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) closed FY26 in better shape than the quarter-on-quarter decline in exit ARR would suggest, with the run-rate impacted by a one-off communications project completion.</li><li>Management materially delivered on the two key commitments for FY26, with Subscription revenue growth broadly in line with guidance and positive underlying EBITDA on a monthly basis in March.</li><li>US grid modernisation trends remain supportive, and continued execution on product rollout builds further confidence in IKE's pending product launches.</li></ul>

ikeGPS (IKE) closed FY26 in better shape than the quarter-on-quarter decline in exit ARR would suggest, with the run-rate impacted by a one-off communications project completion.Management materially delivered on the two key commitments for FY26, with Subscription revenue growth broadly in line with guidance and positive underlying EBITDA on a monthly basis in March.US grid modernisation trends remain supportive, and continued execution on product rollout builds further confidence in IKE's pending product launches.

Ikegps

IkeGPS 4Q26: A Small Blip On A Long Line