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) reported an in line FY26 result, with underlying EBITDA of A$614m consistent with our A$613m expectations and its revised guidance (A$610m—$620m).</li><li>EBO’s FY26 result also delivered dividends, net debt and divisional earnings breakdown largely in line with our expectations.</li><li>Overall, we view this as a solid result, and despite marginally lower than expect FY27 guidance, it should start to rebuild investor confidence after its disappointing FY25 result.</li></ul>

EBOS Group (EBO) reported an in line FY26 result, with underlying EBITDA of A$614m consistent with our A$613m expectations and its revised guidance (A$610m—$620m).EBO’s FY26 result also delivered dividends, net debt and divisional earnings breakdown largely in line with our expectations.Overall, we view this as a solid result, and despite marginally lower than expect FY27 guidance, it should start to rebuild investor confidence after its disappointing FY25 result.

EBOS Group (EBO): FY26 Result—Initial Impressions