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’s (NPH) third quarter volumes showed further evidence of constrained activity in the aftermath of Cyclone Gabrielle.</li><li>Management also refers to “unexpected weather and swell events during June had restricted shipping and softened volumes further”.</li><li>We currently assume FY23 EBITDA of NZ$36.5m (-9% against the prior year), below market consensus at NZ$38.3m.</li></ul>

Napier Port’s (NPH) third quarter volumes showed further evidence of constrained activity in the aftermath of Cyclone Gabrielle.Management also refers to “unexpected weather and swell events during June had restricted shipping and softened volumes further”.We currently assume FY23 EBITDA of NZ$36.5m (-9% against the prior year), below market consensus at NZ$38.3m.

Napier Port

Napier Port (NPH): Softer 3Q23 Volumes