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) reported a solid FY26 result, which was largely in line with our expectations.</li><li>Rising occupancy in developing villages and disciplined cost control are driving strong operating leverage, particularly in care.</li><li>We continue to see a positive risk-reward backdrop and retain OUTPERFORM.</li></ul>

Ryman Healthcare (RYM) reported a solid FY26 result, which was largely in line with our expectations.Rising occupancy in developing villages and disciplined cost control are driving strong operating leverage, particularly in care.We continue to see a positive risk-reward backdrop and retain OUTPERFORM.

Ryman Healthcare FY26 Result—More Care, Less Repair