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, broadly in line with our expectations.</li><li>First-time FY27 guidance was also in line with expectations and implies another year of &gt;+20% revenue and EBIT growth.</li><li>Valuation remains attractive at ~19x 12-month-forward PE, only slightly above the NZ market median despite meaningfully higher growth.</li></ul>

AFT Pharmaceuticals (AFT) reported a strong FY26 result, broadly in line with our expectations.First-time FY27 guidance was also in line with expectations and implies another year of &gt;+20% revenue and EBIT growth.Valuation remains attractive at ~19x 12-month-forward PE, only slightly above the NZ market median despite meaningfully higher growth.

AFT Pharmaceuticals FY26 Result—Just What The Doctor Ordered