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) reported annuity earnings down -28% year on year, its lowest since the COVID-impacted 1H20.</li><li>NTA continued to grow strongly, in contrast to peer Ryman Healthcare, and contracted sales were up ~+30% year on year in July/August 2025; the future looks brighter.</li><li>SUM stuck its neck out and guided for largely flat net debt from FY25 onwards—a marked change from the last five years, when net debt increased by a factor of 3x.</li></ul>

Summerset (SUM) reported annuity earnings down -28% year on year, its lowest since the COVID-impacted 1H20.NTA continued to grow strongly, in contrast to peer Ryman Healthcare, and contracted sales were up ~+30% year on year in July/August 2025; the future looks brighter.SUM stuck its neck out and guided for largely flat net debt from FY25 onwards—a marked change from the last five years, when net debt increased by a factor of 3x.

Summerset Group 1H25 Waiting for the Golden Years to Arrive