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 downgrade our rating on EBOS Group (EBO) from OUTPERFORM to NEUTRAL following the disappointing FY25 result.</li><li>The key from here is gathering confidence that this is a reset earnings base.</li><li>We also struggle to see near-term catalysts, especially as EBO undergoes a period of management change.</li></ul>

We downgrade our rating on EBOS Group (EBO) from OUTPERFORM to NEUTRAL following the disappointing FY25 result.The key from here is gathering confidence that this is a reset earnings base.We also struggle to see near-term catalysts, especially as EBO undergoes a period of management change.

EBOS Group FY25 Result—Reset and Lacking Catalysts

Ebos Group Ltd

EBOS Group FY25 Result—Reset and Lacking Catalysts