New Zealand’s largest retirement operator, Ryman Healthcare, officially joined the ASX last Wednesday (1 October), marking its dual listing with a bell-ringing ceremony in Sydney led by new Chief Executive Officer Naomi James and Chief Financial Officer Matthew Prior – both Australians.
The pair now face the formidable task of restoring the company’s shine after a turbulent few years that saw debt balloon, projects stall, and investor confidence wane.
Ryman Healthcare, which operates nine villages in Victoria and has invested more than $2 billion into Australia since 2014, has almost completely paused new developments while selling land previously earmarked for future sites. Under Naomi’s leadership, the business is undergoing a significant turnaround.
Appointed in November 2024, Naomi has already launched a NZ$1 billion equity raise – Ryman’s second major capital injection in two years after a NZ$902 million raise in 2023 – to reset its balance sheet and improve liquidity. Her three-to-five-year plan targets NZ$500 million in cash releases and NZ$100-150 million in sustainable improvements in cash performance.
“We believe our continuum-of-care model sets us apart in Australia,” Naomi said. “It provides residents with certainty and choice as their needs change, and it positions us to capture growing demand in a recovering property market.”
She was joined at Ryman in August by CFO Matthew Prior, an experienced ASX-listed company executive.
In a statement, Ryman Healthcare said the two leaders are positioning the company “for disciplined growth in both Australia and New Zealand,” backed by NZ$12 billion in assets, a strong Victorian footprint, and its signature continuum-of-care model that integrates retirement living with aged care.
The company’s timing could work in its favour. The number of Australians aged 80 and over is expected to triple to 3.5 million by 2063, creating huge demand for seniors housing and aged care services.
Still, analysts remain cautious. Milford Portfolio Manager Sam Trethewey noted that Ryman’s performance remains heavily tied to the housing market.
“The business model is still very exposed to what happens in the housing market,” he said. “If we have a good year, that turnaround could be pulled forward. But if the market stays subdued, recovery could take much longer.”
Despite NZ$10 billion in assets, Ryman’s market capitalisation has plunged to NZ$2.64 billion – less than a third of its 2021 peak.
