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>Pacific Edge's (PEB) 1H26 was underwhelming relative to our expectations from both a cost and revenue perspective.</li><li>PEB was reluctant to give guidance but committed to a lower cash burn in 2H26 versus 1H26 (we forecast ~NZ$2.6m a month versus ~NZ$3.2m in 1H26).</li><li>The CAC meeting on 19 February 2026 is the key milestone.</li></ul>

Pacific Edge's (PEB) 1H26 was underwhelming relative to our expectations from both a cost and revenue perspective.PEB was reluctant to give guidance but committed to a lower cash burn in 2H26 versus 1H26 (we forecast ~NZ$2.6m a month versus ~NZ$3.2m in 1H26).The CAC meeting on 19 February 2026 is the key milestone.

Pacific Edge 1H26 Result—Still Waiting for a CMS Pulse