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 strong FY26 result, with adjusted funds from operations (AFFO) +14% to NZ$54.9m which was -5% below our forecast due to higher maintenance capex as PFI takes advantage of Investment Boost deductions.</li><li>2H26 NTA increased +1% to NZ$2.90/share.</li><li>FY27 guidance for DPS was 9.75-9.85cps which is in line with our forecast of 9.80cps.</li></ul>

Property for Industry (PFI) reported a strong FY26 result, with adjusted funds from operations (AFFO) +14% to NZ$54.9m which was -5% below our forecast due to higher maintenance capex as PFI takes advantage of Investment Boost deductions.2H26 NTA increased +1% to NZ$2.90/share.FY27 guidance for DPS was 9.75-9.85cps which is in line with our forecast of 9.80cps.

Property for Industry (PFI) | FY26 Result – Initial Thoughts

Property For Industry

Property for Industry (PFI) | FY26 Result – Initial Thoughts