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 continue to suggest passenger revenue is above CY19 levels</li><li>We expect revenue to remain at/above 2019 levels for the remainder of FY23, but with capacity increasing and yields/RASK declining from recent highs</li><li>AIR’s recent 1H23 earnings guidance upgrade (PBT of NZ$295m-NZ$325m) implies a strong FY23 result</li></ul>

Air New Zealand’s (AIR) latest monthly passenger (pax) operating stats continue to suggest passenger revenue is above CY19 levelsWe expect revenue to remain at/above 2019 levels for the remainder of FY23, but with capacity increasing and yields/RASK declining from recent highsAIR’s recent 1H23 earnings guidance upgrade (PBT of NZ$295m-NZ$325m) implies a strong FY23 result

Air New Zealand: Revenue Remains Above 2019 Levels