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>We upgrade our rating on Ryman Healthcare (RYM) from NEUTRAL to OUTPERFORM.</li><li>RYM is well positioned for a potential downturn, given reduced gearing and limited development exposure.</li><li>RYM's defensive care business represents ~25% of our forecast earnings growth from FY26 to FY29.</li></ul>

We upgrade our rating on Ryman Healthcare (RYM) from NEUTRAL to OUTPERFORM.RYM is well positioned for a potential downturn, given reduced gearing and limited development exposure.RYM's defensive care business represents ~25% of our forecast earnings growth from FY26 to FY29.

Ryman Healthcare Time To Care, Not Fear—Up To OUTPERFORM