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

<ul><li>With headline test numbers pre-released, there were few surprises in Pacific Edge's (PEB) 1H25 result.</li><li>At the margin, it was slightly negative relative to our expectations, with: (1) net cash below our expectations (current burn rates suggest ~17 months of cash on hand), and</li><li>(2) our back of the envelope analysis suggests Kaiser volume growth sequentially slowed in 1H25 versus 2H24.</li></ul>

With headline test numbers pre-released, there were few surprises in Pacific Edge's (PEB) 1H25 result.At the margin, it was slightly negative relative to our expectations, with: (1) net cash below our expectations (current burn rates suggest ~17 months of cash on hand), and(2) our back of the envelope analysis suggests Kaiser volume growth sequentially slowed in 1H25 versus 2H24.

Pacific Edge - 1H25 Result — Countdown Is On