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>While ikeGPS’s (IKE) 2Q26 update highlighted a short-term moderation in top-line growth, margin strength continued, and a robust growth outlook was reiterated.</li><li>Notably, the new PolePilot product, launched in September 2025, represents a meaningful opportunity for IKE to increase Subscription ARR (we estimate &gt;+10%).</li><li>Management reiterated that two upcoming customer council-backed modules are on track, with FY26 guidance for +35% Subscription revenue growth and run-rate EBITDA breakeven in 2H maintained.</li></ul>

While ikeGPS’s (IKE) 2Q26 update highlighted a short-term moderation in top-line growth, margin strength continued, and a robust growth outlook was reiterated.Notably, the new PolePilot product, launched in September 2025, represents a meaningful opportunity for IKE to increase Subscription ARR (we estimate &gt;+10%).Management reiterated that two upcoming customer council-backed modules are on track, with FY26 guidance for +35% Subscription revenue growth and run-rate EBITDA breakeven in 2H maintained.

Ikegps

IkeGPS Wired for Growth off a 1H26 Base