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 (CHI) delivered the expected positive 1H26 result at both the earnings and dividend level.</li><li>The key news of the day, however, was the announcement of another large storage contract, this time with bp.</li><li>The bp announcement plus additional upside opportunity results in strong earnings increases from FY29, a step up in the forecast dividend from FY27, and a +NZ27c increase in our target price to NZ$3.68.</li></ul>

Channel Infrastructure (CHI) delivered the expected positive 1H26 result at both the earnings and dividend level.The key news of the day, however, was the announcement of another large storage contract, this time with bp.The bp announcement plus additional upside opportunity results in strong earnings increases from FY29, a step up in the forecast dividend from FY27, and a +NZ27c increase in our target price to NZ$3.68.

Channel Infrastructure Tanks for the Contract bp—1H26 Result