Ryman Healthcare Limited (ASX: RYM) has announced a robust performance for the fourth quarter and full financial year ending 31 March 2026, confirming it met market guidance for occupation right agreement (ORA) sales. The company, which is New Zealand’s largest retirement living and aged care provider and a leading integrated operator in Victoria, reported 331 ORAs sold in Q4 FY26, comprising 81 new sales and 250 resales. This figure represents a 10% increase compared to Q4 FY25. For the full FY26, Ryman Healthcare delivered a total of 1,410 ORAs, including 348 new sales and 1,062 resales. Excluding resident relocations, total sales reached 1,371, aligning with the company’s guidance of 1,300–1,400.
CEO Naomi James expressed satisfaction with the final quarter’s trading results, highlighting sustained improvements in lead indicators. Ms James noted that net sales applications have surpassed turnover levels for the first time since changes to contract terms were introduced in late 2024. The new deferred management fee (DMF) of 30% is now widely accepted, with increasing move-ins from external customers on these terms. While new sales of independent units eased due to fewer new unit completions, serviced apartment sales remained strong, with developments at Kevin Hickman, Keith Park, and Bert Newton villages being key contributors. Total FY26 development completions reached 330 units and beds, in line with market guidance.
Demand for Ryman’s care offering remains robust, with mature care centre occupancy holding steady at 96.1% in Q4, consistent with the previous quarter. Developing care centres are filling ahead of expectations, with four of the five opened in the past two years now exceeding 80% occupancy. The company anticipates FY26 free cash flow to be approximately $180 million, supported by strong second-half performance. Net interest-bearing debt at 31 March 2026 stood at $1.57 billion, with over three-quarters of drawn debt on fixed interest rates, providing financial stability. Ryman is also moderating its active development programme, with only two sites under active construction at year-end, reducing exposure to construction cost inflation. The company confirmed that the recent conflict in the Middle East has not impacted settled sales to date but is being monitored for potential flow-on effects.
