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>ikeGPS (IKE) delivered a strong FY26 result, with the key headline metrics already pre-released at its April 4Q26 update.</li><li>With Subscription revenue scaling at a solid pace, management reiterated FY27 guidance for similar segment revenue growth to FY26 (+33%).</li><li>Our spot valuation lifts +18% to NZ$1.36, reflecting lower medium-term total R&D spend expectations and model roll forward.</li></ul>

ikeGPS (IKE) delivered a strong FY26 result, with the key headline metrics already pre-released at its April 4Q26 update.With Subscription revenue scaling at a solid pace, management reiterated FY27 guidance for similar segment revenue growth to FY26 (+33%).Our spot valuation lifts +18% to NZ$1.36, reflecting lower medium-term total R&D spend expectations and model roll forward.

<ul><li>ikeGPS (IKE) closed FY26 in better shape than the quarter-on-quarter decline in exit ARR would suggest, with the run-rate impacted by a one-off communications project completion.</li><li>Management materially delivered on the two key commitments for FY26, with Subscription revenue growth broadly in line with guidance and positive underlying EBITDA on a monthly basis in March.</li><li>US grid modernisation trends remain supportive, and continued execution on product rollout builds further confidence in IKE's pending product launches.</li></ul>

ikeGPS (IKE) closed FY26 in better shape than the quarter-on-quarter decline in exit ARR would suggest, with the run-rate impacted by a one-off communications project completion.Management materially delivered on the two key commitments for FY26, with Subscription revenue growth broadly in line with guidance and positive underlying EBITDA on a monthly basis in March.US grid modernisation trends remain supportive, and continued execution on product rollout builds further confidence in IKE's pending product launches.

<ul><li>ikeGPS (IKE) delivered a mixed FY26 performance update relative to expectations, with revenue falling modestly below FY26 guidance for +35% or greater growth in Platform Subscription revenue.</li><li>Management expects platform subscription revenue in FY27 at similar growth rates to those achieved in FY26.</li><li>The company continues to maintain a robust balance sheet and remains well-funded to execute on its product roadmap with total cash of ~NZ$33m, net receivables of NZ$4.3m and no debt as at the end of FY26.</li></ul>

ikeGPS (IKE) delivered a mixed FY26 performance update relative to expectations, with revenue falling modestly below FY26 guidance for +35% or greater growth in Platform Subscription revenue.Management expects platform subscription revenue in FY27 at similar growth rates to those achieved in FY26.The company continues to maintain a robust balance sheet and remains well-funded to execute on its product roadmap with total cash of ~NZ$33m, net receivables of NZ$4.3m and no debt as at the end of FY26.

ikeGPS (IKE) - FY26 Performance Update Initial Impressions

<ul><li>ikeGPS (IKE) delivered another mixed performance update in 3Q26, but one that reinforced the underlying quality of its growing recurring revenue streams.</li><li>Management reiterated FY26 guidance, including +35% or greater Subscription growth and EBITDA breakeven on a run-rate basis by year-end.</li><li>We lift our margin assumptions, and our blended spot valuation rises +8% to NZ$1.28.</li></ul>

ikeGPS (IKE) delivered another mixed performance update in 3Q26, but one that reinforced the underlying quality of its growing recurring revenue streams.Management reiterated FY26 guidance, including +35% or greater Subscription growth and EBITDA breakeven on a run-rate basis by year-end.We lift our margin assumptions, and our blended spot valuation rises +8% to NZ$1.28.

IkeGPS  - Wired for Subscription Growth from 3Q26

<ul><li>While ikeGPS’s (IKE) 2Q26 update highlighted a short-term moderation in top-line growth, margin strength continued, and a robust growth outlook was reiterated.</li><li>Notably, the new PolePilot product, launched in September 2025, represents a meaningful opportunity for IKE to increase Subscription ARR (we estimate &gt;+10%).</li><li>Management reiterated that two upcoming customer council-backed modules are on track, with FY26 guidance for +35% Subscription revenue growth and run-rate EBITDA breakeven in 2H maintained.</li></ul>

While ikeGPS’s (IKE) 2Q26 update highlighted a short-term moderation in top-line growth, margin strength continued, and a robust growth outlook was reiterated.Notably, the new PolePilot product, launched in September 2025, represents a meaningful opportunity for IKE to increase Subscription ARR (we estimate &gt;+10%).Management reiterated that two upcoming customer council-backed modules are on track, with FY26 guidance for +35% Subscription revenue growth and run-rate EBITDA breakeven in 2H maintained.

New Zealand

ikeGPS Group Limited develops and produces location-based measurement devices and accessories to integrate digital camera and laser range finder technologies. The Company offers devices and accessories to capture a GPS location and photo of remote targets, and measures the distance and heights of objects.

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