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 slightly soft 1Q26 trading update at its ASM, largely a function of subdued market activity and returns year to date.</li><li>NZX has left its FY26 guidance unchanged, but it came with a cautious note that if there is no improvement, the lower end of its range is likely.</li><li>NZX trades on ~19x 12-month forward PE, a modest premium to its peer weighted average.</li></ul>

NZX reported a slightly soft 1Q26 trading update at its ASM, largely a function of subdued market activity and returns year to date.NZX has left its FY26 guidance unchanged, but it came with a cautious note that if there is no improvement, the lower end of its range is likely.NZX trades on ~19x 12-month forward PE, a modest premium to its peer weighted average.

NZX

NZX 1Q26—Volatility But No Volume