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>Care earnings likely to remain under pressure — but this time we expect focus to shift to the revenue line</li><li>Cash conversion to improve, but debt will likely continue to increase</li><li>Delivering 900–1,000 units in FY23 looks challenging — we do not expect RYM to be halfway there at the halfway mark</li></ul>

Care earnings likely to remain under pressure — but this time we expect focus to shift to the revenue lineCash conversion to improve, but debt will likely continue to increaseDelivering 900–1,000 units in FY23 looks challenging — we do not expect RYM to be halfway there at the halfway mark

Ryman Healthcare: 1H23 Preview — Costs, Cash & Care