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 nine-month result supported by container volume growth, robust unit revenue gains, and operating leverage.</li><li>Management expects FY26 EBITDA to be around the top of its NZ$70m–NZ$74m guidance range, which compares with our unchanged NZ$74m forecast.</li><li>While we expect NPH to continue delivering earnings growth over the medium term, the pace of growth is likely to moderate from recent levels.</li></ul>

Napier Port (NPH) reported a strong nine-month result supported by container volume growth, robust unit revenue gains, and operating leverage.Management expects FY26 EBITDA to be around the top of its NZ$70m–NZ$74m guidance range, which compares with our unchanged NZ$74m forecast.While we expect NPH to continue delivering earnings growth over the medium term, the pace of growth is likely to moderate from recent levels.

Studio City International Holdings Limited (MSC US)

Studio City International Holdings Limited

Napier Port

Napier Port More Bang for Each Box