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>Ryman Healthcare (RYM) used to dress up weak results to make them look good. In the last two results the opposite has been true.</li><li>Accounting noise aside, RYM delivered at or above our expectations across all our key focus areas.</li><li>Underlying cash flow from operations improved, operating expenses were flat versus 2H24 as cost out offset inflation and care bed growth.</li></ul>

Ryman Healthcare (RYM) used to dress up weak results to make them look good. In the last two results the opposite has been true.Accounting noise aside, RYM delivered at or above our expectations across all our key focus areas.Underlying cash flow from operations improved, operating expenses were flat versus 2H24 as cost out offset inflation and care bed growth.

Ryman Healthcare - 1H25 Result — Structural Gain, Cyclical Pain