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>RYM delivered a strong FY23 result, with annuity EBITDA up +28% versus FY22, +7% ahead of our estimates, and underlying earnings of NZ$301.9m, +4% ahead of top end of guidance and up +18% versus FY22.</li><li>The beat was high quality, with primarily lower costs contributing.</li><li>2H23 cash flow was slightly better than our estimates, with negative -NZ$92m versus consensus (~-NZ$150m) and us (~-NZ$136m).</li></ul>

RYM delivered a strong FY23 result, with annuity EBITDA up +28% versus FY22, +7% ahead of our estimates, and underlying earnings of NZ$301.9m, +4% ahead of top end of guidance and up +18% versus FY22.The beat was high quality, with primarily lower costs contributing.2H23 cash flow was slightly better than our estimates, with negative -NZ$92m versus consensus (~-NZ$150m) and us (~-NZ$136m).

Ryman Healthcare (RYM): FY23 Result – Initial Impressions