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>RYM has now upgraded FY26 sales expectations twice in just three months.</li><li>The current resales cadence should slow the build-up of bought-back stock materially, reducing a key cashflow drag and further de-risking the investment case.</li><li>On our revised estimates, we expect RYM to deliver modest positive free cashflow in FY26 for the first time in more than a decade.</li></ul>

RYM has now upgraded FY26 sales expectations twice in just three months.The current resales cadence should slow the build-up of bought-back stock materially, reducing a key cashflow drag and further de-risking the investment case.On our revised estimates, we expect RYM to deliver modest positive free cashflow in FY26 for the first time in more than a decade.

Ryman Healthcare Another Step In The Right Direction