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) has updated FY26 dividend guidance, from "at least 9.05cps" to "~9.50cps" which is c.+5%.</li><li>This is the fifth upgrade to guidance since the 1H25 result in February 2025, however this upgrade appears to be driven by lower maintenance capex and tenant incentives (we estimate c.NZ$2.5m) rather than better net rental income growth.</li><li>Dividend guidance implies FY26 AFFO of 10.8cps after adjusting for Harris Rd lease surrender payment (AFFO of NZ$3.5m or 0.70cps) and based on a c.90% rolling payout ratio.</li></ul>

Property for Industry (PFI) has updated FY26 dividend guidance, from "at least 9.05cps" to "~9.50cps" which is c.+5%.This is the fifth upgrade to guidance since the 1H25 result in February 2025, however this upgrade appears to be driven by lower maintenance capex and tenant incentives (we estimate c.NZ$2.5m) rather than better net rental income growth.Dividend guidance implies FY26 AFFO of 10.8cps after adjusting for Harris Rd lease surrender payment (AFFO of NZ$3.5m or 0.70cps) and based on a c.90% rolling payout ratio.

Property For Industry (PFI) | FY26 Guidance Upgrade