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) first time 1H23 guidance for profit before tax and other significant items (PBT) of NZ$200-$275m is well ahead of Visible Alpha consensus expectations of a loss of -NZ$27m</li><li>The strong guidance is consistent with AIR’s recent positive monthly operating updates, coupled with strong forward bookings through to January 2023.</li><li>AIR is benefitting from the delay in capacity returning post-pandemic and significant pent up demand resulting in high yields.</li></ul>

Air New Zealand’s (AIR) first time 1H23 guidance for profit before tax and other significant items (PBT) of NZ$200-$275m is well ahead of Visible Alpha consensus expectations of a loss of -NZ$27mThe strong guidance is consistent with AIR’s recent positive monthly operating updates, coupled with strong forward bookings through to January 2023.AIR is benefitting from the delay in capacity returning post-pandemic and significant pent up demand resulting in high yields.

Air New Zealand (AIR): First Time 1H23 Guidance Strong