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>PaySauce (PYS) released a somewhat disappointing 1Q27 trading update, alongside an investor presentation and held an investor call this morning providing some further detail on the company’s Australian expansion progress.</li><li>Operationally, the quarterly result showed continued strength in processing fee growth, but NZ customer additions have come in below expectations.</li><li>That said, we continue to view the Australian expansion story as the key value driver for PYS.</li></ul>

PaySauce (PYS) released a somewhat disappointing 1Q27 trading update, alongside an investor presentation and held an investor call this morning providing some further detail on the company’s Australian expansion progress.Operationally, the quarterly result showed continued strength in processing fee growth, but NZ customer additions have come in below expectations.That said, we continue to view the Australian expansion story as the key value driver for PYS.

PaySauce (PYS) - 1Q27 Trading Update and Investor Presentation

<ul><li>PaySauce (PYS) reported a broadly in-line FY26 result, albeit one that was largely pre-released.</li><li>FY26 marked a transition year, with the April 2026 launch of Australian operations signalling a shift from platform development to commercial execution through FY27.</li><li>We revise our forecasts accordingly, with our blended spot valuation declining -1cps to NZ$0.32 as softer near-term profitability is mostly offset by us lifting medium-term Australian customer growth assumptions.</li></ul>

PaySauce (PYS) reported a broadly in-line FY26 result, albeit one that was largely pre-released.FY26 marked a transition year, with the April 2026 launch of Australian operations signalling a shift from platform development to commercial execution through FY27.We revise our forecasts accordingly, with our blended spot valuation declining -1cps to NZ$0.32 as softer near-term profitability is mostly offset by us lifting medium-term Australian customer growth assumptions.

PaySauce FY26: Pending Progress In Australia

<ul><li>PaySauce’s (PYS) 3Q26 trading update came in softer than expected, reflecting a continuation of themes seen at its 1H26 result.</li><li>While net customer additions came in meaningfully below expectations at just +76 for the quarter, processing ARPU remained robust, bolstered by the discontinuation of PYS’s lowest tier ‘Simple’ subscription offering to new customers.</li><li>Our blended spot valuation falls -11% to NZ$0.35, partially reflecting dilution from the equity raise.</li></ul>

PaySauce’s (PYS) 3Q26 trading update came in softer than expected, reflecting a continuation of themes seen at its 1H26 result.While net customer additions came in meaningfully below expectations at just +76 for the quarter, processing ARPU remained robust, bolstered by the discontinuation of PYS’s lowest tier ‘Simple’ subscription offering to new customers.Our blended spot valuation falls -11% to NZ$0.35, partially reflecting dilution from the equity raise.

Equity Capital Markets

<ul><li>PaySauce (PYS) is raising equity to accelerate its Australian launch—funding brand awareness, expanding local sales and service capability, and bringing forward further enhancements to its Gen 2.0 platform.</li><li>With beta clients currently live on the Australian pilot, the timeline for a February 2026 launch is progressing well.</li><li>The raise positions PYS to scale more quickly in Australia’s larger micro-SME market, enabling the company to pursue growth without additional risk from leverage.</li></ul>

PaySauce (PYS) is raising equity to accelerate its Australian launch—funding brand awareness, expanding local sales and service capability, and bringing forward further enhancements to its Gen 2.0 platform.With beta clients currently live on the Australian pilot, the timeline for a February 2026 launch is progressing well.The raise positions PYS to scale more quickly in Australia’s larger micro-SME market, enabling the company to pursue growth without additional risk from leverage.

PaySauce - Cash Over Credit—The Sauce Aims to Go Fastera

<ul><li>PaySauce’s (PYS) largely pre-released 1H26 showed progress on the controllables, but slowing NZ growth ahead of its pending launch into Australia.</li><li>The mix of revenues shifted toward processing fees as interest income continued to decline, reflecting ongoing OCR cuts.</li><li>The Australian commercial launch in February 2026 will be of key interest at FY26.</li></ul>

PaySauce’s (PYS) largely pre-released 1H26 showed progress on the controllables, but slowing NZ growth ahead of its pending launch into Australia.The mix of revenues shifted toward processing fees as interest income continued to decline, reflecting ongoing OCR cuts.The Australian commercial launch in February 2026 will be of key interest at FY26.

PaySauce Fees Feed the Sauce—Rates Not So Tasty

New Zealand

PaySauce Ltd designs and develops software solutions. The Company offers a solutions for payroll, payday filling, costing, timesheets, automation, leaves, and reports. PaySauce serves charities, accountants, manufacturers, and retail and technology sectors. PaySauce serves customers in New Zealand.

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PaySauce Ltd (PYS NZ)

PaySauce (PYS) - 1Q27 Trading Update and Investor Presentation

PaySauce (PYS) released a somewhat disappointing 1Q27 trading update, alongside an investor presentation and held an investor call this morning...

Forsyth Barr

PaySauce FY26: Pending Progress In Australia

PaySauce (PYS) reported a broadly in-line FY26 result, albeit one that was largely pre-released. FY26 marked a transition year, with the April...

Forsyth Barr

PaySauce Shifting Focus Shows In 3Q26

PaySauce’s (PYS) 3Q26 trading update came in softer than expected, reflecting a continuation of themes seen at its 1H26 result.

Forsyth Barr

PaySauce - Cash Over Credit—The Sauce Aims to Go Fastera

The raise positions PYS to scale more quickly in Australia’s larger micro-SME market, enabling the company to pursue growth without additional risk...

Forsyth Barr

PaySauce Fees Feed the Sauce—Rates Not So Tasty

PaySauce’s (PYS) largely pre-released 1H26 showed progress on the controllables, but slowing NZ growth ahead of its pending launch into...

Forsyth Barr

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