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) will report its FY25 result on Friday 27 February 2026.</li><li>We expect continued momentum in SUM’s development and sales engine but forecast a meaningful decline in annuity earnings, driven by higher D&amp;A, refurbishment costs, and interest.</li><li>SUM has guided for net debt to stabilise in FY26, following growth of &gt;NZ$1bn over the last four years, which has led some investors to question the sustainability of its growth path.</li></ul>

Summerset (SUM) will report its FY25 result on Friday 27 February 2026.We expect continued momentum in SUM’s development and sales engine but forecast a meaningful decline in annuity earnings, driven by higher D&amp;A, refurbishment costs, and interest.SUM has guided for net debt to stabilise in FY26, following growth of &gt;NZ$1bn over the last four years, which has led some investors to question the sustainability of its growth path.

Summerset Group FY25 Preview—Balance Sheet in Focus