New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

<ul><li>Property for Industry (PFI) reported a largely in line FY26 with higher-than-expected maintenance capex the sole surprise.</li><li>AFFO growth of +14% reduces to <em>c.</em>8% after adjusting for a large lease surrender payment.</li><li>First-time guidance for DPS +3% was in line with our forecast, but AFFO, on an ex surrender payment basis, was flat on FY26, reflecting higher vacancy and interest costs as well as some likely conservatism given the operating backdrop.</li></ul>

Property for Industry (PFI) reported a largely in line FY26 with higher-than-expected maintenance capex the sole surprise.AFFO growth of +14% reduces to c.8% after adjusting for a large lease surrender payment.First-time guidance for DPS +3% was in line with our forecast, but AFFO, on an ex surrender payment basis, was flat on FY26, reflecting higher vacancy and interest costs as well as some likely conservatism given the operating backdrop.

Property For Industry FY26 Result—Working Hard

<ul><li>Property for Industry (PFI) reported a strong FY26 result, with adjusted funds from operations (AFFO) +14% to NZ$54.9m which was -5% below our forecast due to higher maintenance capex as PFI takes advantage of Investment Boost deductions.</li><li>2H26 NTA increased +1% to NZ$2.90/share.</li><li>FY27 guidance for DPS was 9.75-9.85cps which is in line with our forecast of 9.80cps.</li></ul>

Property for Industry (PFI) reported a strong FY26 result, with adjusted funds from operations (AFFO) +14% to NZ$54.9m which was -5% below our forecast due to higher maintenance capex as PFI takes advantage of Investment Boost deductions.2H26 NTA increased +1% to NZ$2.90/share.FY27 guidance for DPS was 9.75-9.85cps which is in line with our forecast of 9.80cps.

Property for Industry (PFI) | FY26 Result – Initial Thoughts

<ul><li>Property for Industry (PFI) lifted FY26 dividend guidance c.+5% from ‘at least 9.05cps’ to ‘c.9.50cps’.</li><li>PFI has solid earnings momentum, with this the fifth upgrade since the 1H25 result in February 2025.</li><li>We continue to view PFI as a quality operator but trading at a fair relative valuation vs peers.</li></ul>

Property for Industry (PFI) lifted FY26 dividend guidance c.+5% from ‘at least 9.05cps’ to ‘c.9.50cps’.PFI has solid earnings momentum, with this the fifth upgrade since the 1H25 result in February 2025.We continue to view PFI as a quality operator but trading at a fair relative valuation vs peers.

Property For Industry Maintaining AFFO Growth

<ul><li>Property for Industry (PFI) has updated FY26 dividend guidance, from "at least 9.05cps" to "~9.50cps" which is c.+5%.</li><li>This is the fifth upgrade to guidance since the 1H25 result in February 2025, however this upgrade appears to be driven by lower maintenance capex and tenant incentives (we estimate c.NZ$2.5m) rather than better net rental income growth.</li><li>Dividend guidance implies FY26 AFFO of 10.8cps after adjusting for Harris Rd lease surrender payment (AFFO of NZ$3.5m or 0.70cps) and based on a c.90% rolling payout ratio.</li></ul>

Property for Industry (PFI) has updated FY26 dividend guidance, from "at least 9.05cps" to "~9.50cps" which is c.+5%.This is the fifth upgrade to guidance since the 1H25 result in February 2025, however this upgrade appears to be driven by lower maintenance capex and tenant incentives (we estimate c.NZ$2.5m) rather than better net rental income growth.Dividend guidance implies FY26 AFFO of 10.8cps after adjusting for Harris Rd lease surrender payment (AFFO of NZ$3.5m or 0.70cps) and based on a c.90% rolling payout ratio.

Property For Industry (PFI) | FY26 Guidance Upgrade

<ul><li>Property for Industry (PFI) delivered a strong 1H26, with underlying AFFO up +10% on the prior year and in line with expectations.</li><li>FY26 dividend guidance was upgraded from ‘at least NZ8.90cps’ to ‘at least 9.05cps’ based on a 90% underlying AFFO payout.</li><li>PFI is managing this cycle well given: (1) its portfolio is fully occupied; (2) FY26 lease expiries have been addressed, with solid progress made on FY27; and (3) balance sheet gearing is at manageable levels, given development pipeline flexibility and likely ongoing capital recycling.</li></ul>

Property for Industry (PFI) delivered a strong 1H26, with underlying AFFO up +10% on the prior year and in line with expectations.FY26 dividend guidance was upgraded from ‘at least NZ8.90cps’ to ‘at least 9.05cps’ based on a 90% underlying AFFO payout.PFI is managing this cycle well given: (1) its portfolio is fully occupied; (2) FY26 lease expiries have been addressed, with solid progress made on FY27; and (3) balance sheet gearing is at manageable levels, given development pipeline flexibility and likely ongoing capital recycling.

Property For Industry 1H26 Result—Delivering Again

New Zealand

Property for Industry Limited is a property company that invests in New Zealand industrial properties. The Company's property portfolio includes sites in Auckland, Hamilton, Tauranga, Wellington and Christchurch.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Property For Industry (PFI NZ)

Property For Industry FY26 Result—Working Hard

Property for Industry (PFI) reported a largely in line FY26 with higher-than-expected maintenance capex the sole surprise. AFFO growth of +14%...

Forsyth Barr

Property for Industry (PFI) | FY26 Result – Initial Thoughts

Property for Industry (PFI) reported a strong FY26 result, with adjusted funds from operations (AFFO) +14% to NZ$54.9m which was -5% below our...

Forsyth Barr

Property For Industry Maintaining AFFO Growth

Property for Industry (PFI) lifted FY26 dividend guidance c.+5% from ‘at least 9.05cps’ to ‘c.9.50cps’. PFI has solid earnings momentum, with this...

Forsyth Barr

Property For Industry (PFI) | FY26 Guidance Upgrade

Property for Industry (PFI) has updated FY26 dividend guidance, from "at least 9.05cps" to "~9.50cps" which is c.+5%. This is the fifth upgrade to...

Forsyth Barr

Property For Industry 1H26 Result—Delivering Again

Property for Industry (PFI) delivered a strong 1H26, with underlying AFFO up +10% on the prior year and in line with expectations.

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)