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’s (GTK) 1H26 result did not change the downgraded FY26 picture, but did explain it better.</li><li>Management now targets three to four wins, some 9–12m meter points from its c.30m pipeline (across more than 10 new customer opportunities) by March 2027, against an estimated installed base of c.13m meter points today.</li><li>Our target price falls -2% to NZ$5.70, and we retain OUTPERFORM.</li></ul>

Gentrack’s (GTK) 1H26 result did not change the downgraded FY26 picture, but did explain it better.Management now targets three to four wins, some 9–12m meter points from its c.30m pipeline (across more than 10 new customer opportunities) by March 2027, against an estimated installed base of c.13m meter points today.Our target price falls -2% to NZ$5.70, and we retain OUTPERFORM.

Gentrack 1H26 Delays In The 30m Main Event

Gentrack Group

Gentrack 1H26 Delays In The 30m Main Event