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 FY25 result, with operating EBITDA broadly in line with our expectations.</li><li>Positively, NZX indicated the pipeline for new listings and capital raises has improved, and its NZX20 derivatives market is set to launch in 2Q26.</li><li>ETF inflows have been higher than expected, but we remain cautious about extrapolating recent trends as the industry becomes more competitive.</li></ul>

NZX reported a solid FY25 result, with operating EBITDA broadly in line with our expectations.Positively, NZX indicated the pipeline for new listings and capital raises has improved, and its NZX20 derivatives market is set to launch in 2Q26.ETF inflows have been higher than expected, but we remain cautious about extrapolating recent trends as the industry becomes more competitive.

NZX FY25 Result—FUM Growth, Dividend Growth