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) will kick off the February reporting season with what we expect to be a solid 1H26 result on 12 February 2026.</li><li>We forecast NPAT growth of +9% on the prior year, with strong 1Q momentum (earnings +10%) continuing into 2Q.</li><li>Our FY26 NPAT forecast of NZ$59.7m is at the top end of guidance (NZ$55m–NZ$60m).</li></ul>

Skellerup (SKL) will kick off the February reporting season with what we expect to be a solid 1H26 result on 12 February 2026.We forecast NPAT growth of +9% on the prior year, with strong 1Q momentum (earnings +10%) continuing into 2Q.Our FY26 NPAT forecast of NZ$59.7m is at the top end of guidance (NZ$55m–NZ$60m).

Skellerup Holdings 1H26 Preview—Rubber Doesnt Rust