Ryman Healthcare records $39.5M loss with 1355 units empty
Total vacant stock increased from 1,239 units at March 2025 to 1,335 at September 2025.
The retirement village operator, which has nine retirement villages in Melbourne, has delivered its first positive free cash flow in a decade, but still posted a loss.
Ryman Healthcare, which dual listed on the Australian Stock Exchange on 1 October, said today (27 November), revenue for the first half grew 13% to NZ$413.8 million (A$361.8M), with costs down 2%.
It announced positive free cash flow of NZ$56.2 million (A$49.1 million) for the six months to 30 September, up from negative NZ$52.5 million (negative A$45.9m) in 1H25.
The company posted a net loss after tax of $NZ45.2 million (A$39.5m), down from a $NZ82 million (A$71.7m) profit a year ago, when Ryman's bottom line was boosted by fair value movements of its property portfolio.
Ryman sold 674 units during the first half, up from 452 in the previous half, but down from the more than 800 it had sold in each of the two previous halves before that.
Total vacant stock increased from 1,239 units at March 2025 to 1,335 at September 2025, with the delivery of 179 new units, including major apartment stages at Kevin Hickman in Christchurch, New Zealand, and Nellie Melba, in Wheelers Hill, Melbourne.
“We are confident our sales effectiveness will support continued progress over FY26. Importantly, our significantly higher DMF value (30%) on new contracts will underpin revenue growth and improved business performance in the years ahead," Chief Executive Naomi James said.
"The business has stabilised, momentum is returning, and we are delivering results with meaningful progress achieved against FY26 priorities."
Ryman had a NZ$1 billion equity raise in February and a refinancing of its NZ$2 billion in bank facilities in November. It has NZ$1.65 billion (A$1.44b) in net debt as of September 30, down NZ$14.1 million (A$12.3m) from six months ago.
