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) has provided a post-balance-date trading update.</li><li>It expects FY26 underlying EBITDA of between NZ$36m and NZ$41m, and an underlying NPAT loss of between -NZ$19m and -NZ$24m.</li><li>Looking forward, SML will need to navigate the loss of high-margin volumes from key customer the a2 Milk Company (ATM) as it insources English label production over the next 12 months.</li></ul>

Synlait Milk (SML) has provided a post-balance-date trading update.It expects FY26 underlying EBITDA of between NZ$36m and NZ$41m, and an underlying NPAT loss of between -NZ$19m and -NZ$24m.Looking forward, SML will need to navigate the loss of high-margin volumes from key customer the a2 Milk Company (ATM) as it insources English label production over the next 12 months.

Synlait Milk FY26 Trading Update—Profits Still Skim