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

Thematic (Sector/Industry)

New zealand Telecom services / Thematic (Sector/Industry)

<ul><li>Datamine's quarterly Telcowatch market share data for the mobile market indicates a continuation of recent trends in 1Q26.</li><li>Spark (SPK) continues to lose share to 2degrees, while One NZ remains broadly stable.</li><li>One NZ is set to increase prices on select plans by ~+4–6% later this month, consistent with our view that pricing will be a meaningful driver of industry revenue growth.</li></ul>

Datamine's quarterly Telcowatch market share data for the mobile market indicates a continuation of recent trends in 1Q26.Spark (SPK) continues to lose share to 2degrees, while One NZ remains broadly stable.One NZ is set to increase prices on select plans by ~+4–6% later this month, consistent with our view that pricing will be a meaningful driver of industry revenue growth.

Telco Sector: 1Q26 Mobile Market Share