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>Infratil's current risk levels are high due to leverage and insufficient operating cash flow.</li><li>CDC's EBITDA growth guidance was disappointing, but the FY27 target remains intact.</li><li>Infratil plans to raise over NZ$1b by divesting non-scalable businesses, potentially impacting operating cash flow.</li></ul>

Infratil's current risk levels are high due to leverage and insufficient operating cash flow.CDC's EBITDA growth guidance was disappointing, but the FY27 target remains intact.Infratil plans to raise over NZ$1b by divesting non-scalable businesses, potentially impacting operating cash flow.

Infratil

Infratil FY25 Result—Reality Check