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>GTK's 1H25 result may be soft due to the absence of major contract wins, but focus is on the contract pipeline strength.</li><li>We estimate 1H25 revenue of NZ$114.7m (+12%) and EBITDA of NZ$16.1m (+31%), with margin expansion from 12.1% in 1H24 to 14.1% in 1H25.</li><li>GTK is expected to reiterate its medium-term targets of 15% revenue growth and 15%-20% EBITDA margins.</li></ul>

GTK's 1H25 result may be soft due to the absence of major contract wins, but focus is on the contract pipeline strength.We estimate 1H25 revenue of NZ$114.7m (+12%) and EBITDA of NZ$16.1m (+31%), with margin expansion from 12.1% in 1H24 to 14.1% in 1H25.GTK is expected to reiterate its medium-term targets of 15% revenue growth and 15%-20% EBITDA margins.

Gentrack - 1H25 Preview—Waiting for A (Major) Win