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>FY25 ANZ EBIT growth was +76% as strong revenue growth continues and margins expanded after a recent period of investment.</li><li>Ex-ANZ sales lagged expectations and losses were wider than anticipated, with FY26 guidance appearing slightly conservative.</li><li>AFT Pharmaceuticals' core ANZ business continues to perform strongly, with Australia being the highlight and margin expansion observed.</li></ul>

FY25 ANZ EBIT growth was +76% as strong revenue growth continues and margins expanded after a recent period of investment.Ex-ANZ sales lagged expectations and losses were wider than anticipated, with FY26 guidance appearing slightly conservative.AFT Pharmaceuticals' core ANZ business continues to perform strongly, with Australia being the highlight and margin expansion observed.

AFT Pharmaceuticals FY25 Result—Edging Ahead

Aft Pharmaceuticals

AFT Pharmaceuticals FY25 Result—Edging Ahead