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>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.

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

Thematic (Sector/Industry)

<ul><li>New Zealand's listed technology sector has experienced significant volatility in early 2025, with notable fluctuations in the S&amp;P NZ IT Index relative to the NZX 50 Index.</li><li>Key stock ratings have been adjusted this quarter, with Gentrack (GTK) being upgraded to OUTPERFORM, while Vista Group (VGL) and Serko (SKO) have been rated NEUTRAL.</li><li>Forsyth Barr's forecasts diverge from consensus in several areas, including higher revenue expectations for GTK, a more optimistic EBITDA margin for VGL, and a conservative view on SKO's EBITDA forecasts.</li></ul>

New Zealand's listed technology sector has experienced significant volatility in early 2025, with notable fluctuations in the S&amp;P NZ IT Index relative to the NZX 50 Index.Key stock ratings have been adjusted this quarter, with Gentrack (GTK) being upgraded to OUTPERFORM, while Vista Group (VGL) and Serko (SKO) have been rated NEUTRAL.Forsyth Barr's forecasts diverge from consensus in several areas, including higher revenue expectations for GTK, a more optimistic EBITDA margin for VGL, and a conservative view on SKO's EBITDA forecasts.

Forsyth Barr Technology Digest Edition 10—Volatility Reigns

<div><div><div><div><ul><li>NZ's listed technology sector outperformed the broader market by +9% in the December 2024 quarter and +32% during 2024.</li><li>Global technology markets also enjoyed a buoyant 2024, underpinned by investor optimism around the benefits of artificial intelligence (AI).</li><li>Looking ahead, we explore four significant themes poised to define the technology industry in 2025. </li></ul></div></div></div></div>

NZ's listed technology sector outperformed the broader market by +9% in the December 2024 quarter and +32% during 2024.Global technology markets also enjoyed a buoyant 2024, underpinned by investor optimism around the benefits of artificial intelligence (AI).Looking ahead, we explore four significant themes poised to define the technology industry in 2025. 

Forsyth Barr Technology Digest Edition 9 — Agentic, AGI and Quantum Worlds

<ul><li>ikeGPS (IKE) delivered a solid 1H25 result in revenue terms, which was pre-released in October.</li><li>Group revenue growth of +16% was underpinned by robust growth in Subscriptions, as total enterprise customers rose +21 over the period to 436. </li><li>Gross margin improved from 59% in 1H24 to 67% in 1H25, reflecting: (1) the mix-shift towards higher-margin Subscription products, and (2) productivity gains from IKE Analyze's support centre in Mexico. </li></ul>

ikeGPS (IKE) delivered a solid 1H25 result in revenue terms, which was pre-released in October.Group revenue growth of +16% was underpinned by robust growth in Subscriptions, as total enterprise customers rose +21 over the period to 436. Gross margin improved from 59% in 1H24 to 67% in 1H25, reflecting: (1) the mix-shift towards higher-margin Subscription products, and (2) productivity gains from IKE Analyze's support centre in Mexico. 

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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Ikegps (IKE NZ)

IkeGPS Wired for Growth off a 1H26 Base

While ikeGPS’s (IKE) 2Q26 update highlighted a short-term moderation in top-line growth, margin strength continued, and a robust growth outlook was...

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

Forsyth Barr Technology Digest Edition 10—Volatility Reigns

New Zealand's listed technology sector has experienced significant volatility in early 2025, with notable fluctuations in the S&P NZ IT Index...

Forsyth Barr

Forsyth Barr Technology Digest Edition 9 — Agentic, AGI and Quantum Worlds

Global technology markets also enjoyed a buoyant 2024, underpinned by investor optimism around the benefits of artificial intelligence (AI).

Forsyth Barr

IkeGPS - Pole-Powered Growth in 1H25

Group revenue growth of +16% was underpinned by robust growth in Subscriptions, as total enterprise customers rose +21 over the period to 436.

Forsyth Barr

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