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) reported a softer-than-expected 1Q27 trading update, albeit one that brings forward and improves visibility on the product release timeline.</li><li>Management maintained FY27 guidance for approximately the same level of Subscription revenue growth as FY26 (+33%) and ~+35% ARR growth, with new product releases supporting ARR expansion through 2H27.</li><li>This brings forward and provides greater visibility on the release timeline relative to our prior expectations for a first product release through 2H27 and second through either 2H27 or FY28.</li></ul>

ikeGPS (IKE) reported a softer-than-expected 1Q27 trading update, albeit one that brings forward and improves visibility on the product release timeline.Management maintained FY27 guidance for approximately the same level of Subscription revenue growth as FY26 (+33%) and ~+35% ARR growth, with new product releases supporting ARR expansion through 2H27.This brings forward and provides greater visibility on the release timeline relative to our prior expectations for a first product release through 2H27 and second through either 2H27 or FY28.

Ikegps

ikeGPS (IKE) – 1Q27 Performance Update