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>After adjusting for a one-off lease surrender payment, Argosy's (ARG) 1H26 result was largely in line with expectations.</li><li>Divestment of non-core assets has been slower than anticipated, but better momentum is expected in 2H26/FY27.</li><li>Balance-sheet gearing of 35.9% rises to 38.3% on a committed basis, and we estimate non-core asset sales will provide just enough headroom to complete the Mt Richmond and East Tamaki Dr developments before any valuation uplift (ARG believes valuations have bottomed) and dividend reinvestment.</li></ul>

After adjusting for a one-off lease surrender payment, Argosy's (ARG) 1H26 result was largely in line with expectations.Divestment of non-core assets has been slower than anticipated, but better momentum is expected in 2H26/FY27.Balance-sheet gearing of 35.9% rises to 38.3% on a committed basis, and we estimate non-core asset sales will provide just enough headroom to complete the Mt Richmond and East Tamaki Dr developments before any valuation uplift (ARG believes valuations have bottomed) and dividend reinvestment.

Argosy Property

Argosy 1H26 Result—On Course