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>We expect Auckland Airport (AIA) to report a record FY25 underlying NPAT of NZ$307m, near the midpoint of management’s NZ$290m–NZ$320m guidance range.</li><li>The regulatory uncertainty overhanging AIA has largely lifted.</li><li>However, continued constraints in airline capacity, near-term duty-free disruption, and ongoing opex cost pressures are likely to lead to a subdued FY26 growth outlook.</li></ul>

We expect Auckland Airport (AIA) to report a record FY25 underlying NPAT of NZ$307m, near the midpoint of management’s NZ$290m–NZ$320m guidance range.The regulatory uncertainty overhanging AIA has largely lifted.However, continued constraints in airline capacity, near-term duty-free disruption, and ongoing opex cost pressures are likely to lead to a subdued FY26 growth outlook.

Auckland Airport FY25 Preview—Record Altitude, Cruising Ahead

Auckland Intl Airport

Auckland Airport FY25 Preview—Record Altitude, Cruising Ahead