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 a messy FY25 result, muddied by NZ$320m–NZ$530m of significant items in 2H25, taking full-year significant items to NZ$513m–NZ$723m.</li><li>On an underlying basis, FBU is expecting FY25 EBIT of NZ$370m–NZ$375m.</li><li>We expect outlook commentary for FY26 to be relatively muted, as FBU noted at its June investor day that it expects no material pickup in activity until FY27.</li></ul>

Fletcher Building (FBU) will report a messy FY25 result, muddied by NZ$320m–NZ$530m of significant items in 2H25, taking full-year significant items to NZ$513m–NZ$723m.On an underlying basis, FBU is expecting FY25 EBIT of NZ$370m–NZ$375m.We expect outlook commentary for FY26 to be relatively muted, as FBU noted at its June investor day that it expects no material pickup in activity until FY27.

Fletcher Building FY25 Preview—Planning Stages