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

New Zealand King Salmon / Equity Bottom-Up

<ul><li>New Zealand King Salmon's (NZK) 1H23 pro-forma EBITDA result was slightly below our expectations, mostly due to higher than expected costs which included lingering effects from the 2022 summer mortality event</li><li>The Blue Endeavour resource consent outcome has been delayed to late November (from September), and we reduce our Blue Endeavour option value to NZ$0.02 (from $0.03) per share</li><li>FY23 summer is forecast to be challenging for sea surface temperatures</li></ul>

New Zealand King Salmon's (NZK) 1H23 pro-forma EBITDA result was slightly below our expectations, mostly due to higher than expected costs which included lingering effects from the 2022 summer mortality eventThe Blue Endeavour resource consent outcome has been delayed to late November (from September), and we reduce our Blue Endeavour option value to NZ$0.02 (from $0.03) per shareFY23 summer is forecast to be challenging for sea surface temperatures

New Zealand King Salmon: Caught by the Tail