2025 Annual Meeting materials and update on ASX listing

NZX RELEASE

30 July 2025


2025 Annual Meeting materials and update on ASX listing

Ryman Healthcare’s Annual Shareholders Meeting is being held today at 10.00 am (NZ time)
at the Philip Carter Family Concert Hall Auditorium, The Piano, 156 Armagh Street,
Christchurch, New Zealand. This can be watched online at www.virtualmeeting.co.nz/rym25.

The attached slide presentation and Chair and CEO address have been provided to the NZX
in accordance with Listing Rule 3.19.2. Ryman notes that this does not include any material
information which has not been released to the market previously. Ryman reported its first
quarter FY26 trading update on 11 July 2025 (link).

As announced on 24 February 2025, Ryman intends to list on the ASX under a foreign-
exempt listing. Ryman has formally lodged its application with the ASX and is actively
progressing through the regulatory and administrative steps required to complete the listing.
Subject to final approvals, the listing is anticipated to occur in September 2025.

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 information contact media@rymanhealthcare.com

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RYMAN HEALTHCARE
Annual Shareholders
Meeting
30 July 2025

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting2
Virtual meeting instructions

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting3
Agenda
Welcome and introductions
Chair’s address
CEO’s address
Resolutions
General business
Patrick Hogan Village resident Roger in the village workshop
3

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting4
Chair’s address
Bert Newton Village
4

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting5
Board of directors
Dean Hamilton
Chair
James Miller
Scott Pritchard
Paula Jeffs
Anthony Leighs
Elected in prior
years
Retiring at
2025 ASM
Up for re-election
at 2025 ASM
Kate MunningsDavid Pitman

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting6
Improved governance •Five new directors
•Extensive commercial, financial and development experience
•Change of auditor to PwC
Management refresh•New CEO appointed
•Executive team refresh
•LTI linked to shareholder returns
Financial reporting
review complete
•18-month Board-led review
•Improved transparency and comparability
•Completion of first audit with PwC
Capital structure reset•$1.0 billion equity raise
•Capital management policy under review in FY26
•ASX foreign exempt expected go-live in 1H26
Strongfoundations for rebuilding value

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting7
Four main buildings opened
RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting
James Wattie, opened June 2024
Keith Park, opened August 2024
Bert Newton, opened November 2024
Miriam Corban, opened May 2024

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting8
A glimpse into village life at Kevin Hickman
Kevin Hickman Village residents Ian and JoClick here for a glimpse into village life at Kevin Hickman

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting9
Acknowledging the passing
of one of our founders
Ryman co-founder Kevin Hickman
9
Kevin
Hickman
4 APRIL 1950 – 23 AUGUST 2024

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting10
We remain committed to our sustainability journey
Environment
•Achieved 41% reduction in scope 1 and 2 carbon
emissions since FY21 baseline
•Ryman Healthcare Solar Farm in Northland nearing
completion
•Secured GreenPower renewable energy contract
with Origin Energy in Australia
Social
•First Modern Slavery Statement published
•First Reconciliation Action Plan published
•Strong gender representation in leadership with
no pay gap in NZ and slight positive gap for
women in Australia
Governance
•Substantial Board, Executive and Governance
changes
Edmund Hillary Village resident Peter with his great granddaughter Sophie

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting1111
Miriam Corban Village resident Alfred and caregiver Maria
RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting12
Kevin Hickman Village
12
CEO’s address

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting13
13

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting14
FY25 Results
Build rate
950
+39%
Aged care occupancy
(mature villages)
96.3%
FY24: 96.3%
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. 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 FY25 results presentation for reconciliation).
Free cash flow
1,3
($94.2m)
+$92.7m
Sales of RV unit ORAs
(occupation basis)
2
1,523
-3%
14
RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting
RV unit occupancy
(mature villages)
92.8%
March 2024: 93.7%
Net profit after tax
(NPAT)
1,2
($436.8m)
-$267.1m
Solid operating performance, improving cash flow negative, and financial performance impacted by significant one-off items
(13.3cps)
(61.4cps)

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting15
Rebuilding contract momentum with higher DMF
Gross sales contracts
1
vs average two-year pcp
2
•Higher value contract book with
average DMF of 28.5%

on new
contracts in 2H25 vs 20.6% pre
contract changes
•Ongoing focus on sales effectiveness
•Market conditions remain patchy
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.
98%
112%
60%
75%
91%
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Contracting momentum
rebuilding since
equity raise

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting16
Operational reset underpinned by three strategic priorities
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
Sustainable business
improvement
•Improve operating performance
of villages
•Leverage continuum of care
•Optimise non-village support
functions
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
12
3
Target over $500m in the
next 3–5 years
Target $100–150m annualised cash
improvement
1
over 3–5 years
Target lower peak capital intensity
and increased flexibility
1: Both revenue and cost opportunities.

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting17
Actions taken to improve financial performance
1
Higher DMF
Up almost 40% on new contracts which will underpin revenue growth
2
Improved sales effectiveness
Across sales, marketing and pricing strategies
3
Cost out delivered
$23 million removed in FY25, expect to double by end of FY26
4
Interest savings
Annual $50–$55 million reduction following capital raise
5
New development paused
Portfolio and land bank review underway

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting18
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
1
10,745
New Zealand aged care beds expected to enter scarcity
Expected
gap of over
10,000 care
beds
1: Te Whatu Ora Annual Report 2023/2024. Represents all types of hospital beds and bed spaces.

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting19
Investment proposition
Market leader
For integrated retirement living and aged care
Unique offering
Capitalising on growing demand for care-centric
retirement living
Renewed performance focus
Revenue and cost reset well underway
Reset balance sheet
To be improved further from cash realisation
Further value unlock
From portfolio and land bank review
Attractively positioned
To benefit from the recovery in housing and
economic cycle
Northwood Village residents Dawn and Julie

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting20
Deborah Cheetham Village rest home resident Joy, with her daughter Alison
Resolutions
20

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting21
Resolution 1
Auditor’s remuneration
That the Board be authorised to fix the remuneration
of PwC as auditor of Ryman Healthcare Limited for
the ensuing year.
The Board unanimously recommends that shareholders vote
in favour of Resolution 1.
Patrick Hogan Village

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting22
That Scott Pritchard be re-elected as a director
of Ryman Healthcare Limited.
Scott Pritchard was appointed as a non-executive
director by the Board with effect from 1 November 2024.
Scott Pritchard retires and offers himself for re-election at
the 2025 Annual Meeting.
Director Scott Pritchard is considered by the Board to
be independent.
The Board unanimously recommends that shareholders
vote in favour of Resolution 2.
Resolution 2
Re-election of Mr Scott Pritchard
Scott Pritchard

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting23
Residents Morton and Martin at Miriam Corban Village bowling green
General business
23

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting24
Resident Bruce and caregiver Monika in the Miriam Corban Village care centre
Thank you
24

RYMAN HEALTHCARE | 2025 Annual Shareholders Meeting25
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 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.

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Ryman Healthcare 2025 Annual Shareholders Meeting Chair and
CEO Address
30 July 2025

SLIDE 3: AGENDA
Today I’ll begin by providing an overview of the progress we’ve made in strengthening the
foundations of Ryman which sets us up for improved performance over the coming years.
I’ll then hand over to our Chief Executive, Naomi James, who will walk you through the
2025 financial year and the plans we have for improving shareholder value.
We will then address the resolutions of the meeting, before we have time for Q+A at the
end.
Following the conclusion of the meeting we invite you to join the Ryman Board and Executive
team for some light refreshments.
SLIDE 5: BOARD OF DIRECTORS
Joining me today are my fellow directors: Paula Jeffs, James Miller, Kate Munnings, David
Pitman, Anthony Leighs and Scott Pritchard.
As part of our Board renewal, we were pleased to appoint Scott Pritchard as an
independent director last November. Scott brings deep expertise in property development
and corporate leadership, including his current role as CEO of Precinct Properties. Since
joining the Board, Scott has played an active role in guiding our strategic initiatives and in
particular how we might go about development in the future. His extensive experience and
insights have already added value.
We also acknowledge recent Board transitions. As we discussed at last year’s meeting
Claire Higgins stepped down from the Board on 31 December 2024, and Anthony Leighs,
advised us back in February, of his intention to retire at the completion of today’s meeting.
Anthony joined the Ryman Board in 2018. Anthony’s deep construction experience and
owners mindset have been of real value around the table.
On behalf of the Board, I would like to thank Claire and Anthony for their dedication and
the significant contributions they’ve made to Ryman.
Also joining me on stage is our CEO Naomi James. Many of our Executive Team are also
attending and sitting in the front row. I’d encourage you at the conclusion of the meeting to
introduce yourself to them over refreshments.

Representatives from our new auditor PwC and our share registrar MUFG also join us today.
SLIDE 6: STRONG FOUNDATIONS FOR REBUILDING VALUE
Firstly, let me acknowledge and apologise on behalf of Ryman for the loss of value that
shareholders have experienced over the last 4 years. As a result of a combination of internal
and external factors, the fall in the share price has been substantial - being down over 80%
since the peak in 2021. This is totally unacceptable.
Your board are very focused on rebuilding value.
Recognising the need to build a more resilient, disciplined and commercial business, the
Board has focused on resetting our foundations to materially improve our operating
performance, while at the same time never losing sight of our core purpose, that is
providing exceptional care to our residents.
I believe we have taken decisive steps.
This includes a comprehensive series of changes across governance, management,
remuneration, financial reporting, financial transparency, capital structure and near-term
strategic priorities.
I believe we have turned the corner.
Since June 2023, we’ve undertaken a significant Board refresh, with five new directors
appointed. This has revitalised and added new skillsets to the Board. We will look to fill the
vacancy created by the retirement of Anthony over the next 12 months and then run with a
smaller board of 7 for the foreseeable future. I have been really pleased with how the new
Board has lent in and worked constructively to make what have been a number of hard
decisions. All directors are now independent.
As announced last year, the Board has been working to align executive remuneration with
long-term value creation through a refreshed long term incentive scheme which replaced
the prior medium and long term schemes that were tied to growth in Underlying Profit, a
problematic metric which we have moved away from. The new long-term scheme is now
directly linked to total shareholder returns. In addition, we’ve introduced minimum
shareholding requirements for both executives and directors to further align our interests
with shareholders.
In November last year, we welcomed Naomi James as our new CEO. Naomi brings
extensive trans-Tasman commercial experience, having held several senior leadership roles
including most recently as CEO of NZX listed Channel Infrastructure. The Board was
delighted to attract someone of Naomi’s calibre to the business.
The executive team has been reshaped and refocused, reducing from 9 executives to 7, with
clear accountability and functional responsibilities.

I would also like to warmly welcome Matthew Prior as CFO from tomorrow. Matt brings
extensive experience in consumer and patient facing healthcare companies and has a proven
track record of delivering for shareholders by driving operational excellence. I would like to
take this opportunity to thank Rob Woodgate for his hard work and contribution to the
first stage of our business transformation over the last two years.
We have completed the extensive Board-led review of our financial reporting over two
reporting periods. This has been a larger exercise than initially expected. We have been
focused on removing director judgements from asset valuations, taking a more conservative
stance on revenue recognition and cost capitalisation, removing internally generated
goodwill and writing down the carrying value of Ryman-developed software. This has
unfortunately led to a substantial reduction in shareholders equity and NTA per share. The
changes have been significant and, in some cases, complex. While it has been challenging to
work through, and challenging for the readers of the accounts given the scale of
adjustments, the improved transparency, more conservative nature and greater
comparability with others will put us in a stronger position going forward.
This review of our financial reporting is now complete.
We are resetting our cost base. The company’s overheads had grown significantly over
recent years, which meant we became a higher cost developer and a higher cost operator.
Neither of these are sustainable in a competitive market. Naomi will speak more to the
improvements we are making.
In the past year, we have also taken decisive action to reset our balance sheet to strengthen
Ryman’s financial position, simplify our debt structure by removing the Institutional Term
Loan, and ensure we have the runway and control to rebuild value.
A key milestone was our $1 billion equity raise earlier in the year. Thank you to those
shareholders who supported us. This has significantly enhanced our financial flexibility by
reducing our gearing ratio to 28% and delivering annualised interest savings of $50–$55
million.
The capital raise also enabled us to secure an 18-month waiver of our interest cover
banking covenant, providing us the time to continue our operational reset and the
opportunity to renegotiate our funding structure this financial year from a stronger position.
As previously signalled, we remain committed to reviewing our capital management and
dividend policies by the end of this financial year.
In addition, we have advanced our application for a foreign exempt listing on the ASX and
expect the listing to be live by the end of September. This will gradually expand our access
to new investors which will be to the long-term benefit of all shareholders.

SLIDE 7: FOUR MAIN BUILDINGS OPENED
You will see on this slide the substantial progress we have made in the last year and the
scale of our investment.
FY25 was a record build year in Ryman’s history with 950 retirement village units and aged
care beds delivered across nine villages.
Included within this build was the opening of four main buildings, being those at Miriam
Corban, Keith Park, James Wattie, and Bert Newton villages, which you can see on screen.
These main buildings serve as welcoming homes for our care and serviced apartment
residents, while offering dining facilities, amenities and services enjoyed by all village
residents and are an integral part of the communities at Ryman.
The business has never delivered 4 main buildings in one year. These are multi-year
commitments that will take time to build occupancy as we fill the significant capacity of aged
care beds and serviced apartments for the first time.
Our Hubert Opperman village in Mulgrave Victoria also opened its first independent
townhouses this year, bringing the total number of operating villages to 49. Nine in Victoria,
Australia and 40 here in New Zealand.
I want to take the opportunity to thank our construction teams who have done a great job
in challenging stop start circumstances to get these buildings completed and to a high
standard.
SLIDE 8: A GLIMPSE INTO VILLAGE LIFE AT KEVIN HICKMAN
Post balance date, we proudly opened the main building at our Kevin Hickman village on the
1
st
of July, which is a significant milestone for this village which opened to independent
residents in 2020.
We now have around 200 residents who call this lovely village home and get to enjoy these
fantastic amenities which include a heated indoor swimming pool and spa, cafe, library, gym,
bowling green, cinema and beauty salon.
Earlier in July we held our village open days where we welcomed over 250 people through
the doors at Kevin Hickman and we have seen strong enquiry on the back of this.
Kevin Hickman is a truly stunning village, and I would encourage anyone in Christchurch to
visit it and see this for yourself. It is certainly a special place for Mum or Dad.
Please take a moment to enjoy this short video with a glimpse into village life at Kevin
Hickman.

SLIDE 9: KEVIN HICKMAN
I would like to take the opportunity to acknowledge the passing sadly this year of one of
our two founders, Kevin Hickman.
Kevin, along with John Ryder, founded Ryman 40 years ago and pioneered integrated
retirement living in aged care as we know it today. It literally didn't exist before Kevin and
John.
Along with many others, I was fortunate to attend the service for Kevin at the Christchurch
Town Hall. It was certainly humbling to hear of his contribution not only to our sector, but
also to athletics and to his other real passion, and that was horse racing. A great pioneer
with an enormous legacy. Certainly, a life well lived.
SLIDE 10: WE REMAIN COMMITTED TO OUR SUSTAINABILITY JOURNEY
We remain committed to our sustainability journey and have made good progress in a
number of areas over the past year.
We've achieved a 41% reduction in scope 1 and 2 carbon emissions since our FY21 baseline,
a significant step towards our 2030 target.
The Ryman Healthcare Solar Farm in Northland is nearing completion and will soon be
providing renewable energy to our villages through the innovative purchase agreement
we’ve secured with Harbour Infrastructure and Mercury. In Australia, we’ve secured a
GreenPower renewable energy agreement with Origin Energy.
On the social front, we're proud to have published our first Modern Slavery Statement and
our first Reconciliation Action Plan in Australia.
We are also pleased to report that we have no gender pay gap across all team members.
SLIDE 11: 40 YEARS OF CARE AND COMMUNITY
As we look to the future, we must not lose sight of our purpose, which is to provide freedom,
connection and wellbeing for people as we grow older.
Our residents are at the heart of everything we do, and we remain committed to our purpose-
led model of care and delivering an exceptional resident experience.
These are the same principles upon which this business was founded by Kevin Hickman and
John Ryder 40 years ago, a milestone that we celebrated during the last financial year.
We recognise the need to deliver sustainable business performance and ensure that our
business is fit for the next 40 years to deliver industry leading retirement living and care for
New Zealanders and Australians. We need to find the right balance between care and
commerciality.
Ryman has undertaken a significant transformation over the past year. We’ve taken decisive
action and laid the foundations for a stronger, more focused and more resilient business.

To our shareholders—the share price performance over the last 4 years is clearly
unacceptable. I thank you for your continued patience and support as we work towards
rebuilding value.
To our team members, thank you for another year of dedication to delivering great care for
our residents.
With that, I’ll now hand over to our Chief Executive, Naomi James.
SLIDE 12: CEO’S ADDRESS
Thank you, Dean and thank you to everyone here for joining us today and to those who
have joined us online.
As Dean mentioned, I started in this role in November and it is great to be with you today
for my first Annual Shareholders Meeting.
SLIDE 13: MOST TRUSTED BRAND
Since joining, I have met so many of our committed and caring staff.
And it’s this commitment and care that has seen Ryman once again this year selected by the
public as New Zealand’s Most Trusted Brand in aged care and retirement villages.
This marks the 11
th
time Ryman has received this industry award from Readers Digest,
which is an endorsement of our enduring commitment to residents, their families, and the
vibrant communities our teams help create across each of our villages.
It has been a real privilege for me to have already visited more than half of our 49 villages
and meet many of our residents in New Zealand and Australia and to hear about their
experiences first hand.
We know our residents are a key part of what makes each of our villages special and deeply
value the contribution that our 15,000 residents make in our communities. We are proud
to offer them a choice in retirement living and the peace of mind in knowing they have
access to industry leading care as their needs change.
SLIDE 14: FY25 RESULTS
Moving to our FY25 results.
As Dean noted earlier, we have now completed a comprehensive financial reporting review.
This reset has led to significant changes to key accounting policies as well as improving
transparency and comparability of Ryman’s reporting.
However, these changes have made this year’s set of accounts complex with a number of
restatements, one-offs and non-cash write-downs, resulting in a reported net loss after tax
of $436.8 million.

In FY25, we saw improvement in the financial performance of our villages and reductions in
our non-village costs.
In FY26, we expect to build on this momentum through incremental revenue growth across
DMF and weekly fees, the ongoing impact of cost reductions already achieved, and further
savings driven by sharper focus on procurement and operational efficiency.
Looking at unit sales, Ryman achieved 1,523 sales of occupation rights in FY25, broadly flat
on the prior year. As outlined at the time of the equity raise, we saw a softer period for
contracting in the second half of FY25, which will result in a lower level of unit sales in
FY26. We have been working hard to rebuild contracting momentum which I will talk to on
the next slide.
Reflecting our strong brand, occupancy remained above 90% in Ryman’s mature villages
across both aged care and retirement living. Lifting occupancy in our developing villages is a
key focus area for the business as we look to sell down new stock and fill capacity in our
recently opened care centres.
Free Cash Flow of negative $94 million was in-line with guidance provided at the equity
raise. While still negative, this improved by almost $100 million year on year, and we are
targeting further improvement in FY26.
SLIDE 15 – REBUILDING CONTRACT MOMENTUM WITH HIGHER DMF
Sales contracts, which we also refer to as sales applications, are a lead indicator in the
business with settlements on average lagging contracts by around six months.
Since the equity raise when we reported a soft period of contracting in the third quarter of
FY25, contracting momentum has steadily improved with gross contracts in the first quarter
of this year now at 91% of the level seen in the last two comparative periods.
This improvement reflects a sustained emphasis on sales effectiveness across a range of
initiatives including targeted promotions and sales incentives, price optimisation, and
continued investment in front-line sales team development.
Importantly we are rebuilding contracting momentum at a significantly higher level of
Deferred Management Fees (or DMF) compared to the past, with the average DMF on new
resident contracts signed since the contract changes on 1 October last year almost 40%
higher than in the past.
As part of our efforts to provide more visibility to investors, we released our first quarterly
update a few weeks ago, announcing 337 sales of occupation rights and over 96% occupancy
in our mature aged care centres in the first quarter of FY26.
FY26 sales are currently tracking towards the upper end of the previously guided 1,100 –
1,300 range.

We still expect variability throughout the year given the flow-through impacts of softer
contracting in the second half of last year and mixed market conditions.
SLIDE 16: OPERATIONAL RESET UNDERPINNED BY THREE STRATEGIC
PRIORITIES
Our operational reset is underpinned by three strategic priorities announced at the time of
February’s capital raise.
The first strategic priority is to release cash from the business which will allow us to reduce
debt and create capacity for future growth.
Our focus is on selling down over $700 million of new sales and paid out resales stock, and
portfolio optimisation where we will look to divest selected land bank sites, which are
collectively valued at $370 million.
Our second strategic priority is to make a significant and sustainable improvement in cash
performance by $100 to $150 million. This includes lifting the operating performance of our
villages and resetting our non-village overheads.
Our third strategic priority is disciplined growth, driven by a clear plan for value-accretive
portfolio expansion. Central to this is the portfolio and strategy review we have
commenced to identify the best opportunities to optimise and grow the Ryman business. I
look forward to sharing more details with you on plans for the future later this financial
year.
SLIDE 17: ACTIONS TAKEN TO IMPROVE FINANCIAL PERFORMANCE
We’ve made significant inroads on our strategic priorities this year, with this reset
commencing well before I started as CEO.
As I talked to earlier, the changes made to our unit pricing framework have driven a 40%
higher average DMF on new contracts and we continue to improve our effectiveness in
selling this new offering.
We’ve achieved annualised cost savings of $23 million and are targeting a doubling of this by
the end of FY26, and following our capital raise, we’re achieving annualised interest savings
of $50–$55 million.
Commencement of new developments have been paused as we complete our in-flight
projects, sell down existing stock and undertake our portfolio and strategy review,
providing the time to lift the operating performance of our villages and get clarity on the
best value-accretive growth opportunities for the business.
We will continue to update the market on our progress throughout the year ahead.

SLIDE 18: NEW ZEALAND AGED CARE BEDS EXPECTED TO ENTER
SCARCITY
As we review Ryman’s plans for the future, we are very aware of the sector trends and how
Ryman is uniquely positioned to benefit from these.
As shown on this chart, the New Zealand Government estimates that by 2032 there will be
a shortage of over 10,000 aged care beds in New Zealand.
As New Zealand’s leading provider of retirement living and aged care and with a growing
portfolio in Victoria, Ryman is well positioned for future growth in demand. As ageing
populations in both countries 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.
By pioneering the continuum of care model in New Zealand, and bringing it to Australia,
Ryman’s portfolio offers more care capacity and capability than any of our retirement
competitors. Ryman villages provide residents with the security of knowing they will be
looked after, with access to the levels of care they might need as their needs change.
SLIDE 19: INVESTMENT PROPOSITION
I want to finish by highlighting the investment proposition for Ryman as it stands today.
FY25 has been a year of significant reset, and while there is still much to be done, I am
confident that we start FY26 with a strong platform to improve shareholder value.
We are the market leader for integrated retirement living and aged care. Our continuum of
care model is unmatched in size and flexibility and well positioned to capitalise on growing
demand.
We have a renewed performance focus, with our revenue and cost reset well underway,
and see significant opportunity to unlock further efficiencies and operating leverage.
Our balance sheet has been reset following our equity raise, providing financial stability that
will continue to improve as our business improvements drives cash flow. It’s important that
we set the business up to be resilient through the cycle and continue to have our
shareholders capital front of mind.
Our portfolio and strategy review provides the opportunity to unlock further value and
ensure a disciplined approach to future growth.
And lastly, we are attractively positioned to benefit from the recovery in the housing and
economic cycle.
We have already made significant progress on our plans and have a management team that is
committed to delivering on the targets that we promised you at the time of the capital raise.
I want to thank you for your continued patience and support as we progress our business
transformation.

I look forward to updating you on our plans to further improve and grow our business and
our dividend policy review later this financial year. I will now pass back to the Chair for
resolutions and general business.