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

Fonterra Shareholders Fund / Equity Bottom-Up

<ul><li>Fonterra's 1H25 result was strong with normalised earnings ahead of the robust prior comparable period. </li><li>Key highlights include (1) Ingredients with stronger margins despite narrower price relativities versus the prior period (stream returns contributed ~NZ4cps of its total ~NZ44cps EPS), and (2) resilient Consumer margins despite elevated milk prices. </li><li>Reflecting confidence in the outlook and its balance sheet strength, Fonterra declared an interim dividend of NZ22cps (fully imputed) — a record high for an interim period. </li></ul>

Fonterra's 1H25 result was strong with normalised earnings ahead of the robust prior comparable period. Key highlights include (1) Ingredients with stronger margins despite narrower price relativities versus the prior period (stream returns contributed ~NZ4cps of its total ~NZ44cps EPS), and (2) resilient Consumer margins despite elevated milk prices. Reflecting confidence in the outlook and its balance sheet strength, Fonterra declared an interim dividend of NZ22cps (fully imputed) — a record high for an interim period. 

Fonterra - 1H25 Result — More of the Same