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>EBOS Group (EBO) reiterated its FY26 EBITDA and implied NPAT guidance as part of its 2025 annual shareholder meeting (ASM) materials.</li><li>The SVS acquisition is outperforming expectations.</li><li>More broadly, we see the guidance reiteration as a small positive amid uncertainty and it suggests healthcare margins will sequentially stabilise in FY25 from 2H25 after consecutive periods of sequential declines.</li></ul>

EBOS Group (EBO) reiterated its FY26 EBITDA and implied NPAT guidance as part of its 2025 annual shareholder meeting (ASM) materials.The SVS acquisition is outperforming expectations.More broadly, we see the guidance reiteration as a small positive amid uncertainty and it suggests healthcare margins will sequentially stabilise in FY25 from 2H25 after consecutive periods of sequential declines.

EBOS Group

EBOS Group 103rd AGM—Baby Steps