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>Strong result driven by margin expansion: STU reported a strong FY22 result in line with our expectations, with a normalised EBIT of $48m</li><li>Growth ambitions continue to rise: While restructuring has lowered STU's cost base it continues to invest in improving customer service levels through value-add activities such as processing</li><li>Activity remains robust, eyes on the steel price: While no FY23 guidance was provided, STU has visibility on a solid pipeline of work until February</li></ul>

Strong result driven by margin expansion: STU reported a strong FY22 result in line with our expectations, with a normalised EBIT of $48mGrowth ambitions continue to rise: While restructuring has lowered STU's cost base it continues to invest in improving customer service levels through value-add activities such as processingActivity remains robust, eyes on the steel price: While no FY23 guidance was provided, STU has visibility on a solid pipeline of work until February

Steel & Tube Holdings: FY22 Result — Forging Ahead