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>Argosy (ARG) reported FY26 adjusted funds from operations (AFFO) of NZ59.1m, up +8% on the prior year but -2% vs. our expectations.</li><li>ARG recorded a revaluation gain of NZ$59m (+2.7%) across its property portfolio with 10bps of cap rate compression (mostly industrial which recorded 15bps of compression) and the gain on sale of 4 Henderson Place.</li><li>Balance sheet gearing lifted to 37.2% from 35.9% at 1H26 but reduces 36.1% on settlement of Henderson Place and Lambton Quay divestments (30-40% target range).</li></ul>

Argosy (ARG) reported FY26 adjusted funds from operations (AFFO) of NZ59.1m, up +8% on the prior year but -2% vs. our expectations.ARG recorded a revaluation gain of NZ$59m (+2.7%) across its property portfolio with 10bps of cap rate compression (mostly industrial which recorded 15bps of compression) and the gain on sale of 4 Henderson Place.Balance sheet gearing lifted to 37.2% from 35.9% at 1H26 but reduces 36.1% on settlement of Henderson Place and Lambton Quay divestments (30-40% target range).

Argosy (ARG): FY26 Result – Initial Thoughts

Argosy Property

Argosy (ARG): FY26 Result – Initial Thoughts