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) will report a weak FY25 result, driven by global RV sales at a cyclical trough and soft inbound travel demand in the US market.</li><li>THL has stated that forward bookings for rentals are significantly higher than at the same time last year.</li><li>The outlook for FY26 is more positive than conditions experienced in FY25.</li></ul>

Tourism Holdings (THL) will report a weak FY25 result, driven by global RV sales at a cyclical trough and soft inbound travel demand in the US market.THL has stated that forward bookings for rentals are significantly higher than at the same time last year.The outlook for FY26 is more positive than conditions experienced in FY25.

Tourism Holdings FY25 Preview—Eyes On The Road Ahead