annualised cost
savings
Target doubling of annualised cost saving from
$23 million to $46 million by end of FY26
Build rate 266–330 build rate including 80 aged care beds and
and 186–250 RV units (FY25: 950)
Capex
1
$260–320 million (FY25: $535.3 million) including:
•$180–230 million development activity
(FY25: $458.2 million)
•$80–90 million existing operations
(FY25: $77.1 million)
FY26 Guidance
Based on current environment and assessment of future trends
1: Net investing cash flows as presented in the Consolidated Financial Statements, excluding proceeds from land sales and receipt of employee
loans.

RYMAN HEALTHCARE | FY25 Results Presentation46
Closing remarks
Outlook
1
Ryman is a market leader in integrated retirement living and aged care across New Zealand
and Australia
2
Ryman’s continuum of care model uniquely positions Ryman to capitalise on growing demand for
care-centric retirement living and the ageing journey
3
Our operational reset is well underway, focussed on releasing cash from the business, delivering
efficiencies and a disciplined approach to growth
4
Resetting the balance sheet with the recent support of investors allows us to focus on business
transformation to improve cash backed performance
5
As housing and economic cycles recover we will continue to drive operating leverage to improve
cash realisation, and total shareholder returns
6
Portfolio, strategy and capital management review underway and will complete in FY26

RYMAN HEALTHCARE | FY25 Results Presentation47
Q&A
Miriam Corban Village resident Bruce and caregiver Monika
47

RYMAN HEALTHCARE | FY25 Results Presentation48
Residents at Miriam Corban Village
48
Appendix 1:
Ryman at
a glance

RYMAN HEALTHCARE | FY25 Results Presentation49
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 15,000 residents
Ryman at a glance
1: Award relates to New Zealand, in the Aged Care and Retirement Villages category.
Open villages
49
NZ: 40 | AU: 9
(includes 7 villages
under construction)
Retirement village units
9,777
NZ: 8,290 | AU: 1,487
Residents
15,156
NZ: 12,921 | AU: 2,235
A market leader
#1
Largest retirement village and
aged care operator in NZ
(by the number of existing
units and number of aged
care beds in NZ)
Sites under construction
7
NZ: 4 | AU: 3
(all open and
under construction)
Aged care beds
4,700
NZ: 3,941 | AU: 759
Team members
7,778
NZ: 6,231 | AU: 1,547
A trusted brand
Reader’s Digest
Most Trusted Brand
1

for the 11
th
time
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation50
Four-year summary
FY22FY23FY24FY25
RV unit occupancy
Occupied7,4127,8078,2138,538
Unoccupied7388219741,239
Occupancy (%)90.9%90.5%89.4%87.3%
Occupancy (%) - maturen/an/a93.7%92.8%
Units paid out (#)
146271295358
Payout balance
4
($m)
$79.3$156.1$174.4$223.5
Aged care
Mature care centres32343637
Developing care centres6547
Total open care centres38394044
Occupancy (%)91.4%90.9%93.3%90.9%
Occupancy - mature (%)96.0%94.6%96.3%96.3%
Residents
Total residents13,16313,90814,54515,156
Age of entry - independent RV77.877.877.977.9
Age of entry - serviced RV84.884.885.084.9
Age of entry - aged care beds87.186.784.486.8
Average age - independent RV
82.682.782.583.1
Average age - serviced RV87.887.787.787.9
FY22FY23FY24FY25
Villages
Open
1
45454849
Under construction
2
1614107
Land bank
3
13111011
Portfolio
RV units8,1508,6289,1879,777
Aged care beds4,1654,2174,3394,700
Total12,31512,84513,52614,477
Build rate (completed)
RV units577452591
Aged care beds239284359
Total816736950
RV unit sales
New sales of ORAs528539447415
Resales of ORAs9579831,1271,107
Total sales of ORAs1,4851,5221,5741,522
Vacated units1,0021,1491,1401,200
Turnover (% portfolio)12.3%13.3%12.4%12.3%
50
1: Considered open when first independent stage is completed. 2: Includes villages which are open and yet to be completed. 3: Excludes sites held for sale. Increase of one in FY25 relates to the reclassification of Kohimarama
land from held for sale to land bank. 4: Payout balance reflects gross ORA value including DMF (presented net of DMF in previous results presentations).
RYMAN HEALTHCARE | FY25 Results PresentationAppendices

RYMAN HEALTHCARE | FY25 Results Presentation51
Ryman Board and Management
Dean Hamilton
CHAIR
Joined: June 2023
Scott Pritchard
NON-EXECUTIVE DIRECTOR
Joined: November 2024
James Miller
NON-EXECUTIVE DIRECTOR
Joined: June 2023
Kate Munnings
NON-EXECUTIVE DIRECTOR
Joined: November 2023
David Pitman
NON-EXECUTIVE DIRECTOR
Joined: May 2024
Naomi James
CHIEF EXECUTIVE
OFFICER
Joined: November 2024
Rob Woodgate
CHIEF FINANCIAL
OFFICER
Joined: November 2023
Marsha Cadman
CHIEF OPERATING
OFFICER
Rejoined: January 2024
Rick Davies
CHIEF CUSTOMER AND
TECHNOLOGY OFFICER
Joined: July 2019
Chris Evans
2
CHIEF DEVELOPMENT AND
PROPERTY OFFICER
Joined: April 2021
Di Walsh
CHIEF PEOPLE
AND SAFETY OFFICER
Joined: January 2023
BoardExecutive team
Paula Jeffs
NON-EXECUTIVE DIRECTOR
Joined: November 2019
Anthony Leighs
1
NON-EXECUTIVE DIRECTOR
Joined: October 2018
Marie Bonnemaison
CHIEF STRATEGY AND
CORPORATE DEVELOPMENT
OFFICER
Joined: January 2025
1: Anthony Leighs has advised the Ryman Board that he will not be standing for re-election at the 2025 Annual Meeting in July and will retire at the conclusion of the meeting. A search has commenced to appoint a new
independent director. 2: Chris Evans will be leaving the business in August, after leading the initial stages of the transition in the Design, Development and Construction team to an outsourced model. Paul Blackler (currently GM
Project Delivery NZ) will act in this role as the new outsourced model for DDC is designed and implemented.
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation52
Sustainability progress
We remain committed to our sustainability journey and decarbonising our operations
•Ryman is progressing its Science Based Target
initiative (SBTi) commitment to reduce absolute
Scope 1 and 2 emissions by 42%, including a goal to
achieve100% renewable electricity
•In July 2024 Ryman secured a revised GreenPower
renewable energy contract with Origin Energy in
Australia, and in late 2024 construction commenced
on the solar farm in Northland where Ryman has a
power purchase agreement for 100% of the
electricity generated
•Our second annual Climate-Related Disclosures
Report will be published in mid-June, in conjunction
with our Annual Report
•Ryman is committed to assessing and addressing
human rights risks across our organisation and
suppliers. Our first Modern Slavery Statement was
published in September 2024
•Our first Reconciliation Action Plan (RAP) was
officially endorsed and published by Reconciliation
Australia in September 2024. This is an important step
for Ryman and a testament to our commitment to
Indigenous engagement
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation53
53
Appendix 2:
Development
updates
Patrick Hogan Village

RYMAN HEALTHCARE | FY25 Results Presentation54
Development progress
Keith Park
Hobsonville, Auckland
Townhouse: 0 | Apartment: 276 | Serviced: 101 | Care: 120
•Stage 7 completed in June 2024 (40 apartments)
•Main building opened in August 2024 (101 serviced, 120 care)
•Stages 8 and 9 under construction
Miriam Corban
Henderson, Auckland
Townhouse: 32 | Apartment: 176 | Serviced: 66 | Care: 71
•All works complete
•Main building opened in May 2024 (22 apartments, 66 serviced, 71 care)
•Landscaping works and bowling green completed in August 2024
Main building
Photo, 12 September 2024
For the 12 months to 31 March 2025
Opened: August 2020
Status: complete
Opened: June 2021
Status: under construction
Photo, 19 March 2025
Main building
Stage 7
Stage 8
Stage 9
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation55
Development progress
James Wattie
Havelock North
Townhouse: 103 | Apartment: 44 | Serviced: 78 | Care: 89
•All works complete
•Main building opened in June 2024 (78 serviced, 89 care)
•Stage 7 completed October 2024 (9 townhouses) and Stage 9 completed
March 2025 (15 townhouses)
Patrick Hogan
Cambridge
Townhouse: 185 | Apartment: 0 | Serviced: 61 | Care: 64
•Stage 6 completed in October 2024 (10 townhouses)
•Stage 7 under construction (14 townhouses)
•Main building construction to commence 1H26
Photo, February 2024Photo, February 2024
Photo, February 2024
Photo, 25 March 2025
Photo, 28 March 2025
For the 12 months to 31 March 2025
Opened: July 2023
Status: under construction
Opened: September 2020
Status: complete
Stage 6
Stage 7
Stage 7
Stage 9
Main building
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation56
Development progress
Northwood
Christchurch
Townhouse: 82 | Apartment: 83 | Serviced: 71 | Care: 60
•Stage 2 (18 apartments) and Stage 7 (16 townhouses) completed in June 2024
•Stage 6c completed in March 2025 (10 townhouses)
•Main building under construction
Kevin Hickman
Riccarton Park, Christchurch
Townhouse: 59 | Apartment: 172 | Serviced: 65 | Care: 80
•Main building under construction, expected to open in 1H26
•Stage 8 completed in October 2024 (27 apartments)
•Stage 7b completed in March 2025 (6 townhouses)
Photo, February 2024Photo, February 2024Photo, February 2024
Photo, 26 March 2025
Photo, 27 March 2025
For the 12 months to 31 March 2025
Opened: June 2021
Status: under construction
Opened: June 2023
Status: under construction
Main building
Stage 8
Stage 7b
Main building
Stage 2
Stage 7
Stage 6
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation57
Development progress
Bert Newton
Highett, Melbourne
Townhouse: 0 | Apartment: 85 | Serviced: 45 | Care: 79
•All works complete
•Main building (45 serviced and 79 care) completed and opened in November
2024
Nellie Melba
Wheelers Hill, Melbourne
Townhouse: 0 | Apartment: 332 | Serviced: 85 | Care: 190
•Stage 4 (final stage) expected to complete in 1H26 (76 apartments)
•0.9ha surplus land sold for $9.9 million (NZD). Settlement is expected in 1H26
Photo, February 2024Photo, February 2024
Photo, March 2024
Photo, 3 April 2025
Photo, 22 November 2024
For the 12 months to 31 March 2025
Opened: August 2018
Status: under construction
Opened: June 2023
Status: complete
Stage 4
Main building
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation58
Development progress
Deborah Cheetham
Ocean Grove
Townhouse: 203 | Apartment: 0 | Serviced: 53 | Care: 120
•Stage 9a completed in August 2024 (13 townhouses), stage 9b completed in
September 2024 (13 townhouses), stage 10 completed in December 2024 (25
townhouses)
•Stage 11 under construction (13 townhouses)
Hubert Opperman
Mulgrave, Melbourne
Townhouse: 70 | Apartment: 105 | Serviced: 54 | Care: 60
•Stage 1 completed in August 2024 (10 townhouses), Stage 2 completed October
2024 (14 townhouses), stage 3 completed February 2025 (15 townhouses), stage
5 completed March 2025 (8 townhouses)
•Stage 6 under construction (4 townhouses)
Photo, February 2024Photo, February 2024Photo, February 2024
Photo, March 2024
Photo, March 2024
Photo, March 2024
Photo, 25 March 2025Photo, 26 March 2025
For the 12 months to 31 March 2025
Opened: August 2024
Status: under construction
Opened: December 2020
Status: under construction
Stage 1
Stage 2
Stage 3
Stage 5
Stage 6
Stage 9a
Stage 9b
Stage 10
Stage 11
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation59
James Wattie Village
59
Appendix 3:
Additional
information

RYMAN HEALTHCARE | FY25 Results Presentation60
Appendix 1: Booked sales of ORAs
New sales
Volume
(#)
Gross value
($000s)
Average unit price
($000s)
FY24FY25YoY
FY24
(restated
)
FY25YoY
FY24
(restated)
FY25YoY
IndependentNZ19824122%190,286225,29918%961935-3%
AU12992-29%148,278121,635-18%1,1491,32215%
Group3273332%338,564346,9332%1,0351,0421%
ServicedNZ414715%22,11731,08441%53966123%
AU7936-54%58,60427,156-54%7427542%
Group12083-31%80,72158,240-28%6737024%
All unitsNZ23928821%212,403256,38321%8898900%
AU208128-38%206,882148,791-28%9951,16217%
Group447416-7%419,284405,173-3%9389744%
Resales
Volume
(#)
Gross value
($000s)
Average unit price
($000s)
Gross margin booked
($000s)
Gross margin
(%)
FY24FY25YoY
FY24
(restated)
FY25YoY
FY24
(restated)
FY25YoY
FY24
(restated)
FY25YoY
FY24
(restated)
FY25YoY
IndependentNZ487451-7%415,781401,087-4%8548894%157,763147,350-7%37.9%36.7%-1.2%
AU7264-11%73,77566,395-10%1,0251,0371%12,8309,120-29%17.4%13.7%-3.7%
Group559515-8%489,556467,482-5%8769084%170,593156,470-8%34.8%33.5%-1.4%
ServicedNZ5245322%295,469300,4962%5645650%58,53649,515-15%19.8%16.5%-3.3%
AU446036%33,65945,90336%7657650%4,2004,98219%12.5%10.9%-1.6%
Group5685924%329,128346,3995%5795851%62,73754,497-13%19.1%15.7%-3.3%
All unitsNZ1,011983-3%711,250701,583-1%7047141%216,299196,865-9%30.4%28.1%-2.4%
AU1161247%107,434112,2985%926906-2%17,03014,103-17%15.9%12.6%-3.3%
Group1,1271,107-2%818,684813,880-1%7267351%233,330210,967-10%28.5%25.9%-2.6%
Total
1,5741,523-3%1,237,9691,219,054-2%7878002%
Appendices
Note: Gross development margins are not included in this table (shown in previous results presentations) as the impact of cost capitalisation has yet to be reflected in these non-GAAP estimates.

RYMAN HEALTHCARE | FY25 Results Presentation61
Asset baseLand bank (indicative unit/bed mix)
At 31 March 2025New ZealandAustraliaGroupAt 31 March 2025New ZealandAustraliaGroup
Townhouse2,8322363,068Townhouse739234973
Apartment3,1458383,983Apartment7231,0441,767
Total independent units5,9771,0747,051Total independent units1,4621,2782,740
Serviced apartments2,3134132,726Serviced apartments441306747
Total RV units8,2901,4879,777Total RV units1,9031,5843,487
Resthome1,3432651,608Resthome13640176
Hospital1,6653051,970Hospital147194341
Dementia9331891,122Dementia247170417
Aged care beds3,9417594,700Aged care beds530404934
Total RV units and aged care beds12,2312,24614,477Total RV units and aged care beds2,4331,9884,421
MovementMovement
March 2024 asset base13,526March 2024 land bank5,371
FY25 build rate (developments)950FY25 build rate (developments)(950)
FY25 reconfigurations (existing units)1Additions to land bank-
March 2025 asset base14,477March 2025 land bank4,421
Appendices
Appendix 2: Asset base and land bank summary

RYMAN HEALTHCARE | FY25 Results Presentation62
Appendix 3: Asset base and land bank
TH = independent townhouse, IA= independent apartment, SA = serviced apartment, Res = rest home care bed, Hos = hospital care bed, Dem = dementia care bed
New Zealand
VillageLocationOpenedTHIASAResHosDem
Asset
base
THIASAResHosDem
Land
bank
Total
WoodcoteChristchurchFY9118-748--73-------73
Essie SummersChristchurchFY9222-58304124175-------175
Margaret StoddartChristchurchFY9420-1947--86-------86
Frances HodgkinsDunedinFY95-423250--124-------124
Rowena JacksonInvercargillFY97103-46596332303-------303
Malvina MajorWellingtonFY99-123395858-278-------278
Ngaio MarshChristchurchFY99119-404172-272-------272
Shona McFarlaneWellingtonFY01130-503840-258-------258
Rita AngusWellingtonFY02-99492049-217-------217
Hilda RossHamiltonFY02167-51426940369-------369
Grace JoelAucklandFY034232652771-237-96----96333
Princess AlexandraNapierFY04551754246024234-------234
Jane WinstoneWhanganuiFY0654-50242520173-------173
Anthony WildingChristchurchFY07110-50358033308-------308
Julia WallacePalmerston NorthFY07111-50283521245-------245
Edmund HillaryAucklandFY0890282605011430626-------626
Ernest RutherfordNelsonFY081002475274225293-------293
Jean SandelNew PlymouthFY0914427603950223424514----59401
Jane ManderWhangāreiFY101156871206032366-------366
Evelyn PageAucklandFY103621263206037428-------428
Kiri Te KanawaGisborneFY11842161414016263-------263
Yvette WilliamsDunedinFY11--3235728120-------120
Bob OwensTaurangaFY1210511379404040417-------417
Diana IsaacChristchurchFY122332379404040455-------455
Charles FlemingWaikanaeFY131386379404040400-------400
Bruce McLarenAucklandFY15-19472404141388-------388
Possum BourneAucklandFY162174284404040463-------463
Bob ScottWellingtonFY16-25489344040457-------457
Charles UphamRangioraFY161986687404040471-------471
Bert SutcliffeAucklandFY17-22581404038424-------424
Logan CampbellAucklandFY18-11680434330312-------312
Murray HalbergAucklandFY19-22886424238436-116----116552
William SandersAucklandFY20-18977383836378-------378
Linda JonesHamiltonFY209115793404036457-------457
Miriam CorbanAucklandFY213217666202031345-------345
James WattieHavelock NorthFY211034478353519314-------314
Keith ParkAucklandFY22-164101404040385-112----112497
Kevin HickmanChristchurchFY225190----14188265202040235376
NorthwoodChristchurchFY246854----122142971151530174296
Patrick HoganCambridgeFY2476-----76109-60171734237313
TakapunaAuckland--------5930151515134134
KarakaAuckland-------1426460171734334334
TaupōWaikato-------203-64141428323323
Park TerraceChristchurch--------15127203130259259
RollestonChristchurch-------218-64181836354354
KaroriWellington---------------
KohimaramaAuckland---------------
Subtotal2,8323,1452,3131,3431,66593312,2317397234411361472472,43314,664
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation63
Appendix 3: Asset base and land bank cont.
TH = independent townhouse, IA= independent apartment, SA = serviced apartment, Res = rest home care bed, Hos = hospital care bed, Dem = dementia care bed
Australia
VillageLocationOpenedTHIASAResHosDem
Asset
base
THIASAResHosDem
Land
bank
Total
Weary DunlopMelbourneFY15-20048204220330-------330
Charles BrownlowGeelongFY21572360404020240-------240
Essendon TerraceMelbourneFY22-36----36-------36
John FlynnMelbourneFY21-17495393936383-------383
Raelene BoyleMelbourneFY22-6427193718165-------165
Nellie MelbaMelbourneFY19-25685777736531-76----76607
Deborah CheethamOcean GroveFY21132-5340404030571-----71376
Bert NewtonMelbourneFY24-8545303019209-------209
Hubert OppermanMelbourneFY2547-----472310554-3030242289
Ringwood EastMelbourne--------23779202040396396
Coburg NorthMelbourne--------33265-6420481481
EssendonMelbourne--------16250-3030272272
KealbaMelbourne-------1403331202020264264
Mt ElizaMount Eliza--------9927-3030186186
Subtotal2368384132653051892,2462341,044306401941701,9884,234
Total portfolio
VillageLocationOpenedTHIASAResHosDem
Asset
base
THIASAResHosDem
Land
bank
Total
Australia2368384132653051892,2462341,044306401941701,9884,234
New Zealand2,8323,1452,3131,3431,66593312,2317397234411361472472,43314,664
Subtotal3,0683,9832,7261,6081,9701,12214,4779731,7677471763414174,42118,898
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation64
Appendix 4: Aged care summary
New Zealand aged care centresAustralia aged care centres
1: Care centres are considered mature when they first reach 90% occupancy. Mature care centres in New Zealand declined by one due to the exclusion of Edmund Hillary which is undergoing renovation and is partially closed.
2: In New Zealand, the implicit interest rate to convert a room premium to a refundable accommodation deposit is used to calculate the imputed income. This is currently 6.06% (2024: 5.20%-6.06%). 3: The maximum permissible interest
rate (MPIR) used to convert a DAP to a RAD in Australia ranged from 8.34% to 8.42% in FY25 (2024: 7.46%-8.38% in FY24). Imputed income on RADs is not calculated on RAD balances subject to probate in Australia. 4: Where residents
have opted for a room premium / RAD combination in New Zealand, or DAP / RAD combination in Australia, penetration and no. outst anding RADs are presented on a proportional basis.
Appendices
New Zealand aged care - key metrics
UnitFY23FY24FY25YoY
Operational care centres#3434379%
Mature care centres
1
#323433(3%)
Operational care beds#3,6633,6593,9418%
Mature care beds#3,4353,6593,467(5%)
Proportion of care beds - mature%94%100%88%(12%)
Occupancy
Occupied bed days#1,257,0431,287,6351,307,2652%
Capacity bed days#1,337,2091,339,5581,411,6375%
Occupancy%94.0%96.1%92.6%-3.5 pp
Occupancy - mature%94.5%96.1%96.2%0.0 pp
Revenue
Care fees - base fees$m269.1303.0324.47%
Care fees - room premiums$m46.448.852.58%
Imputed income on RADs
2
$m4.77.69.626%
Total aged care revenue$m320.2359.4386.98%
Revenue per occupied bed per week$1,7831,9542,0726%
Penetration - premium and RAD
rooms
4
Beds with room premium%76%73%73%0.4 pp
Beds with RAD%7%10%9%-0.1 pp
Beds with room premium or RAD%83%83%83%0.3 pp
RAD balance
Total RAD balance$m115.3143.5162.113%
No. outstanding RADs
4
#27030734813%
Average RAD balance$428,000468,000466,000(0%)
Australian aged care - key metrics
Note all figures in NZD equivalent
UnitFY23FY24FY25YoY
Operational care centres#56717%
Mature care centres
1
#224100%
Operational care beds#56068075912%
Mature care beds#27227244664%
Proportion of care beds - mature%49%40%59%47%
Occupancy
Occupied bed days#132,674182,910211,61916%
Capacity bed days#191,228237,360259,1819%
Occupancy%69.4%77.1%81.6%4.6 pp
Occupancy - mature%95.9%98.4%97.7%-0.7 pp
Revenue
Care fees - AN-ACC, basic daily
fee, other$m38.162.583.934%
Care fees - DAP$m2.84.66.541%
Imputed income on RADs
3
$m8.116.822.936%
Total aged care revenue$m48.983.9113.235%
Revenue per occupied bed per week$2,5813,2113,74517%
Penetration - non-concessional
rooms
4
Beds with DAP%24%20%17%-2.4 pp
Beds with RAD%56%62%63%1.1 pp
Beds with RAD or DAP%81%82%80%-1.2 pp
RAD balance
Total RAD balance$m185.0279.6334.620%
Total RAD balance (exc. probate)$m170.6254.9295.716%
No. outstanding RADs
4
#24934838711%
Average RAD balance$686,000732,000763,0004%

RYMAN HEALTHCARE | FY25 Results Presentation65
Appendix 5: Revenue by operating segment
Revenue summary - Group
Revenue by operating segment ($m)UnitFY23FY24FY25YoY
Aged care beds ($m)
Care fees$m356.4418.8467.312%
DMF
1
$m--0.4-
Imputed income on RADs$m12.824.532.533%
Total aged care revenue$m369.2443.3500.113%
Occupied bed days (#)#1,389,7171,470,5451,518,8843%
Revenue per bed per week ($)$1,8602,1102,3059%
Serviced apartments ($m)
Village fees$m45.050.457.013%
DMF
2
$m32.939.240.84%
Total serviced apartment revenue$m77.889.697.89%
Occupied unit days (#)#716,021757,190790,3514%
Revenue per unit per week ($)$7618288665%
Independent units ($m)
Village fees$m35.941.146.613%
DMF$m89.9101.0113.012%
Total independent unit revenue$m125.8142.1159.612%
Occupied unit days (#)#2,052,2502,167,6862,276,5145%
Revenue per unit per week ($)$4294594917%
Appendices
1: First time aged care DMF reported on care suites in FY25. 2: Serviced apartment DMF presented excludes -$8.3 million historical GST adjustment and –$3.0 million adjustment for uncapped internal transfers related to prior periods.

RYMAN HEALTHCARE | FY25 Results Presentation66
Appendix 6: Investment property valuation
Independent valuation assumptions
At 31 March 2025Valuer unit price inflation assumption
Discount
rate
Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland0.6%1.7%2.4%2.9%3.4%13.6%
Rest of
New Zealand
0.7%1.8%2.3%2.8%3.4%14.0%
Australia1.7%2.0%2.0%2.0%2.6%13.2%
At 31 March 2024Valuer unit price average growth assumption
Discount
rate
Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland1.1%1.8%2.4%3.0%3.5%12.9%
Rest of
New Zealand
1.1%1.8%2.3%2.9%3.5%13.2%
Australia2.9%3.1%3.3%3.6%3.5%13.2%
Retirement village units included in independent valuation
Mar-24
(restated)Mar-25
Currently occupied, and vacant not repaid units-8,898
Completed new units not occupied, and repaid resale units-881
Currently subject to an occupancy agreement8,949-
Completed, not yet subject to an occupancy agreement238-
Under development at reporting date (‘near-complete’)63-
Total units9,2509,779
1: Includes 11 sites in greenfield land bank (ref slide 21), which includes land at Kohimarama which was transferred from held for sale to investment property at March 2025, and adjacent expansion land at Murray Halberg and Jean Sandel
retirement villages.
Appendices
Investment property reconciliation ($)
Mar-24
(restated)Mar-25
Subject to independent valuation
Operators interest3,552 3,973
Transaction costs31 -
Completed new units not occupied225 -
Completed new units not occupied, and repaid resale
units
- 617
Development land – land bank
1
- 369
Development land – construction sites- 64
Commercial property- 16
Held at cost
Development land – land bank331 -
Development land – land bank WIP104 -
Work in progress – construction WIP604 284
Adjustments
Revenue in advance141 184
Gross occupancy advance5,597 6,167
Accrued DMF(714)(830)
Occupancy advance adjustments272 (30)
Total investment property10,142 10,813

RYMAN HEALTHCARE | FY25 Results Presentation67
Appendix 7: Investment property valuation – key assumptions
Appendices
New Zealand Villages
VillageLocationUnitsValuation ($m)Discount rateGrowth rate Yr 1Growth rate Yr 2Growth rate Yr 3Growth rate Yr 4Growth rate Yr 5+
Jane Mander Retirement VillageWhangarei254226.314.5%0.7%1.8%2.3%2.7%3.5%
Evelyn Page Retirement VillageAuckland311379.113.5%0.7%1.9%2.5%3.0%3.5%
Bert Sutcliffe Retirement VillageAuckland306361.313.5%0.7%1.9%2.4%3.0%3.5%
William Sanders Retirement VillageAuckland266417.914.0%0.7%1.9%2.4%3.0%3.5%
Keith Park Retirement VillageAuckland265292.514.3%0.0%1.3%1.6%1.7%2.2%
Edmund Hillary Retirement VillageAuckland432629.513.5%0.7%1.9%2.5%3.0%3.5%
Grace Joel Retirement VillageAuckland139276.613.3%0.7%1.8%2.5%3.0%3.5%
Bruce McLaren Retirement VillageAuckland266335.513.0%0.7%1.9%2.5%3.0%3.5%
Logan Campbell Retirement VillageAuckland196267.713.8%0.7%1.8%2.3%3.0%3.5%
Miriam Corban Retirement VillageAuckland274293.014.3%0.1%0.3%2.5%3.0%3.5%
Murray Halberg Retirement VillageAuckland314324.913.8%0.1%0.4%2.5%3.0%3.5%
Possum Bourne Retirement VillageAuckland343380.813.5%0.7%1.9%2.4%3.0%3.5%
Hilda Ross Retirement VillageHamilton218183.614.0%0.7%1.9%2.4%3.0%3.5%
Linda Jones Retirement VillageHamilton341324.314.0%0.7%1.9%2.4%3.0%3.5%
Patrick Hogan Retirement VillageCambridge7690.916.5%0.8%2.0%2.5%3.0%3.5%
Bob Owens Retirement VillageTauranga297291.513.5%0.7%1.9%2.4%3.0%3.5%
Kiri Te Kanawa Retirement VillageGisborne16693.515.5%0.7%1.7%1.9%2.2%3.0%
Princess Alexandra Retirement VillageNapier12697.114.0%0.6%1.8%2.3%2.6%3.4%
James Wattie Retirement VillageHavelock North225202.514.5%0.7%1.8%2.3%2.8%3.5%
Jane Winstone Retirement VillageWhanganui10458.216.0%0.7%1.7%1.9%2.2%2.5%
Julia Wallace Retirement VillagePalmerston North161132.714.3%0.7%1.8%2.3%2.7%3.3%
Jean Sandel Retirement VillageNew Plymouth231172.814.0%0.7%1.9%2.4%2.7%3.3%
Charles Fleming Retirement VillageWaikanae280249.213.5%0.7%1.9%2.5%3.0%3.5%
Shona McFarlane Retirement VillageWellington180151.714.0%0.7%1.9%2.4%2.9%3.5%
Bob Scott Retirement VillageWellington343334.513.5%0.7%1.9%2.4%2.9%3.5%
Malvina Major Retirement VillageWellington162159.314.0%0.7%1.9%2.4%2.9%3.5%
Rita Angus Retirement VillageWellington148137.113.5%0.7%1.9%2.4%2.9%3.5%
Ernest Rutherford Retirement VillageNelson199146.213.5%0.7%1.8%2.3%3.0%3.5%
Charles Upham Retirement VillageRangiora351253.713.5%0.7%1.9%2.4%3.0%3.5%
Anthony Wilding Retirement VillageChristchurch160126.013.5%0.7%1.9%2.4%3.0%3.5%
Kevin Hickman Retirement VillageChristchurch141142.415.0%0.8%2.0%2.5%3.0%3.5%
Diana Isaac Retirement VillageChristchurch335261.913.3%0.7%1.9%2.4%3.0%3.5%
Ryman Northwood Retirement VillageChristchurch122126.615.8%0.3%0.8%1.1%1.3%1.5%
Essie Summers Retirement VillageChristchurch8048.014.3%0.6%1.7%2.2%2.6%3.3%
Margaret Stoddart Retirement VillageChristchurch4123.015.5%0.7%1.8%2.3%2.7%3.3%
Ngaio Marsh Retirement VillageChristchurch159117.713.8%0.7%1.9%2.4%3.0%3.5%
Woodcote Retirement VillageChristchurch2512.416.0%0.7%1.9%2.4%2.7%3.0%
Frances Hodgkins Retirement VillageDunedin7447.614.8%0.6%1.6%1.9%2.1%3.0%
Yvette Williams Retirement VillageDunedin3221.314.5%0.5%1.5%1.8%2.0%3.0%
Rowena Jackson Retirement VillageInvercargill14977.415.5%0.7%1.7%1.9%2.2%2.9%
Subtotal of fair-value villages (NZD)8,2928,268.013.9%0.6%1.7%2.3%2.8%3.4%

RYMAN HEALTHCARE | FY25 Results Presentation68
Appendix 7: Investment property valuation – key assumptions
Appendices
Australia Villages
VillageLocationUnitsValuation ($m)Discount rateGrowth rate Yr 1Growth rate Yr 2Growth rate Yr 3Growth rate Yr 4Growth rate Yr 5+
Charles Brownlow Retirement VillageGeelong140117.313.0%2.3%2.3%2.3%2.3%2.8%
John Flynn Retirement VillageMelbourne269317.413.0%1.9%1.9%1.9%1.9%2.5%
Nellie Melba Retirement VillageMelbourne341399.513.0%1.9%1.9%1.9%1.9%2.5%
Weary Dunlop Retirement VillageMelbourne248264.113.0%2.1%2.1%2.1%2.1%2.5%
Raelene Boyle Retirement VillageMelbourne91125.413.3%2.1%2.1%2.1%2.1%2.6%
Deborah Cheetham Retirement VillageOcean Grove185215.913.5%1.0%2.0%2.0%2.0%2.6%
Bert Newton Retirement VillageMelbourne130166.814.0%0.8%1.6%2.1%2.1%2.4%
Hubert Opperman Retirement VillageMelbourne4796.514.0%1.0%2.0%2.0%2.0%3.3%
Essendon Terrace Retirement VillageMelbourne3652.613.8%2.0%2.0%2.0%2.0%3.3%
Subtotal of fair-value villages (AUD)1,4871,755.513.2%1.7%2.0%2.0%2.0%2.6%
Total portfolio
VillageLocationUnitsValuation ($m)Discount rateGrowth rate Yr 1Growth rate Yr 2Growth rate Yr 3Growth rate Yr 4Growth rate Yr 5+
Australia1,4871,755.513.2%1.7%2.0%2.0%2.0%2.6%
New Zealand8,2928,268.013.9%0.6%1.7%2.3%2.8%3.4%
Total (NZD)9,77910,512.613.8%0.8%1.8%2.3%2.7%3.2%

RYMAN HEALTHCARE | FY25 Results Presentation69
Appendix 8: Aged care centre valuation – key assumptions
Appendices
New Zealand Villages
VillageLocationBeds
Cap rate
(market rental)
Land & Buildings
March 2025 ($m)
Cap rate
(FHGC)
Freehold
going concern ($m)
Jane Mander Retirement VillageWhangarei1127.2%13.612.5%19.6
Evelyn Page Retirement VillageAuckland1176.5%19.111.5%28.7
Bert Sutcliffe Retirement VillageAuckland1186.2%19.311.0%29.2
William Sanders Retirement VillageAuckland1126.0%19.111.3%28.3
Keith Park Retirement VillageAuckland1206.0%19.911.5%27.5
Edmund Hillary Retirement VillageAuckland1947.5%27.112.5%41.7
Grace Joel Retirement VillageAuckland986.8%17.011.8%25.4
Bruce McLaren Retirement VillageAuckland1226.2%19.310.8%28.3
Logan Campbell Retirement VillageAuckland1166.0%20.211.3%29.6
Miriam Corban Retirement VillageAuckland716.0%12.011.5%17.9
Murray Halberg Retirement VillageAuckland1226.0%23.111.3%32.2
Possum Bourne Retirement VillageAuckland1206.2%18.911.5%26.4
Hilda Ross Retirement VillageHamilton1517.0%17.712.5%24.2
Linda Jones Retirement VillageHamilton1166.5%16.711.5%22.9
Bob Owens Retirement VillageTauranga1206.8%15.912.3%23.1
Kiri Te Kanawa Retirement VillageGisborne978.0%10.413.5%10.4
Princess Alexandra Retirement VillageNapier1087.2%12.513.0%14.6
James Wattie Retirement VillageHavelock North897.0%11.512.3%18.0
Jane Winstone Retirement VillageWhanganui698.7%6.314.8%7.9
Julia Wallace Retirement VillagePalmerston North847.5%9.813.3%11.9
Jean Sandel Retirement VillageNew Plymouth1117.5%12.313.3%15.9
Charles Fleming Retirement VillageWaikanae1207.0%15.712.0%21.5
Shona McFarlane Retirement VillageWellington787.8%8.513.5%11.1
Bob Scott Retirement VillageWellington1146.5%17.112.0%19.9
Malvina Major Retirement VillageWellington1167.5%13.413.0%19.4
Rita Angus Retirement VillageWellington6917.4%3.713.5%6.5
Ernest Rutherford Retirement VillageNelson947.3%11.512.8%16.4
Charles Upham Retirement VillageRangiora1207.0%15.913.0%20.5
Anthony Wilding Retirement VillageChristchurch1487.0%20.212.3%25.1
Diana Isaac Retirement VillageChristchurch1206.7%17.412.3%24.4
Essie Summers Retirement VillageChristchurch957.2%11.512.8%16.3
Margaret Stoddart Retirement VillageChristchurch478.8%3.614.5%3.7
Ngaio Marsh Retirement VillageChristchurch1137.5%13.413.0%18.3
Woodcote Retirement VillageChristchurch488.2%3.614.0%3.7
Frances Hodgkins Retirement VillageDunedin508.0%4.214.3%6.0
Yvette Williams Retirement VillageDunedin887.0%12.512.5%15.2
Rowena Jackson Retirement VillageInvercargill1548.0%15.413.5%16.2
Total or Average3,9417.2%528.612.4%727.3

RYMAN HEALTHCARE | FY25 Results Presentation70
Appendix 8: Aged care centre valuation – key assumptions
Appendices
Australia Villages
VillageLocationBeds
Cap rate
(market rental)
Land & Buildings
March 2025 ($m)
Cap rate
(FHGC)
Freehold
going concern ($m)
Charles Brownlow Retirement VillageMelbourne1007.0%41.913.5%51.2
John Flynn Retirement VillageMelbourne1146.8%51.913.0%60.9
Nellie Melba Retirement VillageMelbourne1906.8%93.913.0%110.9
Weary Dunlop Retirement VillageMelbourne827.3%36.514.0%45.0
Raelene Boyle Retirement VillageMelbourne747.0%45.913.3%58.1
Deborah Cheetham Retirement VillageMelbourne1207.5%37.315.0%40.8
Bert Newton Retirement VillageMelbourne796.8%35.213.0%40.3
Total or Average7597.0%342.613.5%407.3
Total portfolio
VillageLocationBeds
Cap rate
(market rental)
Land & Buildings
March 2025 ($m)
Cap rate
(FHGC)
Freehold
going concern ($m)
New Zealand3,9417.2%528.612.4%727.3
Australia7597.0%342.613.5%407.3
Total or Average4,7007.1%905.612.6%1,175.5

RYMAN HEALTHCARE | FY25 Results Presentation71
Appendix 9: Balance sheet summary
$m
Mar-24
(reported)
Restatements
Mar-24
(restated)
Equity raise
impact
Mar-24
(pro-forma)
FY25
movement
Mar-25
(reported)
Cash and cash equivalents42-42-42(24)18
Trade and other receivables688(516)173173(9)164
Assets held for sale761186-86(53)33
Property, plant & equipment1,937(802)1,135-1,135(115)1,020
Investment properties10,04110110,142-10,14267010,813
Intangible assets85(44)41-41(27)14
Deferred tax asset19664260-260(260)-
Other assets
1
19625-25(22)3
Total assets13,084(1,181)11,904-11,90416012,063
Trade and other payables151-1515155(42)114
Interest bearing loans and borrowings2,547-2,547(949)1,598851,683
Resident loans - occupancy advances5,301(516)4,785-4,7854325,217
Resident loans - RADs423-423-42373497
Other liabilities
2
2456251-25141292
Total liabilities8,666(509)8,157(945)7,2135907,802
Total equity4,418(671)3,7469454,691(430)4,261
Net tangible assets (NTA)
3
4,136(690)3,4469454,391(143)4,247
Shares on issue (m)688-6883281,016-1,016
NTA per share (cps)601.5(100.4)501.1(68.9)432.3(14.1)418.2
Net interest-bearing debt
4
2,505-2,505(949)1,5561091,665
Gearing
5
36.2%3.9%40.1%-15.2%24.9%3.2%28.1%
1: Includes inventory, advances to employees, and derivative financial instruments. 2: Includes employee entitlements, revenue in advance, derivative financial instruments, lease liabilities and deferred tax liability. 3: Total equity less
intangible assets and deferred tax asset. 4: Interest bearing loans and borrowings less cash and cash equivalents. 5: Net interest-bearing debt to net interest-bearing debt plus total equity.
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation72
Appendix 10: Key funding metrics
Interest bearing debt ($000s)Financial statement referenceSep-22Mar-23Sep-23Mar-24Sep-24Mar-25
NZD bank loans1,192,740 1,277,5901,415,1301,483,9801,476,980527,200
AUD bank loans686,141 645,179676,357653,099691,8891,009,236
AUD intitutional term loan284,706 267,265268,183272,807272,183-
NZD retail bond150,000 150,000150,000150,000150,000150,000
US Private Placement (USPP)708,644-----
Drawn interest bearing debt at face value3,022,230 2,340,0342,509,6702,559,8862,591,0521,686,436
IFRS adjustments3,721 (9,084)(12.960)(12,939)(11,405)(3,884)
Interest bearing loans and borrowings per balance sheetBalance sheet3,025,951 2,330,9502,496,7102,546,9472,579,6471,682,552
Cash and cash equivalentsBalance sheet(25,874)(27,879)(33,295)(41,809)(22,573)(17,658)
Net interest-bearing debt3,000,077 2,303,0712,463,4152,505,1382,557,0741,664,894
Facilities and headroom ($000s)Financial statement referenceSep-22Mar-23Sep-23Mar-24Sep-24Mar-25
Total facilities at face value3,477,396 2,889,3733,010,2613,025,6023,023,5332,209,274
Drawn interest bearing debt at face value3,022,230 2,340,0342,509,6702,559,8862,591,0521,686,436
Debt headroom455,166 549,339500,591465,717432,481522,839
Cash and cash equivalentsBalance sheet25,874 27,87933,29541,80922,47517,658
Total funding headroom481,040 577,219533,886507,526454,956540,496
Weighted average term to expiry of all debt facilities5.3 years 3.1 years3.6 years3.1 years2.7 years2.7 years
Interest rate management ($000s)Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25
Total active fixed rate debt
1
1,148,585 1,570,3871,572,0021,605,6131,651,0211,137,667
Weighted average term of fixed rate debt4.0 years 2.0 years2.7 years3.4 years3.3 years1.7 years
Percentage of drawn debt at face value at fixed rates38%67%63%63%64%67%
Weighted average interest rate on drawn fixed rate
debt
2
4.5%4.9%4.7%5.7%5.9%6.0%
Weighted average interest rate on all drawn debt
3
5.4%5.4%5.7%6.5%6.5%6.1%
1: Includes retail bond and interest rate swaps (ref appendix 7). 2: Total cost of fixed rate debt including retail bond (fixed coupon), fixed portion of institutional term loan (fixed coupon), interest rate swaps (fixed swap rate plus
average margin and line fees on bank debt, including margin on undrawn facilities weighted on drawn facilities), and fixed component of USPP notes (fixed coupon). Excludes amortisation of establishment fees. 3: Total cost of all
debt including fixed rate debt, floating rate debt and line fees on bank debt, including margin on undrawn facilities weighted on drawn facilities. Excludes ITL break fees amortisation of establishment fees.
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation73
150 150 150 150
- -
465
445
495
530
490
410
250 250
190 190
35
523
523
523
523
490
490
457
402
369
231
231
55
1,138
1,118
1,168
1,203
980
900
707
652
559
421
266
55
-
200
400
600
800
1,000
1,200
1,400
Mar 25Sept 25Mar 26Sept 26Mar 27Sept 27Mar 28Sept 28Mar 29Sept 29Mar 30Sept 30
Retail bondNZD swaps and collarsAUD swaps and collars
Total fixed rate debt
6.0%
6.0%
6.0%
6.0%
6.5%
6.5%
6.6%
6.6%
6.7%
6.4%
6.5%
6.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Mar 25Sept 25Mar 26Sept 26Mar 27Sept 27Mar 28Sept 28Mar 29Sept 29Mar 30Sept 30
Notional value of fixed debt ($m)
1
Average interest rate on fixed rate debt (%)
2
Appendix 11: Fixed rate debt profile
1: All amounts shown in NZD. AUD fixed rate debt instruments converted to NZD at 31 March 2025 NZD/AUD rate of 0.9088. 2: Total cost of fixed rate debt including retail bond (fixed coupon) and interest rate swaps (fixed swap rate plus
average margin and line fees on bank debt, including margin on undrawn facilities weighted on drawn facilities).
Appendices

RYMAN HEALTHCARE | FY25 Results Presentation74
Appendix 12: Gross resale bank and resales affordability
1: Gross resale bank reflects the cumulative difference between current pricing for RV units and the unit pricing on existing contracts. This excludes the cost of unit refurbishment and direct selling costs. 2: September 2024 onwards are
calculated on an occupation basis, while prior periods are on a contracted basis. 3: The average price shown for Ryman units is for resales only. The median house price reflects the average median house price over the last 6 months in
the areas surrounding our villages.
Appendices
1.59
1.16
0.73
0.92
1.03
0.71
0.72
0.66
0.50
-
$0.3m
$0.6m
$0.9m
$1.2m
$1.5m
$1.8m
Melbourne (A$)Auckland (NZ$)Rest of NZ (NZ$)
Median house price - village areasRyman - 2 bed independentRyman - serviced
Gross resale bank ($m)
1
Resales affordability ($m)
3
1.77
1.60
1.55
1.43
1.45
1.38
0.18
0.18
0.16
0.18
0.18
0.16
1.95
1.78
1.71
1.61
1.63
1.54
-
$0.50b
$1.00b
$1.50b
$2.00b
$2.50b
Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25
New ZealandAustraliaTotal
2

RYMAN HEALTHCARE | FY25 Results Presentation75
Appendix 13: Cash flow from ORA settlements
Appendices
Resident funding from RV units ($m)Financial statement referenceFY24FY25YoY
New sales of occupation rights
Gross new sale settlements
412.1402.2(9.9)
Suspended contributions on new sales
(3.3)(6.4)(3.1)
Settlements on new sales
408.8395.8(12.9)
Resales of occupation rights
Gross resale settlements
778.7801.723.1
Suspended contributions on resales
(41.5)(41.2)0.2
Settlements on resales
737.2760.523.3
Total of occupation rights
Gross settlements on total sales
1,190.81,203.913.1
Suspended contributions on total sales
(44.8)(47.6)(2.8)
Settlements on total salesCash flow statement
1,146.01,156.310.3
Repayment of occupation rights
Gross resale repayments
(480.3)(558.7)(78.4)
Suspended contributions on repayments
21.126.45.3
Repayment of occupation rightsCash flow statement
(459.2)(532.3)(73.1)
Suspended contributions
Suspended contributions balance - opening balanceNote 21
(74.5)(98.2)(23.7)
Suspended contributions balance - closing balanceNote 21
(98.2)(119.4)(21.2)
Movement in suspended contributions
(23.7)(21.2)2.5

RYMAN HEALTHCARE | FY25 Results Presentation76
Appendix 14: Alternative cash flow detail
Appendices
Payments to suppliers and employees ($m)Financial statement reference
FY24
(restated)FY25YoY
Included in cash flow from existing operations
Village cash flow(546.9)(603.5)(56.7)
Non-village cash flow(118.2)(121.9)(3.7)
Direct selling expenses - resales of RV units(14.8)(6.5)8.3
Subtotal(679.9)(732.0)(52.1)
Included in cash flow from development activity
Direct selling expenses - new sales(4.6)(4.1)0.6
Total payments to suppliers and employees ($m)Cash flow(684.6)(736.0)(51.5)
Cash management fees ($m)Financial statement reference
FY24
(restated)FY25YoY
Accrued DMF - openingNote 12
(597.3)(713.8)(116.4)
Accrued DMF - closingNote 12
(713.8)(830.4)(116.7)
Movement in accrued DMF
(116.4)(116.7)(0.3)
Revenue in advance - openingBalance sheet
99.3140.941.6
Revenue in advance - closingBalance sheet
140.9184.043.2
Movement in revenue in advance
41.643.21.6
Plus: DMF revenue
140.2142.92.8
Plus: Historical GST adjustment
-8.78.7
Plus: Accommodation credit adjustment / FX movement
1.20.7(0.5)
Cash management fees
(included in cash flow from existing operations)
66.578.812.2

RYMAN HEALTHCARE | FY25 Results Presentation77
Appendix 15: Capex on existing operations
1: Included in “care / systems / projects” category in prior year reporting. 2: Included in “village upgrades” category in prior year reporting.
Appendices
Capex on existing operations ($m)
FY24
(restated)FY25YoY
Property projects
1
24.322.3(2.0)
Property general
2
22.113.5(8.6)
Technology projects
1
10.05.1(5.0)
Technology general
2
1.91.90.0
Capex on existing villages and technology
58.242.7(15.5)
RV unit refurbishments
2
30.831.50.7
Head office and other projects
1
10.22.9(7.3)
Total capex on existing operations
99.277.1(22.2)

RYMAN HEALTHCARE | FY25 Results Presentation78
Appendix 16: Glossary
Appendices
TermDefinition
AUAustralia.
CapexCapital expenditure (capex) refers to capital expenditure to acquire, upgrade
maintain property, plant and equipment, investment property and intangible assets
Care bedRest home, hospital and dementia level care.
Care capitalAdvances received from residents for rest home, hospital and dementia level care
rooms or care suites including RADs or ORAs (with the latter having a DMF charge).
Cash flow from
development
activity
(non-GAAP)
Cash flow from development activity (CFDA) includes resident
receipts from new sales of occupation rights, the net increase
in refundable accommodation deposits on aged care beds and
net development capex.
Cash flow from
existing operations
(non-GAAP)
Cash flow from existing operations (CFEO) includes operating villages, group and
regional office and shared services functions and net interest, demonstrating net
cash flow to equity holders on existing business operations, excluding cash flows
relating to development of new villages.
Continuum of careCo-location of independent living units, serviced apartments and aged care beds
within the same village, alongside a broad range of aged-related healthcare and
support services, including home care in some villages.
DMFDeferred management fee.
Operating EBITDAF
(non-GAAP)
Earnings before interest, tax, depreciation, amortisation and fair value movements,
excluding non-operating items.
Free cash flow
(non-GAAP)
Free cash flow combines cash flow from existing operations (CFEO)
and cash flow from development activity (CFDA), reflecting all operating and
development cash flows.A comprehensive understanding of Ryman Free
cash flow reported historically is available in Ryman’s 1H25 Result Presentation.
FYFinancial year ended 31 March.
Gearing
(non-GAAP)
Net interest-bearing debt / (Net interest-bearing debt + equity), pre IFRS-16.
GreenfieldPreviously undeveloped sites.
ICRInterest coverage ratio.
Gross Resale
Margin
The difference between the previous purchase price of an ORA and its new
purchase price, excluding selling, incentive costs and suspended contributions.
ILUIndependent living unit.
ITLInstitutional term loan.
TermDefinition
Main buildingMain buildings contain care beds, serviced apartments and a range of village
amenities such as a café, library, cinema, pool, gym etc. Some main buildings also
contain independent apartments.
Net interest-
bearing debt
Interest-bearing debt loans and borrowings less cash and cash equivalents.
Excludes lease liabilities
Non-GAAPThis is a non-GAAP measure which does not have a standardised meaning
prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP
measure has been presented to assist investors in understanding Ryman's
performance. It may not be comparable to similar financial information presented
by other entities.
NTANet tangible assets. Calculated as total assets less intangible assets and deferred
tax assets, and less total liabilities.
NZNew Zealand.
ORAAn occupation right agreement within the meaning of the Retirement Villages Act
2003 (for Villages in New Zealand) or a residence contract within the meaning
of the Retirement Villages Act 1986 (Vic) (for Villages in Australia).
Payout balanceGross amounts paid out on existing RV units for vacating residents or internal
transfers where the unit has not been settled under a new ORA.
Pro-formaAdjusted for the impact of the Offer.
RADRefundable accommodation deposit.
ResalesThe sale of an ORA contract on an existing unit when a resident departs a unit.
ResidentA person who is resident in a Ryman Village in an ILU, SA or care bed.
RVRetirement village. A retirement village unit includes ILUs and SAs, excludes
care beds.
SAServiced apartment.
Total capexNet investing cash flows per the consolidated statement of cash flows. This includes
purchases of investment properties, property, plant and equipment, land, intangible
assets, capitalised interest paid, less any proceeds from land sales.
UnitAny independent unit or serviced apartment that can be occupied.
VillageAny retirement village owned by a Ryman Group member that:
• in New Zealand is registered as a retirement village under the
Retirement Villages Act 2003; and
• in Australia is registered as a retirement village under The Retirement
Villages Act 1986 (Vic).

RYMAN HEALTHCARE | FY25 Results Presentation79
Disclaimer
This presentation has been prepared by Ryman
Healthcare Limited and its group companies
("Ryman") for informational purposes.This
disclaimer applies to this document and the
verbal or written comments of any person
presenting it.
This presentation provides additional comments
on the full year result for the period to
31 March 2025 presented on 29 May 2025.It
should be read in conjunction with all other
material which we have released, or may release,
to NZX from time to time. That material
is also available on our website at
rymanhealthcare.com
.
Purpose of this presentation
This presentation isnot an offer of financial products, or a proposal or invitation to make
any such offer.It is not investment advice, or any otheradvice, or a recommendation in
relation to financial products, and does not take into account any person’s individual
circumstances or objectives. Every investor should make an independent assessment of
Ryman on the basis of expert financial advice.
Forward-looking statements
This presentation contains forward-looking statements and projections.These reflect our
current expectations, based on what we think are reasonable assumptions.However, any
of these forward-looking statements or projections may be materially different due to a
range of factors and risks. Ryman gives no warranty or representation as to our future
financial performance or any future matter.Actual results may differ materially from those
projected.Except as required by law or the NZX Listing Rules, Ryman undertakes no
obligation to update any forward-looking statements whether as a result of new
information, future events, or otherwise.
Non-GAAP information
A number offinancial measures used in this presentation are based on non-Generally
Accepted Accounting Practice (GAAP) measures which do not have a standardised
meaning prescribed by GAAP. You should not considerany of these financial measures in
isolation, or in substitution for the information provided in the financial statements for the
year ended 31March 2025.
Appendices

---

RYMAN HEALTHCARE LIMITED
Consolidated
financial statements
31 MARCH 2025

RYMAN HEALTHCARE LIMITED
Consolidated income statement
FOR THE YEAR ENDED 31 MARCH 2025

The accompanying notes form part of these consolidated financial statements.
1


Note 2025
2024
(restated)
$000 $000

Care and village fees 570,855 510,380
Deferred management fees (DMF)
142,942 140,154
Interest received 1,531 2,326
Imputed interest income on refundable accommodation
deposits
3
32,499 24,455
Other income 12,868 12,571
Total revenue 3 760,695 689,886


Operating expenses 4 (751,093) (711,915)
Depreciation and amortisation expenses 5
(48,461) (45,985)
Finance costs 6 (140,263) (53,831)
Imputed interest charge on refundable accommodation
deposits
3
(32,499) (24,455)
Impairment losses 11 (172,941) (96,480)
Total expenses (1,145,257) (932,666)


Profit/(loss) before income tax and fair-value
movements (PBTF)

(384,562) (242,780)



Fair-value movement of investment properties 10,12 169,173 (39,149)



Profit/(loss) before income tax (215,389) (281,929)
Income-tax (expense)/credit 7
(221,442) 112,264
Net profit/(loss) after tax (NPAT) (436,831) (169,665)


Earnings per share (cents per share)
Basic 14
(61.5) (24.7)
Diluted 14 (61.5) (24.7)





Profit/(loss) before income tax and fair-value movements (PBTF) is a non-GAAP measure which does not have a
standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP measure has
been presented to assist investors in understanding the Group’s performance. It may not be comparable to similar
financial information presented by other entities.

RYMAN HEALTHCARE LIMITED
Consolidated statement of comprehensive income
FOR THE YEAR ENDED 31 MARCH 2025

The accompanying notes form part of these consolidated financial statements.
2

Note 2025
2024
(restated)
$000 $000



Net profit/(loss) after tax (436,831) (169,665)


Items that will not be later reclassified to profit or loss
Revaluation of property, plant and equipment net of tax 7,11,15a
(9,641) (282,382)
(9,641) (282,382)

Items that may be later reclassified to profit or loss

Fai
r-value movement and reclassification of cash-flow
hedge reserve, net of tax

15b
(19,070) (10,181)
Gain/(loss) on hedge of foreign-owned subsidiary net
assets

15c
(639) (1,552)
Gain/(loss) on translation of foreign operations 15c 4,067 12,239
(15,642) 506

Other comprehensive income/(loss)
(25,283) (281,876)
Total comprehensive income/(loss) (462,114) (451,541)


.

RYMAN HEALTHCARE LIMITED Consolidated statement of changes in equity FOR THE YEAR ENDED 31 MARCH 2025 The accompanying notes form part of these consolidated financial statements.
3






Note
Issued
capital
Asset
revaluation
reserve
Cash-flow
hedge
reserve
Foreign
translation
reserve
Treasury
stock
Share-based
payments
reserve
Retained
earnings Total equity


$000 $000 $000 $000 $000 $000 $000 $000
2025










As at 1 April 2024 – reported

952,887
358,567
20,774
4,107
(34,730)
-
3,116,002
4,417,607
Adjustment for prior period
1
-
(232,277)
-
(556)
-
-
(438,401)
(671,234)

As at 1 April 2024 – restated

952,887
126,290
20,774
3,551
(34,730)
-
2,677,601
3,746,373
Net profit/(loss) after tax
15
-
-
-
-
-
-
(436,831)
(436,831)
Other comprehensive income/(loss)
15
-
(9,641)
(19,070)
3,428
-
-
-
(25,283)
Total comprehensive income/(loss)
15
-
(9,641)
(19,070)
3,428
-
-
(436,831)
(462,114)
Issue of ordinary shares
–
equity raise
14
970,157
-
-
-
-
-
-
970,157
Sale of treasury stock and loss on sale
15
-
-
-
-
18,450
-
(12,091)
6,359
Equity-settled share-based payment
15
-
-
-
-
-
348
-
348
As at 31 March 2025

1,923,044
116,649
1,704
6,979
(16,280)
348
2,228,679
4,261,123

RYMAN HEALTHCARE LIMITED Consolidated statement of changes in equity FOR THE YEAR ENDED 31 MARCH 2025 The accompanying notes form part of these consolidated financial statements.
4




Note

Issued
capital

Asset
revaluation
reserve

Cash-flow
hedge
reserve

Foreign
translation
reserve

Treasury
stock

Share based
payments
reserve

Retained
earnings

Total
equity


$000

$000

$000

$000

$000

$000

$000

$000

2024



As at 1 April 2023 – reported

953,239
610,341
30,955
(7,136)
(34,729)
-
3,111,227
4,663,897
Adjustment for prior period
1
- (201,669) - - - - (263,961) (465,630)
As at 1 April 2023 – restated

953,239
408,672
30,955
(7,136)
(34,729)
-
2,847,266
4,198,267
Net profit/(loss) after tax
15
-
-
-
-
-
-
(169,665)
(169,665)
Other comprehensive income/(loss)
15
-
(282,382)
(10,181)
10,687
-
-
-
(281,876)
Total comprehensive income
15
-
(282,382)
(10,181)
10,687
-
-
(169,665)
(451,541)
Issue of ordinary shares
–
equity raise costs 14 (352) - - - - - - (352)
Treasury stock movement
15 - - - - (1) - - (1)
Dividends paid to shareholders
15 - - - - - - - -
As at 31 March 2024

952,887

126,290

20,774

3,551 (34,730)

-

2,677,601

3,746,373

RYMAN HEALTHCARE LIMITED
Consolidated statement of financial position
AS AT 31 MARCH 2025
The accompanying notes form part of these consolidated financial statements.
5
Note 2025
2024
(restated)
2023
(restated)
$000 $000 $000
Assets
Cash and cash equivalents 8 17,658 41,809 27,879
Trade and other receivables 9 163,921 172,583 140,243
Inventory 13 2,386 14,618
Advances to employees 26 1,505 6,169 14,217
Derivative financial instruments 20,23 1,385 16,800 36,474
Property, plant and equipment 11 1,019,595 1,134,817 1,445,331
Investment properties 12 10,812,542 10,142,199 9,557,482
Intangible assets 13 13,817 40,732 43,772
Deferred tax asset 7 - 259,583 140,043
12,030,436 11,817,078 11,420,059
Assets held for sale 10 32,926 86,424 31,379
Total assets 12,063,362 11,903,502 11,451,438

Equity
Issued capital 14
1,923,044 952,887 953,239
Reserves 15 109,400 115,885 397,762
Retained earnings 15 2,228,679 2,677,601 2,847,266
Total equity 4,261,123 3,746,373 4,198,267

Liabilities

Trade and other payables 16
113,578 150,620 205,784
Employee entitlements 17 80,240 76,289 49,773
Revenue in advance 3 184,020 140,857 99,271
Refundable accommodation deposits 18 496,639 423,163 300,314
Derivative financial instruments 20,23 15,340 12,157 5,988
Interest-bearing loans and borrowings 19 1,682,552 2,546,947 2,330,950
Occupancy advances (non-interest bearing) 21 5,217,158 4,784,979 4,247,304
Lease liabilities 22 12,712 22,117 13,787
Total liabilities 7,802,239 8,157,129 7,253,171

Total equity and liabilities
12,063,362 11,903,502 11,451,438
Authorised for issue on 28 May 2025 on behalf of the Board.
Dean Hamilton James Miller
Director and Chair of the Board Director and Chair of the Audit, Finance and Risk committee

RYMAN HEALTHCARE LIMITED
Consolidated statement of cash flows
FOR THE YEAR ENDED 31 MARCH 2025


The accompanying notes form part of these consolidated financial statements.
6

Note 2025
2024
(restated)
$000 $000
Operating activities
Receipts from residents
x Care and village fees

583,061 518,781
x Net refundable accommodation deposits

83,723 108,651
x New sale and resales of occupation rights

1,156,341 1,145,967
Interest received 1,591 2,394
Payments to suppliers and employees (736,044) (684,550)
Repayment of occupation rights (532,284) (459,194)
Institutional Term Loan termination costs (19,043) -
Interest paid (127,095) (36,788)
Net operating cash flows 410,250 595,261

Investing activities

Development of property, plant and equipment
(85,517) (97,309)
Purchase of land (18,374) (56,998)
Proceeds of land sales 7,128 15,284
Purchase of intangible assets (3,109) (6,720)
Development of investment properties (376,588) (533,691)
Capitalised interest paid 6 (51,700) (104,514)
Receipt of employee loans 2,581 5,116
Net investing cash flows (525,579) (778,832)

Financing activities

Proceeds/(costs) from equity raise (net) 14
970,157 (352)
Repayment of bank loans (net) (605,970) 201,218
Sale of treasury stock (net) 6,359 -
Repayment of Institutional Term Loan (275,088) -
Repayment of lease liabilities (4,280) (3,365)
Net financing cash flows 91,178 197,501

Net increase/(decrease) in cash and cash equivalents
(24,151) 13,930
Cash and cash equivalents at the beginning of the period
41,809 27,879
Cash and cash equivalents at the end of the period 17,658 41,809

RYMAN HEALTHCARE LIMITED
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
7

Reconciliation of net profit/(loss) after tax with net cash flow from operating activities

2025
2024
(restated)
$000 $000

Net profit/(loss) after tax (436,831) (169,665)
Adjusted for:

Movements in statement of financial position items
Occupancy advances
570,059 678,119
Deferred management fees (126,268) (136,677)
Refundable accommodation deposits 83,723 108,651
Revenue in advance 43,163 41,586
Trade and other payables 6,349 (2,025)
Trade and other receivables (3,924) (21,976)
Inventory 2,373 2,939
Employee entitlements 3,951 26,516

Non-cash or non-operating items
Depreciation and amortisation
44,583 42,214
Depreciation of right-of-use assets 3,878 3,771
Close out of employee share scheme 2,083 2,931
Share-based payment reserve 348 -
Impairment 172,941 96,480
Inventory write-off 5,190 9,293
Deferred tax 221,442 (112,264)
Unrealised foreign exchange (gain)/loss (13,637) (13,781)
Fair-value movement of investment properties (169,173) 39,149
Net operating cash flows 410,250 595,261


Net operating cash flows includes the following:
2025 2024
$000 $000

Deferred management fees collected 78,773 66,530

RYMAN HEALTHCARE LIMITED
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
8

The notes to the consolidated financial statements include information that is considered relevant and material to
assist the reader in understanding changes in the Group’s financial position and performance. Information is
considered relevant and material if:
x the amount is material because of its size or nature
x it is important for understanding the results of the Group
x it helps explain changes in the Group’s business
x it relates to an aspect of the Group’s operations that is important to future performance.
1. GENERAL INFORMATION
Reporting entity
The consolidated financial statements presented are those of Ryman Healthcare Limited (the Company) and its
subsidiaries (the Group). The Company is the ultimate reporting entity of the Group.
The Company is a for-profit entity incorporated and registered in New Zealand under the Companies Act 1993. The
Company’s registered office is at 92d Russley Road, Christchurch. The Company is listed on the New Zealand Stock
Exchange (NZX). The Group develops, owns and operates integrated retirement villages, rest homes, and hospitals
for older people within New Zealand and Australia.
All trading subsidiaries operate in the aged care sector in New Zealand and Australia, are 100% owned and have
balance dates of 31 March. The operating subsidiaries are listed below.
x Anthony Wilding Retirement Village Limited
x Bert Newton Retirement Village Pty Ltd
x Bert Sutcliffe Retirement Village Limited
x Bob Owens Retirement Village Limited
x Bob Scott Retirement Village Limited
x Bruce McLaren Retirement Village Limited
x Café Ryman Russley Road Limited
x Charles Brownlow Retirement Village Pty Ltd
x Charles Fleming Retirement Village Limited
x Charles Upham Retirement Village Limited
x Deborah Cheetham Retirement Village Pty Ltd
x Diana Isaac Retirement Village Limited
x Edmund Hillary Retirement Village Limited
x Ernest Rutherford Retirement Village Limited
x Essie Summers Retirement Village Limited
x Evelyn Page Retirement Village Limited
x Frances Hodgkins Retirement Village Limited
x Grace Joel Retirement Village Limited
x Hilda Ross Retirement Village Limited
x Hubert Opperman Retirement Village Pty Ltd
x James Wattie Retirement Village Limited
x Jane Mander Retirement Village Limited
x Jane Winstone Retirement Village Limited
x Jean Sandel Retirement Village Limited
x John Flynn Retirement Village Pty Ltd
x Julia Wallace Retirement Village Limited

x Keith Park Retirement Village Limited
x Kevin Hickman Retirement Village Limited
x Kiri Te Kanawa Retirement Village Limited
x Linda Jones Retirement Village Limited
x Logan Campbell Retirement Village Limited
x Malvina Major Retirement Village Limited
x Margaret Stoddart Retirement Village Limited
x Miriam Corban Retirement Village Limited
x Murray Halberg Retirement Village Limited
x Nellie Melba Retirement Village Pty Ltd
x Ngaio Marsh Retirement Village Limited
x Patrick Hogan Retirement Village Limited
x Possum Bourne Retirement Village Limited
x Raelene Boyle Retirement Village Pty Ltd
x Rita Angus Retirement Village Limited
x Rowena Jackson Retirement Village Limited
x Ryman Aged Care (Australia) Pty Ltd
x Ryman Construction Pty Ltd
x Ryman Healthcare (Australia) No. 11 Pty Ltd
x Ryman Healthcare (Australia) Pty Ltd
x Ryman Napier Limited
x Ryman Northwood Retirement Village Limited
x Shona McFarlane Retirement Village Limited
x Weary Dunlop Retirement Village Pty Ltd
x William Sanders Retirement Village Limited
x Yvette Williams Retirement Village Limited

RYMAN HEALTHCARE LIMITED
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
9

Statement of compliance
The Company is a Financial Markets Conduct reporting entity under the Financial Reporting Act 2013 and the
Financial Markets Conduct Act 2013. Its consolidated financial statements comply with these Acts.
The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting
Principles in New Zealand (NZ GAAP), International Financial Reporting Standards Accounting Standards (IFRS
Accounting Standards), the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and
other applicable financial reporting standards, as appropriate for a Tier 1 for-profit entity.
Basis of preparation
These consolidated financial statements have been prepared on a going concern basis, which requires the Board to
have reasonable grounds to believe that the Group will be able to pay their debts as and when they become due.
The consolidated financial statements have been prepared on a historical cost basis, except when:
x certain property, plant and equipment is subject to revaluation (note 11)
x assets held for sale and investment property are measured at fair value (notes 10 and 12)
x certain financial assets and liabilities are measured at fair value (note 20).
The information is presented in thousands of New Zealand Dollars ($ or NZD), except when otherwise indicated.
The functional currency of the Company and its New Zealand subsidiaries is New Zealand Dollars. The functional
currency for its Australian subsidiaries is Australian Dollars (A$ or AUD).
Key estimates and judgements
In applying the Group’s accounting policies, management has made judgements, estimates, and assumptions about the
carrying values of assets and liabilities and the reported amounts of income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that are
reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis, with the effect of any change in an accounting estimate recognised
prospectively.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements are disclosed in the following notes:
x Revenue recognition, specifically relating to deferred management fees (note 3)
x Deferred tax, specifically related to recognition of tax losses (note 7)
x Valuation of assets held for sale (note 10)
x Valuation of property, plant and equipment (note 11)
x Valuation of investment property (note 12)
x Impairment of intangible assets (note 13)
Additionally, the matters described below affect multiple asset types and related notes.
Classification of property assets
The Group provides aged care and retirement living co-located within retirement villages. The classification of the
property assets determines the accounting treatment and judgement is required. NZ IAS 40 – Investment Property
requires an entity to develop criteria so that it can exercise that judgement consistently and to disclose the criteria
when classification is difficult.