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>NZX reported a solid 1H26 result with operating EBITDA up +9% to NZ$27.3m, broadly in line with our expectations.</li><li>NZX reiterated its FY26 guidance and expects operating EBITDA around the mid-point of its current range (NZ$55.5m), slightly below consensus and our current NZ$56.8m estimate but we note NZX has typically been slightly conservative in setting guidance.</li><li>With a broadly in line result and guidance reiteration we expect minimal price movement today.</li></ul>

NZX reported a solid 1H26 result with operating EBITDA up +9% to NZ$27.3m, broadly in line with our expectations.NZX reiterated its FY26 guidance and expects operating EBITDA around the mid-point of its current range (NZ$55.5m), slightly below consensus and our current NZ$56.8m estimate but we note NZX has typically been slightly conservative in setting guidance.With a broadly in line result and guidance reiteration we expect minimal price movement today.

NZX

NZX: 1H26 Result—Initial Impressions