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>ikeGPS (IKE)s 1Q27 update came in weaker than expected, largely reflecting a material miss in Transaction revenue.</li><li>Despite this, group revenue remained broadly flat year on year, with the companys higher-margin Subscription segment seeing continued momentum (albeit below FY27 guided growth).</li><li>Despite ongoing weakness in the Transactions business, with continued momentum within IKEs core Subscription business and better-than-expected progress on new product delivery, we remain constructive on the medium-term outlook.</li></ul>

ikeGPS (IKE)s 1Q27 update came in weaker than expected, largely reflecting a material miss in Transaction revenue.Despite this, group revenue remained broadly flat year on year, with the companys higher-margin Subscription segment seeing continued momentum (albeit below FY27 guided growth).Despite ongoing weakness in the Transactions business, with continued momentum within IKEs core Subscription business and better-than-expected progress on new product delivery, we remain constructive on the medium-term outlook.

Ikegps

ikeGPS 1Q27: Gives and Takes