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 volumes were strong in the June quarter despite Iran War-related volatility, up +12% on the prior year.</li><li>The South Island remains the key driver of volume growth, but there were signs of life in the upper North Island.</li><li>The medium-term outlook is improving; the underlying trend in non-residential activity is improving, there have been numerous fast-track approvals, and the infrastructure pipeline is building.</li></ul>

Ready-mix concrete (RMC) production volumes were strong in the June quarter despite Iran War-related volatility, up +12% on the prior year.The South Island remains the key driver of volume growth, but there were signs of life in the upper North Island.The medium-term outlook is improving; the underlying trend in non-residential activity is improving, there have been numerous fast-track approvals, and the infrastructure pipeline is building.

Building Sector Ready-Mix Concrete—Starting to Set

Equity Bottom-Up

<ul><li>Vulcan Steel (VSL) 1Q26 trading update was largely as expected.</li><li>Volumes are slowly picking up from cyclical lows, but competitive pressure on price and margin remains.</li><li>VSL expects the recovery to strengthen over the year as: (1) lower interest rates lift NZ activity from a deep cyclical low; and (2) improving demand in Australia is underpinned by the Queensland Olympics build, an improving Victoria, and better long-steel pricing.</li></ul>

Vulcan Steel (VSL) 1Q26 trading update was largely as expected.Volumes are slowly picking up from cyclical lows, but competitive pressure on price and margin remains.VSL expects the recovery to strengthen over the year as: (1) lower interest rates lift NZ activity from a deep cyclical low; and (2) improving demand in Australia is underpinned by the Queensland Olympics build, an improving Victoria, and better long-steel pricing.

Vulcan Steel Vulcan Steel Climbing Off Cyclical Lows

<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

Australia

Vulcan Steel Ltd operates as a metals distributing and processing company. The Company offers stainless and engineering steel products. Vulcan Steel serves customers in Australia and New Zealand.

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Vulcan Steel (VSL AU)

Building Sector Ready-Mix Concrete—Starting to Set

Ready-mix concrete (RMC) production volumes were strong in the June quarter despite Iran War-related volatility, up +12% on the prior year. The...

Forsyth Barr

Vulcan Steel Vulcan Steel Climbing Off Cyclical Lows

Vulcan Steel (VSL) 1Q26 trading update was largely as expected. Volumes are slowly picking up from cyclical lows, but competitive pressure on price...

Forsyth Barr

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

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