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) reaffirmed its FY26 underlying EBITDA guidance of NZ$190m–NZ$210m at its 2025 AGM.</li><li>We forecast FY26 underlying EBITDA of NZ$198m, in the middle of its FY26 guidance range but +4% ahead of consensus.</li><li>SKC is targeting NZ$200m of asset sales, including the Auckland carpark, 99 Albert Street, and other commercial buildings, provided the right price can be achieved.</li></ul>

SkyCity (SKC) reaffirmed its FY26 underlying EBITDA guidance of NZ$190m–NZ$210m at its 2025 AGM.We forecast FY26 underlying EBITDA of NZ$198m, in the middle of its FY26 guidance range but +4% ahead of consensus.SKC is targeting NZ$200m of asset sales, including the Auckland carpark, 99 Albert Street, and other commercial buildings, provided the right price can be achieved.

Skycity Entertainment

SkyCity Breaking Its Losing Streak