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>Ryman Healthcare (RYM) delivered a solid 1H26 result.</li><li>The key positives from the result were: (1) gross opex was held largely flat for the fourth consecutive half-year period; (2) cost-out guidance for FY26 was upgraded; and (3) NZ$110m of landbank divestments have now been contracted.</li><li>Free cashflow was positive for the first time in more than a decade at NZ$56.2m, underpinned by strong development cashflow as RYM winds back unit deliveries.</li></ul>

Ryman Healthcare (RYM) delivered a solid 1H26 result.The key positives from the result were: (1) gross opex was held largely flat for the fourth consecutive half-year period; (2) cost-out guidance for FY26 was upgraded; and (3) NZ$110m of landbank divestments have now been contracted.Free cashflow was positive for the first time in more than a decade at NZ$56.2m, underpinned by strong development cashflow as RYM winds back unit deliveries.

Ryman Healthcare

Ryman Healthcare 1H26 Result: On Track