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>Tower (TWR) will report a strong, largely pre-released FY25 result on 27 November 2025, following updated guidance on 12 September 2025.</li><li>TWR expects underlying NPAT of NZ$100m–NZ$110m, supported by benign weather and large-event costs of only NZ$7m (well below the original NZ$50m allowance).</li><li>Management remains confident in +10% to +15% medium-term GWP growth, underpinned by Westpac.</li></ul>

Tower (TWR) will report a strong, largely pre-released FY25 result on 27 November 2025, following updated guidance on 12 September 2025.TWR expects underlying NPAT of NZ$100m–NZ$110m, supported by benign weather and large-event costs of only NZ$7m (well below the original NZ$50m allowance).Management remains confident in +10% to +15% medium-term GWP growth, underpinned by Westpac.

Tower Limited - FY25 Preview—Good Weather, Better Result

Tower Ltd

Tower Limited - FY25 Preview—Good Weather, Better Result