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>PaySauce (PYS) released a somewhat disappointing 1Q27 trading update, alongside an investor presentation and held an investor call this morning providing some further detail on the company’s Australian expansion progress.</li><li>Operationally, the quarterly result showed continued strength in processing fee growth, but NZ customer additions have come in below expectations.</li><li>That said, we continue to view the Australian expansion story as the key value driver for PYS.</li></ul>

PaySauce (PYS) released a somewhat disappointing 1Q27 trading update, alongside an investor presentation and held an investor call this morning providing some further detail on the company’s Australian expansion progress.Operationally, the quarterly result showed continued strength in processing fee growth, but NZ customer additions have come in below expectations.That said, we continue to view the Australian expansion story as the key value driver for PYS.

PaySauce (PYS) - 1Q27 Trading Update and Investor Presentation

PaySauce Ltd

PaySauce (PYS) - 1Q27 Trading Update and Investor Presentation