New Zealand · Delayed Price · Currency is NZD Ryman Healthcare Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw a doubling of operating EBITDAF, positive free cash flow, and strengthened balance sheet, driven by cost savings, improved care occupancy, and disciplined capital allocation. The outlook for FY 2027 focuses on cash flow, care earnings, and reducing vacant stock.
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A refreshed strategy prioritizes recurring earnings, operational excellence, and disciplined capital management, targeting NZD 150 million in cash flow improvement and NZD 500 million in cash release by FY 2029. Portfolio optimization, cost efficiencies, and a new dividend policy underpin a return to shareholder value growth.
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Positive free cash flow and 13% revenue growth were achieved, with cost savings ahead of target and refinancing completed. Sales guidance was updated, margins moderated due to market conditions, and significant cash release opportunities remain in inventory and development assets.
Fiscal Year 2025
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The AGM addressed significant financial losses, a major board and executive refresh, and a strategic reset focused on cash generation, cost reduction, and disciplined growth. Shareholders engaged robustly on development risks, capital management, and future dividends, with management emphasizing transparency and a path to recovery.
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FY 2025 saw operational improvements, cost reductions, and a strengthened balance sheet following a major equity raise. Guidance for FY 2026–2027 anticipates improved sales in H2, continued cost discipline, and cash release from unsold stock, despite ongoing market challenges.
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Leadership transition and major accounting changes marked the period, with a net loss before tax and fair value movements, compressed margins, and negative free cash flow guidance as settlements are deferred. Cost savings and operational improvements are underway amid challenging market conditions.
Fiscal Year 2024
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Revenue rose but profits fell sharply due to impairments and higher costs, prompting a focus on cash flow, capital discipline, and operational efficiency. Board renewal, auditor change, and sustainability initiatives were key themes, with dividends suspended and strategic reviews ongoing.