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 forecast EBOS Group (EBO) to exceed consensus earnings expectations when it reports on Wednesday, 27 August.</li><li>While EBITDA will be down versus the prior year, it should be near or above the top end of its guidance (A$600m), reflecting solid performance excluding the CW contract loss (low double-digit EBITDA growth ex CW).</li><li>Key focus areas for us are: (1) Community Pharmacy earnings decomposition—market share gains, organic growth and margins; (2) commentary from the new CEO—particularly around strategy and M&amp;A; (3) Contract Logistics performance and outlook; and (4) Institutional Healthcare (IH) exit rate after a slightly soft 1H25 Medical Technology period.</li></ul>

We forecast EBOS Group (EBO) to exceed consensus earnings expectations when it reports on Wednesday, 27 August.While EBITDA will be down versus the prior year, it should be near or above the top end of its guidance (A$600m), reflecting solid performance excluding the CW contract loss (low double-digit EBITDA growth ex CW).Key focus areas for us are: (1) Community Pharmacy earnings decomposition—market share gains, organic growth and margins; (2) commentary from the new CEO—particularly around strategy and M&amp;A; (3) Contract Logistics performance and outlook; and (4) Institutional Healthcare (IH) exit rate after a slightly soft 1H25 Medical Technology period.

EBOS Group Fy25 Preview—Transitioning With Strength