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 slightly softer than expected 3Q26 trading update.</li><li>HGH has reiterated its FY26 guidance for underlying NPAT to be &gt;NZ$85m (VA consensus; NZ$90.5m).</li><li>The key miss to our 3Q26 expectations was impairments of ~NZ$11m, ~+NZ$2m higher than expected.</li></ul>

Heartland Group (HGH) reported a slightly softer than expected 3Q26 trading update.HGH has reiterated its FY26 guidance for underlying NPAT to be &gt;NZ$85m (VA consensus; NZ$90.5m).The key miss to our 3Q26 expectations was impairments of ~NZ$11m, ~+NZ$2m higher than expected.

Heartland Group (HGH): 3Q26 Trading Update