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>Napier Port (NPH) reported a strong 1H25 result and is on track to deliver its 2021 investor-day profit objective in FY25, despite material setbacks over the past few years.</li><li>Pricing has been the most important driver, with further impressive gains evident in 1H25 across all trades, although trade volumes are mixed.</li><li>With scope for sustained earnings growth over the medium term, Forsyth Barr retains an OUTPERFORM rating on Napier Port.</li></ul>

Napier Port (NPH) reported a strong 1H25 result and is on track to deliver its 2021 investor-day profit objective in FY25, despite material setbacks over the past few years.Pricing has been the most important driver, with further impressive gains evident in 1H25 across all trades, although trade volumes are mixed.With scope for sustained earnings growth over the medium term, Forsyth Barr retains an OUTPERFORM rating on Napier Port.

Napier Port 1H25—Pricing Power at the Fore