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) reported a largely in line FY26 with higher-than-expected maintenance capex the sole surprise.</li><li>AFFO growth of +14% reduces to <em>c.</em>8% after adjusting for a large lease surrender payment.</li><li>First-time guidance for DPS +3% was in line with our forecast, but AFFO, on an ex surrender payment basis, was flat on FY26, reflecting higher vacancy and interest costs as well as some likely conservatism given the operating backdrop.</li></ul>

Property for Industry (PFI) reported a largely in line FY26 with higher-than-expected maintenance capex the sole surprise.AFFO growth of +14% reduces to c.8% after adjusting for a large lease surrender payment.First-time guidance for DPS +3% was in line with our forecast, but AFFO, on an ex surrender payment basis, was flat on FY26, reflecting higher vacancy and interest costs as well as some likely conservatism given the operating backdrop.

Property For Industry FY26 Result—Working Hard