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>Despite current macro volatility, residential consent volumes remained robust in August, and non-residential consent volumes continued to slowly pick up.</li><li>The pick-up in consents is translating to volumes on typical lags, and we will get more updates from the listed companies over the coming months: Fletcher Building’s (FBU) 1Q27 volume update and AGM trading updates from FBU, Vulcan (VSL), and Steel & Tube (STU).</li><li>We expect these updates to highlight a pick-up in activity on the prior year but flat activity relative to FY26 exit run rates.</li></ul>

Despite current macro volatility, residential consent volumes remained robust in August, and non-residential consent volumes continued to slowly pick up.The pick-up in consents is translating to volumes on typical lags, and we will get more updates from the listed companies over the coming months: Fletcher Building’s (FBU) 1Q27 volume update and AGM trading updates from FBU, Vulcan (VSL), and Steel & Tube (STU).We expect these updates to highlight a pick-up in activity on the prior year but flat activity relative to FY26 exit run rates.

Building Sector NZ Consents—Signed, Sealed, Delivered?