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) has upgraded its FY26 earnings guidance and provided positive outlook commentary for the year ahead.</li><li>FY26 NPAT guidance increases from NZ$40m-NZ$43m to ~NZ$46m.</li><li>Positively, the outlook for FY27 appears to have improved with North American bookings significantly above the prior year and Australasian bookings have returned to growth after disruption linked to the Middle East conflict.</li></ul>

Tourism Holdings (THL) has upgraded its FY26 earnings guidance and provided positive outlook commentary for the year ahead.FY26 NPAT guidance increases from NZ$40m-NZ$43m to ~NZ$46m.Positively, the outlook for FY27 appears to have improved with North American bookings significantly above the prior year and Australasian bookings have returned to growth after disruption linked to the Middle East conflict.

Tourism Holdings (THL.NZ) - Better End to FY26, and Feeling Warmer About FY27