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>Scott Technology (SCT) released a solid FY26 update, providing first-time FY26 revenue guidance in line with our forecast and EBITDA guidance ahead.</li><li>The update confirms a stronger second-half performance following a softer-than-expected 1H26, consistent with management’s expectations around the timing of projects and contract wins.</li><li>With margins tracking ahead of our prior estimates, we lift our FY26 EBITDA estimate by +8% and our target price by +5% to NZ$3.70, partly reflecting higher peer multiples and model roll-forward.</li></ul>

Scott Technology (SCT) released a solid FY26 update, providing first-time FY26 revenue guidance in line with our forecast and EBITDA guidance ahead.The update confirms a stronger second-half performance following a softer-than-expected 1H26, consistent with management’s expectations around the timing of projects and contract wins.With margins tracking ahead of our prior estimates, we lift our FY26 EBITDA estimate by +8% and our target price by +5% to NZ$3.70, partly reflecting higher peer multiples and model roll-forward.

Scott Technology

Scott Technology FY26 Stacking up Nicely