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>NZX reported a solid 1H26 result, broadly in line with our expectations, and reiterated FY26 guidance.</li><li>Capital Markets delivered robust EBITDA growth in the half despite quieter market activity, given cost control and price increases on its data licences.</li><li>Funds Management continues to benefit from strong global market returns and ETF inflows while progressing its move onto its own Wealth Tech-driven tech platform.</li></ul>

NZX reported a solid 1H26 result, broadly in line with our expectations, and reiterated FY26 guidance.Capital Markets delivered robust EBITDA growth in the half despite quieter market activity, given cost control and price increases on its data licences.Funds Management continues to benefit from strong global market returns and ETF inflows while progressing its move onto its own Wealth Tech-driven tech platform.

<ul><li>NZX reported a solid 1H26 result with operating EBITDA up +9% to NZ$27.3m, broadly in line with our expectations.</li><li>NZX reiterated its FY26 guidance and expects operating EBITDA around the mid-point of its current range (NZ$55.5m), slightly below consensus and our current NZ$56.8m estimate but we note NZX has typically been slightly conservative in setting guidance.</li><li>With a broadly in line result and guidance reiteration we expect minimal price movement today.</li></ul>

NZX reported a solid 1H26 result with operating EBITDA up +9% to NZ$27.3m, broadly in line with our expectations.NZX reiterated its FY26 guidance and expects operating EBITDA around the mid-point of its current range (NZ$55.5m), slightly below consensus and our current NZ$56.8m estimate but we note NZX has typically been slightly conservative in setting guidance.With a broadly in line result and guidance reiteration we expect minimal price movement today.

<ul><li>NZX’s May operating stats pointed to an improved operating environment with increased volume traded and strong FUM growth.</li><li>Since then, global market returns have been robust and NZX value traded has improved, as such we are comfortable with our current estimate.</li><li>Areas where NZX is tracking below our expectations (particularly dairy derivatives but also value traded) aren’t as important in aggregate as annual listing fees, market data subscriptions, and funds management fee revenue where operating stats point to solid results.</li></ul>

NZX’s May operating stats pointed to an improved operating environment with increased volume traded and strong FUM growth.Since then, global market returns have been robust and NZX value traded has improved, as such we are comfortable with our current estimate.Areas where NZX is tracking below our expectations (particularly dairy derivatives but also value traded) aren’t as important in aggregate as annual listing fees, market data subscriptions, and funds management fee revenue where operating stats point to solid results.

NZX: May Operating Stats—Tracking In-Line with Guidance

<ul><li>NZX reported a slightly soft 1Q26 trading update at its ASM, largely a function of subdued market activity and returns year to date.</li><li>NZX has left its FY26 guidance unchanged, but it came with a cautious note that if there is no improvement, the lower end of its range is likely.</li><li>NZX trades on ~19x 12-month forward PE, a modest premium to its peer weighted average.</li></ul>

NZX reported a slightly soft 1Q26 trading update at its ASM, largely a function of subdued market activity and returns year to date.NZX has left its FY26 guidance unchanged, but it came with a cautious note that if there is no improvement, the lower end of its range is likely.NZX trades on ~19x 12-month forward PE, a modest premium to its peer weighted average.

<ul><li>NZX reported a solid FY25 result, with operating EBITDA broadly in line with our expectations.</li><li>Positively, NZX indicated the pipeline for new listings and capital raises has improved, and its NZX20 derivatives market is set to launch in 2Q26.</li><li>ETF inflows have been higher than expected, but we remain cautious about extrapolating recent trends as the industry becomes more competitive.</li></ul>

NZX reported a solid FY25 result, with operating EBITDA broadly in line with our expectations.Positively, NZX indicated the pipeline for new listings and capital raises has improved, and its NZX20 derivatives market is set to launch in 2Q26.ETF inflows have been higher than expected, but we remain cautious about extrapolating recent trends as the industry becomes more competitive.

NZX FY25 Result—FUM Growth, Dividend Growth

New Zealand

NZX Ltd. operates the New Zealand Stock Exchange, the country's primary national stock exchange.  NZX provides markets that facilitate the raising of capital and the trading of corporate securities and operates markets for equities, corporate and government bonds, fixed income securities and alternative equity investments.

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NZX (NZX NZ)

NZX 1H26 Result—Line and Length

NZX reported a solid 1H26 result, broadly in line with our expectations, and reiterated FY26 guidance. Capital Markets delivered robust EBITDA...

Forsyth Barr

NZX: 1H26 Result—Initial Impressions

NZX reported a solid 1H26 result with operating EBITDA up +9% to NZ$27.3m, broadly in line with our expectations. NZX reiterated its FY26 guidance...

Forsyth Barr

NZX: May Operating Stats—Tracking In-Line with Guidance

NZX’s May operating stats pointed to an improved operating environment with increased volume traded and strong FUM growth. Since then, global...

Forsyth Barr

NZX 1Q26—Volatility But No Volume

NZX reported a slightly soft 1Q26 trading update at its ASM, largely a function of subdued market activity and returns year to date. NZX has left...

Forsyth Barr

NZX FY25 Result—FUM Growth, Dividend Growth

Positively, NZX indicated the pipeline for new listings and capital raises has improved, and its NZX20 derivatives market is set to launch in 2Q26.

Forsyth Barr

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