Highlights

• Ryman recorded 325 retirement living sales in Q1 FY27, with resale volumes remaining broadly stable despite softer housing conditions.
• The Group progressed its funding strategy through a six-year secured bond offer aimed at refinancing debt and extending funding duration.
• FY26 delivered a sharp improvement in operating earnings and free cash flow as lower development spending strengthened financial flexibility.

Q1 FY27 Sales Remain Resilient

Ryman Healthcare Limited (ASX: RYM) released its first-quarter FY27 trading update on 14 July 2026, reporting 325 occupation right agreement sales for the three months ended 30 June 2026. Ryman recorded 325 retirement living transactions during the quarter, consisting of 265 resales and 60 new sales. Net resale contracts rose 7% compared to the same period a year earlier, helped by increased demand for serviced apartments. Ryman reduced its new-sales stock by 65 units, leaving 414 units available.

It also maintained FY27 build expectations of 157–168 retirement living units and aged-care beds, with the all scheduled for completion during the latter half of the year. Mature aged-care occupancy stood at 96.1%. In Australia, the average value of incoming refundable accommodation deposits exceeded AU$750,000 during Q1 FY27.

Bond Offer Extends Funding Profile

On 8 June 2026, Ryman presented a six-year senior secured bond offer of up to NZ$100 million, with scope to accept up to an additional NZ$50 million in oversubscriptions. The bonds mature on 22 June 2032, with proceeds intended for bank-debt repayment, refinancing existing RYM010 bonds and general corporate purposes.

At 31 March 2026, Ryman had NZ$675 million of debt headroom, gearing of 27.8% and a weighted average debt maturity of 4.4 years.

FY26 Cash Flow Shows Turnaround

Ryman’s FY26 results, released on 26 May 2026, showed operating revenue of NZ$849.1 million, up 10%, while operating EBITDAF almost doubled to NZ$88.3 million. Free cash flow improved to NZ$188.3 million from a NZ$94.2 million outflow in FY25, helped by sharply lower development expenditure.

Outlook

Ryman remains focused on reducing unsold stock, improving occupancy and progressing its FY29 target to release at least NZ$500 million of cash. Management is also targeting sustainable cash-flow improvement, disciplined development and a return to dividends in FY28, while near-term independent-living sales remain exposed to housing-market conditions.

Note- All data presented is based on information available at the time of writing.

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