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 upgrade EBOS Group (EBO) to OUTPERFORM from NEUTRAL.</li><li>Beyond FY26, we believe the combination of: (1) improved facility utilisation; (2) boosted pharmacy wholesaler funding; (3) gradual retendering of pharmacy contracts; and (4) financial leverage should provide robust EPS growth (FY26–FY29 CAGR of ~+10%).</li><li>We recognise regaining investor certainty will not be an overnight fix and encourage greater disclosure and transparency to reduce P&amp;L opaqueness.</li></ul>

We upgrade EBOS Group (EBO) to OUTPERFORM from NEUTRAL.Beyond FY26, we believe the combination of: (1) improved facility utilisation; (2) boosted pharmacy wholesaler funding; (3) gradual retendering of pharmacy contracts; and (4) financial leverage should provide robust EPS growth (FY26–FY29 CAGR of ~+10%).We recognise regaining investor certainty will not be an overnight fix and encourage greater disclosure and transparency to reduce P&amp;L opaqueness.

EBOS Group All Is Not Lost—Up To OUTPERFORM