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) latest monthly passenger (pax) operating stats highlight a bumper end to CY22.</li><li>Our estimate (~NZ$650m) for its December 2022 pax revenue is comfortably ahead of December 2019 (~NZ$580m), implying ~NZ$18.5m/day</li><li>Demand remains strong in a capacity constrained market. Load factors (at 88.2%) are the third highest in its history (behind September and October 2022)</li></ul>

Air New Zealand’s (AIR) latest monthly passenger (pax) operating stats highlight a bumper end to CY22.Our estimate (~NZ$650m) for its December 2022 pax revenue is comfortably ahead of December 2019 (~NZ$580m), implying ~NZ$18.5m/dayDemand remains strong in a capacity constrained market. Load factors (at 88.2%) are the third highest in its history (behind September and October 2022)

Air New Zealand

Air New Zealand: Record Revenues