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>Port of Tauranga (POT) has reported a strong 1H23 result with underlying NPAT of NZ$63m, up +11%, marginally above our expectations.</li><li>With modest volume headwinds (total trade -2.5% against the prior year), the result was driven by pricing gains</li><li>Management has lifted its full year NPAT guidance range from NZ$115m-NZ$120m to NZ$117m-NZ$124m (FB: NZ$122m).</li></ul>

Port of Tauranga (POT) has reported a strong 1H23 result with underlying NPAT of NZ$63m, up +11%, marginally above our expectations.With modest volume headwinds (total trade -2.5% against the prior year), the result was driven by pricing gainsManagement has lifted its full year NPAT guidance range from NZ$115m-NZ$120m to NZ$117m-NZ$124m (FB: NZ$122m).

Port of Tauranga (POT): 1H23 Result Initial Thoughts