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>While NZX’s 3Q25 revenue was broadly in line with expectations, the exit run-rate in Funds Management is solid given buoyant global market returns, particularly in NZD terms.</li><li>Outside of Funds Management, the story is not as positive.</li><li>Overall, we now expect FY25 EBITDA to be towards the top end of its guidance range, considering NZX’s historic conservatism.</li></ul>

While NZX’s 3Q25 revenue was broadly in line with expectations, the exit run-rate in Funds Management is solid given buoyant global market returns, particularly in NZD terms.Outside of Funds Management, the story is not as positive.Overall, we now expect FY25 EBITDA to be towards the top end of its guidance range, considering NZX’s historic conservatism.

NZX

NZX Keeping Up With the Index