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 last quarter delivered broadening signals of economic recovery across New Zealand's listed auto retailers.</li><li>Turners Automotive (TRA) continues to exhibit relative operational resilience, with our proprietary data pointing to modestly improving sales momentum and margin recovery, underpinning management guidance of around NZ$60m NPBT in FY26.</li><li>We lift FY26 earnings estimates and raise our price target to NZ$8.50 from NZ$7.85.</li></ul>

The last quarter delivered broadening signals of economic recovery across New Zealand's listed auto retailers.Turners Automotive (TRA) continues to exhibit relative operational resilience, with our proprietary data pointing to modestly improving sales momentum and margin recovery, underpinning management guidance of around NZ$60m NPBT in FY26.We lift FY26 earnings estimates and raise our price target to NZ$8.50 from NZ$7.85.

Forsyth Barr Vehicle Digest Edition 11—Turner's Rally Drives On