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>Air New Zealand's (AIR) response to the fuel price crisis has been to moderately reduce capacity (predominantly on domestic and short haul international routes) and lift prices.</li><li>The net impact will be deeper losses than those incurred in 1H26, adding pressure to AIR's balance sheet.</li><li>Our proprietary time series airfare data shows that quoted prices have increased materially in recent weeks, which will help soften the bottom line impact from higher fuel costs, though will also dampen demand given elasticities.</li></ul>

Air New Zealand's (AIR) response to the fuel price crisis has been to moderately reduce capacity (predominantly on domestic and short haul international routes) and lift prices.The net impact will be deeper losses than those incurred in 1H26, adding pressure to AIR's balance sheet.Our proprietary time series airfare data shows that quoted prices have increased materially in recent weeks, which will help soften the bottom line impact from higher fuel costs, though will also dampen demand given elasticities.

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