Half Year 2026 Ryman Healthcare Ltd Earnings Call Transcript
Key Points
- Ryman Healthcare Ltd (RHCGF) reported its first positive free cash flow result in over a decade, amounting to $56.2 million.
- The company has made substantial progress towards achieving its cost reduction target, with an annualized reduction of $40 million and an increased full-year target of $50 million to $60 million.
- Ryman Healthcare Ltd (RHCGF) completed a full refinancing of its bank debt, extending the average facility tenor to five years and improving pricing and financial covenants.
- The company has seen a rebuild in sales volume with total sales of 704 units, and a significant improvement in operating EBITDAF.
- Ryman Healthcare Ltd (RHCGF) has successfully completed an ASX foreign exempt listing, broadening its investor base and reinforcing its commitment to the Australian market.
- Sales volumes, while improved, are still below the record levels of the previous year, and the Auckland market has yet to show meaningful improvement.
- The company faces challenges with elevated levels of serviced apartments and is considering options to improve utilization.
- Resales margins have moderated due to a flat housing market, impacting cash generation and leading to a working capital drag.
- Ryman Healthcare Ltd (RHCGF) has a significant amount of bought back resale stock, which presents a cash release opportunity but also indicates challenges in resales.
- The New Zealand government is lagging in aged care funding reforms, which could impact future investment in new capacity.
Thank you for standing by, and welcome to the Ryman Healthcare half-year results briefing. (Operator Instructions)
I would now like to hand the conference over to Ms. Naomi James, Chief Executive Officer. Please go ahead.
Good morning, everyone. I'm Naomi James, Chief Executive Officer of Ryman Healthcare. Thank you for joining us for our half-year results for the six months to September 30, 2025. With me today is Matt Prior, who commenced as Chief Financial Officer on July 31; and Hayden Strickett, our Head of Investor Relations. We're going to be working to get through the presentation in around 30 minutes to allow time for Q&A before we wrap up at midday.
Looking at the agenda, I'll provide an overview of sales, stock, operations and development before handing to Matt, who will speak to the financials and capital management. And I'll then provide an update on outlook and strategic priorities before opening up for Q&A.
Starting on slide 4. As you'll see
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