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) June 2026 passenger (pax) statistics indicate a reversal in the trend of pax revenue growth, with daily pax revenue down -1% year on year after increasing in each of the previous 11 months of FY26.</li><li>The decline was driven by weaker short-haul revenue, which we estimate fell -4% per day against June 2025, while short-haul revenue per available seat kilometre (RASK) declined -8%.</li><li>Fuel costs remain the key near-term earnings headwind.</li></ul>

Air New Zealand's (AIR) June 2026 passenger (pax) statistics indicate a reversal in the trend of pax revenue growth, with daily pax revenue down -1% year on year after increasing in each of the previous 11 months of FY26.The decline was driven by weaker short-haul revenue, which we estimate fell -4% per day against June 2025, while short-haul revenue per available seat kilometre (RASK) declined -8%.Fuel costs remain the key near-term earnings headwind.

Air New Zealand (AIR.NZ) - Tilting to the Tasman