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>Winton (WIN) reported a soft FY25 result with reported EBIT down -61%, reflecting lower residential unit sales and higher operating costs.</li><li>Average selling prices per units increased +4% on the prior year due to a higher value sales mix of the units settled.</li><li>Northbrook opened its first village in May 2025 at stage 1 of Wanaka (32 residences) with central facilities to be opened by the end of the year.</li></ul>

Winton (WIN) reported a soft FY25 result with reported EBIT down -61%, reflecting lower residential unit sales and higher operating costs.Average selling prices per units increased +4% on the prior year due to a higher value sales mix of the units settled.Northbrook opened its first village in May 2025 at stage 1 of Wanaka (32 residences) with central facilities to be opened by the end of the year.

Winton (WIN): FY25 Result – Initial Thoughts

Winton Land Ltd

Winton (WIN): FY25 Result – Initial Thoughts