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) issued a positive 1Q23 trading update, with group normalised EBITDA +10% above pre-COVID levels on a like-for-like basis (excluding the sold Darwin casino and Auckland carpark).</li><li>The domestic consumer environment remains robust with all properties benefitting from operating restriction free.</li><li>SKC warns against extrapolating 1Q23 performance over the remainder of FY23 given “global economic uncertainty, and how this will impact the domestic economies in which our business operates”.</li></ul>

SkyCity (SKC) issued a positive 1Q23 trading update, with group normalised EBITDA +10% above pre-COVID levels on a like-for-like basis (excluding the sold Darwin casino and Auckland carpark).The domestic consumer environment remains robust with all properties benefitting from operating restriction free.SKC warns against extrapolating 1Q23 performance over the remainder of FY23 given “global economic uncertainty, and how this will impact the domestic economies in which our business operates”.

SkyCity (SKC): Strong 1Q23 Trading Update

Skycity Entertainment

SkyCity (SKC): Strong 1Q23 Trading Update