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>Result summary – strong revenue but lower gross margins and higher costs</li><li>Cash flow and debt: AFT’s balance sheet is continuing to improve with net debt of NZ$29.3m versus NZ$32.6m at 1H22</li><li>Outlook – guidance downgrade worse than expected</li></ul>

Result summary – strong revenue but lower gross margins and higher costsCash flow and debt: AFT’s balance sheet is continuing to improve with net debt of NZ$29.3m versus NZ$32.6m at 1H22Outlook – guidance downgrade worse than expected

AFT Pharmaceuticals (AFT): 1H23 Result – Initial Impressions