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’s (SPK) FY30 strategy rightly returns focus to its core Mobile, Broadband, and other connectivity solutions.</li><li>With the exception of Voice, SPK’s core segments are largely free of structural headwinds and are likely to benefit from easing competitive and cyclical pressures.</li><li>If SPK delivers in line with FY30 expectations, we believe investors can expect a ~+9% annual post-tax total return (~6% yield plus ~+3% growth from FY26).</li></ul>

Spark NZ’s (SPK) FY30 strategy rightly returns focus to its core Mobile, Broadband, and other connectivity solutions.With the exception of Voice, SPK’s core segments are largely free of structural headwinds and are likely to benefit from easing competitive and cyclical pressures.If SPK delivers in line with FY30 expectations, we believe investors can expect a ~+9% annual post-tax total return (~6% yield plus ~+3% growth from FY26).

Spark New Zealand

Spark NZ Mobile Matters Most