New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<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

Aft Pharmaceuticals

AFT Pharmaceuticals 1H26 Result—Bloody Good Half