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

Heartland Group Holdings / Equity Bottom-Up

<ul><li>Heartland Group (HGH) reported a solid 1H26 result, providing another proof point that the business is steadily turning around.</li><li>Impairments dropped materially (aided by strong recoveries), non-performing loans stepped down in 2Q26, and the wind-up of the non-strategic asset book is ahead of schedule.</li><li>With reverse mortgages (RM) continuing to perform well, the only notable miss from our perspective was higher opex, which has also weighed on FY26 guidance remaining unchanged.</li></ul>

Heartland Group (HGH) reported a solid 1H26 result, providing another proof point that the business is steadily turning around.Impairments dropped materially (aided by strong recoveries), non-performing loans stepped down in 2Q26, and the wind-up of the non-strategic asset book is ahead of schedule.With reverse mortgages (RM) continuing to perform well, the only notable miss from our perspective was higher opex, which has also weighed on FY26 guidance remaining unchanged.

Heartland Group 1H26 Result—Climbing Out Of The Valley