Ryman Healthcare (RYM) H1 2026 earnings summary

Executive summary

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

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

• Cost-out initiatives ahead of expectations, with annualised savings of $40 million and FY26 target raised to $50–60 million.

• Completed $2 billion bank refinancing, 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 (+193% YoY), with free cash flow of $56.2 million, up $108.7 million year-on-year.

• Net loss after tax of $45.2 million, down from a profit of $82.0 million in 1H25, due to lower fair value movements and higher share count.

• Earnings per share declined from 11.9cps to -4.4cps year-over-year.

• Net tangible assets per share at $4.06 as of 30 September 2025.

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

Outlook and guidance

• FY26 sales guidance raised to 1,300–1,400 ORA/RV units, up from 1,100–1,300, with broadly flat sales half-on-half.

• Annualised cost saving target increased to $50–60 million by end of FY26.

• Build rate guidance at 330 units (80 aged care beds, 250 RV units), capex of $235–265 million.

• No interim dividend declared for the period; capital management framework under review.

• Focus remains on building sales momentum, releasing cash, and driving operational efficiency.