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

<ul><li>Investore’s (IPL) 1H26 result was largely as expected, with the key difference being higher maintenance capex as the company takes advantage of investment-boost tax deductions.</li><li>DPS guidance was unchanged at the low end of the target range, reflecting headroom for upcoming portfolio-remixing activity (c.20% of the portfolio is non-core), elevated near-term maintenance capex, and the eventual roll-off of low fixed-interest rates.</li><li>Gearing remains full, but asset sales will reduce debt near term.</li></ul>

Investore’s (IPL) 1H26 result was largely as expected, with the key difference being higher maintenance capex as the company takes advantage of investment-boost tax deductions.DPS guidance was unchanged at the low end of the target range, reflecting headroom for upcoming portfolio-remixing activity (c.20% of the portfolio is non-core), elevated near-term maintenance capex, and the eventual roll-off of low fixed-interest rates.Gearing remains full, but asset sales will reduce debt near term.

Investore 1H26 Result Shopping With A Full Trolly

Investore Property

Investore 1H26 Result Shopping With A Full Trolly