# Ryman Healthcare Limited — FY26 Annual Report ## Identity and provenance - Original: **2026 - Ryman Healthcare - FY26 Annual Report.pdf**; 130 physical pages. Financial-year period **1 April 2025–31 March 2026**. - Annual report released **5 June 2026, 08:30 NZST** through [NZX announcement 473909](https://www.nzx.com/announcements/473909); the inside cover also dates the accompanying governance statement 5 June. Financial statements authorised 25 May; [results announced 26 May](https://www.rymanhealthcare.co.nz/investor-news/fy26-marks-significant-year-of-progress). These dates describe different events. - [Issuer report PDF](https://www.rymanhealthcare.co.nz/hubfs/Investor%20Centre/Annual%20and%20interim%20reports/Ryman%20Healthcare%20Limited%20-%20FY26%20Annual%20Report.pdf) and [issuer financial-information listing](https://www.rymanhealthcare.co.nz/about-us/investors/financial-information) checked 10 October 2026. The issuer PDF is byte-identical to the original: SHA256 `c82aa7fc256b084240e30b86fc24f06c4579c1da3518adce7a3587a12bad5d54`, 10,815,570 bytes. - NZX’s [attached 130-page report](https://api.nzx.com/public/announcement/473909/attachment/470096/473909-470096.pdf) has different bytes/hash; all extracted page text matches except an inside-cover caption hyphen. It is not described as byte-identical. - Original catalogue access **June 2026** retained. Evidence review **10 October 2026** does not make the historical measures current. References below use visible printed annual-report pages; physical page usually equals printed page plus 2. Some raw financial-text extraction duplicates/clips adjoining source content and embeds another pagination sequence. ## What this source provides The report brings together a corporate portfolio overview, strategy, resident experience, workforce and environmental initiatives, audited consolidated financial statements and remuneration/governance reporting. Its accounts report a statutory loss despite improved adjusted operating earnings and positive aggregate free cash flow; the existing-operations component of that cash flow remains negative. Restated FY25 values and the note 2 reconciliation are essential for comparisons. Use the company’s dated care occupancy and portfolio figures to frame questions, with mature-site and cross-country boundaries retained. Organisation-wide team members are not clinical staffing FTE; NPS and participation scores lack detailed survey denominators. Testimonials, product roll-outs and training claims are commercial narrative rather than independently evaluated clinical evidence. Future construction, demographic assertions and dividend/funding expectations require separate subsequent verification. ## Verified reported facts and their limits - FY26 covers 1 April 2025–31 March 2026. NZX released the annual report on 5 June 2026 at 08:30 NZST; financial statements were authorised on 25 May. The preserved PDF has 130 physical pages, not 206 (inside cover; printed p. 45; NZX announcement 473909). - FY26 overview reports 47 villages including two under construction: NZ 38/Australia 9; 9,959 retirement units: NZ 8,379/Australia 1,580; and 4,686 aged-care beds: NZ 3,927/Australia 759. These are company portfolio counts, not current certified/staffed capacity or vacancies (printed p. 3). - Overview reports 15,547 residents (NZ 13,069/Australia 2,478) and 7,778 team members (NZ 6,072/Australia 1,706). Team members span the organisation; no care-worker-only/FTE or staffing-ratio denominator is established by this headline (printed p. 3). - FY26 care occupancy averaged 96.0% in mature care facilities across NZ and Australia, versus 96.3% FY25. The headline does not state the mature-facility/bed denominator, weighting or maturity cutoff; it is not all-company or national occupancy and cannot establish current vacancies (printed pp. 6–7). - Adjusted operating revenue was NZ$849.064m and Operating EBITDAF NZ$88.299m versus NZ$771.131m/NZ$45.524m FY25. These company non-GAAP measures differ from statutory total revenue NZ$855.590m; reconciliation appears in note 2 (printed pp. 42,49,53–54). - Statutory FY26 net loss after tax was NZ$171.345m versus restated FY25 loss NZ$513.747m. FY26 included a NZ$104.304m negative investment-property fair-value movement; PBTF loss NZ$73.309m is separately defined as non-GAAP (printed pp. 42,49,54). - FY25 comparative investment-property values/fair-value gains were restated downward by NZ$76.916m for a gross-up calculation correction; the report says this did not affect cash flows or PBTF. Compare the restated financial tables rather than unrevised prior-year totals (printed pp. 49–50). - Non-GAAP free cash flow NZ$188.3m combines FY26 cash from existing operations negative NZ$33.9m and development activity positive NZ$222.2m. It differs from statutory net operating cash NZ$333.968m, which includes resident capital receipts/refunds (printed pp. 6,46,110). - FY26 finance costs were NZ$80.839m versus NZ$140.263m FY25, not a halving. A net impairment credit NZ$3.811m includes NZ$37.362m care-centre charges, NZ$42.516m reversals and NZ$1.343m right-of-use charges; a net credit does not mean no impairments (printed pp. 42,66). - FY26 Company Scorecard reports resident-and-family NPS 47 against target 45, not 47% satisfaction. That table does not give sample size, response rate, resident/family mix or fieldwork dates. Team survey participation was 78% versus 70%, a participation measure rather than an engagement score (printed pp. 23,110). - Ryman reports rolling its Resident Fund from a pilot to all NZ villages. This is a provider-reported product initiative, not guaranteed care placement or a public subsidy; care capital and retirement ORA repayment arrangements vary in the financial notes (printed pp. 7,18,73–75,85). - Report identifies more than 2,000 units/beds in uncommitted development potential. These mixed, unbuilt units/beds are not available care capacity. FY28 dividend resumption is a company pathway; the 26 May results release makes it subject to operating performance and Board approval (printed pp. 5,9; issuer results release). - PwC’s unmodified opinion dated 25 May 2026 covers the financial statements, with property/care-centre valuation a key audit matter. It does not provide an audit opinion or assurance on other annual-report information, clinical outcomes or survey claims (printed pp. 96–99). - June report anticipated advisory-group recommendations within weeks and possible funding changes in 2027. The Ministry subsequently published A Place to Grow Old on 17 August 2026; that publication offers recommendations for future decisions and does not establish implementation of Ryman’s earlier funding expectations (printed pp. 7–8; Ministry publication). ## Contents - Inside cover and contents: reporting period, publication context and navigation (physical pp. 2–3) - About Ryman, company overview and Chair/CEO letter (printed pp. 2–9; physical pp. 4–11) - Strategy, integrated living/care model, purpose and resident experience (printed pp. 10–21; physical pp. 12–23) - People, clinical initiatives, workforce, places and sustainability (printed pp. 22–35; physical pp. 24–37) - Board and Senior Executive Team profiles (printed pp. 36–39; physical pp. 38–41) - Results, consolidated statements and notes including comparatives, capital and contract accounting (printed pp. 40–95; physical pp. 42–97) - Independent auditor’s report (printed pp. 96–99; physical pp. 98–101) - Governance, risks, remuneration, scorecards, ownership and dual-listing disclosure (printed pp. 100–125; physical pp. 102–127) - Village and corporate directory, plus back cover (printed pp. 126–127; physical pp. 128–130) ## Practical use Trace dated operator scale, care occupancy and capital strategy against financial accounts; test mature-site, cross-country, non-GAAP and survey denominators before comparison, and seek current site-level evidence for service access. - Reconcile adjusted operating revenue, EBITDAF, PBTF and free cash flow to statutory statements, retaining FY25 restatements and the negative CFEO component. - Keep retirement units separate from aged-care beds and proposed projects separate from operational facilities; historical mature-facility occupancy cannot settle current access or staffing. - Demand survey methods and profession/FTE breakdowns before comparing NPS, team participation or workforce scale across providers. - Ask for present facility-specific care level, certification, staffing, vacancies and all charges; FY26 portfolio occupancy does not guarantee a place. - Obtain current individual Resident Fund, refundable care-capital and retirement ORA terms and appropriate independent advice; the report’s accounting descriptions do not establish personal rights or repayment timing. - Provider testimonials, awards and clinical training initiatives do not substitute for independent care quality, complaint or audit evidence. ## Historical policy context The June report’s outlook must remain dated. The Ministry’s [A Place to Grow Old publication](https://www.health.govt.nz/publications/a-place-to-grow-old-securing-the-future-of-aged-care) records release on 17 August 2026 and describes recommendations informing future policy and funding decisions. Publication resolves the historical report-availability question; it does not establish adoption, funded delivery or Ryman’s anticipated 2027 reforms. ## Evidence boundary All 130 physical pages read and visually reviewed; selected tables/footnotes independently checked in preserved PNG proofs. Confidence concerns source identity and faithful figures, not independent validation of provider outcomes. Current issuer PDF is byte-identical to the preserved original; NZX’s 130-page attachment has different bytes and one page 2 caption hyphen difference in extracted text, so is not claimed byte-identical. Use visible annual-report printed pages, not duplicated/clipped accounting-text extraction numbering. Financial audit assurance covers statements/notes, not the other annual-report narrative. Non-GAAP measures need their definitions; FY25 comparisons are restated. Mature NZ/AU occupancy lacks a published subset denominator; beds/units and organisation-wide people are not current vacancies, staffed capacity or care FTE. NPS 47 and 78% team response are distinct measures with incomplete methods. Product, clinical and environmental narratives are company claims; forecasts and targets are not completed outcomes. June policy expectations are historical: Ministry report released 17 August 2026, not proof of funding implementation. Current individual contracts, later project openings, future dividends and legal/medical/financial advice are not verified by this report. Original PDF/name/category and June 2026 access preserved; 5 June publication, 31 March period and 10 October evidence review remain distinct. The report’s demographic 80+ doubling 2050 assertion does not identify a Stats NZ series, scenario or base on its strategy page; it is not promoted here to a verified projection. Portfolio counts, care occupancy and future development are separate quantities. Survey scores, testimonials, awards, training platforms and proposed environmental savings do not prove independently measured clinical or environmental outcomes. Public issuer report retained for source reference. No open reuse licence established; copyright remains with Ryman and other rights holders. ## Durable verification All 130 pages were read and rendered. Dedicated evidence: `artifacts/research/ryman-fy26-source-audit-2026-10-10.json`; full page-text capture, 130-page contact proofs, selected table PNGs and their hash manifests. The prior truncated catalogue text and original metadata are preserved in that audit. This companion is newly created for doc-0206; the separate historical Source Brief record doc-0207 was narrowly reconciled to the same primary report. Its original June capture is preserved in the audit and its June news additions remain explicitly unverified.