Operator

Thank you for standing by, and welcome to the Ryman Healthcare Full Year Results Briefing. [Operator Instructions] I would now like to hand the conference over to Naomi James, Chief Executive Officer. Please go ahead.

Naomi James
Chief Executive Officer

Welcome, everyone, and thank you for joining us for our FY '26 full year results. With me today, I have Matt Prior, our CFO; and Hayden Strickett, our Head of Investor Relations. Today, we will run through the significant progress we've made and how this is translating into improved performance. Reflecting our strategy refresh, we will talk to retirement living and then to aged care, showing the differences of these earnings streams. And we'll leave time at the end for your questions. Let's start with the highlights on Slide 4. FY '26 marks an important operational inflection point for Ryman with the work undertaken over the last 2 years now translating into improved performance, cash flow generation, and balance sheet strength. Earnings momentum is building with growth in recurring earnings and significant costs removed, we've doubled our operating EBITDAF. And for the first time in more than a decade, we delivered positive free cash flow of $188 million. This has been delivered in mixed market conditions, demonstrating the resilience and sustainability of the actions taken.

We now have a strong and flexible balance sheet with the completion of our bank refinancing