Full Year 2026 Ryman Healthcare Ltd Earnings Call Transcript
Key Points
- Ryman Healthcare Ltd (RYHTY) reported a doubling of operating EBITDAF and delivered positive free cash flow of $188 million for the first time in over a decade.
- The company has a strong and flexible balance sheet, with successful bank refinancing and $147 million in contracted land divestments.
- Ryman Healthcare Ltd (RYHTY) has improved its portfolio quality by reducing the number of active construction sites and closing older villages.
- The company has seen significant occupancy growth in new care centers, with some reaching 90% occupancy ahead of expectations.
- Ryman Healthcare Ltd (RYHTY) has achieved $57 million in gross annualized cost savings since FY24, at the top end of their guidance range.
- The company faces mixed market conditions, with competitive pricing environments in some regions affecting resale margins.
- Ryman Healthcare Ltd (RYHTY) has a higher level of resale stock in regions with subdued property market conditions, such as Auckland.
- The company has not provided explicit guidance on sales volumes for FY27, reflecting uncertainty in demand due to macroeconomic conditions.
- There is a risk of further valuation discounts on unsold stock if sales velocity does not improve as expected.
- Ryman Healthcare Ltd (RYHTY) has not prioritized acquiring new land, focusing instead on improving performance in the existing asset base.
Thank you for standing by, and welcome to the Ryman Healthcare full year results briefing. (Operator Instructions)
I'd now like to hand the conference over to Naomi James, Chief Executive Officer. Please go ahead.
Welcome, everyone, and thank you for joining us for our FY26 full year results. With me today, I have Matt Prior, our CFO; and Hayden Strickett, our Head of Investor Relations. Today, we will run through the significant progress we have made and how this is translating into improved performance. Reflecting our strategy refresh, we will talk to retirement living and then to aged care, showing the differences of these earnings streams, and we'll leave time at the end for your questions.
Let's start with the highlights on slide 4. FY26 marks an important operational inflection point for Ryman, with the work undertaken over the last two years now translating into improved performance, cash flow generation, and balance sheet strength. Earnings momentum is building, with
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