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>Kraken and Origin Energy's (ORG) 2026 joint investor briefing reinforced the scale of competition Gentrack (GTK) faces.</li><li>We understand its 30m meter point pipeline announced at FY25 remains on track.</li><li>We make no changes to our estimates or our NZ$8.70 target price; the near-term thesis hinges on 2H26 contract conversion.</li></ul>

Kraken and Origin Energy's (ORG) 2026 joint investor briefing reinforced the scale of competition Gentrack (GTK) faces.We understand its 30m meter point pipeline announced at FY25 remains on track.We make no changes to our estimates or our NZ$8.70 target price; the near-term thesis hinges on 2H26 contract conversion.

Gentrack

Gentrack Kraken Ups The Pressure