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>With Pacific Edge's (PEB) key P&L items pre-released at its capital raise two weeks ago, there was little new information in its FY26 result.</li><li>While PEB's total revenue nearly halved in FY26 versus FY25; (1) its non-US revenue grew +11% year-on-year to NZ$2m in FY26, and (2) we estimate its non-Medicare US revenue (private payers and Kaiser Permanente) grew low-double digits year-on-year as well.</li><li>These reimbursements and likely finalisation of its LCD later in FY27 should mean PEB's monthly FY27 cash burn is lower than its prior targeted -NZ$2.5m.</li></ul>

With Pacific Edge's (PEB) key P&L items pre-released at its capital raise two weeks ago, there was little new information in its FY26 result.While PEB's total revenue nearly halved in FY26 versus FY25; (1) its non-US revenue grew +11% year-on-year to NZ$2m in FY26, and (2) we estimate its non-Medicare US revenue (private payers and Kaiser Permanente) grew low-double digits year-on-year as well.These reimbursements and likely finalisation of its LCD later in FY27 should mean PEB's monthly FY27 cash burn is lower than its prior targeted -NZ$2.5m.

Pacific Edge (PEB): FY26 Result—Initial Impressions