Ryman Healthcare (RYM) H1 2026 earnings summary

Executive summary

• Achieved first positive free cash flow in over a decade, reaching NZD 56.2 million for the half-year to 30 September 2025, driven by cost-out and sales momentum rebuild.

• Revenue increased 13% year-on-year to $413.8 million, supported by pricing and occupancy growth.

• Net loss after tax of $45.2 million, reflecting lower fair value movements and higher share count post-equity raise.

• Completed full refinancing of bank facilities, extending average tenor to five years and improving pricing and covenants.

• ASX foreign exempt listing completed, broadening investor base and reinforcing Australian market commitment.

Financial highlights

• Operating EBITDAF rose to $40.1 million, up 193% year-on-year.

• Free cash flow of $56.2 million, supported by strong net development cash flows and lower finance costs.

• Earnings per share was negative 4.4 cents, down from 11.9 cents year-on-year.

• Net tangible assets per share decreased to 406.0 cents from 410.6 cents at March 2025.

• Finance costs decreased to $39.0 million from $53.2 million.

Outlook and guidance

• Full-year sales guidance updated to 1,300–1,400 RV/ORA units, expecting broadly flat sales half-on-half.

• Cost saving target for the year increased to $50–60 million annualized.

• CapEx guidance moderated to $235–265 million due to contingency releases and cash timing impacts.

• No interim dividend will be paid for the period.

• Ongoing variability expected as property markets recover at different speeds; Victoria improving, Auckland lagging.