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

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>Precinct (PCT) delivered Funds from Operations (FFO) growth of +15% to NZ$129.5m but this was -2% below our forecast and -4% at AFFO on higher maintenance capex and leasing incentives.</li><li>Valuation loss of NZ$34.9m in the year (-1.4%) driven largely by Wellington office (-NZ$33.3m) and Commercial Bay retail (-NZ$4.5m) offsetting small revaluation gains in Auckland office (+NZ$5.3m).</li><li>dividend guidance of NZ 6.75 cps, flat year-on-year.</li></ul>

Precinct (PCT) delivered Funds from Operations (FFO) growth of +15% to NZ$129.5m but this was -2% below our forecast and -4% at AFFO on higher maintenance capex and leasing incentives.Valuation loss of NZ$34.9m in the year (-1.4%) driven largely by Wellington office (-NZ$33.3m) and Commercial Bay retail (-NZ$4.5m) offsetting small revaluation gains in Auckland office (+NZ$5.3m).dividend guidance of NZ 6.75 cps, flat year-on-year.

Precinct (PCT): FY26 Result – Initial Thoughts