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>Third-party data covering over 75% of Port of Tauranga’s (POT) cargo volume suggests POT enjoyed robust 4Q25 cargo volumes and will likely report FY25 volumes at or marginally ahead of guidance.</li><li>While the volume backdrop is supportive to near-term earnings, pricing will be the major driver of a strong FY25 result (due on 29 August 2025).</li><li>Moreover, we continue to see pricing as the key lever for POT to lift return on capital above current sub-WACC levels.</li></ul>

Third-party data covering over 75% of Port of Tauranga’s (POT) cargo volume suggests POT enjoyed robust 4Q25 cargo volumes and will likely report FY25 volumes at or marginally ahead of guidance.While the volume backdrop is supportive to near-term earnings, pricing will be the major driver of a strong FY25 result (due on 29 August 2025).Moreover, we continue to see pricing as the key lever for POT to lift return on capital above current sub-WACC levels.

Port of Tauranga

Port Of Tauranga - Appetising FIGS