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) announced the sale of Fletcher Reinforcing for NZ$16m.</li><li>At the 1H26 result FBU highlighted that eight businesses were loss making and stated it would divest or shut down those that it did not believe could earn an acceptable return under its ownership; CleverCore and Made being other examples.</li><li>We acknowledge the near-term uncertainty but continue to expect an eventual cyclical recovery in activity as well as benefits from the strategic reset and cost out to lift earnings, lower debt, improve free cashflow and enable dividends to resume.</li></ul>

Fletcher Building (FBU) announced the sale of Fletcher Reinforcing for NZ$16m.At the 1H26 result FBU highlighted that eight businesses were loss making and stated it would divest or shut down those that it did not believe could earn an acceptable return under its ownership; CleverCore and Made being other examples.We acknowledge the near-term uncertainty but continue to expect an eventual cyclical recovery in activity as well as benefits from the strategic reset and cost out to lift earnings, lower debt, improve free cashflow and enable dividends to resume.

Fletcher Building

Fletcher Building Reinforcing The Reset