Ryman Healthcare (RYM) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed shareholders, outlined meeting logistics, and confirmed a quorum for the hybrid AGM.

• Chair and CEO delivered addresses outlining the meeting's agenda, including resolutions and general business.

• Agenda included a business update, financial review, board changes, resolutions, and Q&A.

Board and executive committee updates

• Significant board refresh with five new independent directors appointed since June 2023, bringing commercial, financial, and development expertise.

• Scott Pritchard appointed as independent director, bringing property development expertise.

• CEO Naomi James and CFO Matthew Prior recently joined, with executive team reduced to seven.

• Board-led 18-month review completed, with improved governance and transparency.

• Board and executive remuneration now aligned with long-term shareholder returns, including minimum shareholding requirements.

Financial performance review

• FY 2025 reported net loss after tax of NZD 436.8 million due to restatements and non-cash write-downs.

• Build rate increased by 39% to 950 units, with four main buildings opened and 49 villages now operating.

• Free cash flow improved by NZD 100 million year-on-year but remained negative at -NZD 94 million.

• Aged care occupancy in mature villages held steady at 96.3%.

• Share price down over 80% since 2021 peak; board apologized and is focused on rebuilding value.