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>Fletcher Building (FBU) reported FY26 EBIT (continuing operations before significant items) of NZ$414m, up +26% on the prior year, slightly ahead of our expectations and recent guidance.</li><li>Light Building Products was particularly strong with FY26 EBIT +22% (2H26 EBIT +44% yoy) and ROIC +130bps with volume growth across all products.</li><li>There was no quantitative FY27 guidance provided but with current Visible Alpha consensus for continuing operations EBIT of NZ$396m and strong 2H26 exit run rates we suspect risk to market forecasts is to the upside.</li></ul>

Fletcher Building (FBU) reported FY26 EBIT (continuing operations before significant items) of NZ$414m, up +26% on the prior year, slightly ahead of our expectations and recent guidance.Light Building Products was particularly strong with FY26 EBIT +22% (2H26 EBIT +44% yoy) and ROIC +130bps with volume growth across all products.There was no quantitative FY27 guidance provided but with current Visible Alpha consensus for continuing operations EBIT of NZ$396m and strong 2H26 exit run rates we suspect risk to market forecasts is to the upside.

Fletcher Building

FBU: FY26 First Impressions