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>Skellerup (SKL) reported a record 1H25 result, up +12% on the prior year.</li><li>A soft 2Q in Industrial—largely offset by a stronger-than-expected margin rebound in Agri—meant the result came in slightly below our expectations.</li><li>We have revised our near-term forecasts and guidance to reflect the minor variances, which still implies solid 2H25 growth.</li></ul>

Skellerup (SKL) reported a record 1H25 result, up +12% on the prior year.A soft 2Q in Industrial—largely offset by a stronger-than-expected margin rebound in Agri—meant the result came in slightly below our expectations.We have revised our near-term forecasts and guidance to reflect the minor variances, which still implies solid 2H25 growth.

Skellerup Holdings - 1H25 Result—Onwards and Upwards