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>Solid result despite falling volumes: STU reported a 1H23 normalised EBIT down -5% to NZ$21.5m</li><li>Focussing in on the balance sheet: STU have renewed its focus on its balance sheet</li><li>Navigating a softer demand outlook: Higher interest rates and a tight labour market is moderating activity across most sectors</li></ul>

Solid result despite falling volumes: STU reported a 1H23 normalised EBIT down -5% to NZ$21.5mFocussing in on the balance sheet: STU have renewed its focus on its balance sheetNavigating a softer demand outlook: Higher interest rates and a tight labour market is moderating activity across most sectors

Steel & Tube Holdings: 1H23 Result — Reinforcing Margins