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>Group revenue grew 1%, driven by strong Audio performance, which offset softer-than-expected growth in other segments.</li><li>Operating expenses were 1% lower than the prior period, reflecting the ongoing benefit of cost-saving initiatives implemented in 2025.</li><li>Operating EBITDA grew 11% year-on-year, highlighting revenue growth and continued cost discipline.</li></ul>

Group revenue grew 1%, driven by strong Audio performance, which offset softer-than-expected growth in other segments.Operating expenses were 1% lower than the prior period, reflecting the ongoing benefit of cost-saving initiatives implemented in 2025.Operating EBITDA grew 11% year-on-year, highlighting revenue growth and continued cost discipline.

NZME (NZM) - 1H26 Result First Impressions

<ul><li>ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio competitor to NZME Limited (NZM), for NZ$130m.</li><li>The 5.1x EV/EBITDA multiple on CY26 budget earnings matches listed Australian audio peers and sits only modestly above NZM’s 4.1x group multiple on our FY26 estimates.</li><li>For NZM, we view the transaction as supportive of our valuation and modestly negative for competition.</li></ul>

ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio competitor to NZME Limited (NZM), for NZ$130m.The 5.1x EV/EBITDA multiple on CY26 budget earnings matches listed Australian audio peers and sits only modestly above NZM’s 4.1x group multiple on our FY26 estimates.For NZM, we view the transaction as supportive of our valuation and modestly negative for competition.

<ul><li>NZME (NZM) has agreed to acquire Stuff’s Petone print-plant equipment to right-size its print production capacity.</li><li>Management expects annualised operating savings of c.NZ$7.0m once installed, subject to print volumes, against total project investment of up to NZ$15.0m over two years.</li><li>Our spot valuation lifts +3% to NZ$1.20, reflecting higher peer multiples, model roll-forward, and lower long-term Publishing costs.</li></ul>

NZME (NZM) has agreed to acquire Stuff’s Petone print-plant equipment to right-size its print production capacity.Management expects annualised operating savings of c.NZ$7.0m once installed, subject to print volumes, against total project investment of up to NZ$15.0m over two years.Our spot valuation lifts +3% to NZ$1.20, reflecting higher peer multiples, model roll-forward, and lower long-term Publishing costs.

<ul><li>NZME (NZM) has announced the acquisition of Stuff's Petone print plant equipment to help 'right size' its production capacity.</li><li>The total investment, including relocation, installation and commissioning, is expected to be NZ$15m over two years.</li><li>NZM expects cashflow payback within the following three years and annual operating cost savings of c.NZ$7m once installed, subject to print volumes.</li></ul>

NZME (NZM) has announced the acquisition of Stuff's Petone print plant equipment to help 'right size' its production capacity.The total investment, including relocation, installation and commissioning, is expected to be NZ$15m over two years.NZM expects cashflow payback within the following three years and annual operating cost savings of c.NZ$7m once installed, subject to print volumes.

<ul><li>NZME’s (NZM) ASM update was broadly in line with our expectations.</li><li>After the first four months of FY26, advertising revenue is growing modestly, and 1Q26 profitability has lifted year on year as NZM benefits from the full annualisation of its FY25 cost reset.</li><li>We await clearer evidence on property and ad market conditions before making changes to our forecasts.</li></ul>

NZME’s (NZM) ASM update was broadly in line with our expectations.After the first four months of FY26, advertising revenue is growing modestly, and 1Q26 profitability has lifted year on year as NZM benefits from the full annualisation of its FY25 cost reset.We await clearer evidence on property and ad market conditions before making changes to our forecasts.

NZME Limited 2026 ASM—Steady Tune, Quieter Volume

New Zealand

NZME Limited provides printing and publication services. The Company offers services of newspapers and magazines, as well as commercial printing and specialist publications.

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NZME Limited (NZM AU)

NZME (NZM) - 1H26 Result First Impressions

Group revenue grew 1%, driven by strong Audio performance, which offset softer-than-expected growth in other segments. Operating expenses were 1%...

Forsyth Barr

NZME Limited A Sound Benchmark For NZME

ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio...

Forsyth Barr

NZME Limited: Pressing More Out of Stuff

NZME (NZM) has agreed to acquire Stuff’s Petone print-plant equipment to right-size its print production capacity. Management expects annualised...

Forsyth Barr

NZME (NZM) - Stuff Print Plant Purchase

NZME (NZM) has announced the acquisition of Stuff's Petone print plant equipment to help 'right size' its production capacity. The total...

Forsyth Barr

NZME Limited 2026 ASM—Steady Tune, Quieter Volume

NZME’s (NZM) ASM update was broadly in line with our expectations. After the first four months of FY26, advertising revenue is growing modestly,...

Forsyth Barr

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