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

Thematic (Sector/Industry)

New zealand Capital goods / Thematic (Sector/Industry)

<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