Ryman Healthcare reports 1H26 results

RYMAN HEALTHCARE LIMITED 1
NZX, ASX & MEDIA RELEASE
Ryman Healthcare reports 1H26 results
27 November 2025
Ryman Healthcare Limited (Ryman) today announced its results for the six months ended 30
September 2025, delivering its first positive free cash flow
1
result in a decade.
Chief Executive Officer Naomi James said the result represents a major milestone in Ryman’s
transformation.

“We’ve turned an important corner in our transformation, with the balance sheet reset providing a
robust foundation for sustainable performance. The business has stabilised, momentum is returning,
and we are delivering results with meaningful progress achieved against FY26 priorities. Our focus is
now moving to accelerating performance across our portfolio of high quality retirement villages.”

Cost-out initiatives are tracking ahead of expectations, while a refreshed sales strategy is rebuilding
momentum and demonstrating confidence in Ryman’s new standard 30% deferred management
fee (DMF) offering.

Following its $1.0 billion equity raise in February 2025 and the full refinancing of its $2.0 billion bank
facilities in November, Ryman’s balance sheet reset is now complete with its new funding structure
aligned with its operating model.

Operational highlights
• Pricing model changes fully embedded with significant uplift in average DMF on ORA sales
from 20.7% in 1H25 to 28.8% in 1H26
• Sales volumes rebuilding with two quarters of sequential growth; 704 sales in 1H26 (Q1: 337 /
Q2: 367)
• Increasing utilisation of recently delivered care capacity and strong growth in room pricing
• Kevin Hickman main building and final stage at Nellie Melba both completed in July 2025
Financial highlights
• First positive free cash flow
1
result in over a decade of $56 .2 million
• Total revenue up 13%, with growth in both pricing and utilisation, while total costs fell 2%
• Net loss after tax of -$45.2 million (-4.4cps) with reduced fair value movement from the prior
year but with property valuations stable in 1H26
• Full bank refinancing achieved of $2.0 billion with an average facility tenor of five years and
improved pricing and covenants
Strategic highlights
• Annualised cost-out
1
achieved to date of $40 million; FY26 target now lifted to $50–60 million
(from $46 million) as turnaround advances

RYMAN HEALTHCARE LIMITED 2
• Strategy and capital management review progressing with update to be provided at an
investor day on 3 February 2026
• The New Zealand Government’s formation of a Ministerial Advisory Group to recommend
changes to the aged care funding model marks an important step toward sector reform
and long-term sustainability.
Financial results
Ryman’s financial performance has strengthened significantly with total revenue growth of 13%
underpinned by its increasing resident base and strong fee growth. Total costs fell 2%, driven by
cost-out initiatives gaining traction, stronger performance across both mature and developing
villages and lower interest costs. This led to a $57.6 million reduction in losses before tax and fair
value movements
1
.
Free cash flow lifted to $56.2 million, up $108.7 million, driven primarily by strong development cash
flows, reflecting new units being sold down and the scaling back of development investment. Cash
flow from existing operations was broadly flat, with improving cash from village operations offset by
increased bought back stock on hand.
Net profit declined from $82.0 million in 1H25 to a loss of -$45.2 million, with the improvement in
operating earnings being offset by lower fair value movements. Earnings per share declined from
11.9cps to -4.4cps, reflecting lower profit and higher shares on issue.
First time segmentation of retirement village and aged care financials has provided greater insight
to business performance, aligned with FY26 strategic priorities.
Sales and operational performance
Improved sales performance and disciplined execution drove a clear rebuild in sales momentum in
the first half. Higher contract conversions were supported by quality leads from well-attended
village open days and targeted pricing and incentives. As a result, Ryman has lifted FY26 sales
guidance to 1,300–1,400 ORA sales, up from the previous range of 1,100–1,300.
Total vacant RV stock increased from 1,239 at March 2025 to 1,335 at September 2025, partly due
to the delivery of 179 new units, including major apartment stages at Kevin Hickman and Nellie
Melba. Vacant RV stock under contract increased slightly from 367 to 380, supported by a stronger
focus on lead quality reflected in improved conversion rates and settlement times.
James said: “We remain focused on selling down stock as a significant opportunity to drive cash
flow. We are confident our sales effectiveness will support continued progress over FY26.
Importantly, our significantly higher DMF value on new contracts will underpin revenue growth and
improved business performance in the years ahead.”
Resident sentiment remains positive with net promoter scores (NPS) improving across all
accommodation types in 2025 and recognised externally through awards voted on by residents
and their families.
Aged care occupancy is high across Ryman’s mature villages, with capacity in five recently
opened care centres filling ahead of expectations, demonstrating strong demand for Ryman’s high
quality aged care offering. Care pricing has seen robust growth year on year, with average daily
room premiums up 10% in New Zealand and average refundable accommodation deposit (RAD)
balances up 5% in Australia.
Development update
Following a comprehensive Trans-Tasman recruitment process, Ryman Healthcare is pleased to
share the appointment of Richard Stephenson as Chief Development and Property Officer. Richard
brings deep sector experience, with more than 20 years working across the retirement living and

RYMAN HEALTHCARE LIMITED 3
aged care sectors in New Zealand and Australia. The addition of Richard to the Senior Executive
Team positions Ryman for a return to disciplined growth and supports the continued delivery of
high-quality communities for residents.
Richard will join Ryman in early 2026 and will lead development and property functions across New
Zealand and Australia.
Delivery of remaining in-flight projects is progressing to plan, with sites under active development
down from seven to four.
The opening of the Kevin Hickman main building in July marked the fifth main building opened in
the past 18 months. The final stage of Nellie Melba opened in July, completing the village. The main
buildings at Northwood and Patrick Hogan are under construction and expected to open in mid-
2026 and the first half of 2027 respectively. Remaining stages at Hubert Opperman have
undergone a comprehensive redesign, reducing capital intensity and optimising unit mix to better
meet market demand. Updated plans are expected to be finalised and approved next calendar
year, allowing for the commencement of construction, which will be delivered under the
outsourced model.
The timing of future stages at developing villages will be aligned with market demand, reflecting
Ryman’s commitment to a disciplined approach to growth.
“At our investor day in February, we’ll share more on the land bank review, including sites which
have been earmarked for future development and additional sites selected for divestment. We’re
pleased to have already secured two sales from the review, with Park Terrace contracted for $42
million and Mount Eliza for $35 million in recent weeks.” said James.
Aged care reforms progressing
Ryman welcomes the New Zealand Government’s announcement of a Ministerial Advisory Group
to ensure the aged care sector can sustainably meet future demand.
“This is a critical step toward addressing the funding gap in aged care. Sustainable funding is
essential to both maintaining existing capacity and growing the additional capacity needed for
future growth in demand, and we are ready to play our part in the solution.” said James.
The Ministerial Advisory Group will provide direct advice to the Ministers of Health and Seniors on
reforms to New Zealand’s aged care funding model. The group will deliver its recommendations
ahead of the 2026 General Election, with the Government signalling its intention to implement
changes from 2027.
Earlier this year, Ryman confirmed it was reviewing its aged care bed capacity in New Zealand due
to sector-wide underfunding, and two care centres have since been closed.
Recent reforms to the Australian Aged Care Act are enhancing the Government’s co-contribution
funding model, with clinical costs fully government-funded and accommodation and other living
costs means-tested. Changes to refundable accommodation deposits (RADs) - including a 2%
annual retention capped at 10% over five years - are expected to generate a meaningful revenue
uplift.
Balance sheet reset complete
In November 2025 Ryman successfully completed a full refinancing of its $2.0 billion syndicated loan
facilities, extending the average tenor to five years and introducing a new structure that enhances
flexibility and better aligns with Ryman’s operating model.
In addition, Ryman listed on the ASX on 1 October 2025, broadening access for Australian and
international investors to a proven operator with the largest retirement living and aged care
business in New Zealand and a growing footprint in Australia.

RYMAN HEALTHCARE LIMITED 4
Ryman is undertaking a review of its capital management framework in FY26, including its dividend
policy, with an update to be provided at the February 2026 investor day.
Net tangible assets (NTA) per share is down slightly to $4.06 at 30 September, reflecting steady
investment, property valuations and previously announced restatements to the March 2025
balance sheet relating to suspended contributions.
Industry recognition
In October, Ryman won several resident and family-voted awards, including National Best Group
Provider, the Aged Care Large Facility South Island Award for Ernest Rutherford Village, and an
Enduring Excellence Award for Diana Isaac Village at the Seniors New Zealand ‘NZ’s Best Awards’
for retirement villages and aged care facilities.
“Our team feels privileged to serve more than 15,000 residents who call Ryman villages home and
make our communities such special places to live.” said James.
Outlook
Sales in the second half of FY26 are expected to remain broadly in line with the first half, reflecting
mixed market conditions and the timing of unit delivery, which was weighted toward the first half.
We anticipate ongoing variability as the property markets recover at differing speeds - Victoria is
showing positive momentum while Auckland is yet to show meaningful improvement.
Cost-out initiatives are ahead of plan, with annualised costs savings achieved up from $23 million at
March 2025 to $40 million at September 2025. Ryman now expects to achieve annualised savings of
$50 –60 million by the end of FY26, up on prior guidance.
Updated FY26 guidance:
• Sales of ORAs
2
(occupation basis) of 1,300 to 1,400 at higher DMF (FY25: 1,523, previous
guidance: 1,100–1,300)
• Annualised cost saving target
1
of $50–60 million (FY25: $23 million, previous guidance: $46
million)
• Build rate of 330 including 80 aged care beds and 250 RV units (FY25: 950, previous
guidance: 266–330)
• Capex
1
of $235 –265 million (FY25: $535.3 million, previous guidance: $260–320 million)
including $170 –190 million on development activity (FY25: $458.2 million, previous guidance:
$180-230 million) and $65 –75 million on existing operations (FY25: $77.1 million, previous
guidance: $80–90 million)
• Ryman's guidance for FY26 reflects the current environment and its assessment of future
trends.

“Our near-term focus remains on continuing to build sales momentum, releasing cash from the
business and driving operational efficiencies. Ryman is well positioned for cash flow growth with
significant leverage to a housing cycle rebound, New Zealand aged care funding reforms, the
strengthening demographic tailwinds from an ageing population and growing scarcity of quality
care.” said James.

Footnote 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.
Footnote 2: Reported sales figures reflect retirement village units only and exclude refundable accommodation deposits (RADs) and ORAs on
aged care accommodation.

RYMAN HEALTHCARE LIMITED 5
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 15,300 residents, and the
company employs 7,800 staff.


Contacts
For investor relations information
Hayden Strickett, Head of Investor Relations
hayden.strickett@rymanhealthcare.com


For media information
Sarah Greig, GM Corporate Affairs &
Communication
sarah.greig@rymanhealthcare.com

---

RYMAN HEALTHCARE | 1H26 Results Presentation1
RYMAN HEALTHCARE
Half year results
For the six months ended 30 September 2025
Presented 27 November 2025

RYMAN HEALTHCARE | 1H26 Results Presentation
Highlights 3
Sales and stock 7
Operations 13
Development 17
Financials 21
Capital management 33
Outlook and strategic priorities 36
Q&A 40
Development updates 41
Appendices 47
All figures in this presentation are in New Zealand dollars (NZD) and are at 30 September 2025 or for the
six months ended 30 September 2025, unless otherwise stated. AUD balances at 30 September 2025 are
converted at an NZD/AUD rate of 0.8771.
AgendaPresenters
Matt Prior
CHIEF FINANCIAL OFFICER
Naomi James
CHIEF EXECUTIVE OFFICER
2

RYMAN HEALTHCARE | 1H26 Results Presentation3
Highlights
Keith Park Village residents Jill and Paddy
3

RYMAN HEALTHCARE | 1H26 Results Presentation4
Opening remarks
1
First positive free cash flow
1
result in a decade
of $56.2 million
2
Annualised cost-out
1
achieved to date of
$40 million; FY26 target lifted to $50–60 million
(previous guidance of $46 million)
3
Sales effectiveness delivered rebuild in first half
volumes with two quarters of sequential growth
4
Full bank refinance complete with enhanced
structure and lifting average tenor to five years
5
Investor day planned for 3 February 2026 covering
strategy refresh and new capital management
framework
Highlights
William Sanders Village resident Madeline
4
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 | 1H26 Results Presentation5
Sales
performance
•Rebuild in sales volumes throughout first half with total sales of 704 ORAs (Q1: 337 / Q2: 367)
•Pricing model changes fully embedded with average DMF of 28.8% achieved on 1H26 sales
Operating
reset
•Annualised cost-out
1,2
increased to $40 million in 1H26; FY26 target lifted to $50–60 million
•Operating EBITDAF
1
up $26.4 million (+193%) driven by performance improvement across mature
and developing villages and reduction in non-village costs
Financial
performance
•First positive free cash flow
1
result in a decade of $56.2 million
•Total revenue up 13%, with growth in both pricing and utilisation, while total costs fell 2%
•Earnings per share of -4.4cps down from 11.9cps, with improvement in operating earnings offset by
lower fair value movements and higher shares on issue
Capital
management
•Full bank refinancing achieved of $2 billion with an average facility tenor of five years and
improved pricing and covenants
•ASX foreign exempt listing completed, broadening access for investors
Portfolio
review
•Strategy and capital management review progressing with update to be provided at an investor
day on 3 February 2026
•Two additional land bank sites sold, bringing total contracted sales to $110 million
3
First half highlights
Ryman has driven accelerated cost-out, made significant progress in rebuilding sales momentum, restored positive
cash flow,and completed a comprehensive debt refinancing
Highlights
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: Cash improvement. 3: Park Terrace and Mt Eliza land sales were contracted subsequent to 30
September 2025 (refer to Note 16 in Ryman’s Interim Consolidated Financial Statements for further detail). $110 million includes Nellie Melba excess land, Park Terrace and Mt Eliza (which remain unsettled), along with Karori, which
was settled subsequent to the reporting date.

RYMAN HEALTHCARE | 1H26 Results Presentation6
1H26 performance
Build rate
259
-61% | 1H25: 667
Aged care occupancy
(mature villages)
96.1%
1H25: 96.4%
Unoccupied RV unit stock
1,335
+96 | March 2025: 1,239
Total: 91.1%
Developing: 66.5%
Contracted: 380
Uncontracted: 955
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: 1H25 restated due to new accounting policies applied in FY25.
RV units: 179
Care beds: 80
RV unit occupancy
(mature villages)
91.8%
March 2025: 92.8%
Capex
1,2
$122.1m
-$201.1m | 1H25: $323.2m
EBITDAF per aged care bed
(annualised)
1
$15.3k
Total: 86.6%
Developing: 78.0%
Average ORA sales price
$789k
+0% | 1H25: $788k
Sales of RV unit ORAs
(occupation basis)
704
-15% | 1H25: 827 | 2H25: 696
New sales: 166
Resales: 538
6
RYMAN HEALTHCARE | 1H26 Results Presentation
Highlights
Free cash flow
1
$56.2m
+$108.7m | 1H25: ($52.5m)

RYMAN HEALTHCARE | 1H26 Results Presentation7
Sales and stock
Deborah Cheetham Village
77

RYMAN HEALTHCARE | 1H26 Results Presentation8
279
324
285
219
264
274
101
123
109
83
73
93
380
447
394
302
337
367
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
ResalesNew sales
Turnaround in sales momentum
Sales volumes rebuilding throughout the first half with two quarters of sequential growth
Quarterly sales of ORAs
1
•Continued improvement in sales
effectiveness and contract conversion
following slower 2H25 which was impacted
by concurrent pricing model changes and
organisational restructure
•Quality lead generation from well-attended
village open days and targeted pricing and
incentives at villages with higher stock
•Sales totaled 704 in the first half, down on
827 in 1H25 and broadly in-line with 696 in
2H25
•FY26 guidance lifted to 1,300–1,400 ORA sales
(previously 1,100–1,300)
1: Reported sales figures reflect retirement village units only and exclude refundable accommodation deposits (RADs) and ORAs on aged
care accommodation. Q2 FY26 sales reported in second quarter trading update on 9 October 2025 (link
).
+12%
QoQ
+9%
QoQ
First half performance
Sales and stock
Post pricing model changes

RYMAN HEALTHCARE | 1H26 Results Presentation9
Pricing model changes now fully adopted
First half sales demonstrate confidence in Ryman’s standard 30% DMF offering
•Pricing changes fully embedded across new
contracts centred on a standard 30% DMF
offering
•Delivering significantly higher DMF on sales up
from 20.7% to 28.8% YoY
•Approximately 60% uplift
1
on weekly fees for
rollovers on independent units
•Revenue uplift from contract changes will
build over time, with annual portfolio
turnover currently at 12%
New resident
2
sales by DMF type
1: Difference between average weekly fee on new sales vs average weekly fee for exiting residents. 2: Excludes residents who have transferred
internally from other Ryman units which are included within non-GAAP sales metrics.
1H252H251H26
Average DMF
2
20.7%22.8%28.8%
99%
94%
94%
91%
70%
10%
0%
1%
1%
3%
6%
10%
1%
5%
5%
5%
22%
75%
0%
3%
2H231H242H241H252H251H26
20%25%30%35%40%
Sales and stock
Post pricing model changes

RYMAN HEALTHCARE | 1H26 Results Presentation10
Progressive rebuild in sales contracts
Improvement in sales effectiveness driving stronger contracting activity
663
697
853
827
452
674
2H231H242H241H252H251H26
Net sales contracts
1
1: Net sales contracts reflect signed RV unit applications, including internal transfers from existing residents, less cancelled applications. Net
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.
Sales and stock
Contracted RV unit stock
459
519
513
522
367
380
2H231H242H241H252H251H26
•Solid first half for net sales contracts driven
by growing gross contracts and lower levels
of cancelled contracts
•Expect ongoing variability as local property
markets recover at differing speeds –
Victoria recovering, mixed across regions
throughout New Zealand with Auckland yet
to show meaningful improvement
•Level of contracted stock increased slightly
in the half, with stronger focus on lead
quality reflected in improved conversion
and settlement times
•Contracted stock is lower than 1H25
due to reduced pre-sales as new units are
delivered and development slows
Post pricing model changes
Post pricing model changes

RYMAN HEALTHCARE | 1H26 Results Presentation11
•Resales volumes up 7% on 2H25 and down
11% on a record 1H25
•Turnover rates reflect portfolio maturity,
replenishing resales stock and unlocking
capital gains in the portfolio
•Focus remains on increasing sales volumes to
match turnover
•Payout balance
1
of $277 million at 30
September 2025 provides significant cash
release opportunity with current pricing for
these units approximately $330 million
•Average resales pricing broadly stable YoY,
and down HoH due to regional mix, with
targeted pricing strategies in place for
higher stock villages and stable or increasing
prices in low stock villages
•Gross resales margins continue to moderate
from historical highs, reflecting flat house
price inflation environment
Resales of ORAs
Rebuild in sales volumes with average pricing broadly stable despite challenging market conditions
Resale volumesAverage resales ORA price
Gross resales margin
2
Turnover (units vacated)
272
287
278
237
252
279
289
325
267
286
551
576
603
504
538
1H242H241H252H251H26
IndependentServiced
$884k
$868k
$895k
$922k
$874k
$581k
$578k
$578k
$594k
$586k
1H242H241H252H251H26
IndependentServiced
37.1%
32.7%
33.9%
32.9%
27.3%
19.6%
18.6%
16.8%
14.5%
11.0%
1H242H241H252H251H26
IndependentServiced
Sales and stock
571
592
628
572
619
1H242H241H252H251H26
1: Gross amounts (inclusive of DMF) paid out on existing RV units for vacating residents or internal transfers where the unit has not been settled
under a new ORA. 2: The difference between the previous purchase price of an ORA and its new purchase price divided by the new purchase
price. Excludes resident incentives, selling costs, suspended contributions and unit refurbishment costs.

RYMAN HEALTHCARE | 1H26 Results Presentation12
New sales of ORAs
Disciplined stock delivery and pricing actions taken to unlock new sales cash opportunity
Average new sales priceNew sales stock
New units completedNew sales volumes
•Reduction in new sales reflects progressive
ramp down of development and continued
elevated industry stock in some locations
•Independent stock reduced as sales
outpaced deliveries for three consecutive
half-year periods
•Higher than typical serviced apartment
stock from significant deliveries in committed
developments over past 18 months
•Reviewing options to increase serviced
apartment utilisation
•Targeted pricing and fee initiatives rolled out
across villages with aged stock or
heightened competition
•Strong average new sales pricing reflects
favourable village and country mix, with 45%
of new sales from Australia
•Total new sales stock value of $470 million
provides significant cash release opportunity
165
162
169
164
131
71
49
55
28
35
236
211
224
192
166
1H242H241H252H251H26
IndependentServiced
$1,045k
$1,025k
$1,035k
$1,049k
$1,092k
$654k
$699k
$726k
$655k
$689k
1H242H241H252H251H26
IndependentServiced
288
176
142
159
114
101
245
45
65
389
176
387
204
179
1H242H241H252H251H26
IndependentServiced
Sales and stock
317
331
304
300
284
119
69
260
278
308
1H242H241H252H251H26
IndependentServiced

RYMAN HEALTHCARE | 1H26 Results Presentation13
Operations
Kevin Hickman Village bowling tournament
13

RYMAN HEALTHCARE | 1H26 Results Presentation14
14

RYMAN HEALTHCARE | 1H26 Results Presentation15
$654k
$671k
$681k
$694k
$718k
1H242H241H252H251H26
$50.5
$52.2
$54.1
$57.4
$59.5
1H242H241H252H251H26
Aged care performance
Growing care utilisation in developing villages and robust pricing outcomes
•Strong growth in room premiums in New
Zealand (up 10% YoY) with consistently high
occupancy
•Base care funding uplift of 4.0% in New
Zealand effective from 1 July 2025
•RAD growth in Australia driven by refreshed
pricing framework
•Growing utilisation with average vacant
beds in developing villages reducing by 46
in the half
•Maintained high occupancy in mature care
centres; down slightly YoY impacted by
challenging winter
•Recently opened Kevin Hickman care
centre (80 beds) now over 50% occupied
3
,
following planned closure of two rest-home
only level care centres in Christchurch
(95 beds)
•‘Resident Fund’ product to facilitate capital
transfer into care successfully trialled, now
being rolled out across NZ portfolio
Average daily room premiums
– New Zealand ($ per day)
Average RAD balance
– Australia (AUD)
10%
YoY
Average vacant beds in
developing care centres
1
133
143
234
315
269
1H242H241H252H251H26
1: Includes all care centres which aren’t considered mature. 2: Excludes developing care centres which have not yet reached 90% occupancy for a
full financial year, and an additional three villages from 1H25: Edmund Hillary (hospital care wing recently reopened following relevelling works),
Margaret Stoddart and Woodcote (progressive bed closures in 1H26). 3: At November 2025.
Operations
Mature care centre occupancy
2
96.2%
96.3%96.4%96.3%
96.1%
1H242H241H252H251H26
5%
YoY

RYMAN HEALTHCARE | 1H26 Results Presentation16
Aged care reforms progressing
Major reforms taking effect in Australia; commitment to near-term reforms in New Zealand
•Co-contribution model with clinical costs fully funded by
the Australian Government and accommodation and
other living costs means-tested
•Retention on new RADs introduced at 2% per annum,
capped at 10% over five years, delivering a projected
$6.4 million annualised benefit
2
•Twice yearly indexation of daily accommodation
payments (DAPs) to better reflect cost movements
•New'Support at Home’ program replaces 'Home Care
Packages’
•Impact of funding changes to the hotelling supplement
and AN-ACC pricing, announced on 12 September 2025,
expected to be broadly neutral for Ryman
•Ryman well progressed to meet new care minute
requirements in Australia in 2026
•The New Zealand Government announced in October
2025 the establishment of a Ministerial Advisory Group to
recommend changes to the aged care funding model
•The independent expert group will provide advice directly
to the Ministers of Health and Seniors, with
recommendations across three key areas:
1.Ensuring sustainable funding
2.Achieving a fair sharing of costs between government
and residents
3.Better integrated aged care with the wider
healthcare system
•Learnings from Australian reforms expected to help shape
new funding model to deliver high quality care with lower
compliance costs (e.g. no care minutes)
•Recommendations due to Ministers mid-2026, prior to the
next election, with the Government targeting changes to
the funding model in 2027
New Australian Aged Care Act takes effect 1 November
1
Commitment to funding reform in New Zealand
1: Funding settings apply to new residents entering aged residential care from 1 November 2025. 2: Indicative annualised benefit will be achieved over several years with average length of stay approximately 18–24 months. Based
on 30 September 2025 Australian RAD balance of $322.5 million (excludes probate balance).
Operations

RYMAN HEALTHCARE | 1H26 Results Presentation17
Development
Kevin Hickman Village
1717

RYMAN HEALTHCARE | 1H26 Results Presentation18
In-flight build programme
Delivery of remaining in-flight projects progressing with sites under active development down from seven to four.
Timing of future stages to be aligned with market demand
Village
Status at
30 September 2025
1H26
completed
2H26
guidance
Under construction
or committed
Future stages
(uncommitted)
Village
Main
building
Remaining
RV stages
RV
units
Care
beds
RV
units
Care
beds
RV
units
Care
beds
RV
units
Care
beds
Nellie Melba
Wheelers Hill
OpenOpenComplete76-------
Deborah Cheetham
Ocean Grove
OpenOpen
Under
construction
6-7---58-
Keith Park
Hobsonville, Auckland
OpenOpen
Under
construction
--64---48-
Kevin Hickman
Christchurch
OpenOpenLand bank7980----76-
Patrick Hogan
Cambridge
Open
Under
construction
Land bank14---606495-
Northwood
Christchurch
Open
Under
construction
Land bank----826032-
Hubert Opperman
1
Mulgrave
OpenPlanningPlanning4---6140--
Total
1798071-203164309-
259
330
FY26 guidance
Development
1: Redesigned plans for Hubert Opperman final stages subject to planning approvals. The updated design figures are reflected in future stage figures (61 RV units and 40 care beds). Refer slide 42 for further detail.
71367309

RYMAN HEALTHCARE | 1H26 Results Presentation
Miriam Corban
Five main buildings opened in past 18 months
RYMAN HEALTHCARE | 1H26 Results Presentation
Village
Main building
opened
Occupancy
1
RV units
2
Care
Miriam Corban
May 202476%76%
James Wattie
June 202470%77%
Keith Park
Aug 202463%78%
Bert Newton
Nov 202472%66%
Kevin Hickman
July 202550%46%
James Wattie
Keith ParkKevin Hickman
Update image
March 24
Bert Newton
Recently opened care centres are filling ahead of expectations, demonstrating strong demand for Ryman’s
high quality aged care offering
1: Occupancy at 30 September 2025. 2: Occupancy of total units including main building and independent stages.
Development
19

RYMAN HEALTHCARE | 1H26 Results Presentation20
Existing village land bank
Developing villages
Deborah Cheetham
Hubert Opperman
Keith Park
Kevin Hickman
Northwood
Patrick Hogan
Mature villages
Grace Joel
Jean Sandel
Murray Halberg
Contracted for sale
Nellie Melba excess land
1
Land bank
1: Held for sale at 30 September 2025. 2: Includes all greenfield land bank sites listed, excluding Karori which was held for sale at balance date but
including other land contracted for sale (Park Terrace & Mt Eliza), plus land at Jean Sandel, Murray Halberg and Deborah Cheetham shown in the
mature village land bank (consistent with presentation in FY25 results).
•$110 million to be released from contracted
property sales:
•$23.0 million for Karori land
1
, settled
subsequent to reporting date
•$9.9 million for excess land at Nellie
Melba
1
, expected to settle in 2H26
•$34.8 million for Mt Eliza, which
contracted in November 2025 and is
expected to settle 2H26
•$42.0 million for Park Terrace, which
contracted in November 2025 and is
expected to settle in FY27
Land bank review well progressed with an update on sites to be retained for future development and divestments
to be provided at investor day
Land bank independent valuation: $376 million
2

Development
Greenfield land bank
Coburg North
Essendon
Karaka
Kealba
Kohimarama
Ringwood East
Rolleston
Takapuna
Taupō
Contracted for sale
Karori
1
Mt Eliza
Park Terrace

RYMAN HEALTHCARE | 1H26 Results Presentation21
Financials
Deborah Cheetham Village
21

RYMAN HEALTHCARE | 1H26 Results Presentation22
Earnings
•Loss before tax and fair value movements (PBTF)
1
improved significantly by $57.6 million, driven by cost-out
programme and stronger performance across mature and developing villages
•Revenue growth of 13% from increasing resident base and occupancy, along with fee growth
Cash flow
•Free cash flow
1
of $56.2 million up $108.7 million due to strong development cash flows and lower financing
costs, partially offset by higher payouts on stock
•Gross interest costs down $28.9 million reflecting lower debt from equity raise and positive free cash flow
Balance sheet
•Balance sheet reset complete with five-year facility tenor plus improved pricing and covenants
•NTA per share of $4.06 down slightly resulting from previously announced restatement, with independent
investment property valuations broadly flat
•Approximately $1.0 billion of unrealised development value including new sales stock, development WIP
and land bank. Includes $110 million of contracted land bank divestments
Metrics
•Refinement of non-GAAP cash flow presentation to better align cash flow with underlying business activity
Financial performance overview
Core operating performance and cash flow trending up, with progressive balance sheet deleveraging
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.

RYMAN HEALTHCARE | 1H26 Results Presentation23RYMAN HEALTHCARE | 1H26 Results Presentation
Key financial metrics
Cash flow from
development activity (CFDA)
1,2
$79.3m
Up $107.4m | 1H25: ($28.1m)
Cash flow from existing
operations (CFEO)
1,2
($23.1m)
Up $1.3m | 1H25: ($24.4m)
Total revenue
2
$413.8m
+13% | 1H25: $366.3m
IFRS profit before tax and fair
value movements (PBTF)
1,2
($43.4m)
Up $57.6m | 1H25: ($101.0m)
Net profit after tax
(NPAT)
2
($45.2m)
-155% | 1H25: $82.0m
NTA per share
406.0 cps
-4.6 cps | March 2025: 410.6 cps
(418.2 cps pre restatement, -12.2cps)
Operating EBITDAF
1,2
$40.1m
+193% | 1H25: $13.7m
Net interest-bearing debt
1,2
$1,651m
-$14m | March 2025: $1,665m
Gearing: 28.5% | March 2025: 28.5%
Free cash flow
1,3
$56.2m
+$108.7m | 1H25: ($52.5m)
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: 1H25 restated due to new accounting policies applied in FY25. 3: Derivative termination costs related to the ITL of $4.8 million
excluded for consistency with free cash flow guidance provided at the time of the equity raise.
Financials
23

RYMAN HEALTHCARE | 1H26 Results Presentation24
99.3
118.7
140.9
160.8
184.0
216.9
2H231H242H241H252H251H26
Revenue
Growing resident base and pricing driving meaningful revenue uplift
Revenue bridge ($m)
•Revenue growth underpinned by care fees,
driven by filling aged care capacity,
government funding uplifts and robust
growth in room premiums
•Growth in resident base of 4% YoY together
with greater weekly fees starting to flow
through revenue
•DMF growth includes benefit from one-off
downward adjustment in 1H25 to fix historic
GST treatment issue
•Revenue uplift from higher contracted DMF
yet to build meaningfully following changes
to DMF recognition accrual periods in FY25
(ILU lifted from 7 years to 9 years and SA
from 3 years to 4.5 years) reflected in the
growth in revenue in advance
1
1: Revenue in advance represents those amounts by which the DMF over
the contractual period exceeds accounting recognition of the DMF based
on expected tenure.
Financials
+47.5
YoY
Revenue in advance balance at period end ($m)
+35%
YoY
366.3
29.7
1.4
4.1
12.2
0.1413.8
1H25
total
revenue
Care
fees
Care
imputed
interest
Village
fees
Deferred
management
fees
Interest and
other income
1H26
total
revenue
350
360
370
380
390
400
410
420

RYMAN HEALTHCARE | 1H26 Results Presentation25
Operating costs
Cost-out initiatives gaining momentum as organisation resets with greater financial discipline
Non-village operating costs ($m)
•Village operating costs up 7%, driven
primarily by capacity growth with five main
buildings opened in the past 18 months
•Gross non-village expenses down 27%
to $54.0 million, driven by cost savings
achieved in FY25 and FY26 YTD across
support and services functions, ongoing shift
to an outsourced development model and
some cost reallocation to village costs
•Non-operating expenses (one-offs) lower
due to significant organisation restructure
costs in 1H25 (consultancy and redundancy)
•Continued focus on annualised cost savings
as a strategic priority
61.6
51.8
49.4
12.3
10.2
4.5
74.0
62.0
54.0
1H252H251H26
ExpensedCapitalised
Financials
-27%
YoY
Operating costs ($m)
1H25
(restated)1H26YoY
Village costs(301.8)(323.9)7%
Gross non-village costs(74.0)(54.0)-27%
Capitalised non-village costs12.34.5-63%
Total operating expenses(363.4)(373.4)3%
Non-operating expenses (one-offs)(10.0)(3.6)-64%
Reported expenses (per P&L)(373.4)(376.9)1%

RYMAN HEALTHCARE | 1H26 Results Presentation26
Improvement in core operating performance
Revenue growth and cost control driving meaningful operating leverage
•Significant uplift in operating EBITDAF
1
,
growing $26.4 million to $40.1 million
•Mature village portfolio (32 villages
2
)
performance increased $4.4 million (9.6%),
supported by revenue growth and cost
efficiencies
•Developing village portfolio (17 villages
2
)
delivered $9.8 million uplift, highlighting
operating leverage to resident growth within
developing villages
•Non-village cost savings of $12.2 million
resulting from new support services
structure and cost-out initiatives
Operating EBITDAF ($m)
1H25
(restated)1H26YoY
Mature villages46.250.610%
Developing villages27.937.735%
Village subtotal74.188.319%
Non-village(60.4)(48.2)-20%
Total13.740.1193%
13.7
4.4
9.8
12.240.1
1H25Mature
villages
Developing
villages
Non-village1H26
-
5
10
15
20
25
30
35
40
45
Operating EBITDAF
1
($m)
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. 2: Villages are classified as
mature for the purposes of EBITDAF categorisation once fully completed and all accommodation types have maintained at least 90%
occupancy for two consecutive financial years.
Financials
+26.4
YoY

RYMAN HEALTHCARE | 1H26 Results Presentation27
Segmental operating performance
First time segmentation of retirement village and aged care financial performance aligned with FY26 priorities
•Cost allocation methodology aligned with
business activity, fully allocating village and
non-village (support services) costs, with
unallocated non-village costs representing
development and unallocated corporate
costs
•Both aged care and retirement village
segments are currently operating
significantly below their full potential, with a
comprehensive business transformation
underway to improve performance
•Profitability per bed / unit at a group level
will benefit from positive leverage as
developing villages increase in occupancy
and fee / DMF changes flow through the
contract book and P&L
Financials
1H26 Segment performance ($m)Aged care
1
Retirement
village
1
Non-villageGroup
Care and village fees254.7 56.2 - 310.9
Deferred management fees0.2 77.8 - 78.0
Imputed interest income on RADs17.1 - - 17.1
Other income0.5 5.8 1.2 7.5
Operating revenue272.5 139.8 1.2 413.5
Employee expenses(175.6)(46.3)(30.6)(252.5)
Operations(27.4)(12.4)(0.9)(40.7)
Building and grounds(12.3)(36.4)(1.4)(50.1)
Direct selling expenses- (2.1)- (2.1)
Marketing(0.4)(7.7)(2.3)(10.4)
Software and technology(0.1)(0.4)(9.0)(9.5)
Administration(0.8)(2.0)(9.8)(12.6)
Gross operating expenses(216.6)(107.3)(54.0)(377.9)
Support services allocation(22.7)(13.7)36.4 -
Capitalised costs- - 4.5 4.5
Segmented operating expenses(239.3)(121.0)(13.1)(373.4)
Operating EBITDAF33.218.8 (11.9)40.1
Per bed/unit per year ($000s, annualised)
Operating revenue126.132.5
Segmented operating expenses(110.8)(28.1)
EBITDAF per bed/unit per year15.34.4
Operating margin12%13%
1: Aged care and retirement village activities are not considered operating segments under NZ IFRS 8 – Operating Segments. These activities are
not reported separately in the 1H26 Consolidated Interim Financial Statements, as their financial information is not regularly reviewed by the Chief
Operating Decision Maker (CODM) for purposes of resource allocation or performance assessment.

RYMAN HEALTHCARE | 1H26 Results Presentation28
Cash flow from existing operations (CFEO)
Robust cash flow from village operations offset by increased bought back stock on hand
•Cash flow from village operations up 63% to
$36.4 million reflecting fee growth and cost
control across both expenses and capex
•Net cash flow from resales includes
$53.0 million impact from increase in unit
payout balance (bought back stock)
•$9.9 million improvement in non-village
cash flow reflecting cost initiatives
•Reduction in net interest attributed to CFEO
1

driven by savings from equity raise and
allocation of interest to CFDA
Updated CFEO calculation
•Notional interest on new stock and land
bank (expensed under IFRS) allocated to
CFDA. 1H25 not restated
•Marketing expenses allocated across resales
(included in cash flow from resales in ORAs)
and new sales (moved to CFDA for both
periods)
$m
1H25
restated1H26YoY $
Village operations
Care and village fees284.1317.032.9
DMF collected41.442.91.5
Payments to suppliers and employees(282.4)(307.9)(25.6)
Village capex(17.4)(13.3)4.0
Capex on technology projects(3.4)(2.3)1.1
Subtotal village operations22.436.413.9
Resales of ORAs
Resales settlements of occupation rights407.9362.0(46.0)
Repayment of occupation rights(272.8)(287.6)(14.7)
Gross receipts from resales135.174.4(60.7)
Less DMF collected (included in village operations)(41.4)(42.9)(1.5)
Net resales receipts93.731.5(62.2)
Capex on RV unit refurbishments(16.4)(13.6)2.8
Sales and marketing expenses - resales(13.7)(10.9)2.8
Subtotal resales of ORAs63.57.0(56.5)
Total village cash flow86.043.3(42.6)
Non-village cash flow
Payments to suppliers and employees(60.2)(50.6)9.5
Capex on head office and other projects(4.9)(1.3)3.6
Office leases(2.1)(1.3)0.8
Employee share schemes4.60.5(4.1)
Total non-village cash flow(62.6)(52.7)9.9
Cash flow from existing operations pre interest23.4(9.4)(32.8)
Expensed interest(48.9)(36.6)12.3
Notional interest on new unit stock and land bank-22.522.5
Interest received1.20.3(0.8)
Net interest attributed to CFEO(47.7)(13.7)34.0
Cash flow from existing operations (CFEO)(24.4)(23.1)1.3
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.
Financials

RYMAN HEALTHCARE | 1H26 Results Presentation29
Cash flow from development activity (CFDA)
Strong cash release as development investment scales back
•Significant reduction in development
spend reflecting fewer sites under active
construction and lower spend on high
density projects and main buildings
•Resident funding from new sales down less
than development capex, driving
meaningful net cash uplift in CFDA
1
•Significant cash opportunity lies in new sales
stock balance of 592 units, with value of
approximately $470 million
•Lower sales and marketing spend driven by
incentive type mix, with higher costs
expected in 2H26
Updated CFDA calculation
•Notional interest on new stock and land
bank (expensed under IFRS) allocated to
CFDA. 1H25 not restated
•Marketing expenses allocated to new sales
(CFDA) in 1H26 and prior period
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 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. 4: Land
and asset sales in 1H26 reflect sale of construction property, plant and equipment (1H25: Newtown settlement).
Financials
$m
1H25
(restated)1H26YoY
Resident funding
New sale settlements of occupation rights203.8168.0(35.7)
Net increase in RADs on aged care beds
2
51.432.9(18.6)
Sales and marketing expenses - new sales(9.4)(5.7)3.6
Subtotal resident funding245.8195.2(50.6)
Development capex
Land acquisitions
3
(18.3)(2.0)16.3
Direct construction capex(220.1)(76.2)143.9
Capitalised interest(31.6)(8.8)22.8
Non-village expenses capitalised to projects(11.1)(4.5)6.5
Subtotal development capex(281.1)(91.6)189.5
Other development cash flows
Notional interest on new unit stock and land bank-(22.5)(22.5)
Land bank expenses-(3.2)(3.2)
Proceeds from land and asset sales
4
7.11.4(5.7)
Subtotal other development cash flow7.1(24.3)(31.4)
Cash flow from development activity(28.1)79.3107.4

RYMAN HEALTHCARE | 1H26 Results Presentation30
(68.8)
(61.5)
(201.6)
(131.6)
(158.2)
(270.5)
(436.3)
(206.8)
(389.6)
(186.9)
(94.2)
56.2
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY251H26
Free cash flow
First positive free cash flow result in over a decade of $56.2 million with demonstrated progress to operational reset
Free cash flow
1
($m)
•Material growth in free cash flow
1
of
$108.7 million YoY from -$52.5 million in 1H25
to $56.2 million in 1H26
•Uplift driven by development activity, with
existing operations steady on 1H25
•Cash interest cost savings of $35.1 million on
1H25 reflected in both CFEO and CFDA
•Net debt reduced $14.1 million with
$56.2 million impact of free cash flow
offset by FX translation impact of AUD debt
($36.7 million), derivative termination costs
relating to the ITL ($4.8 million) and minor
financing movements
•Targeting of continued growth in free cash
flow remains an operational focus
1: The metric is classified as non-GAAP, meaning it does not adhere to a standardised definition under GAAP (Generally Accepted Accounting
Practice). Non-GAAP measures are presented to assist investors in understanding Ryman's performance. It may not be comparable to similar
financial information presented by other entities.
Financials
Net debt
1
movement ($m)
1,664.9
42.1
23.1
-79.3
1,650.8
Mar-25FX and otherCFEOCFDASep-25
1,600
1,620
1,640
1,660
1,680
1,700
1,720
1,740
Free cash flow
$56.2 million
-14.1
HoH

RYMAN HEALTHCARE | 1H26 Results Presentation31
10,813
(77)
10,736
80
95
15
(11)
(1)
10,914
Mar-25
balance
(reported)
Adjustment:
suspended
contributions
Mar-25
balance
(restated)
FX on
Mar-25
balance
AdditionsFV mov'
existing
units
FV mov'
new
units
FV mov'
land
bank
Sep-25
balance
10,600
10,650
10,700
10,750
10,800
10,850
10,900
10,950
11,000
Asset valuations
Underlying fair value movements broadly flat despite challenging market conditions
Investment property carrying value ($m)
•Valuation outcome for existing units broadly
flat, with valuer assumptions for unit pricing
down modestly, partially offset by higher
year one growth rates which reflects
improving market outlook and embedding
of 2H25 pricing model changes
•Fair value movements on developing
villages and land bank broadly flat
•Previously disclosed
1
-$77 million impact
from historical issue relating to NZ IAS 40
adjustments due to a change in valuation
approach at March 2025 where a subset of
suspended contributions were included in
the independent valuation
•Care centres not valued at half year.
Small impairment in property, plant and
equipment ($2.4 million) reflecting three
care centres
3
Financials
Total fair value movement
$3.2 million
1: Refer slide 5 in the 2025 Governance Presentation (link). 2: Impact on Mar-25 AUD investment property balance of $2,004 million
from NZD/AUD declining from 0.9088 at March 2025 to 0.8771 at September 2025. 3: Includes fair value movement at villages with unit
deliveries in 1H26.
2

RYMAN HEALTHCARE | 1H26 Results Presentation32
Reported profit and loss
Improvement in operating earnings offset by lower fair value movements
1: Ryman reviewed the assumption for expected resident tenure relating to DMF revenue recognition in FY25, with accrual period assumptions
increased from 7 years to 9 years for independent units and 3 years to 4.5 years for serviced apartments from 1 April 2025.Change to revenue
recognition made on a go-forward basis, with no change to historic accruals. 2: GST adjustment and uncapped internal transfers related to
prior periods. 3: 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.
•Total revenue increased 13%, with growth in
both pricing and utilisation, while total costs
fell 2%
•DMF revenue excluding historic adjustments
flat YoY driven by changes to accrual
periods in FY25
1
and new higher DMF
contracts only just starting to contribute
•Profit/(loss) before tax and fair value
movements (PBTF) improved to -$43.4 million
from -$101.0 million last year, driven by
strong operating leverage
•Deferred tax expense lower as the prior
period included the impact of moving to
a 30% standard DMF on expected future
taxable income
•Earnings per share of -4.4cps, reduced as a
result of fair value movements from property
revaluations and more shares on issue after
the February 2025 equity raise
Financials
Profit and loss ($m)
1H25
(restated)1H26YoY
Care and village fees277.0310.912%
Deferred management fees (DMF) exc. historical adjustments77.878.00%
Historical adjustments to DMF
2
(12.0)--100%
Imputed income on RADs15.717.19%
Other income6.67.513%
Interest received1.10.3-72%
Total revenue366.3413.813%
Operating expenses(373.4)(376.9)1%
Depreciation and amortisation expenses(24.9)(21.8)-13%
Imputed income charge on RADs(15.7)(17.1)9%
Impairment loss-(2.4)n/a
Finance costs(53.2)(39.0)-27%
Total expenses(467.3)(457.2)-2%
Profit/(loss) before tax and fair value movements (PBTF)
3
(101.0)(43.4)-57%
Fair value movement of investment properties270.13.2-99%
Deferred tax credit/(expense)(87.1)(5.0)-94%
Net profit after tax (NPAT)82.0(45.2)-155%
Per share:
Weighted shares on issue (000s)687.61,015.748%
PBTF per share (cps)(14.7)(4.3)-71%
Earnings per share (cps)11.9(4.4)-137%

RYMAN HEALTHCARE | 1H26 Results Presentation33
Raelene Boyle Village resident Brian in the village workshop
33
Capital management

RYMAN HEALTHCARE | 1H26 Results Presentation34
Full bank debt refinance
Balance sheet reset complete with new funding structure aligned with operating model
•Full refinancing of $2 billion syndicated loan
facilities completed on 24 November 2025,
extending weighted term to maturity
1
to
4.8 years with no bank facility maturities
until FY31
•Improved pricing on margins and line fees
•Interest Cover Ratio (ICR) covenant
2

of 1.50x commencing from September 2026
(existing covenant waiver remains for
September 2025 and March 2026)
•No change to other financial covenants,
with the adjusted total liabilities to net
tangible assets maximum permitted ratio
remaining at 1.0x
•ICR covenant excludes interest on
designated development debt
3

($687 million at 30 September 2025)
•$535 million of debt headroom
1
Capital management
Debt facility maturity profile ($m)
Debt facilities ($m)Sep 25
Sep 25
pro-forma
1
NZD & AUD bank facilities2,0892,048
NZD retail bond150150
Total facilities at face value2,2392,198
Drawn debt at face value1,6631,663
Debt headroom576535
Average term to expiry2.14.8
1: Pro-forma at 30 September including impact from refinancing which occurred on 24 November 2025. 2: Rolling 12-month adjusted EBITDA to
interest (excluding interest on development debt) tested on 31 March and 30 September. Adjusted EBITDA is defined as reported net profit after
tax, adjusted by excluding income tax, interest income, finance costs, depreciation, amortisation, impairment losses, fair value movements,
deferred management fees, and one-off revenue and expenses, and including non-GAAP items: cash deferred management fees collected, and
gross resale gains on occupation right agreements. 3: Based on forecast net cash proceeds for committed developments and the cost of New
Zealand care centres under development or opened in the past 24 months. Development debt for new projects is included once lenders approve
the Company’s feasibility and substantive steps towards the development have commenced.
710
507
578
444
150
524
246
75
798
353
51
1,322
599
126
FY26FY27FY28FY29FY30FY31FY32FY33
Prior debt facilitiesRetail BondBank debt (NZ)Bank debt (AU)

RYMAN HEALTHCARE | 1H26 Results Presentation35
162
-67
95
Pre February 2025
equity raise
Impact of equity raise
and bank refinance
Current run rate
(pro-forma)
Treasury management
Annualised interest savings of $67 million reflecting equity raise and lower borrowing costs
•Weighted average cost on total drawn debt
(WACD)
1
of 5.70%, down ~50bps driven by
improved bank pricing on bank loans and
lower floating rates
•68% of drawn debt at September 2025 is
on fixed rates. Average hedging tenor of
3.2 years provides interest cost certainty
•Annual interest savings of $67 million since
February 2025 equity raise reflects combined
impacts of lower drawn debt and lower
WACD
Capital management
1: At 30 September including impact from refinancing which occurred on 24 November 2025.
Key treasury metricsMar 25
Sep 25
pro-forma
1
Total drawn debt ($m)1,6861,663
Total active fixed rate debt ($m)1,1381,127
Percentage of drawn debt at fixed rates67%68%
Weighted average term of fixed rate debt3.6 years3.2 years
Weighted average cost on total drawn debt (WACD)6.2%5.7%
Annualised gross interest costs ($m)
1

RYMAN HEALTHCARE | 1H26 Results Presentation36
Outlook and strategic
priorities
Edmund Hillary Village resident Margaret and caregiver Heather
3636

RYMAN HEALTHCARE | 1H26 Results Presentation37
FY26 Outlook
Strong first half progress supports upgraded FY26 guidance, with continuing mixed market conditions expected in
the second half
•2H26 sales expected to be broadly in line
with 1H26 amidst mixed market conditions
and lower new sales expected on the back
of fewer 2H unit deliveries vs 1H
•Expect ongoing variability as local property
markets recover at differing speeds –
Victoria recovering, mixed across regions
throughout New Zealand with Auckland yet
to show meaningful improvement (~30% of
portfolio in Auckland by volume)
•Lower cost structures in support services and
village cost efficiencies driving uplift in
annualised cost-out target from $46 million
(previous guidance) to $50–60 million
•Capex
1
guidance moderated, including
release of project contingency for
completed developments, and disciplined
approach to sustaining capex for existing
operations
Sales of ORAs
1

(occupation basis)
1,300–1,400 at higher DMF / FY25: 1,523
(previous guidance: 1,100–1,300)
Annualised cost
savings
2
Annualised cost saving target increased to $50–60 million /
FY25: $23 million (previous guidance: $46 million)
Build rate 330 including 80 care beds and 250 RV units / FY25: 950
(previous guidance: 266–330)
Capex
2,3
$235–265 million / FY25: $535.3 million, including:
(previous guidance: $260–320 million)
•$170–190 million development / FY25: $458.2 million
(previous guidance: $180–230 million)
•$65–75 million existing operations / FY25: $77.1 million
(previous guidance: $80–90 million)
FY26 Guidance
Based on current environment and assessment of future trends
1: Reported sales figures reflect retirement village units only and exclude refundable accommodation deposits (RADs) and ORAs on aged care
accommodation. 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: Net investing cash flows as presented in the Consolidated Financial
Statements, excluding proceeds from land and asset sales and receipts or advances of employee loans (combined 1H26 exclusions: $1.4
million). Refer appendix 16 for breakdown.
Outlook

RYMAN HEALTHCARE | 1H26 Results Presentation38
FY26 priorities First half update
Building sales effectiveness to release cash from RV
unit stock
Significant cash release from new development
Recovering resales momentum; focus on rebuilding sales
to match turnover
Care ORAs in New Zealand to grow resident capital
in care
‘Resident Fund’ product to facilitate capital transfer into
care successfully trialled, now being rolled out across NZ
portfolio
Divestment programme for selected land bank sitesPark Terrace & Mt Eliza land sales contracted for $77
million; progressively working through review of other sites
Continue to build sales effectiveness, increasing
number of units on new contract terms
Achieved 28.8% average DMF across 1H26 sales.
7% lift in average weekly fees vs pcp
Targeting doubling of annualised cost savings to
$46 million
$40 million achieved; FY26 target lifted to $50–60 million
NZ care funding reforms & review of aged care
capacity
NZ Government targeting funding changes in 2027;
Planned closure of two underperforming care centres
Organisation-wide performance cadence, including
segmentation of care/RV reporting
Performance cadence established organisation wide,
now moving to future redesign. Initial segmentation of
care/RV reporting complete
Portfolio and strategy review to identify best
opportunities to optimise and grow
Strategy and capital management review progressing
with update to be provided at investor day
Align design with future development opportunities in
existing villages and land bank
Capital management framework aligned
to strategy & plans for growth
Update on strategic priorities
Meaningful progress achieved against FY26 priorities
1: Includes both revenue and cost opportunities.
Outlook
1. Release cash from the business
Target over $500m in the next 3–5 years
2. Sustainable business improvement
Target $100–150m annualised cash
improvement
1
over 3–5 years
3. Disciplined approach to growth
Target lower peak capital intensity and
increased flexibility

RYMAN HEALTHCARE | 1H26 Results Presentation39
Closing remarks
1
Near-term focus remains on continuing to build sales
momentum, releasing cash from the business and
driving operational efficiencies
2
Ryman is well positioned for cash flow growth with
significant leverage to a housing cycle rebound, NZ
aged care funding reforms and the strengthening
demographic tailwinds from an ageing population
and growing scarcity of quality care
3
Investor day planned for 3 February 2026
•Strategy refresh
•Growing earnings of the existing business
•Focused growth opportunities with disciplined
execution
•New capital management framework and
dividend policy
Outlook
Edmund Hillary Village resident Peter and family
39

RYMAN HEALTHCARE | 1H26 Results Presentation40
Q&A
Bruce McLaren Village resident Margaret and caregiver Priya
40

RYMAN HEALTHCARE | 1H26 Results Presentation41
Kevin Hickman Village
41
Development updates

RYMAN HEALTHCARE | 1H26 Results Presentation42
Development progress summary
TH = independent townhouse, IA= independent apartment, SA = serviced apartment
Appendices
CategoryVillageStageTHIASA
Total RV
units
Aged care
beds
Total units
and beds
1H26 build
Kevin HickmanStage 1 (main building)
-14657980159
Deborah CheethamStage 11a
6--6-6
Nellie MelbaStage 4
-76-76-76
Hubert OppermanStage 6
4--4-4
Patrick HoganStage 7
14--14-14
Subtotal
24906517980259
2H26 build
Deborah CheethamStage 11b
7--7-7
Keith ParkStage 8
-40-40-40
Keith ParkStage 9
-24-24-24
Subtotal
764-71-71
Under construction
or committed
Patrick HoganStage 1 (main building)
--606064124
NorthwoodStage 1 (main building)
-11718260142
Hubert OppermanVarious (inc. main building)
2932-6140101
Subtotal
2943131203164367
Future stages
Deborah CheethamVarious
58--58-58
Keith ParkVarious
-48-48-48
Kevin HickmanVarious
868-76-76
NorthwoodVarious
1418-32-32
Patrick HoganVarious
95--95-95
Subtotal
175134-309-309
Total
2353311967622441,006

RYMAN HEALTHCARE | 1H26 Results Presentation43
Development progress
For the 6 months to 30 September 2025
Keith Park
Hobsonville, Auckland
Townhouse: 0 | Apartment: 276 | Serviced: 101 | Care: 120
•Stage 8 under construction (40 apartments)
•Stage 9 under construction (24 apartments)
•Future stages in land bank
Opened: June 2021
Status: under construction
Photo, 17 September 2025
Stage 8
Stage 9
Patrick Hogan
Cambridge
Townhouse: 185 | Apartment: 0 | Serviced: 60 | Care: 64
•Stage 7 completed in May 2025 (14 townhouses)
•Main building commenced construction in 1H26 (60 serviced, 64 care)
•Future stages in land bank
Opened: July 2023
Status: under construction
Stage 7
Photo, 19 September 2025
Main building
Appendices

RYMAN HEALTHCARE | 1H26 Results Presentation44
Development progress
Northwood
Christchurch
Townhouse: 82 | Apartment: 83 | Serviced: 71 | Care: 60
•Main building under construction (11 apartments, 71 serviced, 60 care)
•Future stages in land bank
Kevin Hickman
Riccarton Park, Christchurch
Townhouse: 59 | Apartment: 172 | Serviced: 65 | Care: 80
•Main building opened July 2025 (14 apartments, 65 serviced, 80 care)
•Future stages in land bank
Photo, February 2024Photo, February 2024Photo, February 2024
Photo, 18 September 2025Photo, 15 September 2025
For the 6 months to 30 September 2025
Opened: June 2021
Status: land bank
Opened: June 2023
Status: under construction
Main building
Main building
Appendices

RYMAN HEALTHCARE | 1H26 Results Presentation45
Development progress
Deborah Cheetham
Ocean Grove
Townhouse: 203 | Apartment: 0 | Serviced: 53 | Care: 120
•Stage 11a completed in June 2025 (6 townhouses)
•Stage 11b under construction (7 townhouses)
•Future stages in land bank
Hubert Opperman
Mulgrave, Melbourne
Townhouse: 80 | Apartment: 32 | Serviced: 0 | Care: 40
•Stage 6 completed in April 2025 (4 townhouses)
•Future stages redesigned to reduce capital intensity and optimise unit mix to
better meet market demand (29 townhouses, 32 apartments, 40 care).
Redesigned subject to planning approvals
Photo, February 2024Photo, February 2024Photo, February 2024
Photo, March 2024
Photo, March 2024
Photo, March 2024
Photo, 29 September 2025Photo, 24 September 2025
For the 6 months to 30 September 2025
Opened: August 2024
Status: planning
Opened: December 2020
Status: under construction
Stage 6
Stage 11a
Stage 11b
Stage 11a
Appendices
Stage 11b

RYMAN HEALTHCARE | 1H26 Results Presentation46
Stage 4
Development progress
Nellie Melba
Wheelers Hill, Melbourne
Townhouse: 0 | Apartment: 332 | Serviced: 85 | Care: 190
•Stage 4 apartments (final stage) completed in July 2025 (76 apartments)
Photo, 27 October 2025
For the 6 months to 30 September 2025
Opened: August 2018
Status: Complete
Appendices

RYMAN HEALTHCARE | 1H26 Results Presentation47
Deborah Cheetham Village resident Joy and daughter Alison
47
Appendices

RYMAN HEALTHCARE | 1H26 Results Presentation48
Appendix 1: Half year metrics
1H252H251H26
RV unit occupancy
Occupied8,4198,5388,621
Unoccupied1,1561,2391,335
Occupancy (%)87.9%87.3%86.6%
Occupancy (%) - mature93.8%92.8%91.8%
Units paid out (#)271358426
Payout balance ($m)$156.1$223.5$276.5
Aged care
Mature care centres373736
Developing care centres779
Total operational care centres444445
Occupancy (%)91.6%90.2%91.1%
Occupancy - mature (%)96.4%96.3%96.1%
Residents
Total residents15,08515,15615,312
Average age on entry – independent79.979.680.4
Average age on entry – serviced86.385.785.7
Average age on entry - aged care84.985.384.8
Average age current - independent82.483.182.7
Average age current - serviced87.387.987.3
Average age current - aged care86.286.885.8
1: Villages are classified open when the first stage is completed. 2: Includes villages which are open and yet to be completed. 3: Excludes sites held for sale at balance date or subsequently contracted for sale post balance date
prior to reporting date.
RYMAN HEALTHCARE | 1H26 Results Presentation
Appendices
1H252H251H26
Villages
Open
1
494949
Under active construction
2
974
Land bank
3
10119
Land held for sale or contracted for sale213
Portfolio
RV units9,5759,7779,956
Aged care beds4,6194,7004,781
Total14,19414,47714,737
Build rate (completed)
RV units387204179
Aged care beds2808080
Total667284259
RV unit sales
New sales of ORAs224192166
Resales of ORAs603504538
Total sales of ORAs827696704
Vacated units628572619
Turnover (% portfolio, annualised)13.1%11.7%12.4%
48

RYMAN HEALTHCARE | 1H26 Results Presentation49
Appendix 2: 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
Marsha Cadman
CHIEF OPERATING
OFFICER
Rejoined: January 2024
Rick Davies
CHIEF CUSTOMER AND
TECHNOLOGY OFFICER
Joined: July 2019
Di Walsh
CHIEF PEOPLE
AND SAFETY OFFICER
Joined: January 2023
BoardExecutive team
Paula Jeffs
NON-EXECUTIVE DIRECTOR
Joined: November 2019
Marie Bonnemaison
CHIEF STRATEGY AND
CORPORATE DEVELOPMENT
OFFICER
Joined: January 2025
Paul Blackler
ACTING CHIEF DEVELOPMENT
AND PROPERTY OFFICER
Joined: July 2019
Commenced in role: August 2025
Matt Prior
CHIEF FINANCIAL
OFFICER
Joined: July 2025
Appendices

RYMAN HEALTHCARE | 1H26 Results Presentation50
Appendix 3: Sales of ORAs
New sales
1
Volume
(#)
Gross value
($000s)
Average ORA price
($000s)
1H251H26YoY1H251H26YoY1H251H26YoY
IndependentNZ12571-43%119,05262,491-48%952880-8%
AU446036%55,79780,59644%1,2681,3436%
Group169131-22%174,849143,087-18%1,0351,0926%
ServicedNZ3120-35%21,22312,204-42%685610-11%
AU2415-38%18,68611,901-36%7797932%
Group5535-36%39,90824,105-40%726689-5%
All unitsNZ15691-42%140,27574,695-47%899821-9%
AU687510%74,48292,49724%1,0951,23313%
Group224166-26%214,757167,192-22%9591,0075%
Resales
1
Volume
(#)
Gross value
($000s)
Average ORA price
($000s)
Gross margin
($000s)
Gross margin
(% price)
1H251H26YoY1H251H26YoY1H251H26YoY1H251H26YoY1H251H26YoY
IndependentNZ242221-9%211,765187,381-12%875848-3%79,66756,316-29%37.6%30.1%-7.6%
AU3631-14%37,11332,911-11%1,0311,0623%4,7953,930-18%12.9%11.9%-1.0%
Group278252-9%248,878220,293-11%895874-2%84,46260,246-29%33.9%27.3%-6.6%
ServicedNZ292255-13%162,878144,193-11%5585651%28,88116,962-41%17.7%11.8%-6.0%
AU3331-6%24,93523,505-6%7567580%2,6341,566-41%10.6%6.7%-3.9%
Group325286-12%187,813167,697-11%5785861%31,51518,528-41%16.8%11.0%-5.7%
All unitsNZ534476-11%374,643331,574-11%702697-1%108,54773,278-32%29.0%22.1%-6.9%
AU6962-10%62,04956,416-9%8999101%7,4305,496-26%12.0%9.7%-2.2%
Group603538-11%436,692387,990-11%724721-0%115,97778,774-32%26.6%20.3%-6.3%
Total827704-15%651,449555,182-15%7887890%
1: Reported sales figures reflect retirement village units only and exclude refundable accommodation deposits (RADs) and ORAs on aged care accommodation. Note: Gross development margins are not included in this table
(shown in previous results presentations) as the these are no longer reported by the Group.
Appendices

RYMAN HEALTHCARE | 1H26 Results Presentation51
RV unit stockSep-24Mar-25Sep-25
All units
Asset base (completed units)9,5759,7779,956
Total occupied units8,4198,5388,621
% asset base87.9%87.3%86.6%
Total unoccupied units1,1561,2391,335
% asset base12.1%12.7%13.4%
Total contracted units522367380
% asset base5.5%3.8%3.8%
Total uncontracted units634872955
% asset base6.6%8.9%9.6%
New sales stock
Contracted units185104124
Uncontracted units379474468
Total unoccupied new sale units564578592
Resales stock
Contracted units337263256
Uncontracted units255398487
Total unoccupied resale units592661743
Total stock
Contracted units522367380
Uncontracted units634872955
Total unoccupied units1,1561,2391,335
Appendices
Appendix 4: Retirement village unit stock

RYMAN HEALTHCARE | 1H26 Results Presentation52
Appendix 5: 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
Appendices
New Zealand
VillageLocationOpenedTHIASAResHosDem
Asset
baseTHIASAResHosDem
Land
bankTotal
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 NorthFY211034478353520315-------315
Keith ParkAucklandFY22-164101404040385-112----112497
Kevin HickmanChristchurchFY225110465402020300868----76376
NorthwoodChristchurchFY246854----122142971151530174296
Patrick HoganCambridgeFY2490-----9095-60171730219309
TakapunaAuckland--------5930151515134134
KarakaAuckland-------1426460171734334334
TaupōWaikato-------203-64141428323323
RollestonRolleston-------218-64181836354354
Subtotal2,8463,1592,3781,3831,68595412,40572555834996961731,99714,402

RYMAN HEALTHCARE | 1H26 Results Presentation53
Appendix 5: 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
Appendices
1: Hubert Opperman and Northwood. 2: Park Terrace and Mt Eliza
Australia
VillageLocationOpenedTHIASAResHosDemAsset
base
THIASAResHosDemLand
bank
Total
Weary DunlopMelbourneFY15-20048204220330-------330
Charles BrownlowGeelongFY21572360404020240-------240
Essendon TerraceMelbourneFY22-36----36-------36
John FlynnMelbourneFY21-17495393936383-------383
Raelene BoyleMelbourneFY22-6427193718165-------165
Nellie MelbaMelbourneFY19-33285777736607-------607
Deborah CheethamOcean GroveFY21138-5340404031165-----65376
Bert NewtonMelbourneFY24-8545303019209-------209
Hubert OppermanMelbourneFY2551-----512932--40-101152
Ringwood EastMelbourne--------23779202040396396
Coburg NorthMelbourne--------33265-6420481481
EssendonMelbourne--------16250-3030272272
KealbaMelbourne-------1403331202020264264
Subtotal2469144132653051892,332234796225401741101,5793,911
Total portfolio
VillageTHIASAResHosDemAsset
base
THIASAResHosDemLand
bank
Total
Australia2469144132653051892,332234796225401741101,5793,911
New Zealand2,8463,1592,3781,3831,68595412,40572555834996961731,99714,402
Total3,0924,0732,7911,6481,9901,14314,7379591,3545741362702833,57618,313
1H26 movement
VillageTHIASAResHosDemAsset
base
THIASAResHosDemLand
bank
Total
31 March 2025 reported3,0683,9832,7261,6081,9701,12214,4779731,7677471763414174,42118,898
Build rate (new development)249065402020259(24)(90)(65)(40)(20)(20)(259)-
Reconfigurations (existing units)-----11-------1
Redesign of land bank villages-------10(73)(54)2010(54)(141)(141)
Villages removed from land bank--------(250)(54)(20)(61)(60)(445)(445)
30 September 20253,0924,0732,7911,6481,9901,14314,7379591,3545741362702833,57618,313

RYMAN HEALTHCARE | 1H26 Results Presentation54
Appendix 6: Investment property valuation
Independent valuation assumptions
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 Zealand0.7%1.8%2.3%2.8%3.4%14.0%
Australia1.7%2.0%2.0%2.0%2.6%13.2%
30 September 2025Valuer unit price inflation assumption
Discount
rate
Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland1.4%1.9%2.4%3.0%3.5%13.6%
Rest of New Zealand1.4%1.9%2.4%2.9%3.4%14.0%
Australia1.8%2.0%2.0%2.0%2.6%13.2%
Retirement village units included in independent valuation
Mar-25Sep-25
Currently occupied, and vacant not repaid units
8,8988,996
Completed new units not occupied, and repaid resale units
881962
Total units9,7799,958
Appendices
Investment property reconciliation ($m)
Mar-25
(restated)
Sep-25
Subject to independent valuation
Operators interest3,973 4,084
Completed new units not occupied, and repaid resale units617 657
Development land – land bank369 376
Development land – construction sites64 63
Commercial property16 17
Held at cost
Work in progress – construction WIP283 150
Adjustments
Revenue in advance184 217
Gross occupancy advance6,167 6,410
Accrued DMF(830)(904)
Suspended contributions(77)(128)
Occupancy advance adjustments(30)(27)
Total investment property10,736 10,914
Breakdown of total investment property ($m)
Land
Work in
progress
Completed
propertySep-25
Balance 31 March 2025 - reported43328310,09610,813
Restatements--(77)(77)
Balance 31 March 2025 - restated43328310,01910,736
Additions (capex)(0)761995
Land acquired----
Land transferred to held for sale----
Land transferred to WIP(1)1--
WIP transferred to complete-(214)214-
Fair value movement(1)-43
FX movement846880
Balance 30 September 202543915010,32510,914

RYMAN HEALTHCARE | 1H26 Results Presentation55
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 VillageWhangarei25420914.5%1.3%1.8%2.3%2.7%3.5%
Evelyn Page Retirement VillageAuckland31137313.5%1.4%1.9%2.5%3.0%3.5%
Bert Sutcliffe Retirement VillageAuckland30635213.5%1.4%1.9%2.4%3.0%3.5%
William Sanders Retirement VillageAuckland26641814.0%1.4%1.9%2.4%3.0%3.5%
Keith Park Retirement VillageAuckland26528214.3%1.1%1.5%2.3%2.8%3.5%
Edmund Hillary Retirement VillageAuckland43263413.5%1.4%1.9%2.5%3.0%3.5%
Grace Joel Retirement VillageAuckland13927613.3%1.3%1.8%2.5%3.0%3.5%
Bruce McLaren Retirement VillageAuckland26631913.0%1.4%1.9%2.5%3.0%3.5%
Logan Campbell Retirement VillageAuckland19626813.8%1.3%1.8%2.3%3.0%3.5%
Miriam Corban Retirement VillageAuckland27428714.3%1.4%1.9%2.5%3.0%3.5%
Murray Halberg Retirement VillageAuckland31431413.8%1.4%1.9%2.5%3.0%3.5%
Possum Bourne Retirement VillageAuckland34337713.5%1.4%1.9%2.4%3.0%3.5%
Hilda Ross Retirement VillageHamilton21818314.0%1.4%1.9%2.4%3.0%3.5%
Linda Jones Retirement VillageHamilton34132214.0%1.4%1.9%2.4%3.0%3.5%
Patrick Hogan Retirement VillageCambridge909316.0%1.5%2.0%2.5%3.0%3.5%
Bob Owens Retirement VillageTauranga29728413.5%1.4%1.9%2.4%3.0%3.5%
Kiri Te Kanawa Retirement VillageGisborne1669615.5%1.3%1.7%1.9%2.2%3.0%
Princess Alexandra Retirement VillageNapier1269714.0%1.3%1.8%2.3%2.7%3.4%
James Wattie Retirement VillageHavelock North22520414.5%1.1%1.7%2.4%2.8%3.5%
Jane Winstone Retirement VillageWhanganui1046016.0%1.3%1.7%1.9%2.2%2.5%
Julia Wallace Retirement VillagePalmerston North16113214.3%1.3%1.8%2.3%2.7%3.3%
Jean Sandel Retirement VillageNew Plymouth23117114.0%1.4%1.9%2.4%2.7%3.3%
Charles Fleming Retirement VillageWaikanae28025313.5%1.4%1.9%2.5%3.0%3.5%
Shona McFarlane Retirement VillageWellington18015314.0%1.4%1.9%2.4%2.9%3.5%
Bob Scott Retirement VillageWellington34333613.5%1.4%1.9%2.4%2.9%3.5%
Malvina Major Retirement VillageWellington16215814.0%1.4%1.9%2.4%2.9%3.5%
Rita Angus Retirement VillageWellington14813713.5%1.4%1.9%2.4%2.9%3.5%
Ernest Rutherford Retirement VillageNelson19914813.5%1.3%1.8%2.3%3.0%3.5%
Charles Upham Retirement VillageRangiora35125713.5%1.4%1.9%2.4%3.0%3.5%
Anthony Wilding Retirement VillageChristchurch16012613.5%1.3%1.8%2.3%3.0%3.5%
Kevin Hickman Retirement VillageChristchurch22018714.5%1.4%1.9%2.4%3.0%3.5%
Diana Isaac Retirement VillageChristchurch33526513.3%1.4%1.9%2.4%3.0%3.5%
Ryman Northwood Retirement VillageChristchurch12211415.8%1.5%2.0%2.5%3.0%3.5%
Essie Summers Retirement VillageChristchurch804814.3%1.1%1.6%2.1%2.6%3.3%
Margaret Stoddart Retirement VillageChristchurch412216.0%1.3%1.8%2.3%2.7%3.3%
Ngaio Marsh Retirement VillageChristchurch15911913.8%1.4%1.9%2.4%3.0%3.5%
Woodcote Retirement VillageChristchurch251216.5%1.4%1.9%2.4%2.7%3.0%
Frances Hodgkins Retirement VillageDunedin744814.8%1.3%1.6%1.9%2.1%3.0%
Yvette Williams Retirement VillageDunedin322214.5%1.0%1.5%1.8%2.0%3.0%
Rowena Jackson Retirement VillageInvercargill1497915.5%1.4%1.7%1.9%2.2%2.9%
Eastmed Medical CentreAuckland17
Subtotal of fair value villages (NZD)8,3858,25014.0%1.4%1.9%2.4%2.9%3.4%

RYMAN HEALTHCARE | 1H26 Results Presentation56
Appendix 7: Investment property valuation – key assumptions
Appendices
Australia villages
VillageLocationUnitsValuation ($m)Discount rateGrowth rate Yr 1Growth rate Yr 2Growth rate Yr 3Growth rate Yr 4Growth rate Yr 5+
Charles Brownlow Retirement VillageMelbourne14013513.0%2.3%2.3%2.3%2.3%2.8%
John Flynn Retirement VillageMelbourne26936313.0%1.9%1.9%1.9%1.9%2.5%
Nellie Melba Retirement VillageMelbourne41757713.0%1.9%1.9%1.9%1.9%2.5%
Weary Dunlop Retirement VillageMelbourne24829913.0%2.1%2.1%2.1%2.1%2.5%
Raelene Boyle Retirement VillageMelbourne9114313.3%2.1%2.1%2.1%2.1%2.6%
Deborah Cheetham Retirement VillageMelbourne19123113.5%1.0%2.0%2.0%2.0%2.6%
Bert Newton Retirement VillageMelbourne13019414.0%0.8%1.6%2.1%2.1%2.4%
Hubert Opperman Retirement VillageMelbourne5110014.0%1.0%2.0%2.0%2.0%3.3%
Essendon Terrace Retirement VillageMelbourne363113.8%2.0%2.0%2.0%2.0%3.3%
Subtotal of fair-value villages (NZD)1,5732,07513.2%1.7%2.0%2.0%2.0%2.6%
Total portfolio
VillageLocationUnitsValuation ($m)Discount rateGrowth rate Yr 1Growth rate Yr 2Growth rate Yr 3Growth rate Yr 4Growth rate Yr 5+
Australia1,5732,07513.2%1.7%2.0%2.0%2.0%2.6%
New Zealand8,3858,25014.0%1.4%1.9%2.4%2.9%3.4%
Total (NZD)9,95810,32513.8%1.4%1.9%2.3%2.7%3.3%

RYMAN HEALTHCARE | 1H26 Results Presentation57
Appendix 8: Balance sheet summary
$m
Mar-25
(reported)Restatements
Mar-25
(restated)
1H26
movementsSep-25
Cash and cash equivalents18-18(9)9
Trade and other receivables164-164(14)150
Assets held for sale33-33033
Property, plant & equipment1,020-1,020101,030
Investment properties10,813(77)10,73617810,914
Intangible assets14-14(2)12
Other assets
1
3-3(1)2
Total assets12,063(77)11,98616312,150
Trade and other payables114-114(12)101
Interest bearing loans and borrowings1,683-1,683(23)1,660
Resident loans - occupancy advances5,217-5,2171605,378
Resident loans - RADs497-49743539
Other liabilities
2
292-29244337
Total liabilities7,802-7,8022128,014
Total equity4,261(77)4,184(49)4,135
-
Net tangible assets (NTA)
3
4,247(77)4,170(47)4,123
Shares on issue (m)1,016-1,01601,016
per share (cps)418.2(7.6)410.6(4.6)406.0
Net interest-bearing debt
4
1,665-1,665(14.1)1,650.8
Gearing
5
28.1%0.4%28.5%0.1%28.5%
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. 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 | 1H26 Results Presentation58
Appendix 9: Key funding metrics
Interest bearing debt ($000s)Financial statement referenceSep-24Mar-25Sep-25
Sep-25
pro-forma
4
NZD bank loans1,476,980527,200506,850506,850
AUD bank loans691,8891,009,2361,005,8071,005,807
AUD institutional term loan272,183---
NZD retail bond150,000150,000150,000150,000
Drawn interest bearing debt at face value2,591,0521,686,4361,662,6571,662,657
IFRS adjustments(11,405)(3,884)(2,968)(2,968)
Interest bearing loans and borrowings per balance sheetBalance sheet2,579,6471,682,5521,659,6891,659,689
Cash and cash equivalentsBalance sheet(22,573)(17,658)(8,913)(8,913)
Net interest-bearing debt2,557,0741,664,8941,650,7761,650,776
Facilities and headroom ($000s)Financial statement referenceSep-24Mar-25Sep-25
Sep-25
pro-forma
4
Total facilities at face value3,023,5332,209,2742,239,3372,197,776
Drawn interest bearing debt at face value2,591,0521,686,4361,662,6571,662,657
Debt headroom432,481522,838576,680535,119
Cash and cash equivalentsBalance sheet22,47517,6588,9138,913
Total funding headroom454,956540,496585,593544,032
Weighted average term to expiry of all debt facilities2.7 years2.7 years2.2 years4.8 years
Interest rate management ($000s)Sep-24Mar-25Sep-25
Sep-25
pro-forma
4
Total active fixed rate debt
1
1,651,0211,137,6671,126,5571,126,557
Weighted average term of fixed rate debt3.3 years1.7 years1.2 years 1.2 years
Percentage of drawn debt at face value at fixed rates64%67%68%68%
Weighted average interest rate on drawn fixed rate debt
2
5.9%6.0%6.0%5.7%
Weighted average interest rate on all drawn debt
3
6.5%6.1%6.0%5.7%
1: Includes retail bond and interest rate swaps. 2: Total cost of fixed rate debt including retail bond (fixed coupon), fixed portion of institutional term loan (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). 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 derivative termination costs relating to ITL and amortisation of establishment fees. 4: Pro-forma at 30 September including impact
from refinancing which occurred on 24 November 2025.
Appendices

RYMAN HEALTHCARE | 1H26 Results Presentation59
Appendix 10: Finance costs
1: Gross interest paid in 1H26 benefited from a change in payment terms for line fees of approximately $5.6 million. 2: Expensed through profit and loss in FY25. Refer note 6 in the FY25 Consolidated Financial Statements.
Appendices
Finance costs ($m)
1H25
(restated)1H26YoY $
Profit and loss
Interest expense on loans and borrowings(92.9)(49.6)43.2
Amortisation of issue costs on loans and borrowings(2.3)(0.9)1.3
Release of cash-flow hedge reserve14.7(1.0)(15.6)
Gross interest costs on borrowings(80.4)(51.5)28.9
Borrowing costs capitalised to sites under construction25.28.8(16.5)
Borrowing costs capitalised to land bank sites6.4-(6.4)
Total borrowing costs capitalised31.68.8(22.8)
Net interest costs on borrowings(48.8)(42.7)6.1
Interest on lease liabilities(0.0)(0.1)(0.1)
Interest rate swaps and collars amendments (non-cash)(4.3)3.98.2
Total finance costs(53.2)(39.0)14.2
Cash flow
Interest paid within (operating activities)(48.9)(36.6)12.3
Capitalised interest paid (investing activities)(31.6)(8.8)22.8
Gross interest paid
1
(80.5)(45.4)35.1
Derivative termination costs relating to ITL
2
-(4.8)(4.8)
Total cash finance costs(80.5)(50.2)30.3

RYMAN HEALTHCARE | 1H26 Results Presentation60
5.7%
5.7%
5.6%
6.1%
6.1%
6.2%
6.3%
6.3%
6.4%
6.2%
6.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Sept 25Mar 26Sept 26Mar 27Sept 27Mar 28Sept 28Mar 29Sept 29Mar 30Sept 30
150 150 150
- - -
435
485 485
480
410
250 250
190 190
35
-
542
542 542
507
507
473
416
382
239
239
57
1,127
1,177 1,177
987
917
723
666
572
429
274
57
-
200
400
600
800
1,000
1,200
1,400
Sept 25Mar 26Sept 26Mar 27Sept 27Mar 28Sept 28Mar 29Sept 29Mar 30Sept 30
Retail bondNZD swaps and collarsAUD swaps and collars
Total fixed rate debt
Average interest rate on fixed rate debt
2
(%)
(pro-forma)
3
Appendix 11: Fixed rate debt profile
1: All amounts shown in NZD. AUD fixed rate debt instruments converted to NZD at 30 September 2025 NZD/AUD rate of 0.8771. 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). 3: Pro-forma at 30 September including impact from refinancing which occurred on 24 November 2025.
Appendices
Notional value of fixed debt ($m)
1

RYMAN HEALTHCARE | 1H26 Results Presentation61
Appendix 12: Gross resale bank and resales affordability
1: Gross resale bank reflects the cumulative difference between current pricing ORA for RV units and ORA repayment amount (previous ORA price for occupied units and unoccupied units yet to be repaid, and nil for paid out units). This
excludes resident incentives, selling costs, suspended contributions and unit refurbishment costs. September 2024 onwards is calculated on an occupation basis, while prior periods are on a contracted basis. 2: 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.
Gross resale bank ($m)
1
Resales affordability ($m)
2
2
Appendices
1.61
1.15
0.73
0.93
1.01
0.72
0.74
0.65
0.51
-
$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
1.77
1.60
1.55
1.43
1.45
1.38
1.36
0.18
0.18
0.16
0.18
0.18
0.16
0.16
1.95
1.78
1.71
1.61
1.63
1.54
1.52
-
$0.50b
$1.00b
$1.50b
$2.00b
$2.50b
Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25Sep-25
New ZealandAustraliaTotal

RYMAN HEALTHCARE | 1H26 Results Presentation62
Appendix 13: Aged care summary
New Zealand aged care centresAustralia aged care centres
1: Care centres are considered mature when they first reach 90% occupancy for a full financial year and exclude villages with operational impacts. Mature care centres in New Zealand declined by two due to the exclusion of
Woodcote and Margaret Stoddart which commenced closure in the period. Mature care centres in Australia increased by one due to the inclusion of John Flynn. 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 (1H26: 6.06%, 1H25: 6.06%). In Australia the maximum permissible interest rate (MPIR) is used to calculate imputed interest (1H26: 7.78%–8.17%,
1H25 8.34%–8.36%). Imputed income on RADs is not calculated on RAD balances subject to probate in Australia. 3: Where residents have opted for a room premium / RAD combination in New Zealand, or DAP / RAD combination in
Australia, penetration and no. outstanding RADs are presented on a proportional basis.
Appendices
Unit1H251H26YoY
Operational care centres#37383%
Mature care centres
1
#3331(6%)
Operational care beds#3,9414,0222%
Mature care beds#3,4663,372(3%)
Proportion of care beds - mature%88%84%
Occupancy
Occupied bed days#647,484673,0314%
Capacity bed days#695,258727,5065%
Occupancy%93.1%92.5%-0.6 pp
Occupancy - mature%96.2%96.1%-0.1 pp
Revenue
Care fees - base fees$m159.0173.09%
Care fees - room premiums$m25.129.417%
Imputed income on RADs
2
$m4.75.06%
Deferred management fees (DMF)$m0.10.2172%
Total aged care revenue$m188.9207.610%
Revenue per occupied bed per week$2,0422,1596%
Penetration - premium and RAD rooms
3
Beds with room premium%73%75%2 pp
Beds with RAD%9%10%0 pp
Beds with room premium or RAD%82%84%2 pp
RAD balance
Total RAD balance$m163.5165.91%
No. outstanding RADs
3
#3413523%
Average RAD balance$480,000472,000(2%)
Note all figures in NZD equivalent
Unit1H251H26YoY
Operational care centres#6717%
Mature care centres
1
#4525%
Operational care beds#68075912%
Mature care beds#44656026%
Proportion of care beds - mature%66%74%
Occupancy
Occupied bed days#103,469115,95212%
Capacity bed days#124,440138,89712%
Occupancy%83.1%83.5%0.3 pp
Occupancy - mature
%
97.7%96.1%-1.7 pp
Revenue
Care fees - AN-ACC, basic daily fee, other$m39.048.825%
Care fees - DAP$m2.93.418%
Imputed income on RADs
2
$m11.012.110%
Total aged care revenue$m52.964.322%
Revenue per occupied bed per week
$
3,5803,8838%
Penetration - non-concessional rooms
3
Beds with DAP%20%18%-2 pp
Beds with RAD%63%60%-3 pp
Beds with RAD or DAP
%
83%78%-5 pp
RAD balance
Total RAD balance$m305.6373.222%
Probate balance$m(35.3)(50.7)44%
Total RAD balance (exc. probate)$m270.3322.519%
No. outstanding RADs
3
#3653948%
Average RAD balance$741,000818,00010%
Average RAD balance AUD
$
681,000718,0005%

RYMAN HEALTHCARE | 1H26 Results Presentation63
Appendix 14: Revenue by operating segment
1: Serviced apartment DMF presented excludes -$12.0 million historical adjustments relating to GST and uncapped internal transfers related to prior periods
Appendices
Aged care beds ($m)Unit1H251H26YoY
Care fees$m226.0254.613%
Imputed income on RADs$m15.717.19%
DMF$m0.10.2173%
Total aged care revenue$m241.8271.912%
Occupied bed days#750,953788,9835%
Revenue per bed per week$2,2542,4137%
Serviced apartments ($m)1H251H26YoY
Village fees$m28.130.17%
DMF
1
$m22.218.4-17%
Total serviced apartment revenue$m50.348.5-3%
Occupied unit days #394,138394,6070%
Village fees per unit per week$5005347%
Revenue per unit per week$893861-4%
Independent units ($m)1H251H26YoY
Village fees$m22.926.114%
DMF$m55.559.47%
Total independent unit revenue$m78.485.59%
Occupied unit days#1,126,8271,175,3844%
Village fees per unit per week $14215610%
Revenue per unit per week$4875095%

RYMAN HEALTHCARE | 1H26 Results Presentation64
Appendix 15: Free cash flow
1
Appendices
$m
1H25
(restated)1H26YoY
Alternative cash flow presentation
Cash flow from existing operations (CFEO
1
)(24.4)(23.1)1.3
Cash flow from development activity (CFDA
1
)(28.1)79.3107.4
Free cash flow(52.5)56.2108.7
Reconciliation to IFRS cash flow statement
Net operating cash flows261.1172.9(88.2)
Net investing cash flows(315.2)(120.7)194.6
Derivative termination costs related to ITL
2
-4.84.8
Repayment of lease liabilities
3
(2.1)(1.3)0.8
Purchase of treasury stock (net)
3
3.80.5(3.3)
Free cash flow
1
(52.5)56.2108.7
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. 2: ITL cash break costs of $23.9 million (2H25: $19.0 million, 1H26: $4.8 million) incurred for prepayment of ITL and
related derivative termination costs excluded for consistency with free cash flow guidance provided at the time of the February 2025 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 | 1H26 Results Presentation65
Appendix 16: Alternative cash flow detail
Appendices
Resident funding from RV units ($m)Financial statement reference
1H25
(restated)1H26YoY
New sales of occupation rights
Gross new sale settlements
206.1170.9(35.2)
Suspended contributions on new sales
(2.4)(2.9)(0.5)
Settlements on new sales
203.8168.0(35.7)
Resales of occupation rights
Gross resale settlements
431.6383.7(47.9)
Suspended contributions on resales
(23.6)(21.7)1.9
Settlements on resales
407.9362.0(46.0)
Total sales of occupation rights
Gross settlements on total sales
637.7554.6(83.1)
Suspended contributions on total sales
(26.0)(24.6)1.4
Settlements on total salesCash flow statement
611.7530.0(81.7)
Repayment of occupation rights
Gross resale repayments
(285.1)(303.3)(18.1)
Suspended contributions on repayments
12.315.73.4
Repayment of occupation rightsCash flow statement
(272.8)(287.6)(14.7)
Suspended contributions
Suspended contributons balance - opening balanceNote 13
(98.2)(119.4)(21.2)
Suspended contributons balance - closing balanceNote 13
(111.9)(128.2)(16.4)
Movement in suspended contributions
(13.7)(8.9)4.8

RYMAN HEALTHCARE | 1H26 Results Presentation66
Appendix 16: Alternative cash flow detail cont.
Appendices
Payments to suppliers and employees ($m)Financial statement reference
1H25
(restated)1H26YoY
Included in cash flow from existing operations
Village operations(282.4)(307.9)(25.6)
Non-village cash flow(60.2)(50.6)9.5
Sales and marketing expenses - resales
Direct selling expenses(4.7)(1.7)3.0
Employee expenses(2.9)(2.7)0.2
Marketing(6.1)(6.5)(0.4)
Subtotal CFEO(356.2)(369.5)(13.2)
Included in cash flow from development activity
Land bank expenses-(3.2)(3.2)
Sales and marketing expenses - new sales
Direct selling expenses(2.4)(0.4)2.0
Employee expenses(1.9)(1.4)0.4
Marketing(5.1)(3.9)1.2
Subtotal CFDA(9.4)(8.9)0.5
Total payments to suppliers and employeesCash flow(365.6)(378.4)(12.8)

RYMAN HEALTHCARE | 1H26 Results Presentation67
Appendix 16: Alternative cash flow detail cont.
Appendices
Cash management fees ($m)Financial statement reference
1H25
(restated)1H26YoY
Accrued DMF - openingNote 13
(713.8)(830.4)(116.7)
Accrued DMF - closingNote 13
(766.2)(903.8)(137.6)
Movement in accrued DMF
(52.4)(73.3)(20.9)
Revenue in advance - openingBalance sheet
140.9184.043.2
Revenue in advance - closingBalance sheet
160.8216.956.1
Movement in revenue in advance
20.032.912.9
Plus: DMF revenue
65.878.012.2
Plus: Historical GST adjustment
8.3-(8.3)
Plus: Accommodation credit adjustment / FX movement
(0.2)5.35.4
Cash management fees
1
41.442.91.5
Capex ($m)
1H25
(restated)1H26YoY
Property capex
17.413.3(4.0)
Technology capex
3.42.3(1.1)
Capex on existing villages and technology
20.815.7(5.1)
RV unit refurbishments
16.413.6(2.8)
Head office and other projects
4.91.3(3.6)
Capex on existing operations
42.130.6(11.6)
Land acquisitions
18.32.0(16.3)
Direct construction capex
220.176.2(143.9)
Capitalised interest
31.68.8(22.8)
Non-village expenses capitalised to projects
11.14.5(6.5)
Capex on development activity
281.191.6(189.5)
Total capex
323.2122.1(201.1)
1: Included within cash flow from exiting operations

RYMAN HEALTHCARE | 1H26 Results Presentation68
Appendix 17: Glossary
TermDefinition
AUAustralia.
Capex
(non-GAAP)
Capital 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, net development capex, land bank expenses, notional interest on new stock
and land bank, and marketing expenses allocated to new sales.
Cash flow from existing
operations
(non-GAAP)
Cash flow from existing operations (CFEO) includes operating villages, shared services
functions and expensed interest (adjusted for notional interest attributed to CFDA),
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.
FYFinancial year ended 31 March.
Gearing
(non-GAAP)
Net interest-bearing debt / (Net interest-bearing debt + equity), pre IFRS-16.
GreenfieldPreviously undeveloped sites.
Gross Resale MarginThe difference between the previous purchase price of an ORA and its new purchase
price divided by the new purchase price. Excludes resident incentives, selling costs,
suspended contributions and unit refurbishment costs.
ICRInterest coverage ratio.
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 and management contract within the
meaning of the Retirement Villages Act 1986 (Vic) (for Villages in Australia).
Payout balanceGross amounts (inclusive of DMF) 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 bank refinancing.
RADRefundable accommodation deposit.
ResalesThe sale of an ORA 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.
Resident fundProduct tailored for Ryman residents moving from ILU or SA to aged care that enables
the transfer of some or all equity to reduce room premium. Only available in New
Zealand.
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, excluding proceeds from land or asset sales.
UnitAny independent unit or serviced apartment that can be occupied.
VillageAny retirement village owned by Ryman (or its subsidiaries) 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).
Appendices

RYMAN HEALTHCARE | 1H26 Results Presentation69
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 half year result for the period to 30 September
2025 presented on 27 November 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
six months ended 30 September 2025.
Appendices

---

p

30 September 2025
RYMAN HEALTHCARE

Consolidated
interim financial
statements

RYMAN HEALTHCARE LIMITED
Consolidated income statement
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
The accompanying notes form part of these consolidated interim financial statements.

1

Sep 2024
Note Sep 2025
(restated)
$000 $000

Care and village fees 310,850 277,016
Deferred management fees (DMF) 78,042 65,798
Interest received 312 1,112
Imputed income on refundable accommodation
deposits

17,080 15,715
Other income 7,496 6,622
Total revenue 413,780 366,263

Operating expenses 3
(376,927) (373,405)
Depreciation and amortisation expenses
(21,811) (24,940)
Finance costs (38,967) (53,204)
Imputed interest charge on refundable accommodation
deposits

(17,080) (15,715)
Impairment loss 6 (2,436) -
Total expenses (457,221) (467,264)

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

(43,441) (101,001)

Fair value movement of investment properties 7 3,248 270,057
Profit/(loss) before income tax (40,193) 169,056
Income tax (expense)/credit 4 (5,001) (87,054)
Net profit/(loss) after tax (NPAT) (45,194) 82,002

Earnings per share (cents per share)
Basic 8 (4.4) 11.9
Diluted 8 (4.4) 11.8

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 SIX MONTHS ENDED 30 SEPTEMBER 2025
The accompanying notes form part of these consolidated interim financial statements.

2
Sep 2024
Note Sep 2025
(restated)
$000 $000

Net profit/(loss) after tax (45,194) 82,002

Items that will not be later reclassified to profit or loss
Revaluation of property, plant and equipment, net of tax 4,6
(802) -
(802) -

Items that may be later reclassified to profit or loss

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


(10,915) (22,746)
Gain/(loss) on hedge of foreign-owned subsidiary net
assets

(2,784) 175
Gain/(loss) on translation of foreign operations 10,050 (440)
(3,649) (23,011)

Other comprehensive income/(loss) (4,451) (23,011)
Total comprehensive income/(loss) (49,645) 58,991

RYMAN HEALTHCARE LIMITED Consolidated statement of changes in equity

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

The accompanying notes form part of these
consolidated interim fi
nancial statements.

3

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



As at 1 April 2024
952,887
126,290
20,774
3,551
(34,730)
-
2,677,601
3,746,373
Net profit/(loss) after tax
-
-
-
-
-
-
82,002
82,002
Other comprehensive income/(loss)
- - (22,746) (265) - - - (23,011)
Total comprehensiv
e income/(loss)
- - (22,746) (265) - - 82,002 58,991
Sale of treasury stock and loss on
sale - - - - 11,735 - (8,389) 3,346
Equity-settled share-base
d payment - - - - - 127 - 127
As at 30 September 2024 – restated
952,887
126,290
(1,972)
3,286
(22,995)
127
2,751,214
3,808,837


As at 1 April 2025 – reported

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

-
-
-
-
-
-
(76,916)
(76,916)
As at 1 April 2025 – restated
1,923,044
116,649
1,704
6,979
(16,280)
348
2,151,763
4,184,207
Net profit/(loss) after tax
-
-
-
-
-
-
(45,194)
(45,194)
Other comprehensive income/(loss)
-
(802)
(10,915)
7,266
-
-
-
(4,451)
Total comprehensiv
e income/(loss)
-
(802)
(10,915)
7,266
-
-
(45,194)
(49,645)
Issue of ordinary shares
58
-
-
-
-
(58)
-
-
Sale of treasury stock and loss on sale
-
-
-
-
2,485
-
(2,032)
453
Equity-settled share-based payment
-
-
-
-
-
374
-
374
As at 30 September 2025
1,923,102
115,847
(9,211)
14,245
(13,795)
664
2,104,537
4,135,389


1
Investment property and related fair value gains as at 31 Marc
h 2025 have been restated. Please refer to Note 1 for further de
tails.

RYMAN HEALTHCARE LIMITED
Consolidated statement of financial position
AS AT 30 SEPTEMBER 2025

4


Authorised for issue on 26 November 2025 on behalf of the Board.





Dean Hamilton James Miller
Director & Chair of the Board Director & Chair of the Audit, Finance and Risk Committee

Note Sep 2025
Mar 2025
(restated)

$000 $000
Assets
Cash and cash equivalents 8,913 17,658
Trade and other receivables 9 149,501 163,921
Inventory 13 13
Advances to employees 1,464 1,505
Derivative financial instruments 12 452 1,385
Property, plant and equipment 6 1,029,987 1,019,595
Investment properties 7 10,913,952 10,735,626
Intangible assets 12,024 13,817
Deferred tax assets 4 - -
12,116,306 11,953,520
Assets held for sale 5 33,285 32,926
Total assets 12,149,591 11,986,446

Equity
Issued capital 8
1,923,102 1,923,044
Reserves 107,750 109,400
Retained earnings 2,104,537 2,151,763
Total equity 4,135,389 4,184,207

Liabilities

Trade and other payables 10
101,128 113,578
Employee entitlements 82,874 80,240
Revenue in advance 216,931 184,020
Refundable accommodation deposits 539,144 496,639
Derivative financial instruments 12 25,296 15,340
Interest-bearing loans and borrowings 11 1,659,689 1,682,552
Occupancy advances 13 5,377,620 5,217,158
Lease liabilities 11,520 12,712
Total liabilities 8,014,202 7,802,239

Total equity and liabilities
12,149,591 11,986,446

RYMAN HEALTHCARE LIMITED
Consolidated statement of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

5

Sep 2024
Sep 2025 (restated)
$000 $000
Operating activities
Receipts from residents
 Care and village fees 317,046 284,131
 Net refundable accommodation deposits 32,889 51,445
 New sale and resales of occupation rights 529,983 611,686
Interest received 344 1,163
Payments to suppliers and employees (378,352) (365,591)
Repayment of occupational rights (287,566) (272,834)
Interest paid (36,626) (48,908)
Derivative termination costs related to Institutional Term Loan (4,819) -
Net operating cash flows 172,899 261,092

Investing activities

Development of property, plant and equipment (16,344) (72,481)
Purchase of land (2,000) (18,304)
Proceeds from land sales - 7,128
Purchase of intangible assets (292) (1,965)
Development of investment properties (94,714) (198,848)
Proceeds from sale of property, plant and equipment 1,400 -
Capitalised interest paid (8,776) (31,598)
Receipt of employee loans 41 828
Net investing cash flows (120,685) (315,240)

Financing activities

Drawdown/(Repayment) of bank loans (net) (60,146) 33,246
Sale of treasury stock (net) 453 3,763
Repayment of lease liabilities (1,266) (2,097)
Net financing cash flows (60,959) 34,912

Net (decrease)/increase in cash and cash equivalents
(8,745) (19,236)
Cash and cash equivalents at the beginning of the period 17,658 41,809
Cash and cash equivalents at the end of the period 8,913 22,573
Net operating cash flows includes the following:
Sep 2025 Sep 2024
$000 $000
Deferred management fees collected 42,909 41,434

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

6

The notes to the consolidated interim 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:
 The amount is material because of its size or nature
 It is important for understanding the results of the Group
 It helps explain changes in the Group’s business
 It relates to an aspect of the Group’s operations that is important to future performance.
1. GENERAL INFORMATION
The consolidated interim financial statements presented are those of Ryman Healthcare Limited (the
Company) and its subsidiaries (the Group). These consolidated interim financial statements were approved by
the Board of Directors on 26 November 2025.
The Company is a profit-oriented 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), being the Company’s primary exchange, and is listed on the Australian
Securities Exchange (ASX) as a foreign exempt listing. 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 and retirement village sector in New Zealand and Australia,
are 100% owned and have a balance date of 31 March. A list of subsidiaries can be found in the 2025 Annual
Report.
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 interim financial statements comply with these Acts.

The consolidated interim financial statements have been prepared in accordance with Generally Accepted
Accounting Principles in New Zealand (NZ GAAP). The statements comply with New Zealand equivalents to
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and International Accounting
Standard 34 Interim Financial Reporting (IAS 34).
Basis of preparation

These consolidated interim 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 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).
The consolidated interim financial statements for the six months ended 30 September 2025 and 30 September
2024 are unaudited, with the six months ended 30 September 2025 period reviewed by the independent
auditor, pursuant to NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity, issued by the External Reporting Board.
These consolidated interim financial statements do not include all the notes included in the Group’s financial
statements. Accordingly, these consolidated interim financial statements should be read in conjunction with
the financial statements and related notes included in the Annual Report for the year ended 31 March 2025.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

7

In applying the Group’s accounting policies, the Board makes judgements, estimates and assumptions that
may have an impact on the Group. The significant judgements, estimates and assumptions made in the
preparation of these consolidated interim financial statements were the same as those applied to the
consolidated financial statements as at and for the year ended 31 March 2025, except as otherwise stated.
Changes in financial reporting
Accounting policies are selected and applied in a way that seeks to ensure the resulting financial information
satisfies the concepts of relevance and reliability, and the substance of the underlying transactions or other
events is reported.
The Group disclosed at 31 March 2025 that it had completed an extensive review of its financial reporting with
the goal of enhancing the transparency of its results and ensuring greater comparability with others in the
sector. Where applicable, these changes were applied to the annual reporting periods of 31 March 2025 and
31 March 2024. The changes made at 31 March 2025 have been retrospectively applied to the 30 September
2024 comparative period in the consolidated interim financial statements. These changes have been
summarised below, with the impact of these on the 30 September 2024 comparative period reported in the
table following.
Support and services capitalisation
Property, plant and equipment and investment property
The Group has operated a shared services model with resources centralised in the head office entities in New
Zealand and Australia. These resources support the operation of the village entities, asset management of
existing villages, development of new villages and general administration and compliance activities for the
business as a whole. The cost of a development (whether investment property or plant, property and
equipment) includes directly attributable costs of constructing the development for it to be capable of
operating in the manner intended by the Group. Since the majority of shared services resources support
multiple development projects, an allocation methodology must be applied.
As reported at 31 March 2025, the Group reviewed this allocation methodology and revised its policy, with the
change retrospectively applied. Where completed investment property and property, plant and equipment
are held at fair value, any changes to the historical cost base of assets that had previously been valued, did
not impact the carrying value. The revised policy reduced the cost base of assets, reduced capitalised costs,
increased reported expenses, and increased the fair value movement (investment properties) or asset
revaluation reserve movement (property, plant and equipment). To the extent that property, plant and
equipment had been impaired in previous periods, the policy change also reversed the impairment before
uplifting the asset revaluation reserve. There were also consequential reductions in the annual depreciation
expenses for property, plant and equipment. While these changes were made at 31 March and applied to
previous annual reporting periods, they also required an adjustment to the comparatives for the interim
reporting period.
Intangible assets
The previous methodology saw support and services costs capitalised to all qualifying assets, including
internally generated intangible assets (software). Intangible assets are held at cost less amortisation and
impairment (if any). The change to the policy resulted in a permanent reduction in the value of intangible
assets and an increase in reported expenses. There were also consequential reductions in the annual
amortisation expenses. This also required an adjustment to the comparatives for the interim reporting period.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

8

Investment property gross-up rectification
Subsequent to 31 March 2025, the Group identified the determination of the gross-up adjustment relating to
investment property valuations did not adjust for suspended contributions/loans to residents, which reduced
the occupancy advance liability. As a result, investment property and fair value gains were overstated in the
financial statements for the year ended 31 March 2025.
This matter has been corrected by restating each of the affected financial statement line items for the prior
period, as shown below. Comparative information has been amended accordingly. The correction had no
effect on cash flows, banking covenants, or profit before income tax and fair value movements.
Comparative period impact – consolidated income statement
Mar 2025 Sep 2024
$000 $000

Expenses
Operating expenses – reported (351,706)
Adjustment – capitalised costs (21,699)
Operating expenses – restated (373,405)

Depreciation and amortisation expense – reported (25,403)
Adjustment – capitalised costs 463
Depreciation and amortisation expense – restated (24,940)

Fair value movement
Fair value movement of investment properties – reported 169,173 254,570
Adjustment – capitalised costs - 15,487
Adjustment – investment property gross-up (76,916) -
Fair value movement of investment properties – restated 92,257 270,057

Income tax
Income tax credit – reported (80,440)
Adjustment – capitalised costs (6,614)
Income tax credit – restated (87,054)

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

9

Comparative period impact – consolidated statement of financial position
Mar 2025
$000

Assets
Investment property – reported 10,812,542
Adjustment – investment property gross-up (76,916)
Investment property – restated 10,735,626

Equity
Retained earnings – reported 2,228,679
Adjustment – investment property gross-up (76,916)
Retained earnings – restated 2,151,763

Comparative period impact – consolidated statement of cash flows
Sep 2024
$000

Operating activities
Payments to suppliers and employees – reported (343,892)
Reclassification – capitalised costs (21,699)
Payments to suppliers and employees – restated (365,591)

Investing activities
Purchase of intangible assets – reported (2,510)
Adjustment – capitalised costs 545
Purchase of intangible assets – restated (1,965)

Development of investment property – reported (220,002)
Adjustment – capitalised costs 21,154
Development of investment property – restated (198,848)

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

10

Comparative period impact – earnings per share (EPS)
Mar 2025 Sep 2024

Net profit after tax – reported ($000) (436,831) 94,365
Adjustments ($000) (76,916) (12,363)
Net profit after tax – restated ($000) (513,747) 82,002
Weighted average number of shares (in ’000) 710,192 687,642
Basic EPS (cents per share) – reported (61.5) 13.7
Basic EPS (cents per share) – restated (72.3) 11.9

Net profit after tax – restated ($000) (513,747) 82,002
Fair value of shares to settle share rights ($000) (179) (787)
Adjusted net profit after tax – restated ($000) (513,926) 81,215
Weighted average number of shares (in ’000) 710,192 687,642
Diluted EPS (cents per share) – reported (61.5) 13.6
Diluted EPS (cents per share) – restated (72.4) 11.8

Comparative period impact – net tangible assets (NTA)
Mar 2025

NTA – reported ($000) 4,247,306
Adjustments – investment property gross-up ($000) (76,916)
NTA – restated ($000) 4,170,390
Ordinary shares (in ’000) 1,015,713
NTA per share (cents per share) – reported 418.2
NTA per share (cents per share) – restated 410.6

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

11

New and amended standards and interpretations
The Group adopted all relevant mandatory new and amended NZ IFRS Standards and Interpretations in the
current period. None had a material impact on these consolidated interim financial statements.
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of
issuance of the Group’s interim financial statements are disclosed below. The Group intends to adopt these
new and amended standards and interpretations, if applicable, when they become effective.
NZ IFRS 18 – Presentation and Disclosure in Financial Statements.
This standard becomes effective for reporting periods beginning on or after 1 January 2027. NZ IFRS 18
introduces new requirements on presentation within the statement of comprehensive income, including
specified totals and subtotals. It also requires disclosure of management-defined performance measures and
includes new requirements for the aggregation and disaggregation of financial information based on the
identified ‘roles’ of the primary financial statements and the notes. The effect of these have not yet been
determined.
Climate and seismic risk
For more information refer to the 2025 Annual Report.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

12

2. SEGMENT INFORMATION
The Group operates in a single industry: the provision of integrated aged care centres and retirement villages
for older people in New Zealand and Australia. The service delivery process is consistent across all villages, with
similar customer classes, distribution methods, and regulatory environments. Throughout the period, the Group
has been refining segmentation of care and village operations, however these remain aggregated within
each region until embedded in internal reporting. There has been no change in the segmental reporting
methodology in the current period.
The Group’s chief operating decision maker is the Board of Directors and Chief Executive Officer.


New Zealand
villages
Australia
villages Non-village Group
$000 $000 $000 $000
Sep 2025
Care and village fees 245,641 65,209 - 310,850
Deferred management fees
59,268 18,774 - 78,042
Imputed interest income on refundable
accommodation deposits
4,971 12,109 - 17,080
Other income 5,138 1,178 1,180 7,496
Total operating revenue (adjusted) 315,018 97,270 1,180 413,468

Employee expenses (165,745) (56,131) (30,639) (252,515)
Operations
(32,843) (7,023) (854) (40,720)
Building and grounds (41,309) (7,366) (1,364) (50,039)
Direct selling expenses (1,639) (422) - (2,061)
Marketing (5,278) (2,823) (2,337) (10,438)
Software and technology (406) (135) (8,996) (9,537)
Administration (2,014) (809) (9,760) (12,583)
Capitalised to qualifying assets - - 4,543 4,543
Total operating expenses (adjusted) (249,234) (74,709) (49,407) (373,350)
Operating earnings before interest, tax,
depreciation, amortisation, and fair value
movements (EBITDAF)
65,784 22,561 (48,227) 40,118

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

13


Reconciliation to the net profit/(loss) after tax

1
Non-operating revenue and expenses have been presented in the table below.
New Zealand
villages
Australia
villages Non-village Group
$000 $000 $000 $000
Sep 2024 (restated)
Care and village fees 224,834 52,182 - 277,016
Deferred management fees 59,614 18,151 - 77,765
Imputed interest income on refundable
accommodation deposits 4,701 11,014 - 15,715
Other income 3,848 1,600 1,174 6,622
Total operating revenue (adjusted) 292,997 82,947 1,174 377,118

Employee expenses (154,819) (47,638) (45,657) (248,114)
Operations (32,997) (6,920) (1,525) (41,442)
Buildings and grounds (38,803) (6,504) (1,477) (46,784)
Direct selling expenses (5,902) (1,176) - (7,078)
Marketing (3,450) (302) (7,458) (11,210)
Software and technology (592) (67) (10,678) (11,337)
Administration (2,132) (488) (7,155) (9,775)
Capitalised to qualifying assets - - 12,317 12,317
Total operating expenses (adjusted) (238,695) (63,095) (61,633) (363,423)
Operating earnings before interest, tax,
depreciation, amortisation and fair value
movements (EBITDAF)
54,302 19,852 (60,459) 13,695

Sep 2025
Sep 2024
(restated)
$000 $000
Operating earnings before interest, tax, depreciation, amortisation,
and fair value movements (EBITDAF)
40,118


13,695
Non-operating revenue
1
- (11,967)
Interest received 312
1,112
Non-operating expenses
1
(3,577)
(9,982)
Depreciation and amortisation expense (21,811)
(24,940)
Finance costs (38,967) (53,204)
Imputed interest charge on refundable accommodation deposits (17,080) (15,715)
Impairment losses (2,436) -

Profit/(loss) before income tax and fair value movements (PBTF) (43,441)

(101,001)
Fair value movement of investment properties 3,248
270,057
Income-tax (expense)/credit (5,001)
(87,054)
Net profit/(loss) after tax (NPAT) (45,194)
82,002

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

14

Non-operating revenue and expenses

Operating earnings before interest expense, tax, depreciation, amortisation and fair value movements
(EBITDAF) and non-operating revenue and expenses are a non-GAAP measure which do not have a
standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). These non-GAAP
measures have been presented as they are used internally by chief operating decision makers to understand
the Group’s performance. It may not be comparable to similar financial information presented by other
entities.
Non-current assets

Non-current assets include property, plant and equipment, investment properties and intangible assets.

Sep 2025 Sep 2024
$000 $000

Reduction to DMF for GST and uncapped transfers - (11,967)
Total non-operating revenue - (11,967)

Other LSS and ESS costs
(115) (1,045)
Organisation transformation costs – redundancy (2,132) (2,888)
Total non-village employee expenses (2,247) (3,933)

Close-out of employee share schemes – consultancy
(50) (477)
Holiday Act 2003 remediation – consultancy
(125) (47)
Organisation transformation costs – consultancy (1,155) (3,647)
Total non-village administration expenses (1,330) (4,171)

Inventory write-downs (non-village)
- (1,878)
Total operations expenses - (1,878)

Total non-operating revenue and expenses (3,577) (21,949)
Sep 2025 Mar 2025
(restated)
$000 $000

New Zealand 9,200,349 9,163,021
Australia
2,755,614 2,606,017
Total 11,955,963 11,769,038

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

15

Loans and borrowings
Sep 2025
Mar 2025
$000 $000

New Zealand 654,511 674,232
Australia 1,005,178 1,008,320
Total 1,659,689 1,682,552
Information about major customers
Included in total revenue is revenue that arose from sales to the Group’s largest customers. The Group derives
care-fee revenue for eligible government-subsidised residents who receive aged residential care, and in
Australia, home care. There are no other significant customers.
Sep 2025 Sep 2024
$000 $000

Health New Zealand – Te Whatu Ora 93,950 86,187
Australian Government Services Australia
37,863 28,178
Total 131,813 114,365
3. OPERATING EXPENSES

Sep 2025
Sep 2024
(restated)
$000
$000

Employee expenses 254,762 252,047
Operations 40,720 43,320
Building and grounds 50,039 46,784
Direct selling expenses 2,061 7,078
Marketing 10,438 11,210
Software and technology 9,537 11,337
Administration 13,913 13,946
Gross operating expenses 381,470 385,722
Capitalised to qualifying assets (4,543) (12,317)
Reported operating expenses 376,927 373,405

The Group revised its cost capitalisation policy in respect of centralised support service costs. While these
changes were made at 31 March 2025 and applied to previous annual reporting periods, they also required
an adjustment to the 30 September 2024 comparatives for the interim reporting period. Additional details can
be found in note 1.
Employee expenses relating to sales advisors, including commission payments, which were previously classified
as direct selling expenses, have been reclassified to employee expenses. This is consistent with the
presentation at 31 March 2025. This amounted to $4.8 million in the six months to 30 September 2024 and was
reclassified in the comparative period.

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

16

4. INCOME TAX
Income tax recognised in income statement

Sep 2025
Sep 2024
(restated)

$000 $000
Tax expense comprises:
 Current tax expense - -
 Deferred tax expense/(credit) 5,001 87,054
Total income-tax expense/(credit) 5,001 87,054

The tax rate used in the below reconciliation is the corporate tax rate in New Zealand of 28% (2024: 28%). The
corporate tax rate in Australia is 30% (2024: 30%).
Reconciliation between prima facie taxation and tax expense

Sep 2025
Sep 2024
(restated)
$000 $000
(Loss)/profit before income tax (40,193) 169,056
Income tax expense calculated at 28% (11,254) 47,336
Tax effects of:
 Non-taxable fair value movement of investment property
(1,908) (76,532)
 Property movements
(10,254) 80,384
 Capitalised interest
(2,507) (9,101)
 Non-deductible impairment
682 -
 Tax losses not recognised
25,590 37,218
 Interest deductions not recognised
8,505 8,454
 Other
(3,853) (705)
Total income-tax expense/(credit) 5,001 87,054
Effective tax rate (12.4%) 51.5%
Amounts charged or credited to other comprehensive income or equity

Sep 2025
Sep 2024
(restated)

$000 $000
Tax effect of:

 Revaluation of property, plant and equipment
(231) -
 Fair value movement in cash-flow hedge reserve
(4,767) (8,426)
 Other
(3) 193
Total income-tax expense/(credit) (5,001) (8,233)

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

17

Deferred tax asset/liability

Opening
balance
Recognised
in income
Recognised
in equity
Closing
balance

$000 $000 $000 $000


Sep 2025

Property, plant and equipment
(109,536) (5,063) (754) (115,353)
Investment properties
(21,827) 4,694 1,505 (15,628)
Deferred management fee
(148,485) (11,216) (1,134) (160,835)
Derivative financial instruments 3,978 (948) 4,823 7,853
Tax losses carry-forwards recognised 254,034 8,009 418 262,461
Other 21,836 (477) 143 21,502
Total deferred tax asset - (5,001) 5,001 -


Opening
balance
Recognised
in income
Recognised
in equity
Closing
balance

$000
$000 $000 $000

Mar 2025
Property, plant and equipment (80,582) 17,026 (45,980) (109,536)
Investment properties 20,503 (42,342) 12 (21,827)
Deferred management fee (137,690) (10,596) (199) (148,485)
Derivative financial instruments (2,897) 23 6,852 3,978
Tax losses carry-forwards recognised 441,614 (188,733) 1,153 254,034
Other 18,635 3,180 21 21,836
Total deferred tax asset 259,583 (221,442) (38,141) -

Unrecognised deductible temporary differences – tax losses
Since 31 March 2025, the Group recognises a deferred tax asset on tax losses only to the extent that it offsets
existing deferred tax liabilities.
The Group has unrecognised tax losses of NZ$571.3 million and A$433.6 million that may be carried forward for
future use, subject to meeting shareholding continuity requirements or, where relevant, the New Zealand and
Australian business continuity tests.
These losses continue to represent a potential future tax benefit, despite not being recognised for accounting
purposes.