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’s (RYM) FY26 result was broadly in line with expectations overall.</li><li>Operating EBITDAF was -3% below our forecast on modestly higher opex and lower DMF, while annuity EBITDA was +4% ahead due to higher-than-expected resales gains.</li><li>RYM provided positive metrics around improving resales contract rates and settlement timeframes in 2H26.</li></ul>

Ryman Healthcare’s (RYM) FY26 result was broadly in line with expectations overall.Operating EBITDAF was -3% below our forecast on modestly higher opex and lower DMF, while annuity EBITDA was +4% ahead due to higher-than-expected resales gains.RYM provided positive metrics around improving resales contract rates and settlement timeframes in 2H26.

Ryman Healthcare (RYM): FY26 Result - Initial Impressions