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

Thematic (Sector/Industry)

New zealand Industrials / Thematic (Sector/Industry)

<ul><li>We upgrade our rating on Auckland Airport (AIA) to NEUTRAL from UNDERPERFORM due to: (1) the likely post-result realism reflected in FY26 earnings expectations given first-time guidance; (2) reduced regulatory risk following the recent confirmation from the government that regulatory change is off the table; and (3) recent relative share price underperformance.</li><li>AIA's FY25 result was broadly in line with market expectations, though first-time FY26 earnings guidance maintains a downgrade cycle that has been in play for over two years.</li><li>Management expects to only reach pre-COVID levels in FY28.</li></ul>

We upgrade our rating on Auckland Airport (AIA) to NEUTRAL from UNDERPERFORM due to: (1) the likely post-result realism reflected in FY26 earnings expectations given first-time guidance; (2) reduced regulatory risk following the recent confirmation from the government that regulatory change is off the table; and (3) recent relative share price underperformance.AIA's FY25 result was broadly in line with market expectations, though first-time FY26 earnings guidance maintains a downgrade cycle that has been in play for over two years.Management expects to only reach pre-COVID levels in FY28.

Auckland Airport FY25—Back into a Holding Pattern