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) delivered a strong FY26 result, with the key headline metrics already pre-released at its April 4Q26 update.</li><li>With Subscription revenue scaling at a solid pace, management reiterated FY27 guidance for similar segment revenue growth to FY26 (+33%).</li><li>Our spot valuation lifts +18% to NZ$1.36, reflecting lower medium-term total R&D spend expectations and model roll forward.</li></ul>

ikeGPS (IKE) delivered a strong FY26 result, with the key headline metrics already pre-released at its April 4Q26 update.With Subscription revenue scaling at a solid pace, management reiterated FY27 guidance for similar segment revenue growth to FY26 (+33%).Our spot valuation lifts +18% to NZ$1.36, reflecting lower medium-term total R&D spend expectations and model roll forward.

Ikegps

IkeGPS FY26 AI Pole-Vaults IKE