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>Turners Automotive (TRA) used its 2025 ASM to underline confidence in continuing earnings growth despite ongoing consumer weakness.</li><li>TRA expects 1H26 NPBT growth of at least +10%, in line with our forecast of +11.7% in 1H26.</li><li>TRA’s Finance receivables book grew +5% in the first four months of FY26, tracking towards our expectation of +12% growth for the full year.</li></ul>

Turners Automotive (TRA) used its 2025 ASM to underline confidence in continuing earnings growth despite ongoing consumer weakness.TRA expects 1H26 NPBT growth of at least +10%, in line with our forecast of +11.7% in 1H26.TRA’s Finance receivables book grew +5% in the first four months of FY26, tracking towards our expectation of +12% growth for the full year.

Turners Automotive Group Ltd ASM Diversified Growth Steers Confidence