Ryman Healthcare (RYM) Investor presentation summary

Overview and objectives

• Leading operator in retirement living and aged care with 49 villages and over 15,300 residents across New Zealand and Australia.

• Business transformation underway, focusing on operational reset, governance refresh, and capital management reset.

• New leadership team and board with extensive experience in transformation and value creation.

• Strategic priorities include releasing cash, sustainable business improvement, and disciplined growth.

• Positioned to benefit from demographic trends and increasing demand for aged care services.

Trading update

• Sales volumes steady through 3Q25, but applications declined, impacting projected sales in 4Q25 and 1H26.

• Targeted incentives and tactical pricing expected to drive sales recovery in 2H26.

• Operational levers include targeted marketing, flexible pricing, and improved customer journey to release cash from stock.

Business transformation

• Board and executive team refreshed, with a new CEO and a shift to a functional structure.

• Focus on releasing over $500m cash in 3-5 years through stock sell-down, pausing new developments, and increasing resident capital in care.

• Targeting $100-150m annualised cash improvement via operational efficiencies and leveraging care model.

• Disciplined growth through staged developments, portfolio optimisation, and exploring consolidation opportunities, especially in Australia.