# Findings Report: Prompt B3-6 — Provider Quarterly Check (Ryman/Summerset/Oceania) **Date:** 9 June 2026, 11:00 NZST (approx) **Category:** Provider Watch **Focused on:** Ryman Healthcare (RYM), Summerset Group (SUM), Oceania Healthcare (OCA) --- ## What Was Searched - NZX announcement pages for RYM, SUM, OCA - Company investor centre websites - Motley Fool Australia, StockLight, NZ Herald, BusinessDesk, RNZ - Key search terms: "Ryman Healthcare FY26 results", "Summerset 1Q26 metrics", "Oceania Healthcare FY26 results", "Summerset Investor Day 2026", "Ryman Healthcare share price 2026" --- ## Summary of Findings ### 🟠 Ryman Healthcare (RYM) — Significant Turnaround | Metric | FY26 | Change | | ----------------------------------------- | --------------------------- | ---------------------------------------------- | | **Share price** (8 Jun 2026) | **$2.28** | Up ~1.3% day; up ~20% from results day ($1.90) | | Free cash flow (first positive in decade) | **$188M** | +$282.5M vs FY25 | | Operating revenue | **$849M** | +10% | | EBITDAF | **$88M** | **+94%** | | PBTF loss | ($73M) | Improved from ($385M) | | Gearing | **27.8%** | Lowest in sector | | No bank maturities until FY31 | — | Balance sheet reset | | Dividend | **Suspended — FY28 target** | | **Key strategic developments:** - **Strategic reset:** Shift from development-led growth to value creation from $12B+ portfolio - **Land divestment target raised:** ~$250M (from $200M); $147M settled/contracted - **$500M cash release target by FY29:** $169M delivered in FY26 - **Resident Fund** rolled out NZ-wide for care transition; DMF of 30% now widely accepted **FY27 Guidance:** - Build rate: 157–168 units/beds (down from 330) - Capex: $150–$180M (down from $221.8M) - Aged care EBITDAF per bed target: **$20k–$25k** (FY26: $17.7k) - On track for $150M sustainable CFEO improvement by FY29 ($47M delivered in FY26) **Post-FY26:** Retail bond offer being considered to replace $150M RYM010 maturing Dec 2026. **Market view:** Macquarie reaffirmed **Outperform** rating. Care division a "standout performer." --- ### 🟠 Summerset Group (SUM) — Solid Sales Momentum, Headwinds from Fuel Crisis | Metric | Current | | ---------------------------- | ------------------ | ----------------------------------- | | **Share price** (8 Jun 2026) | **$7.78** | Down 29.6% for the week; -35% YTD | | **NTA per share** | **$13.75** | Share trades at 43% discount to NTA | | FY25 underlying profit | **$234.2M (+13%)** | | Total revenue | **$361.8M (+13%)** | | FY25 total ORA sales | **1,560 (+26%)** | **Q1 2026 (to 31 Mar):** 365 ORA sales (177 new +34%, 188 resales +19% vs Q1 2025) **Investor Day (4 May 2026 at Cranbourne North, Australia)** - Sales contracting consistent since Middle East crisis - Uncontracted resale stock: **2.4% of portfolio** (down from 2.7% at FY25 year-end) - ~420 of 750-850 build guidance already delivered YTD - Cost inflation: ~1.3% on construction tenders, ~6% on operational costs (food/medical) - Fuel crisis being monitored but **no material sales impact yet** - Multiple balance sheet levers available **Substantial holder:** NZ Superannuation Fund (SPH notice 2 Jun 2026) **Half-year results due:** August 2026 (balance date 30 June 2026) --- ### 🟠 Oceania Healthcare (OCA) — Strategic Reset Delivering Results | Metric | FY26 | Change | | ---------------------------- | ------------------------ | ---------------------------------------- | | **Share price** (9 Jun 2026) | **$0.755** | Down ~12% over 6 months | | **NTA per share** | **$1.62** | Share trades at 53% discount | | Proforma Underlying EBITDA | **$97.7M** | **+20%** | | Proforma Underlying NPAT | **$64.1M** | **+34%** | | Total settled units | **603** | **+16%** (record) | | Net debt reduction | **($121.4M)** to $506.7M | | | Gearing | **30.1%** | Lower end of 30-35% target | | Cost out savings | **$13.2M** delivered | On track for $20.4M annualised | | Care EBITDA per occupied bed | **$27,232** | **+40%** | | Dividend | **No dividend** FY26 | Reassess once FCF positive (FY27 target) | **Strategic reset:** - **7 sites divested for $51.1M** within 6 months (exceeded 18-month target) - Support office costs reduced ~20% via automation - **Positive FCF from operations targeted for FY27** - **$30M total cash & cost savings target for FY27** - **The Helier (Auckland premium):** 74% sold/under application; 97% development recovery **Upcoming:** AGM 30 July 2026 (Park Hyatt Auckland); director nominations close 16 June 2026. --- ## Sector Cross-Reference | Metric | Ryman | Summerset | Oceania | | ------------------- | --------------------------------- | ------------------------------------- | ---------------------------------- | | Share price | $2.28 | $7.78 | $0.755 | | NTA per share | — | $13.75 | $1.62 | | Discount to NTA | Significant | 43% | 53% | | Gearing | 27.8% | Strong | 30.1% | | FCF | +$188M positive | Strong ops cashflow | -$15M (improving) | | Dividend | Suspended (FY28 target) | 24.5cps FY25 | None FY26 | | Build rate guidance | 157-168 (FY27) | 750-850 (2026) | 81 (FY27) | | Key risk | Market sentiment, low share price | Fuel/construction costs, AU expansion | Unsold stock $227M, no dividend | | Key opportunity | Care turnaround, FCF generation | AU expansion, demographic demand | Debt reduction, care margin growth | --- ## KB ACTION Required 1. **UPDATE** `2026 Provider Market Refresh Tracker.md` — Update Ryman, Summerset, and Oceania entries with FY26 data, current share prices, and recent developments 2. **CREATE** web captures for FY26 results investor news pages (if not already captured) — Ryman's investor news page has FY27 guidance details not in the annual report source brief 3. The existing provider source briefs in `11_Market_and_Industry_Reports` are comprehensive and up-to-date for Ryman (FY26), Summerset (FY25 + Q1 2026 + Investor Day), and Oceania (FY26) — no major new briefs needed 4. The Summerset market update should be updated with current share price ($7.78 as of 8 Jun, down from $8.06) and NZ Super Fund SPH notice --- ## Sources | Source | URL | Date Accessed | | --------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------- | | Ryman Q4 FY26 Trading Update (NZX 470907) | https://www.nzx.com/announcements/470907 | 9 Jun 2026 | | Ryman FY26 Results — Investor News | https://www.rymanhealthcare.co.nz/investor-news/fy26-marks-significant-year-of-progress | 9 Jun 2026 | | Ryman FY26 Results Webcast (NZX 473286) | https://www.nzx.com/announcements/473286 | 9 Jun 2026 | | StockLight RYM Announcements | https://stocklight.com/stocks/au/asx-rym/ryman-healthcare/announcements | 9 Jun 2026 | | Ryman Annual Report FY26 (PDF) | https://www.rymanhealthcare.co.nz/hubfs/Investor%20Centre/Annual%20and%20interim%20reports/Ryman%20Healthcare%20Limited%20-%20FY26%20Annual%20Report.pdf | 9 Jun 2026 | | Summerset FY25 Financial Results (NZX 468297) | https://www.nzx.com/announcements/468297 | 9 Jun 2026 | | Summerset 1Q26 Metrics (NZX 470509) | https://www.nzx.com/announcements/470509 | 9 Jun 2026 | | Summerset Investor Day (NZX 472036) | https://www.nzx.com/announcements/472036 | 9 Jun 2026 | | Summerset NZX Announcements Page | https://www.nzx.com/companies/SUM/announcements | 9 Jun 2026 | | Mootley Fool — Summerset Q1 2026 Sales | https://www.fool.com.au/2026/04/07/summerset-group-q1-2026-sales-rise-on-robust-demand/ | 9 Jun 2026 | | Oceania FY26 Full Year Result (NZX 473127) | https://www.nzx.com/announcements/473127 | 9 Jun 2026 | | Oceania NZX Announcements Page | https://www.nzx.com/companies/OCA/announcements | 9 Jun 2026 | | Oceania FY26 Annual Report (PDF) | Source in KB: `2026 - Oceania Healthcare - FY26 Annual Report.pdf` | 9 Jun 2026 | | Yahoo Finance RYM | https://finance.yahoo.com/quote/RYM.NZ/ | 9 Jun 2026 | | Yahoo Finance SUM | https://finance.yahoo.com/quote/SUM.NZ/ | 9 Jun 2026 | | Yahoo Finance OCA | https://finance.yahoo.com/quote/OCA.NZ/ | 9 Jun 2026 | --- **Overall value rating:** 🟠 High — All three providers released major results/updates recently. Ryman's first positive FCF in a decade and strategic reset, Summerset's continued sales momentum through the fuel crisis, and Oceania's successful strategic restructuring are all material developments for the KB.