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>Turners (TRA) has this morning upgraded FY26 guidance, with FY26 net profit before tax (NPBT) now expected to be “around NZ$63m”, a +5% increase on previous guidance for “around NZ$60m” and ahead of our forecast of NZ$60.9m and consensus of NZ$60.5m.</li><li>TRA also noted strength in finance lending activity, with January and February “delivering several new lending records” as the business continues to gain market share in the vehicle finance segment.</li><li>TRA will be providing an update on its five-year strategy at its 2026 institutional investor day on Tuesday, 24 March 2026, likely including earnings targets.</li></ul>

Turners (TRA) has this morning upgraded FY26 guidance, with FY26 net profit before tax (NPBT) now expected to be “around NZ$63m”, a +5% increase on previous guidance for “around NZ$60m” and ahead of our forecast of NZ$60.9m and consensus of NZ$60.5m.TRA also noted strength in finance lending activity, with January and February “delivering several new lending records” as the business continues to gain market share in the vehicle finance segment.TRA will be providing an update on its five-year strategy at its 2026 institutional investor day on Tuesday, 24 March 2026, likely including earnings targets.

ターナーズ（TRA）－2026年度業績見通し上方修正