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>We downgrade Channel Infrastructure’s (CHI) rating to NEUTRAL from OUTPERFORM.</li><li>3Q25 operating statistics were strong, with record 3Q throughput up +5% on the prior year, albeit in line with expectations.</li><li>The next potential positive catalyst for CHI is its inclusion in the MSCI Small Cap Index, although we rate the chance of inclusion as less than 50%.</li></ul>

We downgrade Channel Infrastructure’s (CHI) rating to NEUTRAL from OUTPERFORM.3Q25 operating statistics were strong, with record 3Q throughput up +5% on the prior year, albeit in line with expectations.The next potential positive catalyst for CHI is its inclusion in the MSCI Small Cap Index, although we rate the chance of inclusion as less than 50%.

Channel Infrastructure Upgrade Downgrade—3Q25 Op Stats