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>Spark NZ (SPK) reported a slightly weaker‑than‑expected FY25 result, in line with guidance and without any meaningful shenanigans from ‘other gains’.</li><li>SPK has reset its dividend to a sustainable level, broadly in line with our estimates; looks to retain its coveted A- credit rating via asset sales; and previewed a five‑year path to ROIC of ~12% (from &lt;9% today).</li><li>On the ground in NZ, conditions remain difficult.</li></ul>

Spark NZ (SPK) reported a slightly weaker‑than‑expected FY25 result, in line with guidance and without any meaningful shenanigans from ‘other gains’.SPK has reset its dividend to a sustainable level, broadly in line with our estimates; looks to retain its coveted A- credit rating via asset sales; and previewed a five‑year path to ROIC of ~12% (from &lt;9% today).On the ground in NZ, conditions remain difficult.

Spark NZ FY25 Result—Rebased Down to NEUTRAL

Spark New Zealand

Spark NZ FY25 Result—Rebased Down to NEUTRAL