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>Whilst Fletcher Building’s (FBU) 1Q26 update showed some stabilisation of volumes on prior quarters, competitive pressures continue to impact margins.</li><li>We have reduced our FY26 EBIT forecast to NZ$396m, which is broadly stable on FY25.</li><li>We continue to expect volumes to pick up over FY26/27 as interest rate cuts and government spending flow through to activity.</li></ul>

Whilst Fletcher Building’s (FBU) 1Q26 update showed some stabilisation of volumes on prior quarters, competitive pressures continue to impact margins.We have reduced our FY26 EBIT forecast to NZ$396m, which is broadly stable on FY25.We continue to expect volumes to pick up over FY26/27 as interest rate cuts and government spending flow through to activity.

Fletcher Building 1Q26 Volumes—Bouncing Along the Bottom