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) has provided a trading update and modestly lifted its FY23 earnings guidance at its Annual General Meeting today</li><li>FBU’s guidance for FY23 EBIT is now “NZ$855m or better” vs. Visible Alpha consensus of NZ$841m and our estimate of NZ$839m</li><li>Group earnings and cash flow are expected to be weighted to the second half partly reflecting settlement timing in the residential division</li></ul>

Fletcher Building (FBU) has provided a trading update and modestly lifted its FY23 earnings guidance at its Annual General Meeting todayFBU’s guidance for FY23 EBIT is now “NZ$855m or better” vs. Visible Alpha consensus of NZ$841m and our estimate of NZ$839mGroup earnings and cash flow are expected to be weighted to the second half partly reflecting settlement timing in the residential division

Fletcher Building (FBU.NZ): AGM Trading Update - FY23 Tracking to Plan