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 upgrade Spark NZ (SPK) to NEUTRAL from UNDERPERFORM, with the risk—reward more balanced at the current valuation.</li><li>However, overall 1H26 EBITDAI was -3% below our expectation, driven by weakness in lower-multiple legacy and cyclical business segments.</li><li>SPK’s mobile segment delivered its first year-on-year growth in service revenue in two years due to a strong increase in post-paid ARPU (up +5%).</li></ul>

We upgrade Spark NZ (SPK) to NEUTRAL from UNDERPERFORM, with the risk—reward more balanced at the current valuation.However, overall 1H26 EBITDAI was -3% below our expectation, driven by weakness in lower-multiple legacy and cyclical business segments.SPK’s mobile segment delivered its first year-on-year growth in service revenue in two years due to a strong increase in post-paid ARPU (up +5%).

Spark Nz - 1H26 Result—A Value Pack, Up To NEUTRAL

Spark New Zealand

Spark Nz - 1H26 Result—A Value Pack, Up To NEUTRAL