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

Thematic (Sector/Industry)

New zealand Financials / Thematic (Sector/Industry)

<ul><li>Recent data points on Spark NZ (SPK) show a continued loss of market share in the important mobile market.</li><li>We expect SPK to report total mobile connections down -1% year-on-year in 1H26.</li><li>With market share under pressure and pricing competition high, we expect growth to remain muted (~+1% year-on-year in 1H26) and retain UNDERPERFORM.</li></ul>

Recent data points on Spark NZ (SPK) show a continued loss of market share in the important mobile market.We expect SPK to report total mobile connections down -1% year-on-year in 1H26.With market share under pressure and pricing competition high, we expect growth to remain muted (~+1% year-on-year in 1H26) and retain UNDERPERFORM.

Spark NZ Mobile Data Balance Running Low