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’s (SML) 1H26 result was very challenged and after numerous adjustments, in-line with the trading update it provided in early February.</li><li>Net debt was NZ$472m, up from NZ$251m at FY25 and NZ$392m at 1H25.</li><li>SML has provided no explicit outlook commentary for the second half, nor has it provided clear strategic targets looking forward.</li></ul>

Synlait Milk’s (SML) 1H26 result was very challenged and after numerous adjustments, in-line with the trading update it provided in early February.Net debt was NZ$472m, up from NZ$251m at FY25 and NZ$392m at 1H25.SML has provided no explicit outlook commentary for the second half, nor has it provided clear strategic targets looking forward.

Synlait Milk (SML): 1H26 Result – Initial Impressions