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>Softer than expected 1H23 and lower guidance: FBU guided to 1H23 EBIT before significant items up +8% to NZ$360m but this is against a lockdown impacted comparison.</li><li>Weather or slow housing market?: Lower 1H and FY23 guidance both largely reflect lower sales volumes in the residential division</li><li>10–15% volume decline expected in FY24: FBU expects (1) FY24 materials and distribution volumes to reduce by 10–15%, (2) sales in the residential development division to be flat vs. FY23</li></ul>

Softer than expected 1H23 and lower guidance: FBU guided to 1H23 EBIT before significant items up +8% to NZ$360m but this is against a lockdown impacted comparison.Weather or slow housing market?: Lower 1H and FY23 guidance both largely reflect lower sales volumes in the residential division10–15% volume decline expected in FY24: FBU expects (1) FY24 materials and distribution volumes to reduce by 10–15%, (2) sales in the residential development division to be flat vs. FY23

Fletcher Building: Rain Causes Guidance Slip