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>We head into GTK's FY25 result (24 November 2025) with a sense of déjà vu.</li><li>We anticipate a soft result relative to market expectations, with sentiment weakening amid the absence of major contract wins and continued strong execution from competitor Kraken.</li><li>Our proprietary data indicates ongoing staff growth, lending confidence that the Bulgarian scoping study remains on track for conversion into a contract.</li></ul>

We head into GTK's FY25 result (24 November 2025) with a sense of déjà vu.We anticipate a soft result relative to market expectations, with sentiment weakening amid the absence of major contract wins and continued strong execution from competitor Kraken.Our proprietary data indicates ongoing staff growth, lending confidence that the Bulgarian scoping study remains on track for conversion into a contract.

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

Canada

Kraken Robotics Inc. operates as a marine technology company. The Company engages in designing, development, and marketing of software, advanced sonar and optical sensors, and robotic systems used in military and commercial applications. Kraken Robotics serves customers in North America.

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Kraken Robotics (PNG CN)

Gentrack FY25 Preview—Dj Vu

We anticipate a soft result relative to market expectations, with sentiment weakening amid the absence of major contract wins and continued strong...

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

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