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's Asia (Transmedic) and allografts (Aus Bio) businesses represent &gt;15% of FY25 group EBITDA and have higher organic growth than the group over the medium term.</li><li>Transmedic is the leading pan-Asia player and is estimated to hold only 1%–2% of the market, highlighting the fragmentation.</li><li>Aus Bio is a hidden gem with high EBITDA margins underpinned by limited input costs and its regulated near monopoly market position, with increasing clinician preference supporting market growth of +10%–15%.</li></ul>

EBOS Group's Asia (Transmedic) and allografts (Aus Bio) businesses represent &gt;15% of FY25 group EBITDA and have higher organic growth than the group over the medium term.Transmedic is the leading pan-Asia player and is estimated to hold only 1%–2% of the market, highlighting the fragmentation.Aus Bio is a hidden gem with high EBITDA margins underpinned by limited input costs and its regulated near monopoly market position, with increasing clinician preference supporting market growth of +10%–15%.

EBOS Group Illuminating Asia & Allografts