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>2 Cheap Cars Group (2CC) this morning reported FY26 NPAT of NZ$3.2m, modestly below FY25's NZ$3.3m, with revenue and income broadly flat at NZ$81.7m (-0.3%).</li><li>Management pointed to a materially stronger 2H26 as vehicle margins improved and procurement conditions became more favourable.</li><li>Early FY27 trading was described as 'encouraging and reinforces confidence', albeit with the company still cautious on demand given fuel, shipping and geopolitical risks.</li></ul>

2 Cheap Cars Group (2CC) this morning reported FY26 NPAT of NZ$3.2m, modestly below FY25's NZ$3.3m, with revenue and income broadly flat at NZ$81.7m (-0.3%).Management pointed to a materially stronger 2H26 as vehicle margins improved and procurement conditions became more favourable.Early FY27 trading was described as 'encouraging and reinforces confidence', albeit with the company still cautious on demand given fuel, shipping and geopolitical risks.

Turners Automotive (TRA) - Industry Peer 2 Cheap Cars (2CC) FY26 Result