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

<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