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) will report its 1H26 result on Wednesday 18 February.</li><li>We forecast EBIT (excluding construction) to decline -5% on the prior year to NZ$139m (cons. NZ$148m), reflecting continued volume and margin pressure in the materials and distribution divisions, as well as low new home sales.</li><li>While sentiment suggests New Zealand is on the cusp of a cyclical recovery, this has yet to translate into stronger construction activity or FBU’s operating performance.</li></ul>

Fletcher Building (FBU) will report its 1H26 result on Wednesday 18 February.We forecast EBIT (excluding construction) to decline -5% on the prior year to NZ$139m (cons. NZ$148m), reflecting continued volume and margin pressure in the materials and distribution divisions, as well as low new home sales.While sentiment suggests New Zealand is on the cusp of a cyclical recovery, this has yet to translate into stronger construction activity or FBU’s operating performance.

Fletcher Building 1H26 Preview—Laying The Foundations