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.

Thematic (Sector/Industry)

<ul><li>Ready-mix concrete (RMC) production ended 2025 strongly after a mid-year dip, but volumes still finished the year down -5%.</li><li>RMC volumes continue to highlight that Fletcher Building (FBU) has grown market share in its concrete businesses, Firth and Golden Bay.</li><li>FBU, Vulcan Steel (VSL), and Steel &amp; Tube (STU) are set to report 1H26 results during the upcoming reporting season.</li></ul>

Ready-mix concrete (RMC) production ended 2025 strongly after a mid-year dip, but volumes still finished the year down -5%.RMC volumes continue to highlight that Fletcher Building (FBU) has grown market share in its concrete businesses, Firth and Golden Bay.FBU, Vulcan Steel (VSL), and Steel &amp; Tube (STU) are set to report 1H26 results during the upcoming reporting season.

Building Sector Ready-Mix Concrete—Not Yet Set

<ul><li>2025 was a year of two halves with a solid pickup in consents (both number and floor area) in the latter part of the year.</li><li>Residential floor area consented (12-month rolling +10% year on year) typically leads Fletcher Building’s (FBU) materials and distributions volumes by six to nine months.</li><li>FBU, Vulcan Steel (VSL), and Steel &amp; Tube (STU) will report 1H26 results in February.</li></ul>

2025 was a year of two halves with a solid pickup in consents (both number and floor area) in the latter part of the year.Residential floor area consented (12-month rolling +10% year on year) typically leads Fletcher Building’s (FBU) materials and distributions volumes by six to nine months.FBU, Vulcan Steel (VSL), and Steel &amp; Tube (STU) will report 1H26 results in February.

Building Sector NZ Consents—Solid End to 2025

<ul><li>November was another strong month for residential consents, rising to 41.4k (seasonally adjusted and annualised), marking the third consecutive month in which annualised consents have been around the c.40k level.</li><li>Consents typically lead volumes in Fletcher Building's (FBU) Distribution and Materials divisions by six to nine months, suggesting a pickup in late 2026.</li><li>Recent trading updates have highlighted some volume stabilisation but competitive margin pressures persist.</li></ul>

November was another strong month for residential consents, rising to 41.4k (seasonally adjusted and annualised), marking the third consecutive month in which annualised consents have been around the c.40k level.Consents typically lead volumes in Fletcher Building's (FBU) Distribution and Materials divisions by six to nine months, suggesting a pickup in late 2026.Recent trading updates have highlighted some volume stabilisation but competitive margin pressures persist.

Building Sector Nz Consents—Residential Remains Robust

<ul><li>September-quarter ready-mix concrete (RMC) production showed a slight pick-up after a soft June quarter, with volumes up +2% on the prior quarter (seasonally adjusted).</li><li>Fletcher Building (FBU), Vulcan Steel (VSL), and Steel &amp; Tube (STU) all provided AGM trading updates in October.</li><li>The infrastructure pipeline is increasing, but it will take time for projects to move from earthworks to needing concrete and steel.</li></ul>

September-quarter ready-mix concrete (RMC) production showed a slight pick-up after a soft June quarter, with volumes up +2% on the prior quarter (seasonally adjusted).Fletcher Building (FBU), Vulcan Steel (VSL), and Steel &amp; Tube (STU) all provided AGM trading updates in October.The infrastructure pipeline is increasing, but it will take time for projects to move from earthworks to needing concrete and steel.

Building Sector Ready-Mix Concrete—In The Mixer

<ul><li>September residential consents spiked to 40k (seasonally adjusted and annualised).</li><li>The lift was primarily driven by a strong pickup in high-density consents, while detached was broadly flat on the prior month.</li><li>Fletcher Building (FBU), Vulcan Steel (VSL), and Steel and Tube (STU) all provided AGM trading updates in October.</li></ul>

September residential consents spiked to 40k (seasonally adjusted and annualised).The lift was primarily driven by a strong pickup in high-density consents, while detached was broadly flat on the prior month.Fletcher Building (FBU), Vulcan Steel (VSL), and Steel and Tube (STU) all provided AGM trading updates in October.

Building Sector NZ Consents—Breaking Out?

New Zealand

Steel & Tube Holdings Limited produces and distributes steel throughout New Zealand and its products include steel fasteners, nuts, bolts and screws.  The Company's other activities include steel reinforcing.

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Steel & Tube Holdings (STU NZ)

Building Sector Ready-Mix Concrete—Not Yet Set

RMC volumes continue to highlight that Fletcher Building (FBU) has grown market share in its concrete businesses, Firth and Golden Bay.

Forsyth Barr

Building Sector NZ Consents—Solid End to 2025

Residential floor area consented (12-month rolling +10% year on year) typically leads Fletcher Building’s (FBU) materials and distributions volumes...

Forsyth Barr

Building Sector Nz Consents—Residential Remains Robust

Consents typically lead volumes in Fletcher Building's (FBU) Distribution and Materials divisions by six to nine months, suggesting a pickup in...

Forsyth Barr

Building Sector Ready-Mix Concrete—In The Mixer

September-quarter ready-mix concrete (RMC) production showed a slight pick-up after a soft June quarter, with volumes up +2% on the prior quarter...

Forsyth Barr

Building Sector NZ Consents—Breaking Out?

September residential consents spiked to 40k (seasonally adjusted and annualised). The lift was primarily driven by a strong pickup in high-density...

Forsyth Barr

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