Source: Radio New Zealand
The reset followed a $1 billion equity raise in February 2025. Supplied
Major retirement village operator Ryman Healthcare has reported a first-half loss, but is in a cashflow-positive position for the first time in a decade.
“We’ve turned an important corner in our transformation, with the balance sheet reset providing a robust foundation for sustainable performance,” chief executive Naomi James said.
The reset followed a $1 billion equity raise in February 2025, which saw its debt-financing costs drop 27 percent or $14.2m.
“The business has stabilised, momentum is returning and we are delivering results with meaningful progress achieved against FY26 priorities,” she said.
“Our focus is now moving to accelerating performance across our portfolio of high quality retirement villages.”
Key numbers for the six months ended September compared with restated year-earlier results:
- Net loss $45.2m* v $82.0m net profit
- Underlying loss $43.4m v $101.0m net loss
- Fair value movement of investment properties $3.2m* v $270.1m
- Revenue $413.8m v $366.3m
- Interim dividend nil
- *Net loss includes drop in fair value of assets, as well as a $2.4m impairment, resulting from cost overruns in Woodcote and Kevin Hickman villages
James said the second half of FY26 was expected to remain broadly in line with the first half.
“We remain focused on selling down stock as a significant opportunity to drive cash flow. We are confident our sales effectiveness will support continued progress over FY26.
“We anticipate ongoing variability as the property markets recover at differing speeds – Victoria is showing positive momentum, while Auckland is yet to show meaningful improvement.”
She said cost savings were tracking ahead of expectations, with annualised savings of $40m, expected to rise to between $50-60m by the end of the year ending in March.
“At our investor day in February, we’ll share more on the land bank review, including sites which have been earmarked for future development and additional sites selected for divestment.”
The company would also provide an update on its overall growth strategy and dividend policy.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
