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) trading update gave some early signs its revised farming model may be paying off.</li><li>NZK reduced its pro-forma EBITDA loss guidance range from–NZ$8m to –NZ$12m to –NZ$3m to –NZ$5m</li><li>While we were expecting improvements in this harvest season relative to the prior year as some issues (e.g. feed quality) were not likely to repeat, this result is positive given marine heatwaves continued in New Zealand waters over the 2022/2023 summer.</li></ul>

New Zealand King Salmon’s (NZK) trading update gave some early signs its revised farming model may be paying off.NZK reduced its pro-forma EBITDA loss guidance range from–NZ$8m to –NZ$12m to –NZ$3m to –NZ$5mWhile we were expecting improvements in this harvest season relative to the prior year as some issues (e.g. feed quality) were not likely to repeat, this result is positive given marine heatwaves continued in New Zealand waters over the 2022/2023 summer.

New Zealand King Salmon

NZ King Salmon (NZK): Trading Update