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 suggest revenue is back to FY19 levels</li><li>With October benefiting from school holidays, the first international shoulder season commencing since COVID-19 emerged, further capacity returning, and continued strong yields we expect monthly revenue in excess of 2019 levels.</li><li>AIR’s recent first time 1H23 earnings guidance (PBT of NZ$200m-NZ$275m) resulted in a significant upgrade in FY23 consensus</li></ul>

Air New Zealand’s (AIR) latest monthly passenger (pax) operating stats suggest revenue is back to FY19 levelsWith October benefiting from school holidays, the first international shoulder season commencing since COVID-19 emerged, further capacity returning, and continued strong yields we expect monthly revenue in excess of 2019 levels.AIR’s recent first time 1H23 earnings guidance (PBT of NZ$200m-NZ$275m) resulted in a significant upgrade in FY23 consensus

Air New Zealand: Revenue Back at 2019 Levels