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>The June 2025 quarter extended the uneven trends seen in the first quarter of 2025, with NZ's vehicle markets continuing to face macro headwinds amid soft import volumes and a fragile consumer backdrop.</li><li>Our sales tracker indicates TRA's sales volumes are tracking broadly flat in comparison with FY25 thus far in FY26, modestly below our estimates for a +4% increase during FY26.</li><li>On 4 July 2025, we downgraded our rating on TRA to NEUTRAL, from OUTPERFORM, citing a re-rating of ~50% over the past year to ~14x 12-month forward PE.</li></ul>

The June 2025 quarter extended the uneven trends seen in the first quarter of 2025, with NZ's vehicle markets continuing to face macro headwinds amid soft import volumes and a fragile consumer backdrop.Our sales tracker indicates TRA's sales volumes are tracking broadly flat in comparison with FY25 thus far in FY26, modestly below our estimates for a +4% increase during FY26.On 4 July 2025, we downgraded our rating on TRA to NEUTRAL, from OUTPERFORM, citing a re-rating of ~50% over the past year to ~14x 12-month forward PE.

Forsyth Barr Vehicle And Ev Digest Edition 9—Industrys Uneven Road Continues

Turners Automotive

Forsyth Barr Vehicle And Ev Digest Edition 9—Industrys Uneven Road Continues