Ryman Healthcare returns to positive free cash flow after a decade

Ryman Healthcare announced its 1H26 results, achieving a positive free cash flow of $56.2 million, an increase of $108.7 million. This was driven by strong development cash flows and scaled-back development investment. Total revenue grew by 13%, while total costs fell by 2%, leading to a $57.6 million reduction in losses before tax and fair value movements. However, the company reported a net loss after tax of -$45.2 million, down from a net profit of $82.0 million in 1H25.

The company's balance sheet reset is complete following a $1.0 billion equity raise in February 2025 and a $2.0 billion bank facilities refinancing in November 2025. Ryman also lifted its FY26 sales guidance for ORAs to 1,300–1,400 units at a higher Deferred Management Fee (DMF) of 28.8% in 1H26, up from 20.7% in 1H25.

Annualized cost savings to date reached $40 million, with the FY26 target now raised to $50–60 million. Capital expenditure for FY26 is projected to be $235–265 million, significantly lower than the $535.3 million in FY25.