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 EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum, likely leading to small full-year consensus upgrades.</li><li>Key focus areas are: (1) Institutional Healthcare performance, (2) Community Pharmacy customer wins, (3) cost-out progress, (4) the dividend, and (5) Pharmaceutical Wholesaler Agreement (PWA) impacts.</li><li>Guidance: The PWA, coupled with: (1) the solid 1Q25 trading update, and (2) EBO lapping a lower growth period in 2H24, opens up the chance of a guidance upgrade.</li></ul>

We expect EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum, likely leading to small full-year consensus upgrades.Key focus areas are: (1) Institutional Healthcare performance, (2) Community Pharmacy customer wins, (3) cost-out progress, (4) the dividend, and (5) Pharmaceutical Wholesaler Agreement (PWA) impacts.Guidance: The PWA, coupled with: (1) the solid 1Q25 trading update, and (2) EBO lapping a lower growth period in 2H24, opens up the chance of a guidance upgrade.

EBOS Group - 1H25 Preview—Good Delivery

Ebos Group Ltd

EBOS Group - 1H25 Preview—Good Delivery