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

Auckland International Airport / Equity Bottom-Up

<ul><li>We expect Auckland Airport (AIA) to deliver a subdued FY26 result, with underlying NPAT broadly flat on the prior year (consistent with the guidance range) and EPS lower.</li><li>Modest EBITDA growth (we forecast +5%) will be largely offset by higher depreciation and interest costs as new assets are commissioned and equity raise proceeds are deployed.</li><li>Moreover, the full-year impact of a higher share count from the 2024 equity raise will weigh on EPS.</li></ul>

We expect Auckland Airport (AIA) to deliver a subdued FY26 result, with underlying NPAT broadly flat on the prior year (consistent with the guidance range) and EPS lower.Modest EBITDA growth (we forecast +5%) will be largely offset by higher depreciation and interest costs as new assets are commissioned and equity raise proceeds are deployed.Moreover, the full-year impact of a higher share count from the 2024 equity raise will weigh on EPS.

Auckland Airport FY26 Preview—Cost Of Capex

Germany

Fraport AG Frankfurt Airport Services Worldwide offers airport services. The Company operates the Frankfurt-Main, the airport in Lima, Peru, and the international terminal in Antalya, Turkey. Fraport also provides services to domestic and international carriers including traffic, facility and terminal management, ground handling, and security.

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Fraport Ag Frankfurt Airport S (FRA GR)

Auckland Airport FY26 Preview—Cost Of Capex

We expect Auckland Airport (AIA) to deliver a subdued FY26 result, with underlying NPAT broadly flat on the prior year (consistent with the...

Forsyth Barr

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