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

<ul><li>Synlait Milk (SML) reported a challenged FY26 result that was heavily impacted by infant formula manufacturing issues in 1H26.</li><li>The key negative surprise from the result was significantly higher net debt, with operating performance otherwise in line with or modestly ahead of our subdued expectations.</li><li>There is increasing evidence that SML is trending in the right direction, supported by stabilised manufacturing performance and strong growth within its DairyWorks business.</li></ul>

Synlait Milk (SML) reported a challenged FY26 result that was heavily impacted by infant formula manufacturing issues in 1H26.The key negative surprise from the result was significantly higher net debt, with operating performance otherwise in line with or modestly ahead of our subdued expectations.There is increasing evidence that SML is trending in the right direction, supported by stabilised manufacturing performance and strong growth within its DairyWorks business.

Synlait Milk FY26 Result—Churning a Corner?