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 an underlying FY26 NPAT of NZ$90m, +NZ$2m higher than our forecast and almost 2x the poor FY25 result.</li><li>HGH’s final dividend of NZ3.5cps is the same as 1H26, taking the FY26 dividend to 7.0cps, +0.8cps ahead of our forecast.</li><li>Overall, this is a slightly better result than forecast and the outlook is also modestly stronger.</li></ul>

Heartland Group (HGH) reported an underlying FY26 NPAT of NZ$90m, +NZ$2m higher than our forecast and almost 2x the poor FY25 result.HGH’s final dividend of NZ3.5cps is the same as 1H26, taking the FY26 dividend to 7.0cps, +0.8cps ahead of our forecast.Overall, this is a slightly better result than forecast and the outlook is also modestly stronger.

Heartland Group (HGH): FY26 Result—Initial Impressions