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’s (SKC) FY25 result was disappointing on multiple fronts.</li><li>Its inability to convert an asset sale over the past six months led to a NZ$240m capital raise—priced at a 30% discount to the last traded price and a 23% discount to the theoretical ex-rights price (TERP)—to remain within banking covenants.</li><li>FY26 reported EBITDA guidance of NZ$171m—NZ$191m is -10% below our previous estimate, due to higher NZICC losses and higher online investment.</li></ul>

SkyCity’s (SKC) FY25 result was disappointing on multiple fronts.Its inability to convert an asset sale over the past six months led to a NZ$240m capital raise—priced at a 30% discount to the last traded price and a 23% discount to the theoretical ex-rights price (TERP)—to remain within banking covenants.FY26 reported EBITDA guidance of NZ$171m—NZ$191m is -10% below our previous estimate, due to higher NZICC losses and higher online investment.

Skycity Entertainment

SkyCity FY25 Result—Bad Beat