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 provided a positive Q3 trading update this morning, with FY26 EPS guidance lifted +13% at the midpoint to between 60cps and 70cps (previously 50cps to 65cps).</li><li>FSF has maintained its FGMP forecast for the 2025/2026 season at NZ$9.70 at the midpoint, with a narrowed range of NZ$9.60 to NZ$9.80.</li><li>FSF reported underlying earnings of 57cps through the first nine months of FY26, which is tracking +8% ahead of the same period in FY25.</li></ul>

Fonterra (FSF) has provided a positive Q3 trading update this morning, with FY26 EPS guidance lifted +13% at the midpoint to between 60cps and 70cps (previously 50cps to 65cps).FSF has maintained its FGMP forecast for the 2025/2026 season at NZ$9.70 at the midpoint, with a narrowed range of NZ$9.60 to NZ$9.80.FSF reported underlying earnings of 57cps through the first nine months of FY26, which is tracking +8% ahead of the same period in FY25.

Fonterra (FSF): Q3 Update And Guidance Upgrade