Ryman Healthcare (RYM) Investor Day 2026 summary

Refreshed strategy and leadership

• Shift from rapid development-led growth to a focus on sustainable, recurring earnings, leveraging a high-quality, integrated retirement living and care portfolio.

• New management team and independent board with deep sector and transformation experience to execute the refreshed strategy and provide long-term strategic oversight.

• Strategy pillars include care-centric living for the 80+ market, recurring earnings growth, portfolio optimization, and value-creating growth.

• Emphasis on operational excellence, optimizing a NZD 12 billion property portfolio, and disciplined capital allocation.

• Reset of revenue, balance sheet, and financial transparency, with positive free cash flow delivered for the first time in over a decade.

Financial targets and capital management

• Targeting NZD 150 million in sustainable cash flow improvement by FY 2029, at the top end of the previous range.

• Aiming for at least NZD 500 million in cash release by FY 2029, including NZD 800 million from new and paid-out resale stock and NZD 200 million from land sales.

• New capital management framework with a 20%-30% gearing target and a dividend payout policy of 20%-50% of CFEO, resuming from FY 2028.

• Retirement living segment targets a >5% yield; aged care targets EBITDAF per bed of NZD 25,000–NZD 30,000 by FY 2029.

• Disciplined project IRR and positive NPV required for new investments, with a focus on brownfield expansion in NZ and greenfield in Australia.

Operational excellence and portfolio initiatives

• High-quality clinical care, resident experience, and workforce engagement are central to operational excellence.

• Sales effectiveness program underway to reduce vacant stock, improve conversion rates, and accelerate cash release.

• Cost efficiency initiatives targeting NZD 50 million–NZD 60 million in annualized savings by FY 2026 through support function efficiencies and procurement.

• Resident Fund launched to enable seamless transition from independent living to care, retaining capital and reducing interest costs.

• Portfolio optimization includes pausing or phasing development, prioritizing brownfield expansion, and divesting non-core land for at least NZD 200 million.