Ryman Healthcare Limited (NZX: RYM; OTC: RHCGF) develops, constructs, owns and operates integrated retirement villages offering a continuum of care for older people in New Zealand and Australia. The company provides independent living in townhouses and apartments; serviced apartments with housekeeping and chef-prepared meals; assisted living options; rest home care; dementia care; and hospital-level care, all integrated within its villages named after notable trailblazers. Founded in 1984 and headquartered in Christchurch, New Zealand, Ryman Healthcare operates 49 villages, including 48 in New Zealand and eight in Victoria, Australia, serving over 15,000 residents with approximately 7,800 employees. In February 2025, Ryman completed a NZ$1.0 billion equity raise comprising a NZ$313 million institutional placement and a NZ$688 million pro-rata entitlement offer to reset its balance sheet and reduce gearing; in November 2025, it fully refinanced its NZ$2.0 billion syndicated loan facilities, extending the average tenor to five years; and on 1 October 2025, it listed on the Australian Securities Exchange to broaden investor access. Recent operational developments include the opening of the Kevin Hickman main building in July 2025, sales of land sites such as Park Terrace for NZ$42 million and Mount Eliza for NZ$35 million as part of a land bank review, cost-out initiatives ahead of expectations, a refreshed sales strategy with a new 30% deferred management fee structure, and progression of in-flight projects under an outsourced model with sites under active development reduced to four.