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) provided a solid 1Q26 trading update which was broadly in line with our expectations.</li><li>Earnings through 1Q26 were up +10% on the prior year, while first-time FY26 NPAT guidance of NZ$55m to NZ$60m represents flat to +10% earnings growth on FY25.</li><li>The impact of US tariffs remains the key uncertainty, albeit to date SKL has done an admirable job offsetting tariff impacts through pricing, new product development, customer wins, and manufacturing efficiencies.</li></ul>

Skellerup (SKL) provided a solid 1Q26 trading update which was broadly in line with our expectations.Earnings through 1Q26 were up +10% on the prior year, while first-time FY26 NPAT guidance of NZ$55m to NZ$60m represents flat to +10% earnings growth on FY25.The impact of US tariffs remains the key uncertainty, albeit to date SKL has done an admirable job offsetting tariff impacts through pricing, new product development, customer wins, and manufacturing efficiencies.

Skellerup Holdings

Skellerup Holdings Record Years Roll On