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 mixed FY26 performance update relative to expectations, with revenue falling modestly below FY26 guidance for +35% or greater growth in Platform Subscription revenue.</li><li>Management expects platform subscription revenue in FY27 at similar growth rates to those achieved in FY26.</li><li>The company continues to maintain a robust balance sheet and remains well-funded to execute on its product roadmap with total cash of ~NZ$33m, net receivables of NZ$4.3m and no debt as at the end of FY26.</li></ul>

ikeGPS (IKE) delivered a mixed FY26 performance update relative to expectations, with revenue falling modestly below FY26 guidance for +35% or greater growth in Platform Subscription revenue.Management expects platform subscription revenue in FY27 at similar growth rates to those achieved in FY26.The company continues to maintain a robust balance sheet and remains well-funded to execute on its product roadmap with total cash of ~NZ$33m, net receivables of NZ$4.3m and no debt as at the end of FY26.

ikeGPS (IKE) - FY26 Performance Update Initial Impressions

Ikegps

ikeGPS (IKE) - FY26 Performance Update Initial Impressions