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 (AIR) has reported a strong return to profitability in its 1H23 result though earnings are at the bottom end of its guidance range</li><li>Underlying PBT of NZ$299m, compares to its guidance range of NZ$295m-NZ$325m</li><li>There is no interim dividend though the Board says it will reconsider paying dividends earlier than its previous FY26 timeframe at the FY23 full year result in August 2023.</li></ul>

Air New Zealand (AIR) has reported a strong return to profitability in its 1H23 result though earnings are at the bottom end of its guidance rangeUnderlying PBT of NZ$299m, compares to its guidance range of NZ$295m-NZ$325mThere is no interim dividend though the Board says it will reconsider paying dividends earlier than its previous FY26 timeframe at the FY23 full year result in August 2023.

Air New Zealand (AIR): 1H23 Result Initial Thoughts