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) reported 1H23 NPAT -1% on the prior year to NZ$23.0m.</li><li>While revenue was in line with our forecast higher depreciation and amortisation and interest expense resulted in earnings coming in slightly below</li><li>SKL maintained FY23 NPAT guidance of NZ$48-48m which implies a implies 2H23 NPAT +9-26% to NZ$25-29m</li></ul>

Skellerup (SKL) reported 1H23 NPAT -1% on the prior year to NZ$23.0m.While revenue was in line with our forecast higher depreciation and amortisation and interest expense resulted in earnings coming in slightly belowSKL maintained FY23 NPAT guidance of NZ$48-48m which implies a implies 2H23 NPAT +9-26% to NZ$25-29m

Skellerup Holdings

Skellerup (SKL): 1H23 First Impressions