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

Hallenstein Glassons Holdings / Equity Bottom-Up

<ul><li>Hallenstein Glassons (HLG) reported a solid FY25 result, with profit before tax (PBT) of NZ$58.4m, +12% ahead of FY24 and at the top end of its guidance range.</li><li>Trading through the first seven weeks of FY26 was also strong, with +13% group sales growth.</li><li>Glassons Australia continues to be the primary growth driver, with sales up +15% on the prior year, driving a +16% increase in PBT to NZ$34.2m.</li></ul>

Hallenstein Glassons (HLG) reported a solid FY25 result, with profit before tax (PBT) of NZ$58.4m, +12% ahead of FY24 and at the top end of its guidance range.Trading through the first seven weeks of FY26 was also strong, with +13% group sales growth.Glassons Australia continues to be the primary growth driver, with sales up +15% on the prior year, driving a +16% increase in PBT to NZ$34.2m.

Hallenstein Glasson FY25 Result—Strutting Its Stuff