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 another mixed performance update in 3Q26, but one that reinforced the underlying quality of its growing recurring revenue streams.</li><li>Management reiterated FY26 guidance, including +35% or greater Subscription growth and EBITDA breakeven on a run-rate basis by year-end.</li><li>We lift our margin assumptions, and our blended spot valuation rises +8% to NZ$1.28.</li></ul>

ikeGPS (IKE) delivered another mixed performance update in 3Q26, but one that reinforced the underlying quality of its growing recurring revenue streams.Management reiterated FY26 guidance, including +35% or greater Subscription growth and EBITDA breakeven on a run-rate basis by year-end.We lift our margin assumptions, and our blended spot valuation rises +8% to NZ$1.28.

IkeGPS  - Wired for Subscription Growth from 3Q26

Ikegps

IkeGPS - Wired for Subscription Growth from 3Q26