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>SUM's newest completed villages continue to deliver strong development returns and are showing promising signs operationally.</li><li>The FY25 accounts are another data point supporting our view that SUM's newer villages will outperform its mature villages, supported by much larger scale.</li><li>Aggregate operating margin and free cash flow (excluding sites with care centre upgrades) across SUM's mature portfolio rose in FY25.</li></ul>

SUM's newest completed villages continue to deliver strong development returns and are showing promising signs operationally.The FY25 accounts are another data point supporting our view that SUM's newer villages will outperform its mature villages, supported by much larger scale.Aggregate operating margin and free cash flow (excluding sites with care centre upgrades) across SUM's mature portfolio rose in FY25.

Summerset Group: The SUM Is Best Viewed Through Its Parts