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>Port of Tauranga (POT) reported a very strong FY26 result, exceeding market consensus, but kept a lid on FY27 expectations with its early first-time guidance.</li><li>FY26 was characterised by further strong pricing gains and an accretive exit from MetroPort.</li><li>We upgrade our rating to OUTPERFORM from NEUTRAL to reflect the attractive growth profile and a share price that now trades (versus its recent premium) consistent with its bond-rate-adjusted EV/EBITDA.</li></ul>

Port of Tauranga (POT) reported a very strong FY26 result, exceeding market consensus, but kept a lid on FY27 expectations with its early first-time guidance.FY26 was characterised by further strong pricing gains and an accretive exit from MetroPort.We upgrade our rating to OUTPERFORM from NEUTRAL to reflect the attractive growth profile and a share price that now trades (versus its recent premium) consistent with its bond-rate-adjusted EV/EBITDA.

Port of Tauranga FY26—Tugging the Rating Back to OUTPERFORM