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’s (FBU) 1Q27 volumes highlighted that activity has remained robust thus far in FY27.</li><li>Residential home sales were the lowlight, and FBU expects a minimal 1H27 earnings contribution.</li><li>We have adjusted our forecasts to reflect lower residential sales partly offset by better near-term materials volumes.</li></ul>

Fletcher Building’s (FBU) 1Q27 volumes highlighted that activity has remained robust thus far in FY27.Residential home sales were the lowlight, and FBU expects a minimal 1H27 earnings contribution.We have adjusted our forecasts to reflect lower residential sales partly offset by better near-term materials volumes.

Fletcher Building 1Q27 Volumes—Building Through the Noise