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) 1H26 result was in line with our expectations, but by no means perfect.</li><li>Positively, Community Pharmacy revenue was ahead of consensus, with Contract Logistics growth (particularly Australia) strong and FY26 guidance retained.</li><li>Overall, we think the result has done enough to provide the building blocks to rebuild investor confidence and meaningfully reduces the downside risks from here, but it will not be an overnight fix.</li></ul>

EBOS Group (EBO) 1H26 result was in line with our expectations, but by no means perfect.Positively, Community Pharmacy revenue was ahead of consensus, with Contract Logistics growth (particularly Australia) strong and FY26 guidance retained.Overall, we think the result has done enough to provide the building blocks to rebuild investor confidence and meaningfully reduces the downside risks from here, but it will not be an overnight fix.

EBOS Group 1H26 Result—Looking for a Productive 2H26