# Findings Report — Prompt 5: Ryman Healthcare Latest **Run Date:** 8 June 2026, 03:00 NZST **Prompt:** #5 — Ryman Healthcare Latest (Provider Watch) **Category:** Provider Watch — 11_Market_and_Industry_Reports --- ## What Was Searched 1. `Ryman Healthcare NZX announcement July 2026` — NZX announcements page 2. `Ryman Healthcare investor presentation half year 2026` — latest presentations 3. `Ryman Healthcare annual report 2026 site:rymanhealthcare.co.nz` — company website 4. `Ryman Healthcare FY26 results reaction news June 2026` — media and analyst reaction 5. `"RYM" "Ryman" "retail bond" June 2026 prospectus` — bond market activity 6. NZX RYM announcements page extracted for full chronology --- ## What Was Found ### 1. FY26 Annual Report — Published 5 June 2026 ✅ Already in KB The FY26 Annual Report (year ended 31 March 2026) was published 5 June 2026. The KB already holds: - `11_Market_and_Industry_Reports/2026 - Ryman Healthcare - FY26 Annual Report.pdf` - `11_Market_and_Industry_Reports/2026 - Ryman Healthcare - FY26 Annual Report.txt` - `11_Market_and_Industry_Reports/2026 - Ryman Healthcare - Source Brief - FY26 Annual Report.md` The source brief comprehensively captures the financial results, strategy, and commentary. ### 2. FY26 Results Media Release — 26 May 2026 Media release _"FY26 marks significant year of progress"_ by CEO Naomi James: - **Operating revenue** up 10% to **$849M** - **Operating EBITDAF** up 94% to **$88M** (nearly doubled) - **First positive free cash flow in a decade: $188M** - **PBTF loss** reduced from -$385M to **-$73M** - **Gearing at sector-low 27.8%** — balance sheet reset complete - No bank maturities until FY31; >75% of drawn debt on fixed rates - New capital management framework with pathway to **return to dividends in FY28** **Sources:** - https://www.rymanhealthcare.co.nz/investor-news/fy26-marks-significant-year-of-progress (accessed 8 Jun 2026) - https://www.nzx.com/announcements/473286 (accessed 8 Jun 2026) ### 3. Retail Bond Offer — 3 June 2026 ⚠️ NEW — NOT IN KB Ryman announced it is **considering a 6-year fixed rate secured bond offer** to replace its $150M RYM010 retail bond maturing December 2026. The offer would be to institutional and retail NZ investors. Full details expected week beginning 8 June 2026. RYM010 bondholders may be able to exchange existing bonds for new ones. - Arranger: ANZ Bank New Zealand - Joint Lead Managers: Craigs Investment Partners, Forsyth Barr, Westpac - Bonds expected to be quoted on NZX Debt Market - Trading in RYM010 bonds to be suspended during transition **Source:** https://www.nzx.com/announcements/473748 (accessed 8 Jun 2026) **Status:** This is market-sensitive — the offer is opening this week (w/c 8 June 2026) ### 4. New Independent Director Appointed — 24 April 2026 **Hamish Rumbold** appointed as independent non-executive director from 1 May 2026. - Currently a director of House of Travel, Orbit Remit, LIC, and The Warehouse Group - Former Chief Digital and Technology Officer at Kiwibank - Brings digital, data, and technology governance expertise - This appointment **completes the Board refresh** (per Chair Dean Hamilton) - Will stand for re-election at 2026 AGM **Source:** https://www.nzx.com/announcements/471447 (accessed 8 Jun 2026) ### 5. Q4 FY26 Trading Update — 15 April 2026 - **Total ORA sales:** 1,410 for FY26 (in line with 1,300–1,400 guidance) - New DMF of **30% now widely accepted** — net sales applications exceeding turnover levels for first time since contract change (late 2024) - **Mature care centre occupancy:** 96.1% (consistent with prior quarter) - **4 of 5 care centres opened in past 2 years** now above **80% occupancy** - **Active construction sites reduced** from 7 to just **2** - **Free cash flow estimated ~$180M** (actual delivered: $188M) - **Net interest-bearing debt:** $1.57B (31 Mar 2026) - Relocations from Margaret Stoddart and Woodcote care centre closures (39 residents) **Source:** https://www.nzx.com/announcements/470907 (accessed 8 Jun 2026) ### 6. Analyst Reaction — Macquarie Outperform - Macquarie reaffirmed **Outperform** rating following FY26 results - Care division described as a **"standout performer"** expected to drive FY27 upside - Macquarie noted cash release potential **exceeds $500M target** for FY29 - RYM.NZ share price ranged NZ$2.17–$2.27 on results day **Source:** https://www.investing.com/news/stock-market-news/why-is-ryman-healthcare-stock-gaining-today-93CH-4710236 (accessed 8 Jun 2026) ### 7. Upcoming Key Dates | Date | Event | | ---------------------- | ------------------------------------------- | | 8 Jun 2026 (this week) | Retail bond offer details expected | | 28 Jul 2026 | **2026 Annual Shareholders Meeting** | | 4 Jun 2026 | Director nominations closing date announced | | By 31 Jul 2026 | Climate-related disclosures to be published | ### 8. Investor Day (3 Feb 2026) — Refreshed Strategy Key strategic direction already captured in the source brief. Notable additional detail: - **Australia favoured for greenfield investment**; NZ for brownfield expansion - **Land bank review completed** — 6 sites retained for potential development - **Dividend payout policy:** 20–50% of CFEO per share, targeting FY28 return - **Aged care EBITDAF per bed target:** $25–30k by FY29 **Source:** https://www.rymanhealthcare.co.nz/investor-news/refreshed-strategy-and-new-capital-management-framework (accessed 8 Jun 2026) --- ## Value Assessment 🟠 HIGH Several newsworthy developments that warrant KB updates: 1. **Retail bond offer (3 Jun 2026)** — market-sensitive; not yet in KB. The offer details are due this week. High value because it signals Ryman's capital management strategy and refinancing approach. 2. **Board refresh complete** with Hamish Rumbold appointment — governance update not fully captured in source brief. 3. **Q4 trading update** details on DMF acceptance, care occupancy, and construction pipeline reduction — operational milestones that track the strategy reset. 4. **Analyst endorsement** (Macquarie Outperform) — external validation of the turnaround. --- ## KB ACTION ### Files to Create/Update: 1. **UPDATE** `11_Market_and_Industry_Reports/2026 - Ryman Healthcare - Source Brief - FY26 Annual Report.md` - Add section 9: "Post-Annual Report Developments" covering: - Retail bond offer (3 Jun 2026) - Hamish Rumbold appointment / board refresh completion - AGM date (28 Jul 2026) - Analyst reaction (Macquarie Outperform) 2. **CREATE** `01_Knowledge_Base/11_Market_and_Industry_Reports/2026-06-08 Ryman Healthcare - Post-FY26 Developments.md` - Standalone note covering the bond offer, director appointment, Q4 trading update details not in annual report, and key upcoming dates. ### Alternative (simpler): - PATCH the existing source brief to add a "Post-FY26 Developments" section at the end with the bond offer, director appointment, and AGM date. --- ## Cross-References - Existing KB file: `11_Market_and_Industry_Reports/2026 - Ryman Healthcare - Source Brief - FY26 Annual Report.md` - Existing KB file: `11_Market_and_Industry_Reports/2026 - Ryman Healthcare - FY26 Annual Report.pdf` - Related prompt: Prompt 6 (Summerset), Prompt 7 (Oceania) — provider watch series --- _Report generated automatically by Hermes Agent research cron job, 8 June 2026._