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 delivered a broadly in-line 1H25 and reiterated FY25 guidance.</li><li>The negative was Wealth Tech (WT): while NZX continued to provide positive commentary on prospective client conversations, it has not contracted any material clients in the last 12 months, and free cash flow was softer than expectations (albeit driven by internal onboarding).</li><li>The positive was Funds Management cost control.</li></ul>

NZX delivered a broadly in-line 1H25 and reiterated FY25 guidance.The negative was Wealth Tech (WT): while NZX continued to provide positive commentary on prospective client conversations, it has not contracted any material clients in the last 12 months, and free cash flow was softer than expectations (albeit driven by internal onboarding).The positive was Funds Management cost control.

NZX

NZX FY25 Result—Matching Flat