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>Auckland Airport (AIA) reported another full year underlying loss, but it was better than guidance (as we expected)</li><li>The pax recovery helped through the second half though appears subdued for FY23 relative to current market expectations</li><li>No final dividend will be paid reflecting the covenant waiver agreement with lenders.</li></ul>

Auckland Airport (AIA) reported another full year underlying loss, but it was better than guidance (as we expected)The pax recovery helped through the second half though appears subdued for FY23 relative to current market expectationsNo final dividend will be paid reflecting the covenant waiver agreement with lenders.

Auckland Airport: FY22 Result Initial Thoughts

Auckland Intl Airport

Auckland Airport: FY22 Result Initial Thoughts