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>July’s passenger revenue shows a step-up from previous months as school holidays helped demand and AIR increased capacity, particularly on international services</li><li>We expect available capacity increases to moderate over the next few months before building from October</li><li>Further to AIR’s FY22 result last month, consensus FY23 PBT expectations now sit at a profit of NZ$61m on Refinitiv and NZ$38m on Visible Alpha</li></ul>

July’s passenger revenue shows a step-up from previous months as school holidays helped demand and AIR increased capacity, particularly on international servicesWe expect available capacity increases to moderate over the next few months before building from OctoberFurther to AIR’s FY22 result last month, consensus FY23 PBT expectations now sit at a profit of NZ$61m on Refinitiv and NZ$38m on Visible Alpha

Air New Zealand: Revenue Recovery in Full Flight