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’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

<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

Vista Group International / Equity Bottom-Up

<ul><li>The June 2026 quarter was marked by a significant divergence in performance among major local names following the May reporting season.</li><li>The quarter saw consensus downgrades for both Serko (SKO) and Gentrack (GTK).</li><li>Our preferred large-cap technology exposures remain Vista Group (VGL: OUTPERFORM), Serko (SKO: OUTPERFORM), and Gentrack (GTK: OUTPERFORM).</li></ul>

The June 2026 quarter was marked by a significant divergence in performance among major local names following the May reporting season.The quarter saw consensus downgrades for both Serko (SKO) and Gentrack (GTK).Our preferred large-cap technology exposures remain Vista Group (VGL: OUTPERFORM), Serko (SKO: OUTPERFORM), and Gentrack (GTK: OUTPERFORM).

Forsyth Barr Technology Digest Edition 15—the Great Divide

<ul><li>The December 2025 quarter saw five of the six tech names under our coverage report results.</li><li>During the period, we upgraded Gentrack (GTK) to OUTPERFORM despite a somewhat underwhelming FY25 result, with our thesis supported by the announcement of a strong potential contract pipeline and continued platform progress.</li><li>Over the quarter, the S&amp;P/NZX IT Index fell ~-17%, materially underperforming the NZX50, which rose ~+2%.</li></ul>

The December 2025 quarter saw five of the six tech names under our coverage report results.During the period, we upgraded Gentrack (GTK) to OUTPERFORM despite a somewhat underwhelming FY25 result, with our thesis supported by the announcement of a strong potential contract pipeline and continued platform progress.Over the quarter, the S&amp;P/NZX IT Index fell ~-17%, materially underperforming the NZX50, which rose ~+2%.

Forsyth Barr Technology Digest Edition 13—Tech Falls Out Of Sync With Markets

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 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

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 15—the Great Divide

The June 2026 quarter was marked by a significant divergence in performance among major local names following the May reporting season. The...

Forsyth Barr

Forsyth Barr Technology Digest Edition 13—Tech Falls Out Of Sync With Markets

The December 2025 quarter saw five of the six tech names under our coverage report results.During the period, we upgraded Gentrack (GTK) to...

Forsyth Barr

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