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>NZME’s (NZM) ASM update was broadly in line with our expectations.</li><li>After the first four months of FY26, advertising revenue is growing modestly, and 1Q26 profitability has lifted year on year as NZM benefits from the full annualisation of its FY25 cost reset.</li><li>We await clearer evidence on property and ad market conditions before making changes to our forecasts.</li></ul>

NZME’s (NZM) ASM update was broadly in line with our expectations.After the first four months of FY26, advertising revenue is growing modestly, and 1Q26 profitability has lifted year on year as NZM benefits from the full annualisation of its FY25 cost reset.We await clearer evidence on property and ad market conditions before making changes to our forecasts.

NZME Limited 2026 ASM—Steady Tune, Quieter Volume