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>SkyCity (SKC) reports its 1H25 result on 20 February 2024, we expect a material decline in its underlying NPAT on the prior year.</li><li>In tandem with structural issues, cyclical challenges continue to weigh on operational performance, being: (1) increased compliance costs, (2) mandatory carded play implementation, and (3) management's desire to strengthen the balance sheet.</li><li>We expect a revised FY25 guidance range due to the delay of the majority of NZICC pre-opening costs (c.NZ$11m) into FY26.</li></ul>

SkyCity (SKC) reports its 1H25 result on 20 February 2024, we expect a material decline in its underlying NPAT on the prior year.In tandem with structural issues, cyclical challenges continue to weigh on operational performance, being: (1) increased compliance costs, (2) mandatory carded play implementation, and (3) management's desire to strengthen the balance sheet.We expect a revised FY25 guidance range due to the delay of the majority of NZICC pre-opening costs (c.NZ$11m) into FY26.

SkyCity - 1H25 Preview—Playing the Cards It's Dealt

Skycity Entertainment

SkyCity - 1H25 Preview—Playing the Cards It's Dealt