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>Skellerup (SKL) provided initial FY24 NPAT guidance of NZ$50m–$55m at its Annual Shareholder Meeting.</li><li>While this is a slower rate of growth than recent years (+3% at the mid-point): 1) the operating environment remains challenging, and 2) it is in line with our expectations (NZ$54.5m) and consensus (NZ$53.3m). </li><li>Divisionally, the start to the year has been mixed. Industrial demand improved after a period of destocking while Agri has been impacted by softer demand from international dairy customers.</li></ul>

Skellerup (SKL) provided initial FY24 NPAT guidance of NZ$50m–$55m at its Annual Shareholder Meeting.While this is a slower rate of growth than recent years (+3% at the mid-point): 1) the operating environment remains challenging, and 2) it is in line with our expectations (NZ$54.5m) and consensus (NZ$53.3m). Divisionally, the start to the year has been mixed. Industrial demand improved after a period of destocking while Agri has been impacted by softer demand from international dairy customers.

Skellerup Holdings - Delivering Through Disruption