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) lifted FY26 dividend guidance c.+5% from ‘at least 9.05cps’ to ‘c.9.50cps’.</li><li>PFI has solid earnings momentum, with this the fifth upgrade since the 1H25 result in February 2025.</li><li>We continue to view PFI as a quality operator but trading at a fair relative valuation vs peers.</li></ul>

Property for Industry (PFI) lifted FY26 dividend guidance c.+5% from ‘at least 9.05cps’ to ‘c.9.50cps’.PFI has solid earnings momentum, with this the fifth upgrade since the 1H25 result in February 2025.We continue to view PFI as a quality operator but trading at a fair relative valuation vs peers.

Property For Industry Maintaining AFFO Growth