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) is hosting its 2026 investor day today (9:45am to 1:30pm), and within the pre-released 94-page presentation (attached) management introduced a new FY31 NPBT target of ~NZ$100m (~NZ$95m organically and NZ$5m from ‘inorganic growth’).</li><li>Key growth drivers include Auto Retail network expansion (+15 new branches targeted by FY31 vs 32 today), and ~50% loan book growth in Finance without adding any additional capital.</li><li>All in all a solid update, just above expectations, and a continuation of its steady growth path confirmed.</li></ul>

Turners Automotive (TRA) is hosting its 2026 investor day today (9:45am to 1:30pm), and within the pre-released 94-page presentation (attached) management introduced a new FY31 NPBT target of ~NZ$100m (~NZ$95m organically and NZ$5m from ‘inorganic growth’).Key growth drivers include Auto Retail network expansion (+15 new branches targeted by FY31 vs 32 today), and ~50% loan book growth in Finance without adding any additional capital.All in all a solid update, just above expectations, and a continuation of its steady growth path confirmed.

Turners (TRA) - 2026 Investor Day First Take