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>Steel &amp; Tube (STU) announced the extension of its banking arrangements and covenant amendments with ANZ for a further one-year term (now expiring September 2027) and released a 2H26 trading update.</li><li>STU expects conditions to remain variable for the remainder of 2026 (1H27) given ongoing Middle East issues, new US tariffs, and the upcoming NZ election.</li><li>We currently forecast a 2H26 EBIT loss of -NZ$6m and NZ$8m profit for FY27 which assumed a breakeven 1H27 as NZ activity improves.</li></ul>

Steel &amp; Tube (STU) announced the extension of its banking arrangements and covenant amendments with ANZ for a further one-year term (now expiring September 2027) and released a 2H26 trading update.STU expects conditions to remain variable for the remainder of 2026 (1H27) given ongoing Middle East issues, new US tariffs, and the upcoming NZ election.We currently forecast a 2H26 EBIT loss of -NZ$6m and NZ$8m profit for FY27 which assumed a breakeven 1H27 as NZ activity improves.

Steel And Tube (STU): Bank Refinancing And Trading Update

Steel & Tube Holdings

Steel And Tube (STU): Bank Refinancing And Trading Update