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>Property for Industry (PFI) delivered a strong 1H26, with underlying AFFO up +10% on the prior year and in line with expectations.</li><li>FY26 dividend guidance was upgraded from ‘at least NZ8.90cps’ to ‘at least 9.05cps’ based on a 90% underlying AFFO payout.</li><li>PFI is managing this cycle well given: (1) its portfolio is fully occupied; (2) FY26 lease expiries have been addressed, with solid progress made on FY27; and (3) balance sheet gearing is at manageable levels, given development pipeline flexibility and likely ongoing capital recycling.</li></ul>

Property for Industry (PFI) delivered a strong 1H26, with underlying AFFO up +10% on the prior year and in line with expectations.FY26 dividend guidance was upgraded from ‘at least NZ8.90cps’ to ‘at least 9.05cps’ based on a 90% underlying AFFO payout.PFI is managing this cycle well given: (1) its portfolio is fully occupied; (2) FY26 lease expiries have been addressed, with solid progress made on FY27; and (3) balance sheet gearing is at manageable levels, given development pipeline flexibility and likely ongoing capital recycling.

Property For Industry 1H26 Result—Delivering Again