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 (AIR) will report a material fall in earnings in its 1H24 result on 22 February 2024.</li><li>Management guidance is for PBT at the bottom end of its NZ$180m–NZ$230m range.</li><li>We forecast PBT of NZ$183m, down -39% against the prior year. The quality of the result will be compromised by the inclusion of ~NZ$45m of income connected to expired COVID-related credits.</li></ul>

Air New Zealand (AIR) will report a material fall in earnings in its 1H24 result on 22 February 2024.Management guidance is for PBT at the bottom end of its NZ$180m–NZ$230m range.We forecast PBT of NZ$183m, down -39% against the prior year. The quality of the result will be compromised by the inclusion of ~NZ$45m of income connected to expired COVID-related credits.

Air New Zealand - 1H24 Preview — Descending