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>FY26 profit before tax (PBT) loss guidance, which was withdrawn on 10 March 2026, has been reissued at -NZ$340m to -NZ$390m.</li><li>Management now expects 2H26 fuel costs of ~NZ$980m (vs our estimate of NZ$990m), which compares to February 2026 guidance of ~NZ$740m.</li><li>AIR has ample liquidity (currently ~NZ$1.3bn) for the time being and has ~NZ$4bn of available aircraft ‘equity’ on un- or under-encumbered aircraft.</li></ul>

FY26 profit before tax (PBT) loss guidance, which was withdrawn on 10 March 2026, has been reissued at -NZ$340m to -NZ$390m.Management now expects 2H26 fuel costs of ~NZ$980m (vs our estimate of NZ$990m), which compares to February 2026 guidance of ~NZ$740m.AIR has ample liquidity (currently ~NZ$1.3bn) for the time being and has ~NZ$4bn of available aircraft ‘equity’ on un- or under-encumbered aircraft.

Air New Zealand (AIR.NZ) - A Thorough Update; Larger Near-Term Losses