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 (NZM) delivered a solid FY25 result, with operating EBITDA lifting +15% year on year to NZ$62.3m—ahead of our NZ$60.7m forecast and above FY26 guidance (NZ$59m–NZ$62m).</li><li>The company is well positioned for FY26 with a strengthened balance sheet (NZ$15.5m net debt at FY25, or ~0.3x EBITDA) and a reset cost base.</li><li>However, our blended spot valuation declines -2% to NZ$1.16, reflecting lower peer comparables.</li></ul>

NZME (NZM) delivered a solid FY25 result, with operating EBITDA lifting +15% year on year to NZ$62.3m—ahead of our NZ$60.7m forecast and above FY26 guidance (NZ$59m–NZ$62m).The company is well positioned for FY26 with a strengthened balance sheet (NZ$15.5m net debt at FY25, or ~0.3x EBITDA) and a reset cost base.However, our blended spot valuation declines -2% to NZ$1.16, reflecting lower peer comparables.

NZME Limited Cost Out Carries the Tune in FY25