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 robust 3Q25 result, with strong earnings growth driven by pricing gains, effective cost management, and operating leverage.</li><li>Management continues to expect FY25 EBITDA to be at the top of its full-year guidance range of NZ$59m–NZ$63m, implying a flat 4Q25 versus the prior year.</li><li>NPH continues to trade at a wide discount to POT on both a one year forward EV/EBITDA and PE basis, the quantum of which we believe is unjustified.</li></ul>

Napier Port (NPH) reported a robust 3Q25 result, with strong earnings growth driven by pricing gains, effective cost management, and operating leverage.Management continues to expect FY25 EBITDA to be at the top of its full-year guidance range of NZ$59m–NZ$63m, implying a flat 4Q25 versus the prior year.NPH continues to trade at a wide discount to POT on both a one year forward EV/EBITDA and PE basis, the quantum of which we believe is unjustified.

Napier Port

Napier Port Running a Tight Ship