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

Goodman Property Trust / Equity Bottom-Up

<ul><li>Goodman (GNZ) reported cash earnings +6% in FY26, in line with expectations.</li><li>Softer industrial tenant demand continued to weigh on occupancy and like-for-like property income.</li><li>With GNZ trading on 23x cash earnings and a 5.5% gross yield, but with above peers growth, we continue to see better value elsewhere in the sector.</li></ul>

Goodman (GNZ) reported cash earnings +6% in FY26, in line with expectations.Softer industrial tenant demand continued to weigh on occupancy and like-for-like property income.With GNZ trading on 23x cash earnings and a 5.5% gross yield, but with above peers growth, we continue to see better value elsewhere in the sector.

Goodman Property NZ FY26 Result—Cashing In On Highbrook