New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

<ul>
<li>Spark NZ (SPK) will report its FY26 result on Thursday, 20 August 2026.</li>
<li>FY26 EBITDAI and free cash flow guidance has been reiterated at its recent update, so attention will turn to the quality of the result and initial FY27 guidance.</li>
<li>We expect SPK has continued to lose share in mobile and broadband through 2H26, but mid-single-digit mobile price increases effective 31 July 2026 should offset this in FY27.</li>
</ul>


Spark NZ (SPK) will report its FY26 result on Thursday, 20 August 2026.
FY26 EBITDAI and free cash flow guidance has been reiterated at its recent update, so attention will turn to the quality of the result and initial FY27 guidance.
We expect SPK has continued to lose share in mobile and broadband through 2H26, but mid-single-digit mobile price increases effective 31 July 2026 should offset this in FY27.


Spark NZ FY26 Preview—Testing the Signal

<ul><li>Chorus (CNU) reported another robust quarterly connections update, with fibre zone connections continuing to grow.</li><li>Over 2H26, CNU has added ~+16k net connections in its fibre zones, the largest six-month increase on record, highlighting the success it has had in regaining share from fixed wireless and progress towards its 80% fibre uptake target.</li><li>CNU trades at a ~6.5% dividend yield, with ~+3%–+4% annual dividend growth through to FY30.</li></ul>

Chorus (CNU) reported another robust quarterly connections update, with fibre zone connections continuing to grow.Over 2H26, CNU has added ~+16k net connections in its fibre zones, the largest six-month increase on record, highlighting the success it has had in regaining share from fixed wireless and progress towards its 80% fibre uptake target.CNU trades at a ~6.5% dividend yield, with ~+3%–+4% annual dividend growth through to FY30.

Chorus 4Q26 Connections—Steady Bandwidth

United Kingdom

BT Group is a British multinational telecommunications holding company offering fixed-line, broadband, mobile, and subscription television services, alongside IT and network services. It provides a range of products including mobile plans, fixed broadband, TV and home services, wholesale network access, enterprise connectivity, voice, and security solutions. The company is headquartered in London, England, and its origins date back to the founding of the Electric Telegraph Company in 1846.

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BT Group (BT/A LN)

Spark NZ FY26 Preview—Testing the Signal

Spark NZ (SPK) will report its FY26 result on Thursday, 20 August 2026. FY26 EBITDAI and free cash flow guidance has been reiterated at its recent...

Forsyth Barr

Chorus 4Q26 Connections—Steady Bandwidth

Chorus (CNU) reported another robust quarterly connections update, with fibre zone connections continuing to grow. Over 2H26, CNU has added ~+16k...

Forsyth Barr

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Market Cap (USDm)

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