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 strong first half result with a 27% increase in underlying NPAT to NZ$60.2m, exceeding expectations.</li><li>FY25 NPAT guidance has been upgraded to NZ$115m-NZ$125m, indicating potential for a modest lift in market expectations.</li><li>Trade volumes improved by 6.9%, with container volumes up 10.2% despite declines at MetroPort, and robust gains in non-log bulk volumes.</li></ul>

Port of Tauranga (POT) reported a strong first half result with a 27% increase in underlying NPAT to NZ$60.2m, exceeding expectations.FY25 NPAT guidance has been upgraded to NZ$115m-NZ$125m, indicating potential for a modest lift in market expectations.Trade volumes improved by 6.9%, with container volumes up 10.2% despite declines at MetroPort, and robust gains in non-log bulk volumes.

Port of Tauranga (POT.NZ) - 1H25 Result Initial Thoughts