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>Kiwi Property Group (KPG) delivered 1H26 AFFO up +7% year on year, which was +5% ahead of our expectations, largely driven by lower maintenance capex and tenant incentives.</li><li>Despite a stronger first half result, KPG reaffirmed its FY26 dividend guidance of 5.6cps based on 90%—100% AFFO payout, suggesting a softer second half partly due to seasonally higher maintenance capex.</li><li>Land and non-core asset sales provide c.NZ$1bn of development and/or acquisition headroom (before revaluations and retained earnings).</li></ul>

Kiwi Property Group (KPG) delivered 1H26 AFFO up +7% year on year, which was +5% ahead of our expectations, largely driven by lower maintenance capex and tenant incentives.Despite a stronger first half result, KPG reaffirmed its FY26 dividend guidance of 5.6cps based on 90%—100% AFFO payout, suggesting a softer second half partly due to seasonally higher maintenance capex.Land and non-core asset sales provide c.NZ$1bn of development and/or acquisition headroom (before revaluations and retained earnings).

Kiwi Property Group 1H26 Result—A Busy Kiwi