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>AFT Pharmaceuticals (AFT) reported a strong FY26 result, broadly in line with our expectations.</li><li>First-time FY27 guidance was also in line with expectations and implies another year of &gt;+20% revenue and EBIT growth.</li><li>Valuation remains attractive at ~19x 12-month-forward PE, only slightly above the NZ market median despite meaningfully higher growth.</li></ul>

AFT Pharmaceuticals (AFT) reported a strong FY26 result, broadly in line with our expectations.First-time FY27 guidance was also in line with expectations and implies another year of &gt;+20% revenue and EBIT growth.Valuation remains attractive at ~19x 12-month-forward PE, only slightly above the NZ market median despite meaningfully higher growth.

AFT Pharmaceuticals FY26 Result—Just What The Doctor Ordered

<ul><li>AFT Pharmaceuticals (AFT) reported a strong FY26 result with EBIT up +39% year-on-year and slightly above the top end of its guidance, but broadly in-line with our expectation.</li><li>Revenue growth across AFT's regions was strong.</li><li>The one negative from the result was free cash flow, FY26 included a ~NZ$35m working capital investment which drove net debt ~+NZ$25m higher than we expected, we will look for more colour on this through the day.</li></ul>

AFT Pharmaceuticals (AFT) reported a strong FY26 result with EBIT up +39% year-on-year and slightly above the top end of its guidance, but broadly in-line with our expectation.Revenue growth across AFT's regions was strong.The one negative from the result was free cash flow, FY26 included a ~NZ$35m working capital investment which drove net debt ~+NZ$25m higher than we expected, we will look for more colour on this through the day.

AFT Pharmaceuticals (AFT): FY26 Result—Initial Impressions

<ul><li>AFT this morning released its Q4 update.</li><li>AFT noted it has had successful engagement with the US FDA and the product 'continues attract unsolicited expressions of interest from companies around the world.'</li><li>AFT sees this making a 'strong contribution' in FY27 and AFT is already driving efficiencies from the acquisition.</li></ul>

AFT this morning released its Q4 update.AFT noted it has had successful engagement with the US FDA and the product 'continues attract unsolicited expressions of interest from companies around the world.'AFT sees this making a 'strong contribution' in FY27 and AFT is already driving efficiencies from the acquisition.

<ul><li>The UK continues to build momentum with Combogesic itself performing well (&gt;+150% year-on-year product review growth), along with us observing expanding distribution points and number of products.</li><li>The early days in North America Amazon sales look to be positive.</li><li>China progress appears relatively slow (evident through our data and our direct channel checks).</li></ul>

The UK continues to build momentum with Combogesic itself performing well (&gt;+150% year-on-year product review growth), along with us observing expanding distribution points and number of products.The early days in North America Amazon sales look to be positive.China progress appears relatively slow (evident through our data and our direct channel checks).

AFT Pharmaceuticals Overseas Health Check

<ul><li>AFT Pharmaceuticals’ (AFT) 1H26 result was strong across the board: (1) Australia revenue growth at +31% was the highest since 1H18; (2) it continues to achieve operating leverage in ANZ with 12-month rolling EBIT up +47% year-on-year; and (3) international revenue growth was ~+90% (cycling a weak 1H25 period).</li><li>We believe the AFT investment case of: (1) strong, defensive, diversified medium-term ANZ earnings growth (five-year CAGR of ~+24%); and (2) long-term Asia/ROW growth optionality is intact.</li><li>Despite the strong result, AFT retained its FY26 guidance.</li></ul>

AFT Pharmaceuticals’ (AFT) 1H26 result was strong across the board: (1) Australia revenue growth at +31% was the highest since 1H18; (2) it continues to achieve operating leverage in ANZ with 12-month rolling EBIT up +47% year-on-year; and (3) international revenue growth was ~+90% (cycling a weak 1H25 period).We believe the AFT investment case of: (1) strong, defensive, diversified medium-term ANZ earnings growth (five-year CAGR of ~+24%); and (2) long-term Asia/ROW growth optionality is intact.Despite the strong result, AFT retained its FY26 guidance.

AFT Pharmaceuticals 1H26 Result—Bloody Good Half

Australia

Aft Pharmaceuticals Limited focuses on the Pharmaceutical Rx and OTC market. The company also undertakes drug development activities including clinical trials. AFT Pharmaceuticals distributes pharmaceuticals for a number of overseas principals with a sales from pharmacies and hospitals.

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Aft Pharmaceuticals (AFP AU)

AFT Pharmaceuticals FY26 Result—Just What The Doctor Ordered

AFT Pharmaceuticals (AFT) reported a strong FY26 result, broadly in line with our expectations. First-time FY27 guidance was also in line with...

Forsyth Barr

AFT Pharmaceuticals (AFT): FY26 Result—Initial Impressions

AFT Pharmaceuticals (AFT) reported a strong FY26 result with EBIT up +39% year-on-year and slightly above the top end of its guidance, but broadly...

Forsyth Barr

AFT Pharmaceuticals (AFT): Q4 Update

AFT this morning released its Q4 update. AFT noted it has had successful engagement with the US FDA and the product 'continues attract unsolicited...

Forsyth Barr

AFT Pharmaceuticals Overseas Health Check

Over recent months, we have begun tracking various data sources to monitor AFT Pharmaceuticals (AFT) progress in its key offshore markets.

Forsyth Barr

AFT Pharmaceuticals 1H26 Result—Bloody Good Half

We believe the AFT investment case of: (1) strong, defensive, diversified medium-term ANZ earnings growth (five-year CAGR of ~+24%); and (2) long...

Forsyth Barr

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