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>Air New Zealand's (AIR) reissued FY26 loss guidance highlights a P&L under significant strain but a balance sheet that has plenty of capacity to absorb losses for the foreseeable future.</li><li>Simplistically, the new guidance suggests that AIR is taking higher fuel costs on the chin with limited mitigation elsewhere.</li><li>With industry capacity cuts modest at best, and Middle Eastern carriers rebuilding theirs, the ability for AIR and other airlines to retain the elevated RASK evident in the early weeks of the crisis is eroding.</li></ul>

Air New Zealand's (AIR) reissued FY26 loss guidance highlights a P&L under significant strain but a balance sheet that has plenty of capacity to absorb losses for the foreseeable future.Simplistically, the new guidance suggests that AIR is taking higher fuel costs on the chin with limited mitigation elsewhere.With industry capacity cuts modest at best, and Middle Eastern carriers rebuilding theirs, the ability for AIR and other airlines to retain the elevated RASK evident in the early weeks of the crisis is eroding.

Air New Zealand

Air New Zealand A Difficult Landing