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 Property (ARG) reported FY26 Adjusted Funds from Operations (AFFO) up +8% on the prior year with developments, fixed and market rent growth, and lower interest costs all contributing.</li><li>However, softer tenant demand, vacant development completions, and higher interest costs weighed on the outlook, with ARG guiding to flat distributions in FY27.</li><li>With brownfield developments on hold, the focus is now on portfolio management; specifically leasing up vacancy and selling down non-core assets.</li></ul>

Argosy Property (ARG) reported FY26 Adjusted Funds from Operations (AFFO) up +8% on the prior year with developments, fixed and market rent growth, and lower interest costs all contributing.However, softer tenant demand, vacant development completions, and higher interest costs weighed on the outlook, with ARG guiding to flat distributions in FY27.With brownfield developments on hold, the focus is now on portfolio management; specifically leasing up vacancy and selling down non-core assets.

Argosy FY26 Result—Lack of Wind in the Sails