New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>Channel Infrastructure’s (CHI) operating throughput for 2Q25 was mixed, but it is difficult to get a strong read on underlying trends due to Wiri storage tank outages impacting stock levels.</li><li>Key jet movements at Auckland Airport (AIA) are showing green shoots of improvement, albeit overall aircraft movements remain well below pre-COVID levels.</li><li>While an investment decision on the bio-refinery has been pushed back to 2026, we believe this reflects the complexity of the project rather than an increased risk that it will not proceed.</li></ul>

Channel Infrastructure’s (CHI) operating throughput for 2Q25 was mixed, but it is difficult to get a strong read on underlying trends due to Wiri storage tank outages impacting stock levels.Key jet movements at Auckland Airport (AIA) are showing green shoots of improvement, albeit overall aircraft movements remain well below pre-COVID levels.While an investment decision on the bio-refinery has been pushed back to 2026, we believe this reflects the complexity of the project rather than an increased risk that it will not proceed.

Channel Infrastructure Block Out The Noise—2Q25 Op Stats