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>Ryman Healthcare delivered an encouraging 1Q26 sales update, with new sales in line with projections and resales 12% ahead.</li><li>Forward-looking contracted sales are now running at about 90% of their two-year trailing, seasonally adjusted run rate, up from 75% in the prior quarter.</li><li>The update is a step in reducing the rate of inventory build, even though resales levels remain insufficient to halt inventory build completely.</li></ul>

Ryman Healthcare delivered an encouraging 1Q26 sales update, with new sales in line with projections and resales 12% ahead.Forward-looking contracted sales are now running at about 90% of their two-year trailing, seasonally adjusted run rate, up from 75% in the prior quarter.The update is a step in reducing the rate of inventory build, even though resales levels remain insufficient to halt inventory build completely.

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