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>With recent indicators across its Healthcare and Animal Care segments constructive, we expect a solid FY24 result from EBOS Group (EBO) when it reports on Wednesday, 21 August.</li><li>Outlook comments on: (1) working capital release, (2) cost out, and (3) Community Pharmacy market share wins are of most interest.</li><li>We see possible upside to FY25 consensus, driven by stronger working capital release, should EBO execute on its FY25 cost out and market share gains ‘guide’.</li></ul>

With recent indicators across its Healthcare and Animal Care segments constructive, we expect a solid FY24 result from EBOS Group (EBO) when it reports on Wednesday, 21 August.Outlook comments on: (1) working capital release, (2) cost out, and (3) Community Pharmacy market share wins are of most interest.We see possible upside to FY25 consensus, driven by stronger working capital release, should EBO execute on its FY25 cost out and market share gains ‘guide’.

EBOS Group - FY24 Preview — Degree of Optimism

Ebos Group Ltd

EBOS Group - FY24 Preview — Degree of Optimism