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 FY26 result on 20 August.</li><li>We don’t expect any surprises given the recent guidance and trading updates.</li><li>We expect the focus to be on: (1) underlying earnings and margin run-rates—we estimate 2H26 materials and distribution EBIT up <em>c.</em>+25% on the prior year; (2) balance sheet de-leveraging given recent asset sales and potential divestment of the residential division; and (3) progress on improving returns on capital.</li></ul>

Fletcher Building (FBU) will report its FY26 result on 20 August.We don’t expect any surprises given the recent guidance and trading updates.We expect the focus to be on: (1) underlying earnings and margin run-rates—we estimate 2H26 materials and distribution EBIT up c.+25% on the prior year; (2) balance sheet de-leveraging given recent asset sales and potential divestment of the residential division; and (3) progress on improving returns on capital.

Fletcher Building FY26 Preview—Last Months News