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>Stride (SPG) reported 1H26 distributable profit flat on 1H25 and +2% ahead of our estimates, though higher maintenance capex and tenant incentives led to a -4% miss at the AFFO line.</li><li>The key positives were: (1) base management fees are growing steadily and activity fees are recovering from cyclical lows; (2) co-investment dividend income has lifted and the growth outlook is solid, particularly in Industre; and (3) the sale of Silverdale into Industre has improved the pro-forma balance-sheet position.</li><li>The balance-sheet portfolio remains an issue, but SPG is investing in its office assets to address vacancy, and leasing momentum has improved in recent months.</li></ul>

Stride (SPG) reported 1H26 distributable profit flat on 1H25 and +2% ahead of our estimates, though higher maintenance capex and tenant incentives led to a -4% miss at the AFFO line.The key positives were: (1) base management fees are growing steadily and activity fees are recovering from cyclical lows; (2) co-investment dividend income has lifted and the growth outlook is solid, particularly in Industre; and (3) the sale of Silverdale into Industre has improved the pro-forma balance-sheet position.The balance-sheet portfolio remains an issue, but SPG is investing in its office assets to address vacancy, and leasing momentum has improved in recent months.

Sarawak Consolidated Industries (SCIB MK)

Stride Property - 1H26 Result—Steps In The Right Direction