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 (IFT) is set to report its FY26 result on Tuesday 26 May.</li><li>We expect a lot of investor attention at the result to focus on CDC, which is warranted given it is 50%–60% of IFT’s portfolio by value; however, it is important not to forget about the rest.</li><li>One NZ and Wellington Airport need to generate improved free cash flow to help cover IFT’s fees, dividends, and interest.</li></ul>

Infratil (IFT) is set to report its FY26 result on Tuesday 26 May.We expect a lot of investor attention at the result to focus on CDC, which is warranted given it is 50%–60% of IFT’s portfolio by value; however, it is important not to forget about the rest.One NZ and Wellington Airport need to generate improved free cash flow to help cover IFT’s fees, dividends, and interest.

Infratil FY26 Preview—More CDC or More Than CDC?