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 think 2026 will be an incrementally more positive year for SkyCity Entertainment Group (SKC).</li><li>This earnings downgrade cycle has slowed over the last three months, and we expect FY26 to represent a trough in earnings, albeit with a second half skew (we estimate 1H26 EBITDA: NZ$84m, 2H26: NZ$94m).</li><li>Another near-term catalyst is the potential monetisation of a property asset to delever the balance sheet and resume dividend payments.</li></ul>

We think 2026 will be an incrementally more positive year for SkyCity Entertainment Group (SKC).This earnings downgrade cycle has slowed over the last three months, and we expect FY26 to represent a trough in earnings, albeit with a second half skew (we estimate 1H26 EBITDA: NZ$84m, 2H26: NZ$94m).Another near-term catalyst is the potential monetisation of a property asset to delever the balance sheet and resume dividend payments.

Skycity Entertainment

SkyCity Counting Chips