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>Overall, we see REG’s FY26 result as a modest positive for RYM and SUM.</li><li>However, RAD economics remain very supportive: incoming RAD prices continue to rise strongly, net RAD inflows remain robust and the re-introduction of 2% annual RAD retention payments from November 2025 will provide an additional tailwind.</li><li>For RYM, REG’s comparable EBITDAF of ~NZ$45k per occupied bed suggests further upside to Australian care profitability, while strong RAD pricing should support continued cash generation.</li></ul>

Overall, we see REG’s FY26 result as a modest positive for RYM and SUM.However, RAD economics remain very supportive: incoming RAD prices continue to rise strongly, net RAD inflows remain robust and the re-introduction of 2% annual RAD retention payments from November 2025 will provide an additional tailwind.For RYM, REG’s comparable EBITDAF of ~NZ$45k per occupied bed suggests further upside to Australian care profitability, while strong RAD pricing should support continued cash generation.

RYM & SUM — Read Through from Regis Healthcare (REG.AX)’s FY26 Result

Ryman Healthcare

RYM & SUM — Read Through from Regis Healthcare (REG.AX)’s FY26 Result