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>SKYCITY (SKC) reported a FY22 result unsurprisingly consistent with its June 2022 guidance with EBITDA of NZ$138m, in line with our forecast</li><li>As with previous reopenings, trading has recovered strongly with group revenue consistently above pre-COVID levels from May 2022 onwards</li><li>Assuming no significant restrictions, SKC is guiding to FY23 Normalised EBITDA “to be consistent with pre-COVID levels.”</li></ul>

SKYCITY (SKC) reported a FY22 result unsurprisingly consistent with its June 2022 guidance with EBITDA of NZ$138m, in line with our forecastAs with previous reopenings, trading has recovered strongly with group revenue consistently above pre-COVID levels from May 2022 onwardsAssuming no significant restrictions, SKC is guiding to FY23 Normalised EBITDA “to be consistent with pre-COVID levels.”

SKYCITY (SKC): FY22 Result – Initial Impressions

Skycity Entertainment

SKYCITY (SKC): FY22 Result – Initial Impressions