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>Strong top line performance with encouraging cost management: SKO experienced a strong top line finish to FY23, particularly from B4B</li><li>FY24 revenue growth to be driven by B4B, medium-term targets maintained: The strong FY23 revenue exit run-rate provides us confidence SKO will be able to reach the upper end of its FY24 revenue guidance range of NZ$63m–$70m.</li><li>CWT partnership and B4B global rollout provide further runway for growth: Travel management company CWT's partnership with B4B, expected to go live in June 2023, should drive an increase in customer acquisition for the B4B platform</li></ul>

Strong top line performance with encouraging cost management: SKO experienced a strong top line finish to FY23, particularly from B4BFY24 revenue growth to be driven by B4B, medium-term targets maintained: The strong FY23 revenue exit run-rate provides us confidence SKO will be able to reach the upper end of its FY24 revenue guidance range of NZ$63m–$70m.CWT partnership and B4B global rollout provide further runway for growth: Travel management company CWT's partnership with B4B, expected to go live in June 2023, should drive an increase in customer acquisition for the B4B platform

Serko Ltd

Serko: FY23 — Flying High