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>EBOS Group's (EBO) 1Q25 trading update was robust, with EBITDA growth of +7.4% excluding the Chemist Warehouse (CW) contract, highlighting it is ably managing the contract loss.</li><li>FY25 EBITDA guidance was retained. Assuming the current growth rate holds, it implies EBITDA in line with consensus expectations.</li><li>We make no changes to our earnings forecasts. Our positive view is underpinned by a robust EPS outlook from FY25 driven by: (1) solid organic growth as EBO benefits from its shift towards higher growth and higher margin segments versus history, and (2) M&amp;A upside (we forecast FY25 debt headroom of A$350m). </li></ul>

EBOS Group's (EBO) 1Q25 trading update was robust, with EBITDA growth of +7.4% excluding the Chemist Warehouse (CW) contract, highlighting it is ably managing the contract loss.FY25 EBITDA guidance was retained. Assuming the current growth rate holds, it implies EBITDA in line with consensus expectations.We make no changes to our earnings forecasts. Our positive view is underpinned by a robust EPS outlook from FY25 driven by: (1) solid organic growth as EBO benefits from its shift towards higher growth and higher margin segments versus history, and (2) M&amp;A upside (we forecast FY25 debt headroom of A$350m). 

EBOS Group - 102nd AGM — Line and Length

Ebos Group Ltd

EBOS Group - 102nd AGM — Line and Length