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 mixed 1Q27 trading update.</li><li>However, a +7% year-over-year increase in resale contracts during the quarter points to a meaningful acceleration in contracting activity over late May and June.</li><li>With RYM trading on ~21x 12-month forward annuity earnings despite our forecast three-year forward annuity EPS CAGR of &gt;50%, we continue to view the risk–reward as attractive.</li></ul>

Ryman Healthcare (RYM) delivered a mixed 1Q27 trading update.However, a +7% year-over-year increase in resale contracts during the quarter points to a meaningful acceleration in contracting activity over late May and June.With RYM trading on ~21x 12-month forward annuity earnings despite our forecast three-year forward annuity EPS CAGR of &gt;50%, we continue to view the risk–reward as attractive.

Ryman Healthcare Contracting Silver Lining