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) delivered a strong 1H26 result, with annuity earnings and cash flow from existing operations (CFEO) well ahead of our expectations and net debt broadly in line.</li><li>More importantly, SUM announced a significant strategic recalibration that directly addresses key investor concerns around balance-sheet risk and operating discipline.</li><li>Collectively, the changes should make SUM a materially more resilient and cash-generative business.</li></ul>

Summerset (SUM) delivered a strong 1H26 result, with annuity earnings and cash flow from existing operations (CFEO) well ahead of our expectations and net debt broadly in line.More importantly, SUM announced a significant strategic recalibration that directly addresses key investor concerns around balance-sheet risk and operating discipline.Collectively, the changes should make SUM a materially more resilient and cash-generative business.

Summerset Group 1H26 Result—Resetting the Foundations