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 a broadly in-line FY25 result, but guidance around operating margins implies a step-up in opex in FY26 relative to our prior expectations.</li><li>SUM has delivered a ~+19% CAGR in NTA per share over the last fifteen years and is still growing its unit base ~+10% per year.</li><li>Momentum also appears to be improving off a low base in Australia.</li></ul>

Summerset (SUM) reported a broadly in-line FY25 result, but guidance around operating margins implies a step-up in opex in FY26 relative to our prior expectations.SUM has delivered a ~+19% CAGR in NTA per share over the last fifteen years and is still growing its unit base ~+10% per year.Momentum also appears to be improving off a low base in Australia.

Summerset Group FY25 Result—SUMthing For Everyone