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) upgraded FY26 guidance, with momentum across Auto Retail, Finance, and Insurance exceeding expectations despite a challenging macro backdrop.</li><li>Management now expects FY26 NPBT (before a goodwill write-down) of ~NZ$63m, ahead of prior guidance for ~NZ$60m, driven by strong summer trading, improved vehicle margins, and record lending activity.</li><li>TRA trades on 15.4x 12-month forward consensus PE (versus ~12x a year ago) and at a record ~75% premium (ex-COVID) to Australian auto peers.</li></ul>

Turners Automotive (TRA) upgraded FY26 guidance, with momentum across Auto Retail, Finance, and Insurance exceeding expectations despite a challenging macro backdrop.Management now expects FY26 NPBT (before a goodwill write-down) of ~NZ$63m, ahead of prior guidance for ~NZ$60m, driven by strong summer trading, improved vehicle margins, and record lending activity.TRA trades on 15.4x 12-month forward consensus PE (versus ~12x a year ago) and at a record ~75% premium (ex-COVID) to Australian auto peers.

Turners Automotive Group Ltd More Torque Under The Hood