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 1Q25 update, with revenue and earnings broadly in line with expectations, but with a reduction in FY25 estimate due to lower asset prices and FUM.</li><li>The 1Q25 update included some positives such as better-than-expected funds management fee revenue, successful onboarding of new funds under administration, and value traded tracking above initial expectations.</li><li>The outlook for FY25 is slightly softer due to reduced asset prices affecting FUM-based revenue and listing fees, with profitability largely dependent on asset price paths.</li></ul>

NZX reported a solid 1Q25 update, with revenue and earnings broadly in line with expectations, but with a reduction in FY25 estimate due to lower asset prices and FUM.The 1Q25 update included some positives such as better-than-expected funds management fee revenue, successful onboarding of new funds under administration, and value traded tracking above initial expectations.The outlook for FY25 is slightly softer due to reduced asset prices affecting FUM-based revenue and listing fees, with profitability largely dependent on asset price paths.

NZX 1Q25 Update—Holding Pattern at the Bourse