Aged care revenue soars at Ryman Healthcare
Ryman reveals Australia’s aged care funding advantage
- Australia outperforming: Earnings hit A$26,721 per bed versus A$12,339 in NZ
- Revenue growth: Australian aged care revenue climbed 9% with higher RADs
- Sector contrast: Ryman grows while many operators remain loss-making
- Support at Home: 22% of village residents receiving services from Ryman
The New Zealand-based continum of care operator has detailed how Australia’s aged care system is increasing its revenue.
Ryman Healthcare operates nine retirement villages in Victoria, with a number providing aged care in a continum of care model.
In its FY26 financial report, the average incoming Refundable Accommodation Deposit (RAD) was up 6% for new residents in Australia, while revenue from its aged care service in Australia increased by 9%.
The stronger earnings were largely driven by growth in its Australian aged care operations, which generated AUD$26,721 per bed compared to AUD$12,339 per bed in New Zealand.
Ryman Healthcare is also providing Support at Home packages to 54% of its serviced apartment residents and 22% of its retirement living residents.
The operator said its operating revenue had increased 10% to NZ$849 million (A$692 million), largely driven by new aged care capacity filling, growth in aged care premiums, and growing numbers of retirement living residents on new pricing terms.
The result is in stark contrast to StewartBrown’s latest Aged Care Financial Performance Survey Sector Report which found that residential aged care homes reported an average operating EBITDA of $4,582 per bed per annum (pbpa) for the six months to December 2025, well below the $20,000 figure that StewartBrown has identified as ‘investable’.
The operator says with the implementation of aged care reforms in Australia complete, it is now targeting $20,000 to $25,000 Operating EBITDAF per bed across its aged care beds in FY27, up from an average of $17,700 in FY26.
In the presentation, Chief Executive Officer Naomi James also reflected that the ageing population in both Australia and New Zealand means that the sector can’t meet demand using the models of care that have been relied on in the past.
“Aged care is a critical part of the solution to relieving pressure on the wider health system,” she said. “By taking a more integrated, whole-of-system approach – from care in the community through to residential care and hospitals – we can ensure people receive the right care, in the right place, at the right time.”
