Ryman Healthcare Limited (NZX/ASX: RYM) has released its third-quarter trading update, reporting 375 occupation right agreement sales for the period ending 31 December 2025.
Figure 1: Ryman Healthcare corporate logo. [Argus Tracking]
The Ryman Healthcare FY26 outlook remains unchanged, with annual guidance maintained at 1,300 to 1,400 ORA sales. The Company continues navigating mixed housing market conditions and heightened regional competition across its operations.
Ryman Healthcare Q3 Trading Update Reveals Product Mix Shift
The Ryman Healthcare Q3 trading update shows total sales remained broadly flat compared to the second quarter. The Company experienced a shift in product mix across retirement living offerings during the period.
New sales of independent living units eased to 61 following the opening of Nellie Melba Stage 4 in the prior quarter. This decline was anticipated by management as the major development completed its initial sales phase.
Figure 2: A Ryman Healthcare retirement village. [Ryman Healthcare]
Serviced apartment sales strengthened significantly across both New Zealand and Australian operations. The Ryman Healthcare Q3 trading update recorded 40 new serviced apartment sales, up from 18 in the previous quarter.
Resales remained steady at 274 units, matching the second quarter performance. Regional mix variations influenced overall resale activity during the three-month period.
Occupancy Growth Continues in Care Centres
The Ryman Healthcare FY26 outlook benefits from continued occupancy growth in recently opened aged care centres. Mature care centres achieved 96.0 per cent occupancy in the third quarter, improving from 95.8 per cent in Q2.
The mature care centre metric excludes six developing facilities that have not yet reached 90 per cent occupancy. Woodcote and Margaret Stoddart care centres are also excluded following their closure in Q3 FY26.
Edmund Hillary care capacity reopened in the first half of FY26 following completion of releveling works. This facility is excluded from the mature care centre calculation as it rebuilds occupancy.
Growing demand for high-quality care offerings continues across Ryman Healthcare’s network. The Company operates 49 retirement villages housing 15,300 residents across New Zealand and Australia.
CEO Commentary Highlights Sales Strategy Progress
Chief Executive Officer Naomi James provided commentary on the Ryman Healthcare Q3 trading update results.
“We maintained sales momentum through to the holiday break, amid mixed housing market conditions and heightened competition continuing in some regions. We also continue to see growing demand for our high-quality care offering. While sales volumes are still rebuilding, we’re encouraged by clear progress in key metrics like contract conversion and cancellation rates – proof that our sales strategies are working, and lead quality is improving. Looking ahead, we expect continued market variability, but our focus remains firmly on driving sales effectiveness and controlling the factors within our reach.”
Figure 3: Ryman Healthcare Chief Executive Officer Naomi James. [LinkedIn]
Margaret Stoddart and Woodcote Relocations Impact Reported Volumes
Relocations from Margaret Stoddart and Woodcote to other Christchurch villages contributed to reported sales. The Ryman Healthcare Q3 trading update included 32 relocation sales following care centre closures at these villages.
The second quarter included 5 relocation sales from these facilities. Total relocations are expected to be less than 40 for the full year.
Figure 4: Exterior view of a Margaret Stoddart retirement village. [Ryman Healthcare]
Reported sales volumes include the relocations to provide transparency on total activity. This approach ensures investors understand both organic and relocation-driven sales.
FY26 Guidance Maintained Despite Market Challenges
The Ryman Healthcare FY26 outlook maintains guidance at 1,300 to 1,400 ORA sales for the full year. This range excludes expected relocations from Margaret Stoddart and Woodcote facilities.
Management expects continued market variability throughout the remainder of the financial year. The Ryman Healthcare shares news that reflects the Company’s disciplined approach to guidance setting.
Focus remains firmly on driving sales effectiveness and controlling factors within reach. The Company employs 7,800 staff across its retirement village and aged care operations.
Year-to-date sales through three quarters total 813 units across new sales and resales. This positions Ryman Healthcare to achieve guidance with strong fourth quarter performance.
Share Price Performance
Ryman Healthcare shares last traded at $2.590, operating within the 52-week range of $2.270 to $2.640. The Company’s market capitalisation stands at $2.56 billion across its dual listing.
Figure 5: Ryman Healthcare share price performance over the past year. [ASX]
Final Thoughts
The Ryman Healthcare Q3 trading update demonstrates steady performance amid challenging market conditions. Sales volumes remained broadly flat with encouraging shifts in product mix favouring serviced apartments.
The Ryman Healthcare FY26 outlook remains supported by unchanged guidance and improving operational metrics. Contract conversion and cancellation rates show clear progress from sales strategy implementation.
Occupancy growth in aged care centres provides a solid foundation for the business. The Ryman Healthcare shares news reflect the Company’s focus on executing within its control while navigating variable market conditions.
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FAQs
Q1. How many ORA sales did the Ryman Healthcare Q3 trading update report?
Ans. The Ryman Healthcare Q3 trading update reported 375 occupation right agreement sales, comprising 101 new sales and 274 resales for the quarter ending 31 December 2025.
Q2. What is the Ryman Healthcare FY26 outlook for total sales?
Ans. The Ryman Healthcare FY26 outlook maintains guidance at 1,300 to 1,400 ORA sales, excluding resident relocations from Margaret Stoddart and Woodcote which are expected to be less than 40.
Q3. What was the aged care occupancy rate in the Ryman Healthcare Q3 trading update?
Ans. Mature aged care centres achieved 96.0 per cent occupancy in Q3, up from 95.8 per cent in Q2, showing continued growth in recently opened centres.
Q4. How did serviced apartment sales perform in the quarter?
Ans. New serviced apartment sales strengthened to 40 units in Q3 from 18 in Q2, representing strong performance across New Zealand and Australian operations.
