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>We downgrade Precinct (PCT) from OUTPERFORM to NEUTRAL.</li><li>FY26 FFO guidance of 7.50cps was slightly below expectations.</li><li>PCT is seeking further capital-partnering opportunities for its PWC office tower to reset the balance sheet and fund future growth initiatives.</li></ul>

We downgrade Precinct (PCT) from OUTPERFORM to NEUTRAL.FY26 FFO guidance of 7.50cps was slightly below expectations.PCT is seeking further capital-partnering opportunities for its PWC office tower to reset the balance sheet and fund future growth initiatives.

Precinct Properties NZ FY25 Result—Prime Office, Prime Price