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>FY26 was the year of redemption for Heartland Group (HGH), and it delivered the FY26 result it said it would, successfully putting the awful FY25 result behind it.</li><li>The result was partly about the Reverse Mortgages (RM) businesses on both sides of the Tasman growing at &gt;+16% growth rates, and partly about halving impairments and successfully disposing of non-strategic assets (NSA).</li><li>The outlook for FY27 is largely more of the same: growth in RM and closing out low-quality lending, with the potential of integrating TSB into the business in 2H27.</li></ul>

FY26 was the year of redemption for Heartland Group (HGH), and it delivered the FY26 result it said it would, successfully putting the awful FY25 result behind it.The result was partly about the Reverse Mortgages (RM) businesses on both sides of the Tasman growing at &gt;+16% growth rates, and partly about halving impairments and successfully disposing of non-strategic assets (NSA).The outlook for FY27 is largely more of the same: growth in RM and closing out low-quality lending, with the potential of integrating TSB into the business in 2H27.

Heartland Group FY26 Result—Waiting for Toi