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>Fletcher Building (FBU) has released its 3Q26 volumes, which highlighted that activity was solid over the quarter but this largely preceded the current geopolitical tensions.</li><li>Furthermore, competitive pressures on margins remain and are more acute in distribution, ready-mix, and steel which aligns with feedback from listed peers and industry anecdotes.</li><li>While 3Q26 volumes were solid we expect some downward revisions to market earnings forecasts reflecting (1) soft current residential sales, (2) net diesel cost impacts, and (3) some medium-term demand impacts from project delays/cancellation which will likely flow into FY27/28 estimates.</li></ul>

Fletcher Building (FBU) has released its 3Q26 volumes, which highlighted that activity was solid over the quarter but this largely preceded the current geopolitical tensions.Furthermore, competitive pressures on margins remain and are more acute in distribution, ready-mix, and steel which aligns with feedback from listed peers and industry anecdotes.While 3Q26 volumes were solid we expect some downward revisions to market earnings forecasts reflecting (1) soft current residential sales, (2) net diesel cost impacts, and (3) some medium-term demand impacts from project delays/cancellation which will likely flow into FY27/28 estimates.

플레처 빌딩(FBU.NZ): 2026년 3분기 판매량 업데이트