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 indicated it remains on track to reach NZ$300m in revenue in FY27, in line with our NZ$303m estimate</li><li>Reiterated operating profit (EBIT) of NZ$28m&#8211;$32m (FB estimate; NZ$31m)</li><li>1H27 revenue growth in the double digits for all its divisions</li></ul>

AFT indicated it remains on track to reach NZ$300m in revenue in FY27, in line with our NZ$303m estimateReiterated operating profit (EBIT) of NZ$28m&#8211;$32m (FB estimate; NZ$31m)1H27 revenue growth in the double digits for all its divisions

AFT Pharmaceuticals (AFT): Solid 2Q27 Update