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) 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