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 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.

<ul><li>The September 2026 quarter was mixed for NZX-listed technology.</li><li>On balance, the NZX IT Index finished the quarter broadly flat.</li><li>We remain constructive on NZ large cap tech, with VGL, SKO, and GTK all OUTPERFORM.</li></ul>

The September 2026 quarter was mixed for NZX-listed technology.On balance, the NZX IT Index finished the quarter broadly flat.We remain constructive on NZ large cap tech, with VGL, SKO, and GTK all OUTPERFORM.

Forsyth Barr Technology Digest Edition 16—Muse-ing on Markets

Thematic (Sector/Industry)

<ul><li>The pace of change across the tech sector is accelerating.</li><li>The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.</li><li>Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.</li></ul>

The pace of change across the tech sector is accelerating.The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

<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

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 Subscription Growth from 3Q26

ikeGPS (IKE) delivered another mixed performance update in 3Q26, but one that reinforced the underlying quality of its growing recurring revenue...

Forsyth Barr

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 16—Muse-ing on Markets

The September 2026 quarter was mixed for NZX-listed technology. On balance, the NZX IT Index finished the quarter broadly flat. We remain...

Forsyth Barr

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

The pace of change across the tech sector is accelerating. The global tech selloff reflects growing investor concern over the durability of...

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

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