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

Auckland International Airport / Equity Bottom-Up

<ul><li>Reaching the pax guidance would likely put earnings results in the top half of guidance range.</li><li>Retail sales mix continues to shift towards lower margin categories.</li><li>Mānawa Bay performing well with customers up +3% and sales up +15%.</li></ul>

Reaching the pax guidance would likely put earnings results in the top half of guidance range.Retail sales mix continues to shift towards lower margin categories.Mānawa Bay performing well with customers up +3% and sales up +15%.

Auckland Airport (AIA.NZ) - FY26 Result Conference Call Takeaways