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 solid 3Q26 trading update, with total sales volumes tracking broadly in line with our expectations for FY26.</li><li>However, RYM has excluded these sales from its reiterated guidance of 1,300 to 1,400 unit sales for FY26 and is tracking comfortably towards the top end of this range.</li><li>Our target price is unchanged, with earnings revisions offset by roll-forward.</li></ul>

Ryman Healthcare (RYM) delivered a solid 3Q26 trading update, with total sales volumes tracking broadly in line with our expectations for FY26.However, RYM has excluded these sales from its reiterated guidance of 1,300 to 1,400 unit sales for FY26 and is tracking comfortably towards the top end of this range.Our target price is unchanged, with earnings revisions offset by roll-forward.

Ryman Healthcare Solid 3Q26 Trading Update