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) has lowered its FY26 EBITDA guidance by ~-2% at the mid-point (or ~-3% to 2H26 EBITDA).</li><li>The driver of the downgrade is higher fuel and other related (plastics, polystyrene etc.) costs.</li><li>The ability for EBO to fully recoup higher fuel prices is currently unclear.</li></ul>

EBOS Group (EBO) has lowered its FY26 EBITDA guidance by ~-2% at the mid-point (or ~-3% to 2H26 EBITDA).The driver of the downgrade is higher fuel and other related (plastics, polystyrene etc.) costs.The ability for EBO to fully recoup higher fuel prices is currently unclear.

EBOS Group (EBO): FY26 Guidance Downgrade