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>Delivered NZ$94m of incremental transformation benefits in FY26, with NZ$135m of annualised savings identified from FY27, up from the NZ$100m identified May 2026.</li><li>FY27 group capacity is expected to increase +2% to +4%, comprising broadly flat domestic capacity, +3% to +5% growth across Tasman and Pacific Islands, and +2% to +4% growth in international long-haul.</li><li>Forward bookings have strengthened since late May 2026, with sales up +12% last week and +15% over the past four weeks on the prior year.</li></ul>

Delivered NZ$94m of incremental transformation benefits in FY26, with NZ$135m of annualised savings identified from FY27, up from the NZ$100m identified May 2026.FY27 group capacity is expected to increase +2% to +4%, comprising broadly flat domestic capacity, +3% to +5% growth across Tasman and Pacific Islands, and +2% to +4% growth in international long-haul.Forward bookings have strengthened since late May 2026, with sales up +12% last week and +15% over the past four weeks on the prior year.

Air New Zealand (AIR.NZ) - FY26 Result Conference Call Takeaways