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

Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>Channel Infrastructure reported flat 1Q25 throughput volumes, slightly below last year due to 2024 being a leap year.</li><li>The Government confirmed an increase in diesel stock-holding requirements, positioning CHI to supply much of the additional storage needed.</li><li>CHI's earnings remain attractive due to defensive earnings, cash dividend yield, and potential from repurposing ex-refinery land.</li></ul>

Channel Infrastructure reported flat 1Q25 throughput volumes, slightly below last year due to 2024 being a leap year.The Government confirmed an increase in diesel stock-holding requirements, positioning CHI to supply much of the additional storage needed.CHI's earnings remain attractive due to defensive earnings, cash dividend yield, and potential from repurposing ex-refinery land.

Channel Infrastructure - 1Q25 Op Stats—Diesel Interest Piqued