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) FY26 result was slightly better than expectations for earnings and net debt.</li><li>Despite recent volatility, FBU's core materials and distribution divisions delivered strong earnings growth, aided by cost-out and higher volumes.</li><li>FBU continues to tick the boxes on its strategic transformation, with margins and ROIC lifting off lows but still below long-term targets.</li></ul>

Fletcher Building's (FBU) FY26 result was slightly better than expectations for earnings and net debt.Despite recent volatility, FBU's core materials and distribution divisions delivered strong earnings growth, aided by cost-out and higher volumes.FBU continues to tick the boxes on its strategic transformation, with margins and ROIC lifting off lows but still below long-term targets.

Fletcher Building FY26 Result—Putting Up the Framing