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’s (PYS) 3Q26 trading update came in softer than expected, reflecting a continuation of themes seen at its 1H26 result.</li><li>While net customer additions came in meaningfully below expectations at just +76 for the quarter, processing ARPU remained robust, bolstered by the discontinuation of PYS’s lowest tier ‘Simple’ subscription offering to new customers.</li><li>Our blended spot valuation falls -11% to NZ$0.35, partially reflecting dilution from the equity raise.</li></ul>

PaySauce’s (PYS) 3Q26 trading update came in softer than expected, reflecting a continuation of themes seen at its 1H26 result.While net customer additions came in meaningfully below expectations at just +76 for the quarter, processing ARPU remained robust, bolstered by the discontinuation of PYS’s lowest tier ‘Simple’ subscription offering to new customers.Our blended spot valuation falls -11% to NZ$0.35, partially reflecting dilution from the equity raise.

PaySauce Ltd

PaySauce Shifting Focus Shows In 3Q26