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 Capital goods / Thematic (Sector/Industry)

<ul><li>Third-party data and company reporting indicates that Port of Tauranga’s (POT) 3Q26 and Napier Port’s (NPH) 1H26 container volumes and log exports have been broadly in line with our expectations, albeit the latter faces downside risk over the coming months.</li><li>Direct container imports and exports are growing at both ports, while transhipments appear under some pressure given recent shipping service changes.</li><li>Since the changes at MetroPort in early December 2025, the new approach (KiwiRail manages the shipping line relationships) appears to be working effectively, with stable export and import volumes at POT.</li></ul>

Third-party data and company reporting indicates that Port of Tauranga’s (POT) 3Q26 and Napier Port’s (NPH) 1H26 container volumes and log exports have been broadly in line with our expectations, albeit the latter faces downside risk over the coming months.Direct container imports and exports are growing at both ports, while transhipments appear under some pressure given recent shipping service changes.Since the changes at MetroPort in early December 2025, the new approach (KiwiRail manages the shipping line relationships) appears to be working effectively, with stable export and import volumes at POT.

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