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

Turners Automotive Group / Equity Bottom-Up

<ul><li>Key themes are directionally in line with what we had expected, with commentary suggesting that <b>weak trading conditions flagged at the FY26 result have persisted longer than initially expected</b>.</li><li>Management called out loan book growth as continuing, growing a further +7.5% since March 2026 (FY26 book: NZ$566m).</li><li>TRA has held its NZ$65m FY27 NPBT target (FBe: NZ$67.8m).</li></ul>

Key themes are directionally in line with what we had expected, with commentary suggesting that weak trading conditions flagged at the FY26 result have persisted longer than initially expected.Management called out loan book growth as continuing, growing a further +7.5% since March 2026 (FY26 book: NZ$566m).TRA has held its NZ$65m FY27 NPBT target (FBe: NZ$67.8m).

Turners Automotive Group (TRA)—Soft 2026 ASM Trading Update