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

Summerset Group Holdings / Equity Bottom-Up

<ul><li>Summerset (SUM) will report its 1H25 result on Thursday, 28 August.</li><li>We forecast ~+30% annuity earnings growth year-on-year and net debt to increase by &gt;+NZ$50m over the half, with some risk of a larger rise.</li><li>Overall, we are attracted to the care suite model and see it as a positive for SUM to reduce net debt and improve returns on its care assets.</li></ul>

Summerset (SUM) will report its 1H25 result on Thursday, 28 August.We forecast ~+30% annuity earnings growth year-on-year and net debt to increase by &gt;+NZ$50m over the half, with some risk of a larger rise.Overall, we are attracted to the care suite model and see it as a positive for SUM to reduce net debt and improve returns on its care assets.

Summerset Group 1H25 Preview—Care Suites To The Rescue