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) hosted an investor day in Melbourne, focused on its Australian development programme and growth ambitions.</li><li>While the effects on both demand and construction costs appear manageable to date, we recognise the potential demand impact if fuel prices stay higher for longer.</li><li>We have lowered our earnings estimates to incorporate a more conservative build rate and softer demand backdrop for FY26, but see this as largely priced in given the >30% decline in SUM’s share price in 2026.</li></ul>

Summerset (SUM) hosted an investor day in Melbourne, focused on its Australian development programme and growth ambitions.While the effects on both demand and construction costs appear manageable to date, we recognise the potential demand impact if fuel prices stay higher for longer.We have lowered our earnings estimates to incorporate a more conservative build rate and softer demand backdrop for FY26, but see this as largely priced in given the >30% decline in SUM’s share price in 2026.

Summerset Group Making the Pitch for Crossing the Ditch