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

Fonterra Shareholders Fund / Equity Bottom-Up

<ul><li>Fonterra (FSF) has reported yet another solid result.</li><li>FSF’s full-year EPS guidance range has lifted slightly, with the implied mid-point now NZ57.5cps versus its prior forecast of NZ55cps.</li><li>Net debt reduced to NZ$4.9bn from NZ$5.5bn at 1H25.</li></ul>

Fonterra (FSF) has reported yet another solid result.FSF’s full-year EPS guidance range has lifted slightly, with the implied mid-point now NZ57.5cps versus its prior forecast of NZ55cps.Net debt reduced to NZ$4.9bn from NZ$5.5bn at 1H25.

Fonterra (FSF): 1H26 Result – Initial Impressions