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

Radius Residential Care / Equity Bottom-Up

<ul><li>Residential-care demand is projected to increase +45% by FY38 and +87% by FY48 from FY26.</li><li>The report recommends an average bed-day price uplift of +7.1% above inflation in FY28, followed by modelled FY29 uplifts of +13.8% above inflation for new-built rooms, +3.8% above inflation for existing modern rooms and inflation only for legacy rooms.</li><li>The recommendations are overall very positive for RAD, but until the Government adopts and funds them, we won’t look to amend our estimates.</li></ul>

Residential-care demand is projected to increase +45% by FY38 and +87% by FY48 from FY26.The report recommends an average bed-day price uplift of +7.1% above inflation in FY28, followed by modelled FY29 uplifts of +13.8% above inflation for new-built rooms, +3.8% above inflation for existing modern rooms and inflation only for legacy rooms.The recommendations are overall very positive for RAD, but until the Government adopts and funds them, we won’t look to amend our estimates.

NZ Aged Care Report: Key Points and Radius (RAD) Read-Through