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

Summerset Group Holdings / Equity Bottom-Up

<ul><li>Summerset (SUM) reported a mixed 3Q26 sales update.</li><li>New sales settlements, however, fell -28% against a record 3Q25, reflecting weaker contracting in April and May 2026.</li><li>SUM has seen no material change in contracting rates since it increased its deferred management fee (DMF) in NZ villages from 25% to 30% in mid-August 2026.</li></ul>

Summerset (SUM) reported a mixed 3Q26 sales update.New sales settlements, however, fell -28% against a record 3Q25, reflecting weaker contracting in April and May 2026.SUM has seen no material change in contracting rates since it increased its deferred management fee (DMF) in NZ villages from 25% to 30% in mid-August 2026.

Summerset Group 3Q26 Update—A Tale of Two Sales