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>We upgrade Port of Tauranga (POT) to OUTPERFORM from NEUTRAL following its strong FY25 result and confidence in ongoing earnings momentum.</li><li>Underlying NPAT of NZ$126m (+23% against FY24) was above the top end of management’s guidance range, driven by pricing gains and robust cargo growth.</li><li>Strong earnings growth is likely to be sustained over the medium term as POT continues to close the gap on its 7% return on invested capital (ROIC) target—currently 5.3% on its operational assets.</li></ul>

We upgrade Port of Tauranga (POT) to OUTPERFORM from NEUTRAL following its strong FY25 result and confidence in ongoing earnings momentum.Underlying NPAT of NZ$126m (+23% against FY24) was above the top end of management’s guidance range, driven by pricing gains and robust cargo growth.Strong earnings growth is likely to be sustained over the medium term as POT continues to close the gap on its 7% return on invested capital (ROIC) target—currently 5.3% on its operational assets.

Port of Tauranga

Port Of Tauranga - FY25—Pricing Play