New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Ryman Healthcare (RYM) delivered a solid 1H26 result.</li><li>The key positives from the result were: (1) gross opex was held largely flat for the fourth consecutive half-year period; (2) cost-out guidance for FY26 was upgraded; and (3) NZ$110m of landbank divestments have now been contracted.</li><li>Free cashflow was positive for the first time in more than a decade at NZ$56.2m, underpinned by strong development cashflow as RYM winds back unit deliveries.</li></ul>

Ryman Healthcare (RYM) delivered a solid 1H26 result.The key positives from the result were: (1) gross opex was held largely flat for the fourth consecutive half-year period; (2) cost-out guidance for FY26 was upgraded; and (3) NZ$110m of landbank divestments have now been contracted.Free cashflow was positive for the first time in more than a decade at NZ$56.2m, underpinned by strong development cashflow as RYM winds back unit deliveries.

<ul><li>Ryman Healthcare (RYM) will report its 1H26 result on Thursday, 27 November.</li><li>The extent to which RYM leveraged discounting and incentives to drive these sales will be key.</li><li>Demonstrated progress on strategic priorities—particularly on cost control and releasing cash from the business—will likely be well received by the market.</li></ul>

Ryman Healthcare (RYM) will report its 1H26 result on Thursday, 27 November.The extent to which RYM leveraged discounting and incentives to drive these sales will be key.Demonstrated progress on strategic priorities—particularly on cost control and releasing cash from the business—will likely be well received by the market.

Ryman Healthcare 1H26 Preview On the Road to Recovery

<ul><li>Ryman Healthcare (RYM) has undergone a painful but necessary reset.</li><li>The rewards for shareholders could be substantial if RYM’s new management team can successfully refocus the business to extract value from its existing asset base of ~14,500 units and beds.</li><li>We estimate recently enacted changes to RYM’s deferred management fees (DMF) and weekly fees alone will lift our annuity earnings metric by ~+NZ$75m from FY25 to FY30.</li></ul>

Ryman Healthcare (RYM) has undergone a painful but necessary reset.The rewards for shareholders could be substantial if RYM’s new management team can successfully refocus the business to extract value from its existing asset base of ~14,500 units and beds.We estimate recently enacted changes to RYM’s deferred management fees (DMF) and weekly fees alone will lift our annuity earnings metric by ~+NZ$75m from FY25 to FY30.

Ryman Healthcare - Restoring RYM And Reason

<ul><li>RYM has now upgraded FY26 sales expectations twice in just three months.</li><li>The current resales cadence should slow the build-up of bought-back stock materially, reducing a key cashflow drag and further de-risking the investment case.</li><li>On our revised estimates, we expect RYM to deliver modest positive free cashflow in FY26 for the first time in more than a decade.</li></ul>

RYM has now upgraded FY26 sales expectations twice in just three months.The current resales cadence should slow the build-up of bought-back stock materially, reducing a key cashflow drag and further de-risking the investment case.On our revised estimates, we expect RYM to deliver modest positive free cashflow in FY26 for the first time in more than a decade.

Ryman Healthcare Another Step In The Right Direction

Thematic (Sector/Industry)

<ul><li>NZ’s listed aged care sector has had a difficult start to 2026.</li><li>Despite weak share price performance, the operating environment for the sector appears to be stabilising rather than deteriorating.</li><li>Encouragingly, our Montgomerie-Ibbotson Pricing Index (MI Index) for RYM’s unit prices rose sequentially in March 2026, marking the first increase in 12 months.</li></ul>

NZ’s listed aged care sector has had a difficult start to 2026.Despite weak share price performance, the operating environment for the sector appears to be stabilising rather than deteriorating.Encouragingly, our Montgomerie-Ibbotson Pricing Index (MI Index) for RYM’s unit prices rose sequentially in March 2026, marking the first increase in 12 months.

Aged Care Sector Montgomerie-Ibbotson Aged Care Pricing Index

New Zealand

Ryman Healthcare Limited provides private health care services through its development, management and operation of retirement villages, nursing homes and geriatric hospitals.  The Company's facilities are located in Christchurch, Dunedin, Invercargill and Wellington.

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Ryman Healthcare (RYM NZ)

Ryman Healthcare 1H26 Result: On Track

Free cashflow was positive for the first time in more than a decade at NZ$56.2m, underpinned by strong development cashflow as RYM winds back unit...

Forsyth Barr

Ryman Healthcare 1H26 Preview On the Road to Recovery

Ryman Healthcare (RYM) will report its 1H26 result on Thursday, 27 November.The extent to which RYM leveraged discounting and incentives to drive...

Forsyth Barr

Ryman Healthcare - Restoring RYM And Reason

The rewards for shareholders could be substantial if RYM’s new management team can successfully refocus the business to extract value from its...

Forsyth Barr

Ryman Healthcare Another Step In The Right Direction

The current resales cadence should slow the build-up of bought-back stock materially, reducing a key cashflow drag and further de-risking the...

Forsyth Barr

Aged Care Sector Montgomerie-Ibbotson Aged Care Pricing Index

NZ’s listed aged care sector has had a difficult start to 2026. Despite weak share price performance, the operating environment for the sector...

Forsyth Barr

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