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>Tourism Holdings (THL) reported a solid 1H26 result, demonstrating progress towards: (1) its medium-term NPAT target; and (2) balance sheet deleveraging.</li><li>Management is making progress towards its NZ$100m NPAT target.</li><li>THL is now trading at ~1.2x net tangible assets (NTA).</li></ul>

Tourism Holdings (THL) reported a solid 1H26 result, demonstrating progress towards: (1) its medium-term NPAT target; and (2) balance sheet deleveraging.Management is making progress towards its NZ$100m NPAT target.THL is now trading at ~1.2x net tangible assets (NTA).

Tourism Holdings 1H26—On Road To Recovery And Redemption