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><p>Demand robust: Passenger demand is strong, albeit on lower industry capacity</p></li><li>Cost headwinds: AIR is exposed to a number of operational and financial headwinds as it scales up its recovery, in particular, in its two largest cost lines: fuel and labour</li><li>Capacity outlook: AIR anticipates providing 80%–85% of pre-COVID total capacity in FY23</li></ul>

Demand robust: Passenger demand is strong, albeit on lower industry capacityCost headwinds: AIR is exposed to a number of operational and financial headwinds as it scales up its recovery, in particular, in its two largest cost lines: fuel and labourCapacity outlook: AIR anticipates providing 80%–85% of pre-COVID total capacity in FY23

Air New Zealand: FY22 — Looking for Signals in the Noise