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) guidance for FY26 EBIT and net debt were both better than expected.</li><li>Net debt is expected to end FY26 in the middle of FBU’s target range, reflecting asset and land sales and improved operating cash flow, with legacy projects now largely complete.</li><li>We continue to view the risk–reward as attractive, with FBU trading slightly above its long-run multiples despite trough earnings.</li></ul>

Fletcher Building’s (FBU) guidance for FY26 EBIT and net debt were both better than expected.Net debt is expected to end FY26 in the middle of FBU’s target range, reflecting asset and land sales and improved operating cash flow, with legacy projects now largely complete.We continue to view the risk–reward as attractive, with FBU trading slightly above its long-run multiples despite trough earnings.

Fletcher Building

Fletcher Building Nailing Down FY26