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>Gentrack reported a weaker-than-expected 1H25 result, guiding revenue and EBITDA below consensus for FY25 due to lower implementation revenue in its Utilities business.</li><li>The long-term growth story remains intact, with Gentrack well-positioned for contract wins in 2H25, supporting growth acceleration into FY26 and FY27.</li><li>The target price is reduced to NZ$14.10, with an OUTPERFORM rating retained due to a strong pipeline and potential contract announcements in the next six months.</li></ul>

Gentrack reported a weaker-than-expected 1H25 result, guiding revenue and EBITDA below consensus for FY25 due to lower implementation revenue in its Utilities business.The long-term growth story remains intact, with Gentrack well-positioned for contract wins in 2H25, supporting growth acceleration into FY26 and FY27.The target price is reduced to NZ$14.10, with an OUTPERFORM rating retained due to a strong pipeline and potential contract announcements in the next six months.

Gentrack 1H25 Result—Low Voltage, Current to Come