# Ryman Healthcare - Consolidated Financial Statements FY25

Standalone FY25 Ryman consolidated accounts and financial audit, with restated comparatives, New Zealand/Australia segments and valuation/financing notes; financial evidence, not a full annual-report narrative or clinical evaluation.

## What this source contributes

Ryman Healthcare Limited’s consolidated financial statements for the year ended 31 March 2025 cover its New Zealand and Australian group. This 93-page source is the standalone accounts and PwC auditor’s report, not the full annual report or a care-service directory. Published with the 29 May 2025 results, it reports total revenue of NZ$760.695 million and a group net loss after tax of NZ$436.831 million. Extensive accounting changes and corrections restate earlier comparisons. The statements explain property valuations, resident deposits and occupation advances, borrowings, cash flows, tax and commitments; they do not measure current national care capacity or a resident’s service entitlement.

## Contents and page references

- Cover and consolidated income, comprehensive-income, equity, financial-position and cash-flow statements (physical pp.1–7, printed pp.1–6 after cover)
- Notes index, reporting entity, property classifications and reporting basis (physical pp.8–12, printed pp.7–11)
- Accounting-policy/estimate changes, corrections and comparative restatements (physical pp.13–22, printed pp.12–21)
- Accounting basis, New Zealand/Australia segments, revenue, expenses, tax, assets and valuations (physical pp.23–58, printed pp.22–57)
- Capital, deposits, borrowings, occupancy advances, leases, risk, related parties and commitments/subsequent events (physical pp.59–89, printed pp.58–88)
- PwC independent auditor’s report and audit scope (physical pp.90–93, printed pp.89–92)

## Substantive findings

- The accounts cover the year ended 31 March 2025 and were authorised for issue on 28 May 2025 (physical p.6, printed p.5). The issuer’s FY25 results release and PwC audit are dated 29 May 2025; PDF production, financial year and June 2026 access are separate dates.
- The preserved standalone PDF has 93 physical pages: cover, financial statements/notes and PwC audit (physical pp.90–93, printed pp.89–92). The current issuer PDF was byte-identical on 10 October 2026.
- Consolidated FY25 total revenue was NZ$760.695 million; FY24 comparative revenue is NZ$689.886 million as restated (physical p.2, printed p.1; NZ$000 table). These are group figures spanning New Zealand and Australia, not New Zealand care-only revenue.
- FY25 group net loss after tax was NZ$436.831 million, compared with a restated FY24 loss of NZ$169.665 million (physical p.2, printed p.1). The statement includes impairments, fair-value movements, financing costs and tax; this is not a cash-loss or facility-quality measure.
- Profit/(loss) before income tax and fair-value movements (PBTF) is expressly a non-GAAP measure without a standardised GAAP meaning; the statement warns it may not be comparable with other entities’ measures (physical p.2, printed p.1).
- At 31 March 2025, consolidated total assets were NZ$12,063.362 million and interest-bearing loans/borrowings NZ$1,682.552 million (physical p.6, printed p.5). Gross borrowings are not the same measure as net interest-bearing debt.
- FY25 net operating cash flows were NZ$410.250 million (physical p.7, printed p.6). The operating section includes occupation-right sales/repayments and refundable accommodation deposits; it is not free cash flow or care-only operating cash.
- The accounting-change and correction notes restate comparative periods, including occupancy-advance recognition, investment-property adjustments and other policies/estimates (physical pp.13–22, printed pp.12–21). Historical comparisons must retain the restatement basis.
- Construction-contract commitments were NZ$88.0 million at 31 March 2025 (physical p.89, printed p.88). Commitments are not completed homes, care beds or staffed capacity; the independent financial audit does not establish clinical quality or future delivery.

## Practical uses

Use the accounts to distinguish revenue, valuation movements, impairments, resident liabilities, operating cash flows and borrowings, and to understand restated comparative periods. Check each note’s group/segment geography and measurement basis before comparing operators; use other current sources for service, admissions or care-quality decisions.

Intended readers:

- Researchers and commissioning analysts examining historical provider finances
- Investors and financial advisers reviewing reporting changes, valuations and financing
- Residents and whānau seeking context for questions about operator reporting and contractual exposure

## Resident and whānau implications

- Group assets, revenue and cash flows do not guarantee individual care access, repayment timing, available rooms or care quality; consult the applicable contract and current independent information.
- This standalone financial source contains no comprehensive current service/fee directory and should not be used as personalised financial or legal advice.

## Policy implications

- Operator consolidated accounts span retirement living and care across two countries. They cannot establish national care-bed utilisation, staffing, unmet need or public funding adequacy on their own.
- Preserve retrospective accounting changes and restated comparatives when considering sector financial trends; distinguish asset-value movements from operating service delivery.

## Provider and business implications

- Analyse the financial statements and notes together. Revenue, NPAT, PBTF, operating cash flows, gross borrowings and net debt are distinct measures with different adjustments.
- Construction commitments and valuation assumptions require delivery/risk follow-up; do not count them as completed or staffed capacity.

## Source discrepancies and reporting definitions

The report restates earlier comparative periods after reporting-policy changes, corrections and estimate changes; see physical pp.13–22/printed pp.12–21. Compare FY25 with the restated columns actually printed in these accounts rather than older annual-report figures. Do not equate non-GAAP PBTF with IFRS net profit, gross borrowings with net debt, or operating cash flows with free cash flow. The separate issuer results release contains operational and forward-looking material that is outside this standalone financial source; it was used here for publication identity, not silently imported as an independently verified facility assessment.

## Dates and preserved provenance

The financial year ends 31 March 2025. Board authorisation is 28 May 2025 (physical p.6/printed p.5); the issuer results release and PwC audit are 29 May 2025 (audit physical p.93/printed p.92). The PDF’s technical metadata carries 28 May production timestamps; these do not replace the public release day. The issuer page’s later 2026 modification metadata is not publication of this FY25 edition. The live archive also has newer reporting: this source remains historical FY25 accounts, not the latest company update.

The catalogue’s original access label remains June 2026. No matching exact-basename Markdown companion existed when this audit began; this authored note was created on 10 October 2026 and does not invent an earlier June note or exact capture day. The original PDF, filename and sector-research category remain unchanged. The current issuer-hosted PDF returned HTTP200 and matched the original bytes on this review date.

- Preserved original: public/pdfs/2025 - Ryman Healthcare - Financial Statements.pdf
- Physical PDF pages: 93
- Size: 1545024 bytes
- SHA-256: 92328db7b1ef82376705816636eea4c78bc53b740b9c45724d06d6d6cabbd921
- Financial reporting scope: New Zealand and Australia
- Primary-source review: 10 October 2026

## Evidence boundary

Historical Ryman consolidated financial statements for the year ended 31 March 2025, not the full annual report. All preserved pages were text-inspected, selected dates/table/audit pages visually checked, and the current issuer PDF was byte-matched on 10 October 2026. High confidence concerns source identity and specific financial cells, not an investment recommendation or independent care-quality assessment. PwC’s financial audit gives reasonable assurance within its stated scope; other annual-report information is outside the audit opinion. NZ$000 group values include New Zealand and Australia, resident deposits/occupation rights, valuation changes and financing/tax effects. PBTF is non-GAAP; cash-flow and debt definitions must not be substituted for one another. Prior periods are restated. Commitments and valuation assumptions are not completed projects or present staffing, vacancies or occupancy. Board authorisation 28 May 2025, public results/audit date 29 May 2025, June 2026 access and 10 October 2026 review are separate. Newer issuer reporting exists; this preserved FY25 edition is not labelled current FY26 evidence. Original filename, bytes, hash and category are retained.

## Primary references

- [Issuer-hosted source PDF, byte-matched to the preserved original](https://www.rymanhealthcare.co.nz/hubfs/Investor%20Centre/Annual%20and%20interim%20reports/Ryman%20Healthcare%20Limited%20-%20Consolidated%20Financial%20Statements%20-%2031%20March%202025.pdf)
- [Issuer financial-information archive](https://www.rymanhealthcare.co.nz/about-us/investors/financial-information)
- [Issuer FY25 results release, 29 May 2025](https://www.rymanhealthcare.co.nz/investor-news/ryman-healthcare-reports-fy25-results)
- Source-cell evidence and rendered original-page proofs: artifacts/research/fy25-operator-report-source-audit-2026-10-10.json and artifacts/research/fy25-operator-report-proofs-2026-10-10/