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>Management introduced a medium-term NPBT target of ~NZ$100m for FY31 (~+50% organic growth on FY26).</li><li>TRA’s next five-year strategy centres on both branch expansion and leveraging its vertically integrated ecosystem, where Auto Retail, Finance, Insurance, and Servicing collectively drive network effects, cross-sell, and share gains.</li><li>We modestly upgrade medium-term earnings, with our FY31 PBT forecast up +5%, reflecting confidence in execution and improved visibility on key drivers.</li></ul>

Management introduced a medium-term NPBT target of ~NZ$100m for FY31 (~+50% organic growth on FY26).TRA’s next five-year strategy centres on both branch expansion and leveraging its vertically integrated ecosystem, where Auto Retail, Finance, Insurance, and Servicing collectively drive network effects, cross-sell, and share gains.We modestly upgrade medium-term earnings, with our FY31 PBT forecast up +5%, reflecting confidence in execution and improved visibility on key drivers.

Turners Automotive Group Ltd Investor Day 2026—Targets Shift a Gear Higher