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.

Thematic (Sector/Industry)

<ul><li>The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand and around the globe.</li><li>We focus on three industry segments: Software &amp; Services, Technology hardware, and Semiconductors and equipment.</li><li>We aim to showcase what NZ technology is doing, provide updates on recent news at a company and technology level, present stock performance, and show relevant ratios.</li></ul>

The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand and around the globe.We focus on three industry segments: Software &amp; Services, Technology hardware, and Semiconductors and equipment.We aim to showcase what NZ technology is doing, provide updates on recent news at a company and technology level, present stock performance, and show relevant ratios.

Forsyth Barr Technology Digest - Edition 5 — Layoffs Resume

Equity Bottom-Up

Vista Group International / Equity Bottom-Up

<ul><li>The September 2025 quarter was another busy period for New Zealand’s listed technology sector, with several companies releasing earnings and trading updates.</li><li>VGL was the only large-cap NZ tech stock under coverage to report during the September 2025 quarter.</li><li>Despite earnings downgrades, Vista Group (VGL) is now our preferred large-cap pick.</li></ul>

The September 2025 quarter was another busy period for New Zealand’s listed technology sector, with several companies releasing earnings and trading updates.VGL was the only large-cap NZ tech stock under coverage to report during the September 2025 quarter.Despite earnings downgrades, Vista Group (VGL) is now our preferred large-cap pick.

Forsyth Barr Technology Digest Edition 12—Payments To Take The Stage

<ul><li>Gentrack (GTK) has announced that it is no longer part of the tendering process for an Australian customer, which is replacing its current billing platform.</li><li>We downgrade our rating to NEUTRAL from OUTPERFORM.</li><li>Our confidence in the growth story has weakened, particularly in the near term, and we see some risk to consensus revenue estimates over the next few years.</li></ul>

Gentrack (GTK) has announced that it is no longer part of the tendering process for an Australian customer, which is replacing its current billing platform.We downgrade our rating to NEUTRAL from OUTPERFORM.Our confidence in the growth story has weakened, particularly in the near term, and we see some risk to consensus revenue estimates over the next few years.

Gentrack Australian Customer Loss — Down to NEUTRAL

<ul><li>Gentrack reported a weaker-than-expected 1H25 result, guiding revenue and EBITDA below consensus for FY25 due to lower implementation revenue in its Utilities business.</li><li>The long-term growth story remains intact, with Gentrack well-positioned for contract wins in 2H25, supporting growth acceleration into FY26 and FY27.</li><li>The target price is reduced to NZ$14.10, with an OUTPERFORM rating retained due to a strong pipeline and potential contract announcements in the next six months.</li></ul>

Gentrack reported a weaker-than-expected 1H25 result, guiding revenue and EBITDA below consensus for FY25 due to lower implementation revenue in its Utilities business.The long-term growth story remains intact, with Gentrack well-positioned for contract wins in 2H25, supporting growth acceleration into FY26 and FY27.The target price is reduced to NZ$14.10, with an OUTPERFORM rating retained due to a strong pipeline and potential contract announcements in the next six months.

Gentrack 1H25 Result—Low Voltage, Current to Come

<ul>
<li>Gentrack has renewed its partnership with Marble Power, a UK-based business energy supplier, which is estimated to contribute only a small amount to Gentrack's ARR.</li>
<li>Marble Power serves less than 2,000 C&amp;I customers, primarily focusing on large, complex commercial and industrial clients, with an annual supply of 1.5TWh of electricity to UK businesses.</li>
<li>This renewal is part of a series of customer updates in the UK, ahead of Gentrack's 1H25 report release on Monday.</li>
</ul>


Gentrack has renewed its partnership with Marble Power, a UK-based business energy supplier, which is estimated to contribute only a small amount to Gentrack's ARR.
Marble Power serves less than 2,000 C&amp;I customers, primarily focusing on large, complex commercial and industrial clients, with an annual supply of 1.5TWh of electricity to UK businesses.
This renewal is part of a series of customer updates in the UK, ahead of Gentrack's 1H25 report release on Monday.


Gentrack (GTK) - Small UK C&I Customer Renewal (Marble Power)

New Zealand

Gentrack Group Limited is a computer consulting company. The Company provides software solutions to energy & water utilities and airports.

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Gentrack (GTK NZ)

Forsyth Barr Technology Digest - Edition 5 — Layoffs Resume

The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand and...

Forsyth Barr

Forsyth Barr Technology Digest Edition 12—Payments To Take The Stage

The September 2025 quarter was another busy period for New Zealand’s listed technology sector, with several companies releasing earnings and...

Forsyth Barr

Gentrack Australian Customer Loss — Down to NEUTRAL

Gentrack (GTK) has announced that it is no longer part of the tendering process for an Australian customer, which is replacing its current billing...

Forsyth Barr

Gentrack 1H25 Result—Low Voltage, Current to Come

Gentrack reported a weaker-than-expected 1H25 result, guiding revenue and EBITDA below consensus for FY25 due to lower implementation revenue in...

Forsyth Barr

Gentrack (GTK) - Small UK C&I Customer Renewal (Marble Power)

Gentrack has renewed its partnership with Marble Power, a UK-based business energy supplier, which is estimated to contribute only a small amount...

Forsyth Barr

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