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) 1Q26 trading update, provided at its Annual Shareholders’ Meeting, points to a continuation of 2H25 performance trends, consistent with recent outlook commentary.</li><li>While it is confident the business has turned a corner and expects a return to NPAT growth in FY26, it also described FY26 as a ‘transitional year’, with the benefits of key strategic initiatives evident in FY27.</li><li>We remain positive on THL’s medium-term outlook, and continue to view its growth strategy and NZ$100m NPAT target as achievable.</li></ul>

Tourism Holdings’ (THL) 1Q26 trading update, provided at its Annual Shareholders’ Meeting, points to a continuation of 2H25 performance trends, consistent with recent outlook commentary.While it is confident the business has turned a corner and expects a return to NPAT growth in FY26, it also described FY26 as a ‘transitional year’, with the benefits of key strategic initiatives evident in FY27.We remain positive on THL’s medium-term outlook, and continue to view its growth strategy and NZ$100m NPAT target as achievable.

Tourism Holdings En Route, But No Short Cuts To NZ100m