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>We expect Skellerup (SKL) to report a strong FY26 result on 20 August 2026, having recently upgraded NPAT guidance to NZ$64m—NZ$65m.</li><li>Our FY26 NPAT estimate of NZ$64.6m sits near the midpoint of guidance and implies +19% year-on-year growth.</li><li>We forecast FY27 +11% NPAT growth, broadly in line with 2H26 run rates once accounting for one-off tailwinds.</li></ul>

We expect Skellerup (SKL) to report a strong FY26 result on 20 August 2026, having recently upgraded NPAT guidance to NZ$64m—NZ$65m.Our FY26 NPAT estimate of NZ$64.6m sits near the midpoint of guidance and implies +19% year-on-year growth.We forecast FY27 +11% NPAT growth, broadly in line with 2H26 run rates once accounting for one-off tailwinds.

Skellerup Holdings FY26 Preview—Milking the Momentum