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’s) 4Q26 sales update was modestly softer than expected.</li><li>RYM has indicated FY26 free cash flow will be +NZ$180m, a solid outcome and ~+NZ$45m ahead of our forecasts.</li><li>Consistent with Summerset (SUM’s) update last week, RYM is yet to see any material impact from the conflict in the Middle East.</li></ul>

Ryman Healthcare (RYM’s) 4Q26 sales update was modestly softer than expected.RYM has indicated FY26 free cash flow will be +NZ$180m, a solid outcome and ~+NZ$45m ahead of our forecasts.Consistent with Summerset (SUM’s) update last week, RYM is yet to see any material impact from the conflict in the Middle East.

Ryman Healthcare (RYM): 4Q26 Sales And Trading Update